Last checked at 27 Feb 2017 07:00
Volex plc
Trading Update
27 February 2017
Volex plc ("Volex" or the "Group"), a global provider of power and data cabling solutions, today announces a trading update for the year ending 2 April 2017. Preliminary results will be announced by Volex on 8 June 2017.
As stated at the time of our half-year results announcement in November 2016, year-to-date profitability has improved as compared to the prior year, in spite of the Group managing an anticipated decline in revenue from our largest customer.
We expect that group revenue will be at the lower-end of guidance given at the time of the half-year results in November 2016 (guidance was in the range of $320 to $330million). However, operating profit (and operating margins) before non-recurring items are expected to be ahead of the prior year and in-line with market expectations.
In addition, we have generated better than expected operating efficiencies from our restructuring actions, and expect to end the year in a net cash position.
The Board expect to announce full year operating profits (before exceptional costs and share-based payments) in the range of $8.5 million to $9.0 million (prior year $7.2million) for the year ending 2 April 2017.
For further information please contact:
Volex plc
Nat Rothschild Executive Chairman +65 6788 7833
Daren Morris Chief Financial Officer +44 203 370 8830
Liberum
Steve Pearce / Steve Tredget +44 203 100 2000