AGM Statement

RNS Number : 5286U

Volex PLC

30 July 2020

 

30 July 2020

Volex plc

("Volex" or the "Company")

Volex AGM Statement

Volex plc (AIM:VLX), the global supplier of integrated manufacturing services and power products, is today holding its Annual General Meeting, during which the Executive Chairman, Nat Rothschild, will make the following statement on trading for the three months ended June 2020:

"I would like to thank all of our employees for their hard work and dedication through a very difficult period for the global economy. Their efforts have allowed us to keep operating throughout the period, supporting our customers' requirements across the globe.

Unaudited revenue for the three months ended June 2020 was $96 million, which was flat on the same period a year earlier. Given the disruption caused by the global coronavirus pandemic, we are very pleased with this result. Operating profit remains at a similar level to the prior year, and our cash balance as at 24 July was $30 million. Our $30 million revolving credit facility remains available and undrawn.

As noted in our results statement on 18 June 2020, we continue to see weakness primarily in the medical installation sector, as hospitals around the world remain closed for non-critical medical procedures. In our electric vehicle business, demand is approaching pre-crisis levels as customers re-open their factories and consumer preference continues to shift towards electric vehicles. We continue to see resilient demand in our consumer electronics and data centre businesses.

Today, shareholders approved the payment of a final dividend of 2 pence per share. Volex continues to be profitable and highly cash generative, and we look forward to making further progress during the rest of the year whilst remaining vigilant to the ongoing macro-economic risks."

For further information please contact :

Volex plc	[phone]
Nat Rothschild, Executive Chairman
Daren Morris, Chief Financial Officer and Company Secretary

N+1 Singer - Nominated Adviser & Joint Broker	[phone]
Shaun Dobson
Iqra Amin

P anmure Gordon - Joint Broker	[phone]
Hugh Rich
Nick Lovering

 

END

 

 

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