Latest Share Chat

Volex Share News (VLX)

Volex Information

Buy VLX Shares
Add VLX to Watchlist
Add VLX to Alert

Share Price Information for Volex (VLX)

Share Price is delayed by 15 minutes

Get Live Data

Share Price: 322.00

Bid: 326.00

Ask: 327.00

Change: -7.50 (-2.28%)

Spread: 1.00 (0.307%)

Open: 335.00

High: 335.00

Low: 322.00

Prev. Close: 329.50

Last checked at -

Volex revenue dips, though underlying earnings improve

Fri, 11th Nov 2016 08:34

(ShareCast News) - Cable assembly provider Volex posted its interim results for the 26 weeks to 2 October on Friday, with $11.3m of cash generated by operations during the period.The AIM-traded company said it achieved its return to net cash through "tight working capital management".Underlying operating profit was up 2.3% on the first half of the previous year, to $4.3m, despite a 12.3% reduction in sales.Revenue was down 12.3%, however, to $166.1m.The board said the revenue decline from its largest customer at 21.7% had been managed by a reduction in its power manufacturing footprint.That did result in a non-cash impairment charge of $6.2m, however..Underlying operating expenses for the half reduced by $3.6m, or 13.5%, with the board putting it down to the benefits from removing the divisional management structure in the prior year and further cost reduction measures taken in the first half of 2016.A $4.6m statutory operating loss after tax was recorded, after the $6.2m impairment charge and $1.1m of non-recurring costs associated with the downsizing of the Brazilian operation.The company's US facility was successfully exited during the period, as well as a 50% size reduction in its Singapore head office. Underlying diluted earnings per share were up 60% to 2.5c following a reduction in the global tax charge, though a basic loss per share of 7.5c was recorded, reflecting the impairment charge taken in the half year."I am pleased to report that underlying profitability has been maintained at prior year levels reflecting the actions that we have taken to address the continuing decline in revenues from several of our larger customers," said executive chairman Nat Rothschild."There has been strong progress at the factory level with improvements in operational efficiency and reductions in inventories and factory operating expenses."Through the difficult actions we have taken in the first half of the year, which have included the downsizing of one of our Chinese facilities and the closure of our Brazil facility, factory profitability should improve in the second half of the year as we run at higher capacity with lower overheads."Rothschild said additionally, work at the company's previously-announced joint venture agreement with a Taiwanese manufacturer continued with the aim of producing competitively priced Volex-branded AC raw cables."We have an encouraging set of projects in the sales pipeline, however, we anticipate that the benefits arising from these will not be realised for at least another twelve months - the lead time to bring on new accounts."In the meantime, we expect our markets to remain fiercely competitive and we will continue the practice of ensuring our factory footprint and costs are aligned with revenue performance."

More News

18 Nov 2013 08:10

Monday broker round-up UPDATE

AGA Rangemaster: N+1 Singer raises its target price from 150p to 175p and keeps a buy recommendation. APR Energy: Jefferies cuts target price from 1300p to 1260p retaining a buy recommendation. Atkins (WS): LIberum Capital increases target price from 1300p to 1400p maintaining a buy recommendation

14 Nov 2013 14:31

Volex H1 profits collapse as new management sets out recovery plan

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 ann

14 Nov 2013 10:35

Volex Shares Drop 26% As It Opts Not To Pay Dividend, Swings Into Pretax Loss

14 Nov 2013 09:21

Thursday broker round-up UPDATE

Afren: Goldman Sachs moves target price from 260p to 270p and retains its strong buy recommendation. APR Energy: Citi raises target price from 1250p to 1350p reiterating a buy recommendation. Atkins: Investec places both its target price (prev.: 1025p) and its reduce rating under review. Babcock

25 Oct 2013 13:33

DIRECTOR DEALINGS: Volex Non-Executive Acquires Shares

23 Sep 2013 16:22

DIRECTOR DEALINGS: Volex CEO Awarded Shares

18 Sep 2013 08:28

Wednesday broker round-up UPDATE

African Minerals: Canaccord Genuity reduces target price from 410p to 330p, while its buy recommendation remains unaltered. Amlin: Goldman Sachs moves target price from 405p to 420p and reiterates a neutral rating. Andor Technology: Investec takes target price from 360p to 410p leaving its buy rec

8 Aug 2013 10:41

STOCKS NEWS EUROPE-UK small caps rise, broadly in line with blue-chips

Britain's small-cap equity indexes rise in mid-session trade, performing broadly in line with the blue-chips. The FTSE Small Caps Index is up 0.1 percent while the FTSE AIM All Share Index advances 0.4 percent, with the blue-chip FTSE 100 index up 0.3 percent while the FTSE 250 mid-cap ind

29 May 2013 06:54

Wednesday tips round-up: Sirius Minerals, Volex, GlaxoSmithKline

The global pharmaceuticals sector is stuck in the 'doldrums' due to the impact of the so-called 'patent-cliff.' However, they have rebounded from their previous cycle lows - even in the case of laggards such as AstraZeneca, GlaxoSmithKline or Novartis - as investors seem to appreciate their defensiv

28 May 2013 16:30

STOCKS NEWS EUROPE-UK small caps close up 1 pct, lag blue-chips

UK small caps close up 0.1 percent, outperforming a 0.4 percent gain on the the FTSE AIM All Share Index, while the mid-caps and blue chips both advance by 1.6 percent. Volex surges 8.7 percent after profits came in ahead of expectations and the company appointed a new CEO. "Volex's p

28 May 2013 10:44

Volex names Eisenhardt CEO, restructuring on track

Shares of Volex rallied almost six per cent on Tuesday after it confirmed that Christoph Eisenhardt will succeed Ray Walsh as Chief Executive Officer and said restructuring initiatives were on track. The electrical, digital and optical connections provider said Walsh will step down as of July 1st

28 May 2013 07:25

Tuesday broker round-up UPDATE

AG Barr: Investec increases target price from 562p to 591p, while downgrading from buy to add. Canaccord Genuity downgrades to hold with a target price of 570p. Amara Mining: Cantor Fitzgerald cuts target price from 81p to 63p and retains a buy recommendation. Compass Group: Nomura ups target pric

11 Apr 2013 08:14

Volex to meet market views, hit with restructuring charge

Electrical, digital and optical connections provider Volex said full year revenues and operating profits for the year are expected to meet market expectations as it announced details of a restructuring charge. The group is forecast to make $473m in revenue and $11m in operating profit for the year

11 Apr 2013 07:21

Thursday broker round-up UPDATE

African Minerals: Deutsche Bank reduces target price from 594p to 586p keeping a buy recommendation. Investec cuts target price from 438p to 411p, while its buy recommendation remains unchanged. Associated British Foods: Societe Generale increases target price from 1820p to 1900p, while downgrading

14 Mar 2013 16:31

888 director sells majority of stake despite strong 2012 results

John Anderson, an independent non-Executive Director of 888, the online casino and online poker firm, has sold 697,500 pounds-worth of shares in the company the same day the group unveiled a special dividend following a strong full year performance. The director, who was previously the Chief Execu

Latest Share Chat

Volex Share News (VLX)

Share Price Information for Volex (VLX)

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Volex revenue dips, though underlying earnings improve

Login to your account

Quickpicks are a member only feature

Login to your account