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Volex PLC on Wednesday reported that its full year expectations were unchanged, following sustained momentum in the first half of its financial year. In the 26 weeks to September 29, the Basingstoke-based specialist integrated manufacturer of critical power and data transmission products said its revenue was ‘in excess of $510 million’. The business said this is a reflection of its ‘strong relationships’ with blue-chip customers. Constant currency organic revenue increased 9.7%, with the AIM-listed business seeing a ‘substantial increase in electric vehicle revenue’ coupled with ‘a return to growth in consumer electricals’. Complex industrial technology experienced ‘good growth’ with the challenges associated with softer demand from its industrial customers offset by a marked increase in ‘high speed data-centre products’. Volex also confirmed that, as previously guided, its medical revenue performed weaker against its ‘strong prior year comparative’, but with offset-highway experiencing ‘good growth’. ‘The group is benefitting from a diversification strategy targeting structural growth markets and leveraging strong customer relationships, and is well positioned to continue the current momentum through the second half of the year’. Volex releases half-year results on November 15. Volex shares were trading up 4.3% at 326.39 pence on Wednesday morning in London. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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