Business
Volex plc - Half-year Announcement
Volex plc - Half-year Announcement.
About this update from Volex Plc
[{"type":"text","content":"\n \nRNS Number : 1111W Volex PLC 10 November 2017 \n\n10 November 2017\nVOLEX plc\nHalf year results for the 26 weeks ended 1 October 2017\n'Best first half operating profit performance for 5 years'\nVolex plc ('Volex'), the global provider of cable assemblies, today announces its interim results for the 26 weeks to 1 October 2017 ('H1 FY2018').\n\n\n\n\nFinancial Summary\n\n\n26 weeks to\n1 October \n2017\n\n\n26 weeks to\n2 October \n2016\n\n\n \n% \nChange\n\n\n\n\nRevenue\n\n\n$161.4m\n\n\n$166.1m\n\n\n(2.8%)\n\n\n\n\nUnderlying* operating profit / (loss)\n\n\n$5.5m\n\n\n$4.3m\n\n\n26.8%\n\n\n\n\nStatutory operating profit / (loss)\n\n\n$5.1m\n\n\n($4.6m)\n\n\nNm\n\n\n\n\nUnderlying* profit / (loss) before tax\n\n\n$4.5m\n\n\n$3.3m\n\n\n37.6%\n\n\n\n\nStatutory profit / (loss) before tax\n\n\n$4.2m\n\n\n($5.6m)\n\n\nNm\n\n\n\n\nBasic earnings / (loss) per share\n\n\n3.9c\n\n\n(7.5c)\n\n\nNm\n\n\n\n\nUnderlying diluted earnings / (loss) per share\n\n\n4.3c\n\n\n2.5c\n\n\n72.0%\n\n\n\n\nCash generated by / (used by) operations\n\n\n($0.4m)\n\n\n$11.3m\n\n\nNm\n\n\n\n\nNet cash \n\n\n$5.8m\n\n\n$5.2m\n\n\n12.2%\n\n\n\n\n* Before non-recurring items and share-based payments \n \nFinancial highlights\n \n· A statutory operating profit of $5.1 million is the best result in the past 5 years, reflecting an improved underlying operating performance and an absence of one-off restructuring costs.\n· Group revenue is down by $4.6 million on the prior period primarily as a result of a further $11.0 million decline in our largest Power customer's revenues. \n· Revenue from other customers increased by 4.8% with the Cable Assemblies division showing a 8.0% revenue increase. \n· Underlying operating profit is up 26.8% on H1 FY2017 despite the overall Group reduction in sales.\n· A statutory profit before tax of $4.2m and a reduced effective tax rate of 14.8% yields a basic EPS of 3.9c\n· Despite investment in inventory of $5.3m over the period, the Group remains in a net cash position of $5.8 million.\n· Refinancing completed in June 2017 with facility reduced from $45 million to $30 million following significant cash generation over the past...