Volex Sees 4% Increase in First-Half Revenue

By Ian Walker

Volex, the London-listed power and data-cabling company, announced that its first-half revenue has risen by 4% due to its successful diversification strategy. The company also stated that it anticipates meeting full-year market forecasts.

Following a recent cyberattack, Volex reassured customers that all of its sites are fully operational and production is back to normal. The cyberattack caused minimal disruption to customers and is not expected to have a significant impact on revenue or underlying operating profit. However, the company does anticipate booking costs of $2 million in the second half of the year.

For the year ending March 31, Volex has provided a revenue forecast in the range of $849.8 million to $891.0 million, with a consensus estimate of $864.6 million. The underlying operating profit forecast falls between $82.3 million and $87.0 million, with a consensus estimate of $84.3 million.

Despite the cyberattack, Volex's board remains optimistic about several potential near-term sales opportunities in the second half of the year. The company remains on track to deliver full-year results in line with market expectations.

At 0808 GMT, Volex shares were up by 3.50 pence or 1.25%, reaching 284.50 pence.