Final Results

Volex Group PLC
6 June 2000

                      VOLEX GROUP p.l.c.
                               
 Preliminary Announcement of Group Results for the Year to 31
                          March 2000
                               
                               
            *        Sales up 48% to £320m
                         - continuing business up 33%
                               
            *       Operating Profits* up 37% to £26.4m
                               
            *       Pre-tax Profits up 27% to £23.1m
                               
            *       Earnings* Per Share up 27%
                               
            *       Dividends up 7% to 25.7p
                               
            *       pre goodwill amortisation
                               
                               
Volex   Group   p.l.c.,  the  international   electrical   and
electronic  cable  assemblies Group,  today  announces  a  48%
increase  in  turnover to £320m for the year  ended  31  March
2000,  with  sales for continuing businesses up 33%.   Pre-tax
profit increased by 27% to £23.1m

With  headline earnings per share up overall by 27% to  55.5p,
the full year dividend is recommended at 25.7p, an increase of
7.1% over last year, leaving the dividend 2.1 times covered.

During  the  year the Group acquired the power cord activities
of Belden Inc. with factories in the USA and Mexico.  This was
a strategic move to strengthen the worldwide presence in power
cords,  moving the Group into the premier global  position  in
this product area.

In  addition to acquiring a company in India, giving the Group
a presence in this large market, Volex also shortly before the
year-end  purchased companies in Sweden and Estonia to  expand
its  European operations.  At the year-end the Group completed
the   purchase  of  the  outstanding  40%  of  its   Brazilian
subsidiary.

The Chairman of Volex, Bill Goodall, commented:

'The  financial  year  ended March  2000  brought  the  eighth
successive  year  of record profits for the Volex  Group.  The
Company   grew  to  become  the  premier  supplier  of   cable
assemblies to the data/telecommunications industry and is  now
the  world's number one power cord manufacturer.   Substantial
increases  in  market share in the Americas, Asia  and  Europe
strengthened our global span and Volex finished the year  with
its  order book at a record high ensuring a good start to  the
new year.'

'The  Group  is  well  prepared and strategically  located  to
continue  to  win  new business and grow strongly  across  all
targeted  markets.  In  addition to our  Group's  strength  in
data/telecommunications assemblies,  power  cords  and  wiring
harnesses,  we are particularly encouraged by the high  growth
and  technical  innovation in the RF and fibre  optic  sectors
where Volex can take full advantage of its global presence.'

'While  today's global market place will continue  to  present
challenges, the strategy is sound and our order book continues
to grow. Provided there is no major economic crisis throughout
key  world  markets,  we  look  forward  with  confidence   to
achieving good results in the year 2001 and beyond.'


For further information:

Volex Group p.l.c.

Bill Goodall, Chairman             Tel:      [phone]  on
                                                 6th June 2000
Dominick Molloy,
   Chief Executive                  thereafter on 01925 830101)
Peter Ford, Sales,
   Marketing & Business Development
Ken Hooper, Finance Director


Ludgate Communications
Chris Lynch/Graham Herring                  Tel: [phone]

VOLEX GROUP p.l.c.

Preliminary Announcement of Group Results for the Year  to  31
March 2000


CHIEF EXECUTIVE'S REVIEW

This  was  a very productive and exciting year for the  Group.
Our recognised ability to provide expanded global services  to
our  major  customers  provided  opportunity  for  substantial
growth  in  our targeted markets and we are pleased to  report
that  we  have  delivered  results  which  are  ahead  of  the
aggressive targets we set for ourselves a year ago.

In  the  rapidly  expanding infocom market  sectors  involving
telecom  and  datacom products, we have clearly emerged  as  a
leader  in  our  core  competency  of  cable  assemblies.   In
response   to  the  fast  moving  evolution  of  communication
products,  we  have  expanded  our  manufacturing  capacities,
strengthened  our engineering capabilities and  broadened  our
product  range.  We are able to deliver more to our  customers
than ever before and this year we have grown significantly  as
a  result.  This growth has enabled us to outpace the industry
average  in  revenue growth and record our eighth  consecutive
year of record profits.


Americas

Our  operations  in North America experienced high  levels  of
activity   in   new  customer  development  and  new   product
introductions.   We  gained  new  business  in  the  important
technology  sectors of radio frequency (RF)  and  fibre  optic
interconnects  and we continued to invest in  state-of-the-art
equipment and engineering expertise throughout our operations.
Since the year end, a new 'Centre of Excellence' has been  set
up  in Massachusetts to ensure the Group establishes a leading
position in the field of RF interconnects.

The division clearly established its position as the leader in
power   cord  products,  and,  despite  some  delays  in   the
consolidation  of the Belden acquisition into our  operations,
we are now in a position to gain market share throughout North
America.

Expansion   occurred  in  Mexico,  where   we   now   have   4
manufacturing facilities, and in Brazil.  We are excited about
the growth of our business in both of these strategic markets.
We  will  increase our manufacturing capabilities and  broaden
our  product  range in order to meet the requirements  of  our
multinational customers who are locating manufacturing  plants
in these fast growing regions.

Additionally,  our decision to establish a Volex  presence  in
Eastern Canada has proved very beneficial to the Group due  to
the   notable  concentration  of  telecommunication  equipment
manufacturers  now in Canada.  As a result, our operations  in
Ottawa   experienced  significant  growth  and  we   are   now
formulating plans for further expansion.

Europe

This year we again experienced significant growth in our Irish
operations,  primarily  in  support  of  the  larger  European
telecommunication  equipment providers.   We  opened  our  new
factory  in  Castlebar, Ireland, and recently developed  plans
for  more  manufacturing space there as  well  as  in  Eastern
Europe.   As the Volex 'Centre of Excellence' for fibre  optic
and  RF technologies in Europe, Castlebar continues to deliver
numerous new products and plays a leading role in the transfer
of new technologies to other Volex sites around the world.


In  the  UK,  competitive pressures have again resulted  in  a
further  fundamental  restructuring and consolidation  in  our
powercord  operations.   This  is  in  response  to   customer
requirements for low cost solutions.  It is planned that  this
process  will  be completed in the financial  year  ending  31
March 2001.

Our   aerospace  and  commercial  vehicles  harness   business
experienced solid improvement throughout the year and  further
development of these customised products will continue.

Overall,  the  Group is well positioned to take  advantage  of
numerous opportunities for growth in Europe, particularly with
the major telecommunication companies.


Asia

The  performance  of the Group's business  in  Asia  was  very
strong  and  our expanded presence and success in this  region
has  greatly contributed to the establishment of the Group  as
one   of  the  world's  largest  global  suppliers  of   cable
assemblies.

Further expansion took place in Thailand, China, Malaysia  and
India,   thereby  increasing  our  capacity  to  support   the
exceptional growth being experienced in local markets  and  to
meet  the  increasing  demand from  elsewhere  in  the  Group,
particularly Europe.

Our  Asian  operations  continue to invest  in  equipment  and
people,  primarily  to  support their growing  involvement  in
data/telecommunication  products.  The  Suzhou  factory,  near
Shanghai,  has been expanded considerably to meet the  rapidly
growing  demands  of  their  multi national  telecommunication
customers.   During  the  year Suzhou  has  been  the  fastest
growing  site in Asia, producing telecommunication,  data  and
power products.

We  currently  have  7 manufacturing locations  and  13  sales
offices  in  Asia and anticipate the establishment of  further
facilities in this region in the coming year.


Strategy

The success of the Group this year was primarily the result of
our  ability  to  increase market share in  the  very  rapidly
expanding   telecommunication  sector.   The  convergence   of
data/voice  and video and the increased demand  for  bandwidth
and  faster  communications is driving the growth of  'infocom
systems'  globally.   Our strategic objective  is  to  be  the
preferred manufacturer of cable assemblies and power cords  so
that  we  can  achieve  growth  rates  which  exceed  industry
averages.

Recognising the need for change and addressing those  elements
of  our  business that are most affected by globalisation  and
technological advancement will require strong customer  focus.
In  addition  to  providing  high  quality  products,  we  are
increasingly   becoming  involved  in  delivering   logistical
support,  flexible  manufacturing and managing  the  component
supply  chain, all of which help the Group create  real  value
for our customers.

The  greatest impact on our business will come as a result  of
technological  change.  Digital devices  and  the  demand  for
faster  solutions  in  network switching  are  fuelling  large
demands  for  copper  and fibre based cabling  which  in  turn
creates  increased  requirements for  cable  assembly  support
across  a broad spectrum of products.  To meet this demand  we
will  continue to increase our capabilities in several of  the
leading areas of this technology expansion, particularly in RF
products and fibre optic cable assemblies.  Our strategy  with
these products is centred on providing new product development
and  excellence in manufacturing techniques and to do so on  a
global basis.


As  the world's largest producer of power cords we continue to
expand,  now  supplying a wider range of  products  into  more
market sectors than any of our competitors.  Our strategy will
be  to  focus  on  the  growth areas  of  consumer  electronic
devices,   new  products  associated  with  internet  protocol
solutions   and   computers,  as  well  as  more   specialised
industrial applications where there is opportunity  for  value
added products.

Our  presence  in the specialist wiring harness  markets  will
remain  selective  to those industries where  we  can  provide
sophisticated,  multi-tasked  harnesses  used  in   commercial
vehicles,    aerospace   and   certain    other    specialised
applications.

Our  broad  product range gives many of our customers  a  'one
stop  source' for their cable assembly requirements.   We  are
investing  in  the appropriate technologies  to  ensure  world
class  logistics  and  supply chain management.   We  are  now
recognised as a globally positioned expert and our plan is  to
continue  to  expand in our core competency of cable  assembly
and closely related products.
Efforts  globally to outsource certain products by our leading
customers  have  created  a new tier  of  contract  electronic
manufacturers   or  sub-contractors  who  are  now   providing
resources to the multinational original equipment manufactures
on  a  large  scale.  These sub-contractors have  become  very
valuable customers to Volex and our strategy will be  to  work
with  them  in a very proactive manner.  We will  continue  to
provide  engineering  expertise and  support  in  new  product
development as a technological partner with all our customers.

Providing  a  higher level of service and enhanced  logistical
support will require that we remain innovative in our approach
to  eBusiness.  For quite some time the Group  has  used  such
forms  of  eBusiness as EDI (electronic data interchange)  and
electronic  banking for external transactions and  e:mail  for
internal and external communications.  In effecting such links
the  Group  therefore  currently uses  the  internet  for  the
exchange of data between operating sites and within our supply
chain.    Forecasts,  ordering  and  invoicing  are  routinely
handled  and customers' and suppliers' web sites are  used  to
facilitate engineering changes and quotations.  The  Group  is
actively enhancing its use of eBusiness to improve service  to
customers  through  a  faster and more efficient  response  to
their demands and increasingly we will participate in business
to business (B2B) technology developments.

The Group's website - ref: www.volex.com - contains financial,
commercial and general information on the Group and is updated
regularly.


Future

Today,  the opportunity for growth in our selected markets  is
very exciting.  We have aggressively positioned the Group  for
additional  growth  in  the  very dynamic  infocom  market  of
telecommunications,  networking  and   data   where   we   are
continuously  involved in supporting new technologies  and  an
expanding customer base.

We  continue  to establish and develop 'Centres of Excellence'
in  each  of  the  major market regions which are  capable  of
delivering  dedicated engineering resources  for  new  product
design,  as  well  as for strategic product  transfers,  often
required to support the global demand of our customers.

With  the increased requirement for broadband access solutions
and   'bundled  services',  the  demand  for  next  generation
switching equipment will continue to grow significantly across
the  globe.   This  will provide an excellent opportunity  for
sustained growth in cable assemblies, particularly in the area
of higher performance products.

Remaining the market leader in our product areas will  require
global insight and action.  We are confident that we can  meet
these  requirements.  Our goal continues to be to exceed £500m
in  revenues  in  the  next  2  to  3  years.   This  will  be
accomplished through planned organic growth of 15% to 20%  per
annum  and  an  aggressive plan for further  acquisitions  and
alliances  in the key regional markets around the world.   Our
strategy will always be based on customer focus, with a strong
belief  that  today's business winners are those prepared  for
tomorrow.

FINANCIAL REVIEW

Results

Turnover for the year at £319.8m showed an increase over  last
year  of  48.1%, with turnover for the continuing  businesses,
i.e. excluding acquisitions during the year, increasing 32.6%.
Including  the impact of acquisitions the Group's  order  book
ended the year 66% up over a year ago.

The  acquisition  during the year of  the  Belden  power  cord
division  had  a major impact on the prior year comparison  of
Group  sales  whether  by  market  sector  (e.g.  appliances),
product category (e.g. power cords) or geographical spread.

An  analysis of Group sales by market sector showed sales into
the  telecommunications and networking markets growing by  49%
and  accounting for 63% of sales (1999 - 63%).  Sales into the
appliance markets grew by 85% and accounted for almost 24%  of
sales  (1999 - 19%), and sales into the industrial and medical
markets declined by one percentage point on last year to 5% of
sales.  Sales into the vehicle markets declined to 8% of sales
(1999 - 12%).

A   review   of   sales  by  product  category   showed   that
telecommunication/networking/data products accounted  for  50%
(1999  -  46%) with power cords, including Belden, at  40%  of
sales  being  the  same  as last year.   Medical  and  harness
products together accounted for 10% of sales (1999 - 14%).

A  geographical  review of sales by destination  showed  quite
major  swings  with  sales in the Americas increasing  to  47%
(1999  -  38%),  sales to South East Asia  increasing  by  one
percentage point of Group sales to 13% and UK sales decreasing
to  19%  (1999  -  31%),  with sales  to  Europe  as  a  whole
decreasing from 50% of Group sales to 40%.  Intra Group sales,
largely  manufactured in Asia for ultimate sale  into  Europe,
increased by 27% over last year.

A  comparison  of  Group sales by origin,  i.e.  manufacturing
location, based on total sales including intra-Group  trading,
showed  a major decline in the UK percentage from 31%  to  21%
and,  whilst sales produced in Ireland increased year on  year
by  58%, the percentage of Group sales manufactured in  Europe
still  declined by 9% to 38%.  With Asia's percentage of Group
sales by manufacture increasing by one percentage point to 19%
of  Group sales, the remaining increase in sales by source was
in the Americas which rose to 43% (1999 - 35%).

In  comparing  the percentages of Group sales  by  source  and
destination it can be seen that within Europe and the Americas
the  Group  is more or less in balance with Asia being  a  net
exporter.

The   Group   recorded  an  operating  profit  (pre   goodwill
amortisation  of £0.4m) for the year of £26.4m,  split  £25.4m
from  continuing businesses and £1.0m from businesses acquired
during the year.  The Group's gross profit margin fell by 1.3%
to  17.4% due mainly to the impact of the acquisition  of  the
Belden   power  cord  division.   The  operating  margin   for
continuing  business held at 8.9% with a disappointing  profit
performance from the UK power cord operations - still  in  the
course  of  being  restructured -  being  offset  by  improved
performances elsewhere.  The operating margin on the  acquired
businesses was below expectations and largely related  to  the
slower  than  anticipated  rate  of  operational  improvements
although the year ended with promising indications.  The Group
continued to increase procurement from its Asian facilities to
counteract  price  pressures in  Europe  on  its  power  cords
products.

Exceptional  items included a one-off profit of £1.9m  on  the
sale  of  the  Group's UK power cord building:  this  division
continued  to  utilise the factory under an  operating  lease.
Offsetting this, the Group fundamentally restructured  its  UK
power   cord  activities  by  further  reducing  manufacturing
capacity  in the UK, by investing in automatic assembly  plant
and  by increasing the sourcing of lower cost product from its
plants  in  South  East  Asia:  this  restructuring  will   be
completed during the year to March 2001.

The  higher interest charges experienced in the first half  of
the  year continued throughout the remainder of the year  with
the  full year's net interest payable rising to £2.9m (1999  -
£1.0m).  This level of financing cost was due to increases  in
net   borrowings   (referred  to   later)   partly   to   fund
acquisitions,  partly  for  increased  spend  on   plant   for
additional  capacity and partly for working capital  increases
for  higher  business activity levels in the final quarter  of
the year and the start of 2000/01.

Pre-tax  profit for the year of £23.1m showed an  increase  of
26.6%  over last year.  This increase was attributable to  the
continuing  businesses  with  the  acquisitions  in  the  year
producing only marginal profit after funding costs.

The  translation of foreign currency turnover and profits into
sterling compared with last year's average rates resulted in a
turnover gain of less than £1 m (or 0.3% annual sales) and  no
impact on profits.

The return during 1999/2000 on average shareholders' funds  of
£55.8m  was just over 27% whilst the (operating profit) return
on  average  net  assets was 47% - these percentages  compared
with last year's returns of 24% and 39% respectively.

Earnings  attributable to ordinary shareholders  increased  by
25.4%  to £15.3m after minority interests. Earnings per  share
this  year of 54.0p compared with 43.2p last year, an increase
of  25% with headline earnings per share (i.e. before goodwill
amortisation) of 55.5p, an increase of 27.3%.

The  proposed  ordinary dividend of 25.7p for  the  full  year
represents an increase over last year of 7.1%, so leaving  the
ordinary dividend just over two times covered.

The  Group's  profit retention for the year of £8.0m  and  the
increase in share capital of £0.5m were partially offset by  a
£1.6m  adverse impact of currency translation on  the  balance
sheet.   Shareholders' funds consequently ended  the  year  up
£6.9m at £59.3m.

Taxation

The tax charge for the year resulted in an effective composite
rate of 30.3% (1999 - 33%).  Different tax rates apply to  the
Group's  world-wide operations, the highest rate  relating  to
the  North  American operations, with lower than  average  tax
rates currently applying in South East Asia and Ireland.   The
decrease in the overall tax rate reflects a greater proportion
of  the  Group's profits being earned this year in South  East
Asia and Ireland and also a lower net tax rate in the UK which
benefited from a) capital allowances from prior years and b) a
low tax charge on a property disposal where unutilised capital
losses were brought forward.

Funds Flow

During  the  year there was a net outflow of funds of  £27.5m,
the  principal  elements  comprising inflows  of  £15.4m  from
operations  and £7.2m from the disposal of properties,  offset
by  outgoings of £10.5m on capital expenditure, £6.2m on  tax,
£22.7m  on  acquisitions and £9.3m on  dividends,  with  three
dividends  being  paid during the year due  to  the  delay  in
payment  of  the prior year's interim dividend for corporation
tax planning purposes.

Capital Expenditure

Fixed  asset  additions  including capital  accruals  totalled
£10.6m  (1999  -  £8.7m) during the year, the  major  projects
relating  to  capacity increases and automation including  the
final  payment  of  £2.7m in respect of  the  new  factory  in
Ireland.   In  addition, £7.2m of fixed assets  were  acquired
through acquisitions during the year.


Borrowings

The  Group's net borrowings at the end of the year were £43.8m
(1999  -  £16.4m).  These borrowings resulted  in  a  year-end
gearing ratio of net borrowings to shareholders' funds of 73.9
%  (1999  -  31.2%).  In addition, deferred  consideration  of
£5.8m  is  payable  in  respect of acquisitions  made  in  the
current  and prior years.  Included in the increase of  £27.4m
in  borrowings  is  £23.0m  for acquisitions,  and  associated
costs, made during the year and £0.8m for deferred payments in
respect  of  prior year acquisitions (Canada &  Brazil).   The
increased borrowings during the year gave an interest cover of
9.1 times (1999 - 19.2 times).

The  Group has multi-currency medium term facilities with  its
two principal UK banks.  These facilities are for a term of up
to  five  years  and have been drawn down at fixed  rates  for
either  6 or 12 month periods.  All other bank borrowings  are
for  terms  of less than one year and are at varying  interest
rates.  As at the year end the Group had funded approx.  £5.8m
of  acquisitions with short term funds, the majority of  which
are  being  refinanced into medium term funds.  The Group  has
adequate  finance resources available to fund  its  continuing
expansion programme.  The Group's facilities are unsecured.


Acquisitions

During  the year the Company acquired the assets and  business
of  the power cord division of Belden Inc., with operations in
the USA and Mexico, for a total cash consideration of US$27.4m
(approx. £16.7m).  This acquisition was largely funded out  of
new medium term bank facilities.

In  addition to the acquisition in India part way through  the
year,  the  Group  acquired for cash at the  year  end  Mitema
Industri  AB  (renamed  Volex Sweden AB),  together  with  its
Estonian  subsidiary,  for a total cost  of  £1.7m  (including
deferred  consideration payable in the year  to  March  2001).
The  Group  also  acquired for cash the minority  interest  in
Volex  do Brasil Ltda for £7.9m, this including £3.1m deferred
consideration payable by the end November 2001.   This  latter
acquisition was funded using short term facilities pending the
establishment of medium term finance as referred  to  earlier.
As  a  result of this acquisition and a restructuring  of  the
shareholding in Volex Asia's Indonesian subsidiary, the  Group
now owns 100% of all of its operating companies.


Employees

The  number  of  Volex employees world-wide had  increased  to
11,300 by March 2000 compared to 7,800 last year end.  We  now
have 42% of our employees in Asia, 35% in the Americas and 23%
in  Europe.  With the majority of new employees being based in
low  labour  cost  areas of the world, the  average  cost  per
employee has fallen by 8%.


Shareholder Value

The share price started the year at 395p and finished at 987p,
an  increase of 150%.  The year's low was 379p on 8 April 1999
with  a  high  of 1262.5p being recorded on 22 December  1999.
Following the announcement of last year's figures in June 1999
the  share price moved upwards from the mid 400p's to the  mid
600p's  and following the first half year's results the  price
moved  from the mid 600p's to the mid 800p's in mid  November,
prior  to its peak as reported above.  The average share price
for  the  1999/2000 financial year was 761.5p, this  comparing
with  509.8p  for the prior year, an increase of 49%  (1999  -
10%).   In  addition to the change in value of  the  Company's
equity  shares, the net yield (dividend) on the average  share
price in the year was 3.4% (1999 - 4.7%).

Volex Group p.l.c.

Preliminary Announcement of Group Results for the year to 31
March 2000


A.   RESULTS
                                               2000     1999
                                      Notes   £'000    £'000

Turnover

Continuing
   operations                             286,234    215,913
Acquisitions                               33,573        -
                                         ---------  ---------
                                       1  319,807    215,913
                                         ---------  ---------
Cost of sales                          2 (264,179)  (175,542)
                                         ---------   --------

Gross profit                               55,628    40,371
Other operating expenses (net)         2 (29,652)   (21,163)
                                        ---------  --------
Operating Profit

Continuing operations                      25,056   19,208
Acquisitions                                  920        -
                                         --------  -------
                                       2   25,976   19,208
                                         --------  -------
Costs of fundamental
  restructuring of continuing
  operations                           3  (1,900)    (900)

Profit on sale of a
  tangible fixed asset of
    continuing operations              3    1,920      959
                                        ---------   -------
Profit on ordinary
  activities before
    finance charges                        25,996   19,267

Investment income                             538      930
Interest payable and
   similar charges                        (3,410)  (1,935)
                                          --------- -------
Profit on ordinary
  activities before taxation               23,124   18,262
Tax on profit on ordinary
   activities                          5  (7,010)  (6,026)
                                        ---------  -------
Profit on ordinary
   activities after taxation               16,114   12,236
Minority interests                          (819)     (41)
                                        ---------  -------
Profit for the financial year              15,295   12,195
Dividends paid and
   proposed on equity and               
     non-equity shares                 6   (7,299)  (6,799)
                                         --------  -------
Retained profit for the year                7,996    5,396
                                         --------  -------

Headline earnings per ordinary share   7     55.5p    43.6p
Basic earnings per ordinary share      7     54.0p    43.2p
Diluted earnings per ordinary share    7     53.5p    43.0p

B.     GROUP BALANCE SHEET
At 31 March 2000

                                         2000      1999
                                        £'000     £'000

Fixed assets

Intangible                             14,817     6,527
Tangible assets                        42,731    35,802
                                     ---------  -------
                                       57,548    42,329
                                     ---------   ------
Current assets

Stocks                                 48,201    31,043
Debtors                                67,645    42,555
Current asset investments                 445       504
Cash at bank and in hand               12,691    11,416
                                     -------- --------
                                      128,982    85,518
                                      -------   -------
Creditors: amounts falling
   due within one year
Borrowings                           (15,310)   (2,025)
Trade creditors & provisions         (68,523)  (44,814)
                                      -------   -------
                                     (83,833)  (46,839)
                                     ---------  -------
Net current assets                     45,149    38,679
                                     --------  --------
Total assets less current
  liabilities                         102,697    81,008

Creditors: amounts falling
  due after more
   than one year
Borrowings                           (41,185)  (25,743)
Other liabilities                     (2,238)   (2,272)

                                      -------   -------
Net assets                             59,274    52,993
                                      -------   -------
Capital and reserves

Called-up share capital
  (incl. Non-equity)                    7,170     7,145
Reserves                               52,104    45,207
                                    ---------  ---------
Shareholders' funds
  - see Note 8                         59,274    52,352
Minority interests                          -       641
                                     --------  ---------
Total capital employed                 59,274    52,993
                                     --------  ---------
Gearing                                 73.9%      31.2%

C.   CONSOLIDATED CASH FLOW STATEMENT
For the year ended 31 March 2000
                                         2000        1999
                                 £'000  £'000 £'000 £'000

Net cash inflow from
  operating activities

Operating profit                       25,976      19,208
Depreciation                            7,102       5,340
Goodwill amortised                        419         111
Other items - working
  capital and movements in
    provisions                        (18,058)     (11,249)
                                      -------      ------
                                       15,439      13,410
                                        =====       =====

Return on investments and servicing of finance

Interest received                  531          776
Interest paid                  (2,711)       (1,152)
Preference dividends paid          (6)          (4)

Net cash outflow from
   returns on investments
and servicing of finance              (2,186)       (380)

Taxation

UK corporation tax paid        (1,681)       (2,410)
Overseas tax paid              (4,544)       (3,933)

Tax paid                              (6,225)      (6,343)

Capital expenditure

Purchase of tangible
   fixed assets               (10,467)       (7,934)
Sale of tangible fixed
   assets and current
     asset investments           7,210        1,535

Net cash outflow from
   capital expenditure                (3,257)      (6,399)

Acquisitions and disposals

Purchase of subsidiary
   undertakings               (23,820)       (6,952)
Net cash/(overdraft) acquired
   with subsidiary undertaking   1,095        (253)

Net cash outflow from
   acquisitions                       (22,725)     (7,205)

Equity dividends paid                 (9,253)      (4,166)

Cash outflow before
  management
     of liquid resources
      and financing                   (28,207)     (11,083)
Net cash inflow from
   management of liquid resources       2,000       4,500
Financing
Issue of ordinary
   share capital                   516          433
Increase in short
   term borrowings              14,936        6,508
Net cash inflow from
   financing                           15,452       6,941

(Decrease)/Increase in         ---------------------------      
   cash in year                       (10,755)        358
                               ---------------------------

Note 1   Segment
  Information
                          External Sales   Total sales
Turnover by                  by               by
geographical area:         destination       source
                               2000     1999    2000    1999
                              £'000    £'000   £'000   £'000
United Kingdom               60,405   66,129  73,383  74,743
Republic of
  Ireland                     3,783    3,566  57,614  36,449
Other Europe                 64,782   38,998   4,644   2,412
                           --------   ------  ------  ------
Total Europe                128,970  108,693 135,641 113,604
The Americas                148,183   80,961 150,037  83,833
South East Asia              42,654   26,259  65,485   3,109
Less:  Inter-divisional                      (31,356)(24,633)
-------------------------------------------------------------
                            319,807  215,913 319,807  215,913
-------------------------------------------------------------
Note 2   Cost of sales, gross profit, other operating expenses
(net) and operating profit

                             Contin
                              -uing   Acquisi  
                                       -tions    2000    1999
                              £'000     £'000   £'000   £'000
Cost of sales               233,635   30,544  264,179 175,542
Gross profit                 52,599    3,029   55,628  40,371
Selling and
   distribution expenses     12,805    1,042   13,847  10,651
Administrative expenses      14,957    1,007   15,964  11,589
Other operating income        (554)     (24)    (578) (1,188)
Goodwill amortisation           335       84      419     111
                          -----------------------------------
Other operating expenses
    (net)                    27,543    2,109   29,652   1,163
-------------------------------------------------------------
Operating profit             25,056      920   25,976  19,208
-------------------------------------------------------------
Note 3(i) Costs of a fundamental restructuring of continuing
operations
                                              2000   1999
                                             £'000  £'000
Restructuring costs of UK power
   cord operations                           1,900    900
-------------------------------------------------------------
The costs of a fundamental restructuring of continuing
operations arose in respect of the reduction of the UK power
cord manufacturing capacity and sourcing lower cost product
from the Group's plants in South East Asia.  This has had a
material effect on the nature and focus of the Group's
operations.

The tax effect of this exceptional item was a reduction of
£511,000 (1999 - £270,000).

     (ii) Profit on sale of a tangible fixed asset of
continuing operations
                                              2000   1999
                                             £'000  £'000
Profit on the sale of manufacturing
    premises                                 1,920    959
-------------------------------------------------------------
The tax effect of this exceptional item was an increased
charge of £220,000 (1999 - £nil).

Note 4   Exchange rates

The  principal exchange rates used in the preparation  of  the
accounts are:

                   Average           %  Year End         %
                      2000  1999  Change   2000  1999  Change

United States         1.61   1.65  (2.4)%  1.59   1.60 (0.6)%
Singapore             2.73   2.78  (1.8)%  2.73   2.78 (1.8)%
Ireland               1.24   1.15   7.8 %  1.31   1.17 12.0%
Canada                2.37   2.48  (4.4)%  2.32   2.40 (3.3)%
Brazil                2.95   2.94   0.3 %  2.78   2.77  0.4%
---------------------------------------------------------------
Note 5    Tax on profit on ordinary activities   2000   1999
The tax charge is based on the profit for the 
  year and  comprises:                          £'000  £'000
UK corporation tax:
-  current                                        576  2,976
-  deferred                                       405  (886)
                                                -----  -----  
                                                  981  2,090
                                                -----  ----- 
Overseas tax:
-  current                                      6,141  3,950
-  deferred                                     (112)   (14)
                                                -----  ------ 
                                                7,010  6,026
                                                -----  ------
UK and overseas taxation is based on profits for the year and
the Group tax charge has been influenced by the differing tax
rates in overseas countries.

Note 6
Dividends paid and
  proposed on equity and
    non-equity shares                              2000   1999
                                                  £'000  £'000

Equity shares:
Ordinary dividends
-    prior year final dividend
    on shares issued after
     31 March 1999 under
      share option schemes                           6     15
- interim payable of 8.7p
    per share (1999 - 8.2p per share)             2,466  2,315
- final proposed of 17.0p per
    share (1999 - 15.8p per share)                4,821  4,465

Non-equity shares:
Cumulative preference dividends
-      interim paid                                   3      2
-      final paid                                     3      2
                                                  ------ ------ 
                                                  7,299  6,799
                                                  ------ ------
If approved by shareholders, the final ordinary dividend will
be paid on 2 October 2000 to those shareholders on the
register at 4 September 2000 and will absorb £4,821,229.

Note 7     Earnings per ordinary share
The calculations of earnings per share are based on the
following profits and numbers of shares:
                                             Basic & Diluted
                                              2000      1999
                                             £'000     £'000
Pre-tax profit
   (before goodwill amortisation)          23,543     18,373
Taxation                                   (7,010)    (6,026)
                                          -------    --------
Profit for the financial year              16,533     12,347
Preference dividends                          (6)        (4)
Minority interests                          (819)       (41)
                                       ----------   --------
Headline earnings                          15,708      2,302
Goodwill amortisation                       (419)      (111)
                                       ----------   --------
Net profit for the financial year          15,289     12,191
                                       ----------   --------
Weighted average number
  of shares:
                                           No of        No of
                                           shares      shares
For basic earnings
   per share                           28,307,204   28,215,536
Exercise of share options                 288,640      149,645
                                       -----------  ----------
For diluted earnings per share         28,595,844   28,365,181
                                       ----------   ----------
Headline earnings per share has been calculated on the basis
of continuing activities before goodwill amortisation.  The
directors consider that this gives a better understanding of
the Group's earnings following the change in accounting
treatment of goodwill.

Note 8     Reconciliation of
   Movements in Shareholders' Funds
                                             2000     1999
                                            £'000    £'000

Profit for the financial year              15,295   12,195
Dividends paid and proposed - note 6      (7,299)  (6,799)
                                            -----    -----

Retained profit for the year                7,996    5,396
Currency variations                       (1,590)  (1,144)
New share capital subscribed                  516      434
                                          -------   ------
Net increase in shareholders' funds         6,922    4,686
Opening shareholders' funds                52,352   47,666
                                          -------   ------
Closing shareholders' funds                59,274   52,352
                                          -------   ------


Note 9   Cash Flow

(i)   Analysis
   of net debt:

                        As 1 April       Cash  Exchange 31 March
                              1999       Flow  Movement     2000
                             £'000      £'000     £'000    £'000

Cash at bank and in hand     9,416      2,723       552   12,691
Overdraft                   (2,025)   (13,478)      193  (15,310)
                                      (10,755)
Loans                      (25,743)   (14,936)     (506) (41,185)
Term deposits                2,000     (2,000)         -        -
                           --------------------------------------
Net debt                   (16,352)    27,691)      239  (43,804)
                           -------------------------------------              
         
(ii)  Reconciliation
   of net cash flow
    to movement in net
     debt:                                        
(Decrease)/increase
    in cash in the year                        (10,755)      358
Cash inflow from increase
    in debt & lease financing                  (14,936)   (6,508)
Cash inflow from decrease
   in liquid resources                          (2,000)   (4,500)
                                               --------    -------
Change in net debt
   resulting from cash flows                   (27,691)   (10,650)


Translation difference                             239       (126)
                                                -------    -------
Movement in net debt in
  the year                                     (27,452)   (10,776)

Net debt at 1 April 1999                       (16,352)    (5,576)
                                               --------    -------
Net debt at 31 March 2000                      (43,804)   (16,352)
                                                -------    -------

Note 10 Acquisitions

     Details of the principal acquisitions made during the
     year are set out below:
     
(i)  On  10 May 1999, the Company completed the acquisition of
     the  assets  and business of the power cord  division  of
     Belden  Inc. for an initial cash consideration of US$25m.
     A  further cash sum of US$2.4m was paid based on the  net
     book  value  of  the acquired assets,  giving  the  total
     consideration to US$27.4m (£16.7m).

(ii) On 28 March 2000, the Company completed the acquisition
     of the cable assembly companies Mitema Industri AB
     (subsequently renamed Volex Sweden AB) and Mitema OU (in
     Estonia) for an initial cash consideration of SEK 17.5m
     (£1.3m) and a net worth adjustment of SEK 5.5m (£0.4m)
     paid after the year end.

     The aggregate book values of the assets and liabilities
     acquired on the above acquisitions, their fair value to
     the Group and the resultant goodwill was as follows:-
     
                          Book and fair value to the Group
                                        Belden     Mitema   Total
                                        £'000      £'000   £'000
    
    Tangible fixed
      assets                            7,405        124    7,529
    Stocks                              7,723        516    8,239
    Debtors and
                                        -------------------------
      Prepayments                       4,832      1,464    6,296
    Cash                                 -         1,085    1,085
                                        -------------------------
    Total Assets                       19,960      3,189   23,149
    Liabilities
      and Accruals                     (3,211)    (1,846)  (5,057)
                                        -------------------------
    Net Assets                         16,749      1,343   18,092
                                        -------------------------
    Fair value
      adjustment: - stocks             (1,879)       -     (1,879)
               -  revaluation
                    of fixed assets      (319)       -       (319)
               -  accounting
                     policy alignment        -       (74)     (74)
                - tax effect
                    of adjustments        740          -      740
                                       --------------------------
    Fair value of net assets           15,291      1,269   16,560
    Goodwill                            1,681        458    2,139
                                       --------------------------
                                       16,972      1,727   18,699
                                       --------------------------
    Goodwill on other acquisition                              80
                                                           ------
                                                           18,779
                                                           ------
    Satisfied by: 
    Cash                               16,749      1,144   17,893
    Deferred consideration                 -         513      513
    Acquisition costs                     223         70      293
                                        -------------------------
                                       16,972      1,727   18,699
                                       --------------------------
    Cash and acquisition costs
      on other acquisitions                                    80
                                                            -----
                                                           18,779
                                                            -----
   The  fair  value  adjustments relate  to  stocks,  tangible
   fixed assets and deferred tax.
   
(iii)On  31  March 2000, the Company acquired the 40% minority
    interest  of  its subsidiary Volex do Brasil Ltda  for  an
    initial cash consideration of Reais 13.1m (£4.7m)  with  2
    equal  additional instalments of Reais 4.4m (£1.6m)  being
    payable  on 31 March and 30 November 2001 totalling  Reais
    8.8m (£3.2m).
    
    The book value of the assets acquired and the resultant
    goodwill are as follows:
    
    £'000
    Group's share of fair value of
     net assets acquired                                 1,460
    Goodwill                                             6,440
                                                         -----
                                                         7,900
                                                         -----
     Satisfied by:
     Cash                                                4,722
     Deferred consideration                              3,148
                                                         -----
                                                         7,870
     Acquisition costs                                      30
                                                         -----
                                                         7,900
                                                         -----
     
(iv) Exchange rates used:
     
     10th May 1999      £1:US Dollar $1.635
     28th March 2000    £1:SGK 13.55
     31st March 2000    £1:Brazil Real 2.78


Note 11

(I)  The current and prior year results set out in this
     announcement are non-statutory accounts within the meaning of
     Section 240 of the Companies Act 1985.

(ii) The results for the year ended 31 March 2000 are extracts
     from the 2000 Group accounts which, if adopted by members in
     General Meeting on 27 July 2000 will be filed with the
     Registrar of Companies.  These have been audited and reported
     upon without qualification.

(iii)The results for the year ended 31 March 1999 are extracts
     from the 1999 Group statutory accounts, which have been
     reported upon without qualification by the auditors and
     have been delivered to the Registrar of Companies.