Business
Interim Results
Interim Results.
About this update from Volex Plc
[{"type":"text","content":"\n RNS Number : 2454I Volex Group PLC 17 November 2008 \n \n17 November 2008\nVOLEX GROUP plc\nHalf-yearly results for the 27 weeks ended 5 October 2008\nVolex Group plc, the global electrical and electronic cable assembly group, today announces its unaudited half-yearly results for the 27 weeks ended 5 October 2008.\n\nFirst Half Highlights:\n\n\nStrong revenue growth across all three businesses. Significant improvement in Interconnect with 23.8% growth \n\n\nSubstantial recovery with operating profits of £2.4m(1) compared to loss of £0.3m in previous six months to 30 March 2008\n\n\nWorking capital reduced by £2.0m despite 22.8% increase in sales\n\n\nInitial benefit of the aggressive efforts to improve profitability coming through:\n\n\nSuccessfully completed the closure of two facilities\n\n\nContinuing cost reductions through consolidation of overheads \n\n\nImproved operational performance with higher productivity and efficiency\n\n\nEfforts to implement Volex designed solutions are accelerating\n\n\n\n\nPower Products maintaining its double digit growth rate at 21.8% through market share gains with key Japanese customers\n\n\nInterconnect India revenue grew 250% driven by increasing telecom infrastructure spend\n\n\nProduction in High Speed interconnect ramped up with strong new business pipeline\n\n\nDesign wins in Interconnect with all three Chinese telecom equipment manufacturers participating in China's 3G rollout\n\n\nAnnounced on 22 September 2008 that the Board is investigating the potential to divest the Power Products division\n\n\n\nFinancial Summary:\n\n\nRevenue up 22.8% to £155.1m (2007: £126.3m); in local currency terms, revenue increased 16.1%.\n\n\nOperating profit of £2.4m (2007: £4.6m)(1).\n\n\nAdjusted(1) and reported pre tax profit of £1.0m and £1.1m respectively (2007: adjusted £3.3m; reported £2.8m). \n\n\nAdjusted earnings per share for the period were 0.0p, (2007: 4.1p); and basic earnings per share were 0.2p (2007:3.3p).\n\n\nCash generated by operations was £8.1m (2007: utilised £4.2m) \n\n\nNet borrowings at 5 October 2008 were £18.6m (30 March 2008: £21.0m) and gearing was 74.9% (30 March 2008: 92.8%).\n\n\n1. Operating profit after share based payment credit of £0.1m (2007 charge of £0.5m) was £2.5m (2007: £4.1m).\n\nThe Chairman of Volex...