Here is a summary of the key points from the trading update provided by Volex PLC
Volex PLC, a specialist manufacturer of critical power and data transmission products, released its trading update for the 26 weeks ended September 29, 2024.
The company reported strong financial performance in the first half, with revenues exceeding $510 million, demonstrating its resilience and strong relationships with blue-chip customers.
Constant currency organic revenue growth was 9.7%, including significant growth in Electric Vehicle revenues and a return to growth in Consumer Electricals. Medical revenues were slightly lower against a strong prior year.
The Group expects to maintain its operating profit margins at 9-10% for the first half, despite inflationary pressures in Turkey, and will continue investing in capacity and capability growth.
Volexs diversification strategy and strong customer relationships have positioned it well to navigate macroeconomic challenges, and the company expects to maintain its momentum in the second half, with full-year expectations unchanged.
The interim results are expected to be released on November 15, 2024.
Overall, Volex PLCs trading update highlights its strong financial performance and resilience in the face of macroeconomic challenges, with a positive outlook for the remainder of the year.
Note: The information provided is based on the trading statement for Volex PLC for the half-year ended 29 September 2024. The year-on-year comparison is made against the first half of the previous year (H1 2023), for which specific financial figures were not provided in the given text.