Volex Group PLC
05 April 2007
5 April 2007
Volex Group plc
(the 'Group' or the 'Company')
Post-close Update
Volex Group plc, the global electrical and electronic cable assemblies group,
will announce its results for the 52 weeks ending 1 April 2007 on 11 June 2007.
Also, in response to shareholders' request for more proactive investor
communications, the Company will issue a post-close update annually as well as a
trading update for the first half performance.
'I am pleased with the progress of the Company since the announcement of the
interim results in November 2006. I expect the business to show revenue growth
compared to FY 2005/6 before exchange rate movements, though, the weak USD is
expected to reduce this level of year on year growth.
The high price of copper has continued to impact margins in the Powercords
business, though lower copper prices in the latter part of the year have been
and continue to be beneficial. The combined impact of copper and the USD means
that the Group expects the FY2006/7 results to be slightly below analysts'
expectations.
I am confident that the Group's comprehensive restructuring programme is ahead
of plan. The benefits from the cost reductions will be further realized in the
coming year as the productivity and efficiency increases in the new facilities
and the full year impact is reflected in the results. I believe that the Group
is on track in the execution of its strategy to deliver growth through new
technologies and products.
The Group is positive on the outlook for the next financial year for each of the
businesses. Powercords continues to grow strongly driven by new and innovative
applications such as Apple iPhone. Interconnect is leveraging its global
position to gain market share and further expand into higher margin products. In
particular, the Company is excited about Interconnect's growth in India driven
by the investment in wireless infrastructure. Wiring Harness looks encouraging
due to the strong growth prospects of the UK Defence Market and the recently
secured long-term contract with Rolls-Royce.
I anticipate that the Group will continue to make progress over the coming year
and I believe that the performance in the next financial year will be in line
with Management's expectations.'
Richard Arkle
Chairman
Volex Group plc
For further information, please contact:
Volex Group plc
Heejae Chae, Group Chief Executive 01925 844601
Ian Degnan, Group Finance Director
Weber Shandwick Financial
Chris Lynch / Nick Dibden / James White 020 7067 0700
This information is provided by RNS
The company news service from the London Stock Exchange
*A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:
Obtains access to the information in a personal capacity;
Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
Please note, this site uses cookies. Some of the cookies are essential for parts of the site to operate and have already been set. You may delete and block all cookies from this site, but if you do, parts of the site may not work. To find out more about the cookies used on Investegate and how you can manage them, see our Privacy and Cookie Policy
To continue using Investegate, please confirm that you are a private investor as well as agreeing to our Privacy and Cookie Policy & Terms.