1 August 2024
Volex plc
("Volex", the
"Company", or the "Group")
AGM Statement
Positive start to the new financial
year
Volex plc (AIM: VLX), the specialist integrated
manufacturer of critical power and data transmission products, is
pleased to report a trading update for the three months ended 30
June 2024, ahead of the Company's annual general meeting, being
held at 2.00 pm today.
Continued
trading momentum
The Group's trading performance in the first
quarter of FY2025 has remained in line with management's
expectations with the positive momentum outlined at the Group's
FY2024 results continuing into the new financial year.
As anticipated, the Group has delivered an
encouraging start to the new financial year with year-on-year
constant currency organic revenue growth of 9.0% driven by
particularly strong performances in the EV and Data Centre sectors.
Murat Ticaret is trading well year to date in its first full
year of ownership, supplementing strong year-on-year organic growth
in the Off-Highway market.
Investing for
growth
The Group has continued to make targeted
capital and operational investments to enhance capacity and
capability in key locations. This includes the completion of the
site expansions in Mexico, India and Indonesia, with further
expansion in Türkiye due to complete in the coming months. This
additional capacity allows the Group to support a range of
customers who are reconfiguring their supply chains to localise
production and mitigate risk.
Outlook
The Group's encouraging performance in the
first quarter, combined with the ongoing investment plans,
improving market backdrop in key sectors and continued integration
of Murat Ticaret, gives the Board confidence in Volex's ability to
make further progress against its strategy during the year and
deliver on its expectations.
-ENDS-
For further information please
contact:
Volex
plc
+44 7747 488785
Nat Rothschild, Executive
Chairman
investor.relations@volex.com
Jon Boaden, Chief Financial
Officer
Peel Hunt LLP
- Nominated Adviser & Joint
Broker
+44 20 7418 8900
Ed Allsopp
Dom Convey
Ben Harrington
HSBC Bank plc - Joint
Broker
+44 20 7991 8888
Simon Alexander
Joe Weaving
Stephanie Cornish
Sodali & Co - Media
Enquiries
+44 20 7250 1446
James White
Nicholas Johnson
About Volex plc
Volex plc (AIM:VLX) is a driving
force in integrated manufacturing for mission-critical applications
and a global leader in power and data connectivity solutions. Our
diverse operations support international blue-chip customers in
five key sectors: Electric Vehicles, Consumer Electricals, Medical,
Complex Industrial Technology and Off-Highway. Headquartered in the
UK, we orchestrate operations across 28 advanced manufacturing
facilities, uniting over 14,000 dynamic individuals from 25
different nations. Our extraordinary products find their way to
market through our localised sales teams and authorised distributor
partners, supporting Original Equipment Manufacturers and
Electronic Manufacturing Services companies across the globe. In a
world that grows more digitally complex by the day, customers trust
us to deliver power and connectivity that drives everything from
household essentials to life-saving medical equipment. Learn more
at www.volex.com.
Forward looking statements
This announcement contains certain
forward-looking statements which have been made by the Directors in
good faith using information available up until the date they
approved the announcement. Forward-looking statements should be
regarded with caution as by their nature such statements involve
risk and uncertainties relating to events and circumstances that
may occur in the future. Actual results may differ from those
expressed in such statements, depending on the outcome of these
uncertain future events.