Preliminary Results

Volex Group PLC
6 June 2001

                      VOLEX GROUP p.l.c.
                               
                               
 Preliminary Announcement of Group Results for the Year to 31
                          March 2001
                               
                             
         -  Sales up to 31% to £418m

         -  Operating Profits* up 33% to £35.2m

         -  Pre-tax Profits* up 31% to £30.8m

         -  Earnings Per Share* up 47%

         - Dividends up 9% to 28p

         * before exceptional item and goodwill amortisation

Volex   Group   p.l.c.,  the  international   electrical   and
electronic  cable  assemblies group,  today  announces  a  31%
increase  in  turnover to £418m for the year  ended  31  March
2001.   Pre-tax  profit before goodwill and exceptional  items
also increased by 31% to £30.8m

The  exceptional item in the year related to a charge of £3.3m
in respect of the final phase of the fundamental restructuring
of  the  Group's  European  power cord  operations:  the  cash
element of this charge was £1.1m.

Headline  earnings per share is up by 47% to 79.9p.  The  full
year  dividend is recommended at 28.0p, an increase of 9% over
last year, leaving the dividend 2.3 times covered.

The Chairman of Volex, Bill Goodall, commented:

'I am pleased to report that the year to 31 March 2001 was
outstanding, with the Company achieving its ninth successive
year of record sales and profits.  These results would have
been even better but for the downturn in the final quarter in
the Group's major market of telecommunication, networking and
data.'

'We are all aware of the current uncertainties within the
global infocom market and in the economies of the major
regions we serve.  It is against this background that we, like
many of our customers, feel unable to give a clear picture for
the immediate future.  Having said that, the Group will
continue to be very well managed and is ready to take full
advantage of the return to 'normal' market and economic
conditions.  Once these prevail, we feel confident that Volex
will be able to achieve continuing growth and satisfactory
results.'

Dom Molloy, Volex Chief Executive, concluding his review of
the year, commented:

'The fundamentals of our business have not changed. The
internet broadband and the global explosion in
telecommunications will undeniably require further bandwidth
and Volex is well positioned to be able to support the major
providers of fixed and mobile telecommunications
infrastructure.  Following on from a year which saw a step
change in our activity levels, I am confident that, once we
are through the current period of downturn, we can return to
future minimum annual growth in sales and operating profits of
15% over a period of time.'


                            
For further information, please contact:

Volex Group p.l.c.      Today:  020 7601 1000  Thereafter:  01925 830101
Bill Goodall, Chairman
Dom Molloy, Group Chief Executive
Ken Hooper, Group Finance Director


Square Mile BSMG Worldwide                                 020 7601 1000
Chris Lynch / Graham Herring



VOLEX GROUP p.l.c.

Preliminary Announcement of Group Results for the Year to 31 March 2001


CHIEF EXECUTIVE'S REVIEW

The year to March 2001 proved to be very successful for the
Volex Group.  This was the ninth successive year of record
sales and profits which reflected the success of the strategy
which we have had in place for some time.

Our customers are, in the main, major global manufacturers of
telecommunications, networking equipment, computers, storage
devices, consumer appliances (both domestic and DIY) and
transportation products.  Accordingly, Volex's worldwide
operations are strategically located to fully serve these
global customers.

The Group's growth is fuelled by its participation in
expanding markets, the continuing consolidation of the supply
base and its ability to attract new customers.  We offer an
ever-increasing breadth of solutions and services, from
design, through manufacturing, to logistics capabilities.  The
key to our success is that we are highly flexible and
responsive to customer requirements, so differentiating
ourselves from our competitors.

Each of the Group's targeted markets is typified by the
increasing pace of structural and technological change.
Outsourcing, consolidation, just-in-time delivery and ever
quicker new product introductions are now a part of every day
life in our chosen areas of business. This translates into
demands for new standards of flexibility and responsiveness in
all our dealings with the customer.  Our strategy of having a
truly global reach combined with local management strength is
ideally suited to satisfy these market demands.  We have built
on this market advantage during the year by further developing
our speed to market and speed to customer, strengthening our
engineering resources and significantly broadening our
technological competencies, most notably in the areas of radio
frequency, fibre optic, miniaturised and higher amperage
products.

As reported in February this year, the Group experienced a
sudden downturn in the final quarter of the year which
affected just over half its business and was mainly in those
areas supporting the global telecommunications and networking
sectors.  Here we saw a rapid drop in our customers'
requirements, originating from the funding pressures on the
telecommunications operators and some uncertainty with the
timing of the introduction of the new technologies for 3G
products.  We reacted promptly to this change in activity
levels, with expenses in all areas having been reduced whilst
maintaining capacity for future growth.

Sales & Marketing

Sales grew overall by 31%, far exceeding the minimum annual
target growth rate we had set ourselves.  The strongest growth
was achieved in Asia - 50% - with Europe and the Americas
recording growth rates of 29% and 27% respectively.

In recent years the Group has strengthened its position in the
information communications ('infocom') market, with the global
reach of its operations having positioned Volex ideally to
cater for the demands of the customer base.  Activity in this
market was buoyant in all regions during the first three
quarters of the year, falling away in the final quarter.

Performance in the computer and storage device markets also
started the year very strongly, particularly in the server
segment.  Customer spending slowed in the second half of the
year with the deferment of capital spending as first the US
and then the wider global economic slowdown developed.

Good progress was made in Asia with a number of multinational
companies in the personal computer and office equipment
market, where we supported the customers in their
consolidation and outsourcing to lower cost operations in the
region.  While there was some slowdown in this market during
the second half of the year, particularly in the USA, this was
not significant overall.

The consumer appliance market for power cord products remains
a major area of activity for the Group across the globe.
Demand has continued the trend of steady growth of recent
years and we have maintained both market share and our No.1
position in the market worldwide.  We have also seen
increasing demand for shielded and suppression device products
in this market.

Our wiring harness businesses have achieved satisfactory
growth within their niche markets.

The Group offers the market place local service and cost
effective capabilities.  In each of the Group's operational
regions the customer benefits from local facilities which are
flexible and responsive and which have the ability to source
product from low cost countries, either within their own
region or from Asia.  In addition, Volex works closely with
its principal suppliers throughout the world to reduce
purchase prices by design changes or the use of alternative
materials.

This year has seen the introduction of three new accounts in
the Group's top ten customer list.  This speaks to the
dynamics of the market place and to our ongoing record of
identifying and developing major new accounts on a Group-wide
basis.

In communicating with our markets and customers, the internet
has played an increasingly important role this year. The Volex
web site www.volex.com is now regularly the first source of
information for our existing and prospective customers,
providing them with the latest news on the Group, its product
capabilities and its financial results.  Our web site will
continue to be enhanced to ensure the Group maintains its
competitive advantage.

Operations

With all operations trading profitably, we have again expanded
our facilities in each geographical region and now have more
than 2 million square feet of manufacturing capacity across
the world spread over 27 sites.  This positions Volex as the
only truly global cable assembly manufacturing house.

The Americas

During the year our operations in the Americas, which account
for 46% of Group manufacturing output, have broadened their
radio frequency and fibre optic product capabilities and have
significantly strengthened their engineering resources,
particularly in these technology areas.  The year has also
seen increasing customer demands for just in time delivery and
local stocking of inventory.

Capacity has been added in Aguascalientes, Mexico, for both
power cord and higher volume infocom products, to give
improved levels of support  for the North American market.  In
Kanata, near Ottawa, Canada we are currently more than
doubling the size of our facility, as this area is developing
into one of the key North American locations for the opto-
electronics industry.

Half way through the year the Group opened its centre of
excellence for radio frequency technology in Wilmington,
Massachusetts.  This will be the region's hub for this area of
technology, assisting the Group's worldwide facilities with
the development of state of the art process controls and with
radio frequency product developments and providing technical
support for global customers.

Our Brazilian operation benefited from a significant increase
in volumes from its existing customer base and was successful
in winning a number of new accounts in the local
telecommunications market.  An additional facility has been
constructed in Jacarei, Sao Paulo, to support this growth and
the management team has been strengthened.

Europe

The European infocom business based in Castlebar, Ireland has
experienced exceptional growth this year in its traditional
products.  It has also expanded its range of radio frequency
products and considerably increased its fibre optic
capabilities.  To support this growth, capacity has been
increased in Croatia, a new manufacturing facility has been
opened in Estonia together with a new logistics centre in
Sweden and our European infocom regional centre in Ireland has
been expanded by approximately a third.

The European power cord operations are being consolidated into
Leigh, England which will become primarily  a European
logistics centre.  Volume products will be sourced from our
factories in Asia.  This final stage of  the fundamental
restructuring of this business will be completed in our
2001/02 financial year and has resulted in a charge of £3.3
million as an exceptional item in the accounts for the current
year.

The wiring harness businesses continue to successfully utilise
the Group's traditional technologies to develop niche
opportunities in a broad spread of markets and have made a
worthwhile contribution to the performance of the Group during
this year.  Off-shore sub-contracting has been developed to
take advantage of lower costs.

Asia

This region has strategic importance for the Group in two
prime respects.  It has its own large and rapidly expanding
indigenous markets and it is a low-cost manufacturing base for
both Europe and North America.

Significant progress has been made in the standardisation of
processes across the region which is spearheading our
continuing drive to optimise efficiencies.

We have continued to develop our strategy of taking a regional
approach to manufacturing in support of our multinational
customer base in this area.  New facilities have been
established in China, India, Indonesia, the Philippines,
Taiwan and Thailand.  We have concentrated our infocom
operations in Suzhou and Zhongshan, China and in Malaysia and
have successfully introduced both radio frequency and fibre
optic products to the existing telecommunications product
range.  Our power cord operations continued to expand, with
particular success with Japanese office equipment
manufacturers as they relocated their operations within the
region.

We have also expanded management capabilities across the
region to support growth and the increasing complexity of the
business.

Strategy

The Group's strategy is to remain focussed on its core
competency of cable assemblies.  This extends across power,
copper, fibre optic and radio frequency technologies, making
Volex unmatched in its capabilities and in the breadth of its
product range.  We also seek value-added opportunities which
are aligned with our core activities.

The Group continues to increase its global presence to support
its existing and targeted customers. With a total of 34
manufacturing and sales/logistics facilities in the Americas,
Europe and Asia, Volex will continue to expand its
technological offerings and provide an ever increasing breadth
of services to multinational OEM's (original equipment
manufacturers) and CEM's (contract electronics manufacturers).

Our strategy is to be both flexible and responsive to changing
customer needs, effectively becoming an integral part of our
customer's operations.  To do this we anticipate industry
technology trends and market demand drivers.  Volex also
offers cost effective solutions to its customers' needs.  By
working closely with customers, from product design through
new product introduction and the delivery of a first class
product on time every time, the Group sets out to embed itself
on a global basis into its customers' supply chain.   This
generates the best opportunities to optimise the Group's
market presence and continually expand its customer profile.

The Group is investing in the appropriate IT hardware,
software and personnel to ensure that its logistical and
eBusiness capabilities complement and enhance its engineering
and manufacturing strengths.

Future

The Group's markets continue to offer opportunities for long-
term growth.  Volex believes further expansion will result
from supplier rationalisation on a global scale.

It has to be recognised that there are currently difficulties
in the telecommunication and networking sectors and
uncertainties in some of the world's major economies,
particularly the USA.  Consequently, in common with many of
our major multinational customers, we are unable to give clear
indications of likely trading activities for the 2002
financial year at this time.  Nevertheless, we are prepared
for a return to more normal trading conditions, particularly
in the telecommunication and networking areas, whilst at the
same time wherever possible we are currently operating with
capacities, and thereby cost structures, broadly in line with
levels of market demand experienced in the final quarter of
the year to March 2001.

The fundamentals of our business have not changed. The
internet broadband and the global explosion in
telecommunications will undeniably require further bandwidth
and Volex is well positioned to be able to support the major
providers of fixed and mobile telecommunications
infrastructure.  Following on from a year which saw a step
change in our activity levels, I am confident that, once we
are through the current period of downturn, we can return to
future minimum annual growth in sales and operating profits of
15% over a period of time.

FINANCIAL REVIEW

Results

Turnover for the year at £418.3m showed an increase over last
year of 30.8%.

An analysis of sales by market sector showed sales into the
Group's major markets of telecommunications, networking and
data, (including industrial and medical segments) growing by
43% and accounting for 75% of sales (2000 - 68%).  Sales into
the appliance markets grew by 3% and accounted for 18% of
sales (2000 - 24%), whilst sales into the vehicle and
aerospace markets increased by 10% although as a percentage of
total Group sales this sector fell by 1% to 7%.

A review of sales by product category showed that
telecommunication/networking/data products accounted for 60%
(2000 - 52%) with power cords falling to 33% as against 40%
last year.  Harness products accounted for 7% of sales (2000 -
8%).

A geographical review of sales by destination showed sales in
the Americas at 45% of Group sales (2000 - 47%), sales to Asia
increasing by two percentage points to 15%, and sales to
Europe as a whole holding at 40% of Group sales despite UK
sales decreasing to 16% (2000 - 19%).  Intra Group sales,
largely manufactured in Asia for ultimate sale into Europe and
the Americas, increased by 64% over last year.

A comparison of Group sales by origin, or manufacturing
location, based on total sales including intra-Group trading
(i.e. output at selling prices), showed a further decline in
the UK percentage from 17% to 12% and, despite sales produced
in Ireland, together with its European satellites in Croatia,
Sweden and Estonia, increasing year on year by 60%, the
percentage of Group sales manufactured in Europe fell from 33%
to 31%.  With Asia's total sales (i.e. to the external
customers and intra Group) growing year on year by 45%, this
region's percentage of Group sales by manufacture increased by
a further two percentage point to 23% of Group sales.  Sales
produced in the Americas remained steady at 46% of Group
sales.

The Group recorded an operating profit (pre goodwill
amortisation and exceptional item) for the year of £35.2m, an
increase of 33% over the previous year.  Whilst the Group's
gross profit margin fell by 0.2% to 17.2%, the operating
margin increased by 0.1% to 8.4%.

The exceptional item of £3.3m relates to the final phase of
the fundamental restructuring of the UK power cord division,
the cash element of which is £1.1m.  Within the last two years
the Company has reduced manufacturing in this division by the
closure of a factory in Wales, the transfer of all
manufacturing from its Scottish factory to its main plant in
Leigh, England and by reducing overall manufacturing capacity
in its main plant.  At the same time the division has out-
sourced to its sister operations in Asia in order to benefit
from the lower production costs in that region.  By March 2001
the UK manufacturing capacity consisted solely of automatic
and semi automatic production lines.  This final restructuring
phase consists of closing the warehousing facility in Scotland
(announced May 2001), the writing-off and disposal of all
surplus plant and equipment and further redundancies in its
main plant.  This final phase will be completed during the
financial year to March 2002.

Interest charges incurred in the first half of the year of
£2.0m continued throughout the remainder of the year, albeit
at a slightly higher level, with the full year's net interest
payable rising to £4.4m (2000 - £2.9m).  This level of
financing cost was due to increases in net borrowings
(referred to later), partly to fund increased spend on plant
for additional capacity and new technologies and partly for
working capital increases for the higher business activity
levels.

Excluding the exceptional item, pre-tax profit for the year of
£29.9m showed an increase of 29.3% over last year: after the
exceptional item the pre-tax profit was £26.5m, an increase of
14.7%.

The translation of foreign currency turnover and operating
profits into sterling compared with last year's average rates
resulted in a turnover gain of £13.9m (or 4.3%) and a profits
gain of £1.3m (or 4.8%).

The return during 2000/2001 on average shareholders' funds of
£65.5m was 29% whilst the operating profit return on average
net assets was 47% - these percentages compare with last
year's returns of 27% and 47% respectively.

Earnings attributable to ordinary shareholders increased by
23% to £18.8m. Earnings per share this year of 66.1p compared
with 54.0p last year, an increase of 22%.  Headline earnings
per share (i.e. before goodwill amortisation and exceptional
item net of tax) of 79.9p showed an increase of 47% over last
year's restated earnings per share of 54.4p (see Note 7).

The proposed ordinary dividend of 28.0p for the full year
represents an increase over last year of 9%, and leaves the
ordinary dividend 2.3 times covered.
     
The Group's profit retention for the year of £10.8m and the
increase in share capital of £0.8m were supplemented by a
£0.7m beneficial impact of currency translation on the balance
sheet.  Shareholders' funds consequently ended the year up
£12.3m at £71.6m.

Taxation

The tax charge for the year resulted in an effective composite
rate of 29.0% (2000 - 30.3%): excluding the exceptional item
the underlying rate was 26.8% (2000 - 31.6%).  Different tax
rates apply to the Group's worldwide operations, the highest
rate relating to the North American operations, with lower
than average tax rates currently applying in Asia and Ireland.
The decrease in the overall tax rate reflects a greater
proportion of the Group's profits being earned this year in
Asia and Ireland.  It is anticipated that this trend will
continue for the foreseeable future.

Following a re-assessment of fair values of the net tangible
assets acquired with a previous acquisition, a deferred tax
asset previously established has now been reversed.

Funds Flow

During the year there was a net outflow of funds of £14.6m,
comprising inflows of £24.5m from operations and £0.8m from
the issue of share capital, more than offset by outgoings of
£14.4m on capital expenditure, £6.5m on tax, £2.2m on deferred
payments for previous acquisitions, £4.0m on
interest/financing costs and £7.5m on dividends. In addition,
adverse currency translation impacts caused borrowings to
increase by £6.2m.

Capital Expenditure

Fixed asset additions during the year totalled £14.2m (2000 -
£10.6m), the major projects relating to capacity increases and
investment in radio frequency and fibre optic production and
test equipment.

Borrowings

The Group's net borrowings at the end of the year were £58.4m
(2000 - £43.8m).  These borrowings resulted in a year-end
gearing ratio of net borrowings to shareholders' funds of 81.6
% (2000 - 73.9%): excluding the exceptional item the gearing
ratio would have been 78.3 %.  In addition, deferred
consideration of £4.0m is payable in respect of prior years'
acquisitions.  The increased borrowings during the year gave
an interest cover of 7.0 times (2000 - 9.1 times) or 7.7 times
excluding the exceptional item.

The Group has multi-currency medium term facilities with three
banks in the UK and USA.  These facilities are for terms 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.  The Group has adequate finance resources available to
fund its continuing expansion programme.  All the Group's
facilities are unsecured.

Employees

The number of Volex employees worldwide at the year-end was
11,445 (2000 - 11,300): prior to the downturn in business in
the final quarter the number of employees had increased by 19%
to almost 13,500.  At the year-end 46% of our employees were
in Asia, 33% in the Americas and 21% in Europe.  The average
cost per employee increased during the year by 1.8%.

Volex Group p.l.c.

Preliminary Announcement of Group Results for the year to 31 March 2001


A.   RESULTS
-------------  

                                             
                                                2001        2000
                                    Notes      £'000       £'000
______________________________________________________________________________
Turnover

Continuing operations                   1    418,299     319,807

Cost of Sales                               (346,273)   (264,179)
                                           ----------- ----------

Gross profit                                  72,026      55,628
Other operating expenses (net)          2    (37,706)    (29,652)
                                           ----------  ----------
Operating Profit

Continuing operations                         34,320      25,976

Costs of fundamental restructuring
 of continuing operations               3     (3,344)     (1,900)

Profit on sale of a tangible fixed 
asset of continuing operations          3          -       1,920
                                             ---------  ---------
Profit on ordinary activities 
before finance charges                        30,976      25,996

Investment income                                834         538
Interest payable and similar charges          (5,282)     (3,410)
                                             ---------  ---------
Profit on ordinary activities 
before taxation                               26,528      23,124
Tax on profit on ordinary activities    5     (7,690)     (7,010)
                                             ---------  ---------
Profit on ordinary activities 
after taxation                                18,838      16,114
Minority interests                                 -        (819)
                                             ---------- ----------
Profit for the financial year                 18,838      15,295
Dividends paid and proposed 
on equity and non-equity shares         6     (8,028)     (7,299)
______________________________________________________________________________
Retained profit for the year                  10,810       7,996
______________________________________________________________________________
Headline earnings per ordinary share    7       79.9p       54.4p
Basic earnings per ordinary share       7       66.1p       54.0p
Diluted earnings per ordinary share     7       65.4p       53.5p



B.     GROUP BALANCE SHEET
___________________________
At 31 March 2001

                                                 2001      2000
                                    Notes       £'000     £'000

Fixed assets

Intangible                              9      14,844    14,817
Tangible assets                                49,335    42,731
                                             --------- ---------
                                               64,179    57,548
                                            ---------  ---------
Current assets

Stocks                                         58,982    48,201
Debtors                                        70,704    67,645
Current asset investments                           -       445
Cash at bank and in hand                       18,632    12,691
                                            ---------- ----------
                                              148,318   128,982
                                            ---------- ----------
Creditors: amounts falling 
due within one year
Borrowings                                   (15,454)  (15,310)
Trade creditors & provisions                 (63,814)  (68,523)
                                           ---------- ----------
                                             (79,268)  (83,833)
                                           ---------- ----------
Net current assets                            69,050    45,149
                                           ---------- ----------
Total assets less current 
liabilities                                  133,229   102,697

Creditors: amounts falling due
after more than one year
Borrowings                                   (61,591)  (41,185)
Other liabilities                                (21)   (2,238)
______________________________________________________________________________

Net assets                                    71,617    59,274
______________________________________________________________________________
Capital and reserves

Called-up share capital 
(incl. Non-equity)                             7,223     7,170
Reserves                                      64,394    52,104
______________________________________________________________________________
Total capital employed                        71,617    59,274
______________________________________________________________________________
Gearing                                         81.6%     73.9%


C.   CONSOLIDATED CASH FLOW STATEMENT
______________________________________
For the year ended 31 March 2001
  

                                                   2001              2000
                                         £'000    £'000    £'000    £'000
______________________________________________________________________________
Net cash inflow from 
operating activities

Operating profit                                 34,320            25,976
Depreciation                                      7,883             7,102
Goodwill amortised                                  899               419
Other items - working capital 
and movements in provisions                     (18,596)          (18,058)
                                              ----------         ----------
                                                 24,506            15,439
                                                  =====             =====

Return on investments 
and servicing of finance

Interest received                          898               531
Interest paid                           (4,847)           (2,711)
Preference dividends paid                   (3)               (6)

Net cash outflow from returns 
on investments and
servicing of finance                             (3,952)           (2,186)

Taxation

UK corporation tax paid                   (626)           (1,681)
Overseas tax paid                       (5,894)           (4,544)

Tax paid                                         (6,520)           (6,225)

Capital expenditure

Purchase of tangible 
fixed assets                           (14,419)          (10,467)
Sale of tangible fixed 
assets and current 
asset investments                          870             7,210

Net cash outflow from capital expenditure       (13,549)           (3,257)

Acquisitions and disposals

Purchase of subsidiary 
undertakings                            (2,155)          (23,820)
Net cash acquired with 
subsidiary undertaking                       -             1,095

Net cash outflow 
from acquisitions                                (2,155)          (22,725)

Equity dividends paid                            (7,529)           (9,253)
______________________________________________________________________________

Cash outflow before management
of liquid resources and financing                (9,199)          (28,207)
Net cash inflow from 
management of liquid resources                        -             2,000
Financing
Issue of ordinary share capital            801               516
Increase in short term borrowings       15,381            14,936
Net cash inflow from financing                   16,182            15,452
______________________________________________________________________________
Increase/(Decrease) in cash in year               6,983           (10,755)
______________________________________________________________________________



Note 1   Segment Information

                                     External Sales             Total sales
Turnover by geographical area        by destination               by source
                                    2001       2000            2001     2000
                                   £'000      £'000           £'000    £'000
______________________________________________________________________________
United Kingdom                    65,500     60,405          74,241   73,383
Republic of Ireland                5,140      3,783          83,977   57,614
Other Europe                      95,193     64,782          22,090    4,644
                                ---------  ---------        -------- --------
Total Europe                     165,833    128,970         180,308   135,641
The Americas                     188,436    148,183         194,579   150,037
Asia                              64,030     42,654          94,884    65,485
Less:  Inter-divisional                                     (51,472)  (31,356)
______________________________________________________________________________
                                 418,299    319,807          418,299  319,807
______________________________________________________________________________
Operating profit, profit before tax and net assets by
geographical area and by type of business and turnover by
class of business are not given as such disclosure is
considered seriously prejudicial to the interests of the
Group.

Note 2  Other operating expenses (net)

                                                      2001        2000
Other operating expenses comprise:                   £'000       £'000
______________________________________________________________________________

Selling and distribution expenses                   17,959      13,847
Administrative expenses                             19,295      15,964
Other operating income                                (447)       (578)
Goodwill amortisation                                  899         419
______________________________________________________________________________
Other operating expenses (net)                      37,706      29,652
______________________________________________________________________________

Note 3a.   Costs of a fundamental restructuring of continuing operations

                                                             2001   2000
                                                            £'000  £'000
______________________________________________________________________________
Restructuring costs of UK power cord operations             3,344  1,900
______________________________________________________________________________

This year's cost represents the third and final phase of a
fundamental restructuring of the Group's European power cord
operations involving the reduction of the UK power cord
manufacturing capacity and sourcing lower cost product from
the Group's plants in 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
£319,000 (2000 - £511,000).
     
  b.   Profit on sale of a tangible fixed asset of continuing
    operations
                                                            2001   2000
                                                           £'000  £'000
______________________________________________________________________________
Profit on the sale of manufacturing premises                   -  1,920
______________________________________________________________________________
The tax effect of this exceptional item in the previous year
was an increased charge of £220,000.

Note 4   Exchange rates

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

                                Average       %       Year End         %
                            2001   2000  Change     2001  2000    Change
______________________________________________________________________________
United States               1.48   1.61    (8.1%)   1.42  1.59     (10.7%)
Singapore                   2.58   2.73    (5.5%)   2.57  2.73      (5.9%)
Ireland                     1.28   1.24     3.2%    1.27  1.31      (3.0%)
Canada                      2.22   2.37    (6.3%)   2.24  2.32      (3.4%)
Brazil                      2.81   2.95    (4.8%)   3.08  2.78      10.8%
Sweden                     13.80    n/a      n/a    14.7  13.8       6.5%
______________________________________________________________________________

Note 5    Tax on profit on ordinary activities
                                                             2001     2000
The tax charge is based on the 
profit for the year and comprises:                          £'000    £'000
______________________________________________________________________________
UK corporation tax:
-  current                                                  1,640      576
-  deferred                                                  (281)     405
______________________________________________________________________________
                                                            1,359      981
______________________________________________________________________________
Overseas tax:
-  current                                                  7,004    6,141
-  deferred                                                  (673)    (112)
______________________________________________________________________________

                                                            7,690    7,010
______________________________________________________________________________

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
                                                            2001      2001    
                                                           £'000     £'000
______________________________________________________________________________
Equity shares:
Ordinary dividends
-    prior year final dividend on shares 
     issued after 31 March 2000 under
     share option schemes                                     26         6
-    interim payable of 9.4p per share 
     (2000 - 8.7p per share)                               2,682     2,466
-    final proposed of 18.6p per share
 (2000 - 17.0p per share)                                  5,314     4,821

Non-equity shares:
Cumulative preference dividends
-      interim paid                                            3         3
-      final payable                                           3         3
______________________________________________________________________________

                                                           8,028     7,299
______________________________________________________________________________
______________________________________________________________________________



If approved by shareholders, the final ordinary dividend will
be paid on 1 October 2001 to those shareholders on the
register at 7 September 2001 and will absorb £5,314,402.

Note 7     Earnings per ordinary share

The calculations of earnings per share are based on the
following profits and numbers of shares:

                                                        2001             2000
                                                       £'000            £'000
______________________________________________________________________________
Profit for the financial year                         18,838           15,295
Preference dividends                                      (6)              (6)
______________________________________________________________________________
Basic earnings                                        18,832           15,289

Goodwill amortisation                                    899              419
Exceptional net restructuring costs/(profits)          3,344              (20)
Tax on exceptional items                                (319)            (291)
______________________________________________________________________________

Headline earnings                                     22,756           15,397
______________________________________________________________________________

Weighted average number of shares:
                                               No. of shares   No. of  Shares
For basic earnings per share                      28,487,198       28,307,204
Exercise of share options                            303,928          288,640
______________________________________________________________________________
For diluted earnings per share                    28,791,126       28,595,844
                                                    
Headline earnings per share (full)                     79.9p            54.4p*
Basic earnings per share (full)                        66.1p            54.0p
Diluted earnings per share (full)                      65.4p            53.5p

 *Recalculated to adopt the Institute of Investment
 Management Research definition of headline earnings i.e.
 excluding exceptional items net of tax.

Headline earnings per share has been calculated on the basis
of continuing activities before goodwill amortisation and
before exceptional items net of tax.  The directors consider
that this gives a better understanding of the Group's earnings
following the change in the accounting treatment of goodwill.

Note 8     Reconciliation of Movements in Shareholders' Funds

                                                    2001            2000
                                                   £'000           £'000
______________________________________________________________________________
Profit for the financial year                     18,838          15,295
Dividends paid and proposed - note 6              (8,028)         (7,299)
                                                 ---------      ---------
Retained profit for the year                      10,810           7,996
Currency variations                                  732          (1,590)
New share capital subscribed                         801             516
                                                 ---------       --------
Net increase in shareholders' funds               12,343           6,922
Opening shareholders' funds                       59,274          52,352
______________________________________________________________________________
Closing shareholders' funds                       71,617          59,274
______________________________________________________________________________


Note 9   Intangible assets  - Goodwill
                                                                  £'000
______________________________________________________________________________
Cost
Beginning of year                                                15,349
Re-assessment of fair values*                                       740
Exchange adjustment                                                 205
______________________________________________________________________________
End of year                                                      16,294
______________________________________________________________________________
Amortisation
Beginning of year                                                   532
Charge for the year                                                 899
Exchange adjustment                                                  19
______________________________________________________________________________
End of year                                                       1,450
______________________________________________________________________________
Net book value - end of year                                     14,844
Net book value - beginning of year                               14,817
______________________________________________________________________________
* Following a re-assessment of fair values of the net tangible
 assets acquired with Belden, a deferred tax asset previously
 established has now been reversed.
______________________________________________________________________________
Note 10     Cash Flow

(i)   Analysis of net debt:
                                As 1 April              Exchange   31 March
                                      2000  Cash Flow   Movement       2001
                                     £'000      £'000      £'000      £'000
______________________________________________________________________________
                                               -------
Cash at bank and in hand            12,691      5,565        376     18,632
Overdraft                          (15,310)     1,418     (1,562)   (15,454)
                                               -------
                                                6,983
Loans                              (41,185)   (15,381)    (5,025)   (61,591)
______________________________________________________________________________
Net debt                           (43,804)    (8,398)    (6,211)   (58,413)
______________________________________________________________________________

                                                          2001      2000
(ii)Reconciliation of net cash flow 
to movement in net debt:                                 £'000     £'000
______________________________________________________________________________
Increase/(Decrease) in cash in the year                  6,983   (10,755)
Cash inflow from increase in debt & 
lease financing                                        (15,381)  (14,936)
Cash inflow from decrease in liquid resources                -    (2,000)
______________________________________________________________________________
Change in net debt resulting from cash flows            (8,398)  (27,691)

Translation difference                                  (6,211)      239
______________________________________________________________________________
Movement in net debt in the year                       (14,609)  (27,452)
Net debt at 1 April 2000                               (43,804)  (16,352)
______________________________________________________________________________
Net debt at 31 March 2001                              (58,413)  (43,804)
______________________________________________________________________________

Note 11  Miscellaneous

(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 2001 are extracts
     from the 2001 Group accounts which, if adopted by members in
     General Meeting on 19 July 2001 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 2000 are extracts
     from the 2000 Group statutory accounts, which have been
     reported upon without qualification by the auditors and
     have been delivered to the Registrar of Companies.