("Volex" or the "Company")
Volex AGM Statement
Volex plc (AIM:VLX), the global manufacturer supplying power products and integrated manufacturing services, is today holding its Annual General Meeting.
At the meeting, Executive Chairman, Nat Rothschild, will make the following statement on trading for the three months ended June 2021.
"I am pleased to report that the levels of customer demand we experienced in the second half of FY2021 have continued into the first quarter of FY2022. Performance in Consumer Electricals remains very strong and Electric Vehicle revenues continue to grow, reflecting our leading position in this sector.
Our Medical and Complex Industrial Technology customers are also experiencing a healthy recovery in areas where there had been reduced demand in FY2021 due to challenges imposed by the pandemic.
DE-KA, the leading European domestic appliance power cord supplier, which was acquired in February this year, has continued to trade well.
Against this continued, robust performance, we remain mindful of the potential impact on trading caused by supply chain shortages, material cost inflation and freight challenges, as well as the ongoing operational issues posed by the Covid-19 pandemic.
We successfully passed through the copper price inflation experienced earlier in the year and our global supply chain and customer service teams remain focused on ensuring that we continue to meet our customers' expectations.
Cash flow in the first quarter has been robust which, combined with our balance sheet strength, provides us with the financial flexibility to advance further opportunities from our acquisition pipeline.
Overall, whilst still early in the year, the positive trends in the first quarter lead the Board to expect to deliver full year underlying operating profit slightly ahead of current market expectations1."
1 Latest company compiled view of market expectations shows an underlying operating profit consensus of $50.0m with a range of $48.9 million to $51.0 million.
This announcement contains inside information. The person responsible for arranging the release of this announcement on behalf of Volex plc is Christian Bedford, Group General Counsel & Company Secretary.
For further information please contact:
Volex plc +44 (0) 7747 488 785
Nat Rothschild, Executive Chairman
Jon Boaden, Chief Financial Officer
Powerscourt - Media Enquiries +44 (0)20 7250 1446
Singer Capital Markets - Nominated Adviser and Joint Broker +44 (0)20 7496 3000
HSBC Bank Plc - Joint Broker +44 (0)20 7991 8888