Business
Preliminary Group Results FY2024
Preliminary Group Results FY2024.
About this update from Volex Plc
[{"type":"text","content":"\n\n\n \n \n26 June 2024\nVolex plc\n(\"Volex\", the \"Company\", or the \"Group\")\nPreliminary Group Results\nfor the 52 weeks ended 31 March 2024\n \nRecord profits delivered; accelerating strategic investments in growth opportunities\nVolex plc (AIM: VLX), the specialist integrated manufacturer of critical power and data transmission products, announces its preliminary results for the 52 weeks ended 31 March 2024 (\"FY2024\").\n \n\n\n\n\nFinancial Highlights\n\n\n52 weeks to\n31 March 2024\n\n\n52 weeks to\n2 April 2023\n\n\nYear on year change\n\n\n\n\nRevenue\n\n\n$912.8m\n\n\n$722.8m\n\n\n26.3%\n\n\n\n\nUnderlying1 operating profit\n\n\n$89.7m\n\n\n$67.3m\n\n\n33.3%\n\n\n\n\nStatutory operating profit\n\n\n$63.9m\n\n\n$53.8m\n\n\n18.8%\n\n\n\n\nUnderlying1 profit before tax\n\n\n$77.4m\n\n\n$59.3m\n\n\n30.5%\n\n\n\n\nStatutory profit before tax\n\n\n$51.6m\n\n\n$45.8m\n\n\n12.7%\n\n\n\n\nUnderlying1 basic earnings per share\n\n\n33.7c\n\n\n30.2c\n\n\n11.6%\n\n\n\n\nStatutory basic earnings per share\n\n\n21.8c\n\n\n23.2c\n\n\n(6.0%)\n\n\n\n\nFinal dividend (per share)\n\n\n2.8p\n\n\n2.6p\n\n\n7.7%\n\n\n\n\nNet debt2\n\n\n$154.0m\n\n\n$103.7m\n\n\n48.5%\n\n\n\n\nNet debt (before operating lease liabilities)3\n\n\n$121.1m\n\n\n$76.4m\n\n\n58.5%\n\n\n\n\n1 Before adjusting items and share-based payments charge (see note 3 for more details)\n2 Represents cash and cash equivalents, less bank loans, debt issue costs and lease liabilities\n3 Represents net debt including finance leases, but excluding pre-IFRS16 operating lease liabilities (see note 15 for more details)\n \nFinancial and strategic highlights\n· Group revenue increased by 26.3% to $912.8m (FY2023: $722.8m) driven by strong organic growth of 6.9%, in spite of temporary headwinds caused by customer destocking\n· Underlying operating margin increased by 50 bps to 9.8% (FY2023: 9.3%) comfortably within the target range of 9-10%\n· Year-end net debt covenant leverage maintained at 1.0x with strong cash generation partly offsetting borrowings used to fund acquisitions\n· Murat Ticaret Kablo Sanayi A.S. (\"Murat Ticaret\") acquired for total consideration of $196m, accelerating the five-year plan and facilitating launch of Off-Highway as fifth end-market to further diversify...