News

Volex posts lower first-half profits

17 November 2008 08:40:00

Electrical cable, plug and connectors specialist Volex reported a drop in first half pre-tax profit and said current market conditions make it difficult to forecast the outlook for the second half.

Pre tax profit fell to £1.1m in the 27 weeks ended 5 October compared with £2.8m last time. Revenue increased 22.8% to £155.1m.

"Whilst we have not yet seen a decline in the Interconnect markets, we are seeing a reduction in demand for Power Products, which serve the consumer market. Our outlook assumes that the current rate of decline, which is in line with other consumer product companies, will continue into the fourth quarter," said chairman Mike McTighe.

"If the economic trend continues at a similar level until the end of the financial year, the board believes that the structural improvements we have made coupled with the favourable impact of lower commodity prices and the stronger US Dollar will enable the board to meet its expectations for the current year," he added.

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