Volex trades in line during H1
By Iain Gilbert
Date: Wednesday 16 Oct 2024
(Sharecast News) - Critical power and data transmission products manufacturer Volex said on Wednesday that its H1 trading performance was in line with expectations, with revenues in excess of $510.0m.
Volex said its H1 showing had demonstrated "the continued resilience" of the company based on "strong relationships with blue-chip customers" across its five end-market sectors.
The AIM-listed group said constant currency organic revenue growth for the first half of the year was 9.7%, including a "substantial increase" in electric vehicle revenues and a return to revenue growth in consumer electricals. Complex industrial technology delivered "good growth", with a "strong increase" in high-speed data-centre products offsetting softer demand from industrial customers.
Medical revenues, on the other hand, were slightly lower against "a strong prior year comparative" which benefitted from a catch-up in the post-Covid supply chain.
"Volex delivered strong growth in the first half of the year, despite a challenging macroeconomic background. This is a testament to the group's strong positioning in specialist markets delivering critical connectivity for customers," said Volex.
"The group is benefitting from a diversification strategy targeting structural growth markets and leveraging strong customer relationships, and is well positioned to continue the current momentum through the second half of the year, with full-year expectations unchanged.
As of 1010 BST, Volex shares were up 3.50% at 323.96p.
Reporting by Iain Gilbert at Sharecast.com
Email this article to a friend
or share it with one of these popular networks:
You are here: news
10 Lower Thames St,
London EC3R 6EN