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12 Jan 2010 07:00
12 January 2010
VOLEX GROUP plc
Trading Update
Volex Group plc today announces a trading update for the three months to 3 January 2010.
Revenues from continuing operations have continued to trend upwards with third quarter revenue showing a modest improvement over the second quarter of this year, which was itself higher than the first quarter. While Interconnect revenue was essentially flat in quarter three compared to the second quarter of the year, mainly as a result of continued volatility in the global telecommunications sector, Power Products traded with some momentum in the quarter.
Although the external market environment remains challenging, the forward order book continues to be strong.
The Group's continued focus on operating costs has produced further improvements in gross margins. As a result of this margin improvement and modest revenue gains, operating profit for the third quarter of the year was higher than the second quarter.
The Board remains cautious on the company's short term prospects in the face of continued global economic uncertainties. However, following the resilient performance in Q3, the Board is comfortable that the company will meet or exceed the previous full year guidance on the trading outlook for the twelve months to 4th April 2010.
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Volex Group plc
Ray Walsh, Group Chief Executive +44 20 3370 8833
Andrew Cherry, Group Finance Director +44 20 3370 8833
Weber Shandwick Financial
Terry Garrett / Nick Dibden / Katie Matthews +44 20 7067 0700
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