Volex PLC Trading Update (2401U)
28 Marzo 2019 - 8:00AM
UK Regulatory
TIDMVLX
RNS Number : 2401U
Volex PLC
28 March 2019
28 March 2019
Volex plc
("Volex" or the "Company")
Trading Update
Volex plc, the global provider of cable assemblies, issues the
following trading update ahead of the announcement on 13 June 2019
of its full-year results for the year ended 31 March 2019.
-- Trading continues to be ahead of market expectations across
the group, with the three acquisitions made during the year all
performing to plan
-- Full-year sales expected to exceed $365 million (2017/18: $322 million)
-- Cash as at 22 March 2019 of $18.4 million compares with $24.9
million reported at the half year. Volex invested $16.5 million
into the acquisition of GTK and related costs in December 2018, and
has therefore generated $10.0 million of net free cash flow over
the second half of the year
-- Volex intends to resume the payment of a dividend in respect
of the 2019/20 financial year assuming trading continues to perform
in line with our expectations and no material acquisitions are made
during the period
Nat Rothschild, Executive Chairman of Volex, commented:
"As announced at the time of the first-half results in November
2018, competition continued to be intense in the second half, and
cost inflation has continued across both our raw material and
labour cost lines. However, Volex has again produced a solid
performance in both sales and operating margins. There remain
substantial identifiable opportunities for both divisions to
improve sales and margin performance through disciplined execution
of our strategy, in both the short and longer term, and we expect
to deliver a robust trading performance for the full year, ahead of
the Board's expectations. The Board remains excited about the
Company's ability to drive shareholder value, and our team continue
to actively look for new opportunities to grow our business and
technical capabilities."
This announcement, released by Volex plc, contains inside
information for the purposes of Article 7 of the Market Abuse
Regulation (EU) 596/2014 (MAR), and is disclosed in accordance with
the Company's obligations under Article 17 of MAR.
For further information please contact:
Volex plc
Nat Rothschild, Executive Chairman
Daren Morris, Group Chief Financial Officer
Tel: 020 8017 3240/07909 995 887
Liberum
Nominated Adviser & Broker
Steve Pearce
Euan Brown
Tel: 020 3100 2222
Whitman Howard
Joint Broker
Hugh Rich
Nick Lovering
Tel: 020 7659 1234
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END
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