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 ended March 31st 2013. Volex, which announced group wide restructuring initiatives in September 2012, said they are proceeding to plan. However restructuring costs, which will be taken as an exceptional charge, are expected to be approximately $7m. The group said further details would be provided at the time of the announcement of results.Net debt at March 31st 2013 was less than $20m compared to net cash of $3.6m at the start of April 2012.CJ