Business
Half-year report
Half-year report.
About this update from Volex Plc
[{"type":"text","content":"\n\n \n23 November 2023\n \nVolex plc\n \nHalf year results for the 26 weeks ended 1 October 2023\n \nStrong revenue growth and margin expansion underpins confidence\nin the full year and progress towards five-year plan\n\nVolex plc (\"Volex\", the \"Company\", or the \"Group\"), the global supplier of integrated manufacturing services and power products, today announces its half year results for the 26 weeks ended 1 October 2023 (\"H1 FY2024\").\n \n\n\n\n\nFinancial Summary\n\n\n26 weeks to\n1 October\n2023\n\n\n26 weeks to\n2 October\n2022\n\n\n% Change\n\n\n\n\nRevenue\n\n\n$397.5m\n\n\n$357.5m\n\n\n11.2%\n\n\n\n\nUnderlying1 operating profit\n\n\n$37.4m\n\n\n$32.1m\n\n\n16.5%\n\n\n\n\nStatutory operating profit\n\n\n$25.8m\n\n\n$24.5m\n\n\n5.3%\n\n\n\n\nUnderlying1 profit before tax\n\n\n$33.6m\n\n\n$29.1m\n\n\n15.5%\n\n\n\n\nStatutory profit before tax\n\n\n$22.0m\n\n\n$21.5m\n\n\n2.3%\n\n\n\n\nUnderlying1 basic earnings per share\n\n\n14.9c\n\n\n14.4c\n\n\n3.5%\n\n\n\n\nInterim dividend per share\n\n\n1.4p\n\n\n1.3p\n\n\n7.7%\n\n\n\n\nNet debt (before operating lease liabilities)2\n\n\n$140.6m\n\n\n$98.8m\n\n\n\n\n\n\n\nNet debt\n\n\n$173.7m\n\n\n$117.0m\n\n\n\n\n\n\n\n \n1 Before adjusting items (non-recurring items and amortisation of acquired intangibles) and share-based payment charge\n2 Represents cash and cash equivalents, less bank loans, debt issue costs and finance leases, but excluding operating lease liabilities (see definitions section for more details)\n\nFinancial and Operational Highlights\n \n· Revenue growth of 11.2%, with constant currency organic growth of 4.2%\n· Underlying operating profit increased by 16.5% to $37.4 million\n· Underlying operating margin strengthened to 9.4% due to careful cost control and an improving sales mix\n· Significant improvement in underlying free cash flow, delivering $11.9 million, with working capital improved compared to the previous period\n· Increase in net debt to part fund acquisition of Murat Ticaret Kablo Sanayi A.S. (\"Murat Ticaret\"), for $195 million, with period end covenant leverage of 1.3x, comfortably within the Group's target corridor of 1.0x to 2.0x\n· &nb...