Post-close Update

5 Apr 2007 07:01

Volex Group PLC05 April 2007 5 April 2007 Volex Group plc (the "Group" or the "Company") Post-close Update Volex Group plc, the global electrical and electronic cable assemblies group,will announce its results for the 52 weeks ending 1 April 2007 on 11 June 2007.Also, in response to shareholders' request for more proactive investorcommunications, the Company will issue a post-close update annually as well as atrading update for the first half performance. "I am pleased with the progress of the Company since the announcement of theinterim results in November 2006. I expect the business to show revenue growthcompared to FY 2005/6 before exchange rate movements, though, the weak USD isexpected to reduce this level of year on year growth. The high price of copper has continued to impact margins in the Powercordsbusiness, though lower copper prices in the latter part of the year have beenand continue to be beneficial. The combined impact of copper and the USD meansthat the Group expects the FY2006/7 results to be slightly below analysts'expectations. I am confident that the Group's comprehensive restructuring programme is aheadof plan. The benefits from the cost reductions will be further realized in thecoming year as the productivity and efficiency increases in the new facilitiesand the full year impact is reflected in the results. I believe that the Groupis on track in the execution of its strategy to deliver growth through newtechnologies and products. The Group is positive on the outlook for the next financial year for each of thebusinesses. Powercords continues to grow strongly driven by new and innovativeapplications such as Apple iPhone. Interconnect is leveraging its globalposition to gain market share and further expand into higher margin products. Inparticular, the Company is excited about Interconnect's growth in India drivenby the investment in wireless infrastructure. Wiring Harness looks encouragingdue to the strong growth prospects of the UK Defence Market and the recentlysecured long-term contract with Rolls-Royce. I anticipate that the Group will continue to make progress over the coming yearand I believe that the performance in the next financial year will be in linewith Management's expectations." Richard ArkleChairmanVolex Group plc For further information, please contact: Volex Group plcHeejae Chae, Group Chief Executive 01925 844601Ian Degnan, Group Finance Director Weber Shandwick FinancialChris Lynch / Nick Dibden / James White 020 7067 0700 This information is provided by RNS The company news service from the London Stock Exchange