Business
AGM & Interim Management Stat
AGM & Interim Management Stat.
About this update from Volex Plc
[{"type":"text","content":"\n RNS Number : 6568Z Volex Group PLC 23 July 2008 \n \n23 July 2008\n\nVolex Group plc\n\nAGM and Interim Management Statement\n\nVolex Group plc, the global electrical and electronic cable assemblies company, will today hold its AGM at the offices of Eversheds LLP, 70 Great Bridgewater St, Manchester, M1 5ES at 15.30. \n\nAt the AGM, Mike McTighe, Chairman will make the following comments regarding current trading, financial performance and outlook for the year. This statement covers the 16 week period from 30 March to 20 July 2008 and constitutes the Group's first Interim Management Statement for the current financial year.\n \nGroup revenue in the period was 14.8% (12.0% at constant exchange rates) ahead of the same period last year and the Group returned to operating profitability after the modest operating losses incurred in the second half of last year. \n\nPower Products continues to trade strongly and revenue increased by 17.5% (17.0% at constant exchange rates) compared to the same period last year. Our forward order book remains strong, despite the Global economic uncertainty. We continue to take actions designed to mitigate the potential impact of any future downturn in global consumer demand as well as volatile commodity prices, in particular copper.\n\nInterconnect revenue increased by 10.8% (3.9% at constant exchange rates) compared to the same period last year. The Telecommunications sector remains volatile with an improvement in order levels in Europe offsetting a decline in order levels in North America. Revenue in India continues to grow strongly with growth of 135% over the same period last year due to new customers and the impact of the infrastructure roll-out across the Country. We continue to reposition the mix of business away from the wireless infrastructure sector and our strategy to develop High Speed products has resulted in new business wins and orders from two key target accounts.\n\nWiring Harness revenue is 15.2% (15.2% at constant exchange rates) ahead of the same period last year, although our main focus is on improving the operations and operating margins. Operating losses in the period have stabilised at a similar level to the second half of last year. \n\nAs previously announced, during the period we ceased prod...