Business
Final Results
Final Results.
About this update from Volex Plc
[{"type":"text","content":"\n RNS Number : 0867T Volex Group PLC 01 June 2009 \n \n\n\nVOLEX GROUP PLC\nPreliminary Announcement of the Group Results for the Financial Year ended 5 April 2009\n\nVolex Group plc, the global electrical and electronics cable assemblies group today announces its preliminary results for financial year ended 5 April 2009:\n\nOperational Highlights\n\n\nNew experienced management appointed, including new Chief Executive and new Group Finance Director.\n\n\nDisposed of loss-making Wiring Harness division, resulting in a largely non-cash loss on disposal of £14.4m.\n\n\nSignificant progress in increasing the proportion of Volex designed product within sales.\n\n\nCompleted the closure of the Hermosillo and Kanata sites.\n\n\n\nFinancial Highlights\n\n\nLloyds and HBOS banking facilities extended to 2012 on competitive terms.\n\n\n\n\nRevenues from continuing operations up 19% at £265.1m (2% at constant exchange rates) - comprising 11% increase in Power Product sales to £150.7m and a 31% in Interconnect sales to £114.4m.\n\n\nAdjusted operating profits(1) from continuing operations increased 53% to £11.2m from £7.3m driven by higher revenues and increased margins. \n\n\nCash generated by operations before non-recurring items of £21.8m compared to a cash out flow of £2.2m in the previous year.\n\n\nNet borrowings reduced by 30% from £21.0m to £14.8m.\n\n\n\nOutlook/Strategic Objectives\n\n\nThe Power Products and Interconnect businesses continue to be profitable and cash generative.\n\n\nDriving global synergies to effect purchasing economies of scale, optimise our global supply chain and manufacturing footprint and accelerate product development lifecycles.\n\n\nRestructuring the sales organisation to improve global account relationships, increase industry segment expertise and enhance customer acquisition capabilities.\n\n\nDeveloping our skill, processes and systems to enhance executional competencies and improve our visibility and control of the business.\n\n\nWe expect the 2010 financial year profits to be broadly in line with 2009. \n\n\n\n(1) before non-recurring items and share based payments, see note 3.\n\nThe Chairman of Volex, Mike McTighe commented:\n\n'This past year has seen significant success in restructuring and repositioning the business.\n\nWe have mad...