Volex shares slide despite record first-half performance

Volex PLC on Thursday reiterated its expectations for the remainder of the year despite a record first half with doubled profit.

Shares in the Basingstoke, England power product manufacturer fell 6.9% to 528.00 pence on Thursday afternoon in London.

Volex reported a pretax profit for the six months ended September 30 of USD75.4 million, up 99% from USD37.9 million the previous year.

Revenue increased 24% to USD723.6 million, from USD583.9 million. However, this was partially offset by a 24% increase in cost of sales to £556.9 million from £447.8 million.

Volex recognised a provisional, non-cash gain of USD26.8 million after acquiring the remaining 64.3% stake in Kepler SignalTek Ltd in July.

Volex declared an interim dividend of 1.7 pence per share, up 6.3% from 1.6p.

Chief Executive Officer Nat Rothschild said: "This was another record first half for Volex. We grew in all five of our end-markets and increased underlying operating profit by 41%, delivering margins above 11% for the first time."

Looking ahead, the company said its expectations for the full year, upgraded in October, remain unchanged. It also said it expects second-half revenue in line with the first half, excluding money earned from its drawdown of KST contributions.

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