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Volex PLC said on Friday that its performance in the first quarter of its new financial year has been ‘strong’ and in line with management expectations.
In the three months ended June, the power product manufacturer said revenue grew organically by 4.9% as a result of positive customer demand and the firm's ability to deliver against a ‘challenging’ supply chain environment.
As a result, the company said it expects to deliver full-year underlying profit in line with current market expectations, though it acknowledged it was still early in the year.
Volex put market consensus for underlying operating profit at $62.8 million, within a range of $62.3 million and $64.0 million.
In the last financial year, Volex posted an underlying operating profit of $56.2 million.
Shares in the Basingstoke, England-based firm were down 2.5% at 305.24 pence on Friday morning in London.
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