Volex PLC AGM Statement (5395W)
19 Agosto 2022 - 8:00AM
UK Regulatory
TIDMVLX
RNS Number : 5395W
Volex PLC
19 August 2022
Volex plc
("Volex" or the "Company")
AGM Statement
Strong start to FY2023 and continued progress across the
business
Volex plc (AIM: VLX), the global manufacturer supplying power
products and integrated manufacturing services, today issues a
trading update for the three months ended 30 June 2022 ahead of the
Company's Annual General Meeting, being held today at 4:00pm
BST.
Continued momentum
Volex's performance in the first quarter has been strong, in
line with management's expectations and the new, five-year growth
plan.
Revenues grew organically by 4.9% reflecting positive customer
demand and our ability to deliver against the backdrop of a
challenging supply chain environment.
As outlined at the Company's full year results in June 2022, we
have continued to maintain high levels of utilisation across each
region, with higher inventory levels than the previous year in
order to support the timely delivery of complex products to
customers.
Integration of the acquisitions made during FY2022 is
progressing well and Volex continues to develop a strong
acquisition pipeline.
Supportive end market conditions
The Company's diverse end markets continue to support Volex's
long-term strategic plans and affords the Group a high degree of
resilience:
-- Electric Vehicles: Continued revenue growth resulting from
the investment we have made to enhance our capabilities and enable
us to support a range of products for our EV customers.
-- Consumer Electricals: Revenues continue to grow, reflecting
increasing market share through selling activity, as well as the
delivery of new customer projects.
-- Medical: Demand from Medical customers remains robust and
revenues are ahead of the previous year, despite challenges due to
the limited availability of components.
-- Complex Industrial Technology: Demand in our core business
remains strong, next-generation high speed cable volumes are
expected to increase in future periods as customers accelerate
their technology replacement programmes.
Outlook
Management continues to focus on diversification, vertical
integration and realising cross-selling opportunities across the
business in order to deliver sustainable revenue growth.
Overall, whilst still early in the year, the encouraging trends
in the first quarter mean the Board expects to deliver full year
underlying operating profit in line with current market
expectations(1) .
(1) Latest company compiled view of market expectations shows an
underlying operating profit consensus of $62.8 million with a range
of $62.3 million to $64.0 million.
For further information please contact:
Volex plc +44 (0)7971 156 431
Nat Rothschild, Executive Chairman investor.relations@volex.com
Jon Boaden, Chief Financial Officer
Singer Capital Markets - Nominated Adviser
& Joint Broker
Shaun Dobson
George Tzimas +44 (0)20 7496 3000
HSBC Bank plc - Joint Broker
Simon Alexander
Joe Weaving +44 (0)20 7991 8888
Powerscourt - Media Enquiries
James White
Nicholas Johnson
Maxim Hibbs +44 (0)20 7250 1446
About Volex
Volex plc (AIM: VLX) is a global leader in integrated
manufacturing for performance-critical applications and a supplier
of power products. We serve a diverse range of markets and
customers, with particular expertise in cable assemblies,
higher-level assemblies, data centre power and connectivity,
electric vehicles, and consumer electricals. We are headquartered
in the UK and operate from 19 manufacturing locations with a global
workforce of over 7,800 employees across 22 countries. Our products
are sold through our own locally based sales teams and through
authorised distributor partners to Original Equipment Manufacturers
('OEMs') and Electronic Manufacturing Services ('EMS') companies
worldwide. All of the products and services that we offer are
integral to the increasingly complex digital world in which we
live, providing power and connectivity from the most common
household items to the most complex medical equipment. For more
information, please visit www.volex.com
-ENDS-
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END
AGMSFLFUAEESEIA
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August 19, 2022 02:00 ET (06:00 GMT)
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