Volex Share News (VLX)

Interim results from power cords and cables maker Volex showed material revenue and profit declines but reflect little effect from the wholesale management changes at the company. The Fully Listed company, which replaced its Chief Executive in July, its Chairman in August and alongside results announced its Chief Operating Officer was stepping down, saw revenues fall 21% to $196.5m and underlying pre-tax profits 97% $0.1m.Revenue reductions reflected its challenging markets in some regions and delays in certain customer product launches, and as new Chairman Karen Slatford said, were disappointing and "highlight the hard work ahead for the new management team in turning around the business and setting it on a renewed growth path".The new management team is restructuring the business into two distinct divisions - Power, based mostly in Singapore, and Data, centred around Silicon Valley, California - to give "greater focus and to drive increased accountability".Broker Investec said it saw the interim results as reflecting "old Volex" but found the new management's plans to be "credible". "While the new team have a lot to do, they have started implementing their new growth strategy; the benefits will not be seen until fiscal year 2015."Shares in Volex were down 23% to 90p at 15:45, bouncing back slightly from earlier lows. OH