REG - Volex PLC - AGM Statement

VolexAnnouncement

01/08/2024 07:00

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RNS Number : 6736Y  Volex PLC  01 August 2024

1 August 2024

Volex plc

("Volex", the "Company", or the "Group")

AGM Statement

Positive start to the new financial year

 

Volex plc (AIM: VLX), the specialist integrated manufacturer of critical power
and data transmission products, is pleased to report a trading update for the
three months ended 30 June 2024, ahead of the Company's annual general
meeting, being held at 2.00 pm today.

 

Continued trading momentum

The Group's trading performance in the first quarter of FY2025 has remained in
line with management's expectations with the positive momentum outlined at the
Group's FY2024 results continuing into the new financial year.

 

As anticipated, the Group has delivered an encouraging start to the new
financial year with year-on-year constant currency organic revenue growth of
9.0% driven by particularly strong performances in the EV and Data Centre
sectors.  Murat Ticaret is trading well year to date in its first full year
of ownership, supplementing strong year-on-year organic growth in the
Off-Highway market.

 

Investing for growth

The Group has continued to make targeted capital and operational investments
to enhance capacity and capability in key locations. This includes the
completion of the site expansions in Mexico, India and Indonesia, with further
expansion in Türkiye due to complete in the coming months. This additional
capacity allows the Group to support a range of customers who are
reconfiguring their supply chains to localise production and mitigate risk.

 

Outlook

The Group's encouraging performance in the first quarter, combined with the
ongoing investment plans, improving market backdrop in key sectors and
continued integration of Murat Ticaret, gives the Board confidence in Volex's
ability to make further progress against its strategy during the year and
deliver on its expectations.

 

-ENDS-

 

For further information please contact:

 

Volex plc                                                                                                             +44 7747 488785

Nat Rothschild, Executive
Chairman
 
investor.relations@volex.com

Jon Boaden, Chief Financial Officer

 

Peel Hunt LLP - Nominated Adviser & Joint Broker
                +44 20 7418 8900

Ed Allsopp

Dom Convey

Ben Harrington

 

HSBC Bank plc - Joint
Broker
                                +44 20 7991 8888

Simon Alexander

Joe Weaving

Stephanie Cornish

Sodali & Co - Media
Enquiries
+44 20 7250 1446

James White

Nicholas Johnson

About Volex plc

Volex plc (AIM:VLX) is a driving force in integrated manufacturing for
mission-critical applications and a global leader in power and data
connectivity solutions. Our diverse operations support international blue-chip
customers in five key sectors: Electric Vehicles, Consumer Electricals,
Medical, Complex Industrial Technology and Off-Highway. Headquartered in the
UK, we orchestrate operations across 28 advanced manufacturing facilities,
uniting over 14,000 dynamic individuals from 25 different nations. Our
extraordinary products find their way to market through our localised sales
teams and authorised distributor partners, supporting Original Equipment
Manufacturers and Electronic Manufacturing Services companies across the
globe. In a world that grows more digitally complex by the day, customers
trust us to deliver power and connectivity that drives everything from
household essentials to life-saving medical equipment. Learn more at
www.volex.com.

Forward looking statements

This announcement contains certain forward-looking statements which have been
made by the Directors in good faith using information available up until the
date they approved the announcement. Forward-looking statements should be
regarded with caution as by their nature such statements involve risk and
uncertainties relating to events and circumstances that may occur in the
future. Actual results may differ from those expressed in such statements,
depending on the outcome of these uncertain future events.

 

 

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