Volex PLC Trading Update (1183C)
15 Ottobre 2020 - 8:00AM
UK Regulatory
TIDMVLX
RNS Number : 1183C
Volex PLC
15 October 2020
15 October 2020
Volex plc
("Volex" or the "Company")
Trading Update
Volex plc (AIM:VLX), the global supplier of integrated
manufacturing services and power products, is today issuing a
trading update ahead of the scheduled announcement of the group's
interim results for the 26 weeks ended 4 October 2020, on 12
November 2020.
COVID-19
We are continuing to monitor the global situation in respect of
COVID-19. The health, safety and well-being of our colleagues
remain our principal responsibility and we are providing our
facilities with our full support, following all public health
advice, and complying with all government directives. All
manufacturing facilities remained fully operational following
adaptations that were made in the first quarter in response to the
COVID-19 pandemic.
Trading
Volex's performance has continued to improve since the group
last updated the market at our Annual General Meeting on 30 July
2020.
Consequently, the board now expects revenue and profitability to
be above current market expectations for both the half-year period
and the full year as a whole.
-- Unaudited revenue for the six months ended 4 October 2020 is
expected to be at least $200 million, which represents an increase
of 2.2 per cent over the same period a year earlier;
-- Underlying operating profit is expected to be at least $20
million, which represents an increase of 25.8 per cent over the
same period a year earlier;
-- Net cash excluding lease liabilities as at 2 October 2020 was approximately $31 million.
Executive Chairman Nat Rothschild commented:
"We enter the final quarter of calendar 2020 in a healthy
position. Our geographic and customer diversification continues to
provide the business with a high degree of visibility at this time
while ongoing demand for consumer electronics remains strong and
the global shift to electric vehicles gathers pace.
Absent another widespread COVID-19 related global lockdown,
given the robust performance in the first half of the year, coupled
with our strong forward order book position, the board expects to
see a strong performance for the year as a whole that will be above
current market expectations.
I would like to extend my sincere thanks to the entire Volex
team for their invaluable contribution to this strong performance
as we look ahead to the second half of the year with cautious
optimism."
For further information please contact :
+44 (0)7909 995
Volex plc 887
Nat Rothschild, Executive Chairman
Daren Morris, Chief Financial Officer
+44 (0)20 7250
Powerscourt - Media Enquiries 1446
James White
Jack Holden
+44 (0)20 7496
N+1 Singer - Nominated Adviser & Joint Broker 3000
Shaun Dobson
Iqra Amin
+44 (0)20 7886
Panmure Gordon - Joint Broker 2500
Hugh Rich
Nick Lovering
NOTES TO EDITORS:
Volex plc (AIM:VLX) is a leading integrated manufacturing
specialist. The Group designs and manufactures products that ensure
a critical connection never fails and are used in everything from
defibrillators and ventilators through to data networking equipment
and vehicle telematics. Headquartered in the United Kingdom, Volex
serves the needs of its blue-chip customer base from its
manufacturing sites located across nine countries and three
continents, employing over 6,000 people. Volex's products are sold
through its own global sales force and through distributors to
Original Equipment Manufacturers ('OEMs') and Electronic
Manufacturing Services companies. For more information please visit
www.volex.com
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END
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