Volex trades in line during H1

(Sharecast News) - Critical power and data transmission products manufacturer Volex said on Wednesday that its H1 trading performance was in line with expectations, with revenues in excess of $510.0m.

Volex said its H1 showing had demonstrated "the continued resilience" of the company based on "strong relationships with blue-chip customers" across its five end-market sectors.

The AIM-listed group said constant currency organic revenue growth for the first half of the year was 9.7%, including a "substantial increase" in electric vehicle revenues and a return to revenue growth in consumer electricals. Complex industrial technology delivered "good growth", with a "strong increase" in high-speed data-centre products offsetting softer demand from industrial customers.

Medical revenues, on the other hand, were slightly lower against "a strong prior year comparative" which benefitted from a catch-up in the post-Covid supply chain.

"Volex delivered strong growth in the first half of the year, despite a challenging macroeconomic background. This is a testament to the group's strong positioning in specialist markets delivering critical connectivity for customers," said Volex.

"The group is benefitting from a diversification strategy targeting structural growth markets and leveraging strong customer relationships, and is well positioned to continue the current momentum through the second half of the year, with full-year expectations unchanged.

As of 1010 BST, Volex shares were up 3.50% at 323.96p.

Reporting by Iain Gilbert at Sharecast.com