Volex (VLX) Trading Update summary

Financial performance and revenue growth

• Revenue for the first half exceeded $510 million, reflecting strong momentum and resilience across five end-market sectors.

• Organic revenue growth at constant currency was 9.7%, driven by substantial gains in Electric Vehicle and Consumer Electricals segments.

• Medical revenues were slightly lower due to a strong prior year, while Complex Industrial Technology and Off-Highway sectors showed good growth.

Margin and investment outlook

• Operating profit margins are expected to align with the Board's 9-10% through-cycle target, despite inflationary pressures in Turkey.

• Continued investment in capacity and capability is supported by margin resilience and productivity improvements, particularly through the Murat Ticaret integration programme.

Strategic positioning and outlook

• Diversification strategy targeting structural growth markets and strong customer relationships is driving performance.

• The group is well positioned to maintain momentum into the second half, with full year expectations unchanged.

• Interim results are scheduled for release on 15 November 2024.