Volex sees interim revenues, profits beating forecasts

Volex now expects unaudited revenues for the six months ended 4 October to be at least $200.0m, an increase of 2.2% year-on-year, while underlying profits were pegged to be up 25.8% at no less than $20.0m.

The AIM-listed group added that net cash, excluding lease liabilities, was approximately $31.0m as of 2 October.

Chairman Nat Rothschild said: "We enter the final quarter of calendar 2020 in a healthy position. Our geographic and customer diversification continues to provide the business with a high degree of visibility at this time while ongoing demand for consumer electronics remains strong and the global shift to electric vehicles gathers pace.

"Absent another widespread Covid-19 related global lockdown, given the robust performance in the first half of the year, coupled with our strong forward order book position, the board expects to see a strong performance for the year as a whole that will be above current market expectations."

As of 1310 BST, Volex shares had surged 10.04% to 212.38p.