2 November 2011 – interim results
Interim results from Volex, the global provider of customised electrical and electronic cable assemblies covering the period to 2 October have come in as expected. Revenues for the period were up by 14% to $271m with the revenues for the second quarter setting a record quarterly high. Normalised operating profit for the first half was up by 16% to $14.9m, with pre-tax profits on the same basis up by 13% to $12.4m. Earnings per share on the same basis were almost 20% higher at 18.3 cents and an interim dividend was declared of 1.5 cents. Net debt at the period end was $11.9m compared with $15.9m a year ago. These were good results in difficult conditions and although the latter are expected to continue the company believes that it has a solid platform for future growth. The shares remain a BUY.