Business
Half-yearly results
Half-yearly results.
About this update from Volex Plc
[{"type":"text","content":"\n RNS Number : 4081V Volex Group PLC 02 November 2010 \n \n\n \n \nFor immediate release 2 November 2010\n \nVOLEX GROUP plc\n \nHalf-yearly results for the 26 weeks ended 3 October 2010\n \nVolex Group plc, the global electrical and electronic cable assemblies group, today announces its unaudited half-yearly results for the 26 weeks ended 3 October 2010.\n \nFirst half operating highlights:\n· Continued strong year on year revenue growth across all end market sectors\n· Seventh consecutive quarter of improved profitability\n· Increased Volex designed content helping drive gross margin improvements\n· Ongoing supply chain projects and other initiatives such as LEAN manufacturing yielding further efficiency savings\n \nFinancial summary:\n· Revenue up 43% at £157.0m (H1 FY2010: £110.2m) (36% up at constant currency) and Q2 9% up on Q1 (13% at constant currency)\n· Gross margin stable at 19.6% (H1 FY2010: 20.1%)\n· Operating profit before share based payments of £8.4m (H1 FY2010 : £3.5m) up 143% (113% at constant currency)\n· Profit before tax increased to £7.0m (H1 FY2010 : £1.7m)\n· Adjusted(i) earnings per share of 10.1p (H1 FY2010 : 6.3p). Basic earnings per share of 9.7p (H1 FY2010 : 1.6p)\n· Net debt of £10.1m (H1 FY2010 : £11.2m)\n \n(i) Adjusted earnings per share is earnings per share before non-recurring items and share based payments charges\n \n \nThe Chairman of Volex, Mike McTighe, commented:\n\"The Board is delighted to report that the Group has successfully delivered significant revenue growth in the first half of FY2011, having spent most of FY2010 focussed o...