Volex

VLX · Main Market · Industrial Goods and Services · mcap £1,249m · 678.0p

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Financials · balance sheet 31 Mar 26 · last twelve months · today’s market value

Source: results 25 Jun 26 ↗

Key figures Cash & debt Profit & cash flow Valuation Returns & quality Latest half-year

Market cap: £1,238m
Owner’s net cash: −£99.4m
Net cash / market cap: -8%
EV ex leases: £1,342m
Revenue: £927.1m
Operating profit: £90.3m
Free cash flow after leases: £7.1m
EV / EBIT: 14.9×
FCF yield: 0.6%
Price / tangible book: 7.48×
ROCE: 17%
Net income (owners): £49.1m

Hover or tap a figure for its formula and the values used – the names are the line names of the key figures below. Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

Key figures As reported

Income statement Balance sheet Cash flow

Annual Half-yearly

Standardised line items in £m, comparable across companies – figures the company reported in USD are converted to £ at the average rate of each period (balance sheets: at the date); when a later report restated a period, the later figure is shown and marked ^r (hover for the figure first reported). Italic = calculated (LTM, H2 = FY − H1); a year of other than 12 months is marked (15m). Hover a value for its source.

Latest report: FY Mar 26 (twelve months to 31 Mar 26), published 25 Jun 26 · read the results ↗

Source ↗

	2026 Before adjusting items and share-based payments $'m	2026 Adjusting items and share-based payments $'m	2026 Total $'m	2025 Before adjusting items and share-based payments $'m	2025 Adjusting items and share-based payments $'m	2025 Total $'m
Revenue	1,242.6	-	1,242.6	1,086.5	-	1,086.5
Cost of sales	(953.9)	(2.4)	(956.3)	(853.7)	-	(853.7)
Gross profit	288.7	(2.4)	286.3	232.8	-	232.8
Operating expenses	(161.4)	(3.9)	(165.3)	(126.6)	(23.3)	(149.9)
Operating profit	127.3	(6.3)	121.0	106.2	(23.3)	82.9
Share of net (loss) / profit from associates	1.7	(8.7)	(7.0)	4.2	-	4.2
Finance income	1.0	-	1.0	0.7	-	0.7
Finance costs	(21.6)	-	(21.6)	(23.5)	-	(23.5)
Profit before taxation	108.4	(15.0)	93.4	87.6	(23.3)	64.3
Taxation	(25.6)	(0.5)	(26.1)	(19.4)	4.1	(15.3)
Profit for the year	82.8	(15.5)	67.3	68.2	(19.2)	49.0
Profit attributable to
Owners of the parent	81.2	(15.4)	65.8	67.0	(19.1)	47.9
Non-controlling interests	1.6	(0.1)	1.5	1.2	(0.1)	1.1
Total profit attributable to	82.8	(15.5)	67.3	68.2	(19.2)	49.0
Earnings per share (cents)
Basic	43.5	35.2	36.3	25.9	–	–
Diluted	43.1	34.9	35.8	25.6	–	–

Source ↗


Non-current assets
Goodwill	117.0	120.2
Other intangible assets	116.3	119.7
Property, plant and equipment	142.7	116.8
Right-of-use assets	26.6	46.9
Interests in associates	3.9	11.2
Other investments	1.0	1.0
Other receivables	2.6	2.3
Derivative financial instruments	-	0.5
Retirement benefit asset	1.8	1.7
Deferred tax assets	27.6	23.6
Total non-current assets	439.5	443.9
Current assets
Inventories	269.1	197.9
Trade receivables	238.6	206.5
Other receivables	33.6	23.4
Current tax assets	0.9	2.2
Assets classified as held for sale	-	4.3
Derivative financial instruments	2.2	0.7
Cash and bank balances	54.1	37.7
Total current assets	598.5	472.7
Total assets	1,038.0	916.6
Current liabilities
Borrowings	5.2	3.0
Lease liabilities	8.1	24.0
Trade payables	154.6	146.7
Other payables	142.2	114.3
Liabilities relating to assets classified as held for sale	-	2.9
Current tax liabilities	17.1	14.4
Provisions	15.4	4.9
Derivative financial instruments	1.7	6.4
Total current liabilities	344.3	316.6
Net current assets	254.2	156.1
Non-current liabilities
Borrowings	170.4	160.5
Lease liabilities	22.7	25.0
Other payables	8.4	7.0
Deferred tax liabilities	28.4	26.6
Retirement benefit obligations	11.2	9.6
Provisions	1.3	1.1
Total non-current liabilities	242.4	229.8
Total liabilities	586.7	546.4
Net assets	451.3	370.2
Equity
Share capital	59.9	70.5
Share premium account	68.2	71.6
Non-distributable reserve	2.5	2.5
Hedging and translation reserve	11.5	(21.0)
Own shares	(3.2)	(6.0)
Retained earnings	302.6	243.4
Total attributable to owners of the parent	441.5	361.0
Non-controlling interests	9.8	9.2
Total equity	451.3	370.2

Source ↗

	31 March 2026 2026 $'m	30 March 2025 2025 $'m
Net cash generated from operating activities	69.8	77.3
Cash flow from investing activities
Interest received	0.9	0.8
Deferred and contingent consideration for businesses acquired	-	(10.9)
Proceeds on disposal of intangible assets, property, plant and equipment	0.1	0.8
Purchases of property, plant and equipment	(31.5)	(42.9)
Purchases of intangible assets	(3.3)	(3.2)
Purchase of other investment	-	(1.0)
Dividend from associate	1.8	1.3
Net cash used in investing activities	(32.0)	(55.1)
Cash flows before financing activities	37.8	22.2
Cash generated before adjusting items	41.3	27.6
Cash used in respect of adjusting items	(3.5)	(5.4)
Cash flow from financing activities
Dividend paid	(8.5)	(9.7)
Net purchase of shares for share schemes	(0.7)	(11.0)
Refinancing costs paid	(0.8)	(3.3)
New bank loans raised	119.1	82.0
Repayment of borrowings	(108.6)	(63.9)
Capital element of lease payments	(22.1)	(9.1)
Net cash used in financing activities	(21.6)	(15.0)
Net increase in cash and cash equivalents	16.2	7.2
Cash and cash equivalents at beginning of year	36.4	28.8
Effect of foreign exchange rate changes	0.3	0.4
Cash and cash equivalents at end of year	52.9	36.4

Source ↗

	Half year to 30 September 2025 Before adjusting items and share based payments $'m	Half year to 30 September 2025 Adjusting items and share-based payments $'m	Half year to 30 September 2025 Total $'m	26 weeks ended 29 September 2024 Before adjusting items and share based payments $'m	26 weeks ended 29 September 2024 Adjusting items and share-based payments $'m	26 weeks ended 29 September 2024 Total $'m
Revenue	583.9	-	583.9	518.2	-	518.2
Cost of sales	(447.8)	(1.2)	(449.0)	(405.1)	-	(405.1)
Gross profit	136.1	(1.2)	134.9	113.1	-	113.1
Operating expenses	(78.9)	(9.4)	(88.3)	(65.5)	(11.0)	(76.5)
Operating profit	57.2	(10.6)	46.6	47.6	(11.0)	36.6
Share of net profit from associates	1.7	-	1.7	1.9	-	1.9
Finance income	0.4	-	0.4	0.5	-	0.5
Finance costs	(10.8)	-	(10.8)	(12.5)	-	(12.5)
Profit before taxation	48.5	(10.6)	37.9	37.5	(11.0)	26.5
Taxation	(11.0)	2.5	(8.5)	(8.9)	2.2	(6.7)
Profit for the period	37.5	(8.1)	29.4	28.6	(8.8)	19.8
Profit is attributable to
Owners of the parent	36.6	(8.1)	28.5	28.1	(8.8)	19.3
Non-controlling interests	0.9	-	0.9	0.5	-	0.5
Total profit is attributable to	37.5	(8.1)	29.4	28.6	(8.8)	19.8
Earnings per share (cents)
Basic	19.7	15.3	15.2	10.4	–	–
Diluted	19.6	15.2	15.1	10.4	–	–

Source ↗


Non-current assets
Goodwill	126.9	125.0	120.2
Other intangible assets	125.3	129.5	119.7
Property, plant and equipment	139.0	110.5	116.8
Right-of-use assets	34.0	52.1	46.9
Interests in associates	14.4	10.0	11.2
O ther investments	1.0	1 .0	1 .0
Other receivables	1.3	1.5	2.3
Derivative financial instruments	-	0.3	0.5
Retirement benefit assets	2.3	1.3	1.7
Deferred tax assets	24.1	26.5	23.6
Total non-current assets	468.3	457.7	443.9
Current assets
Inventories	233.6	209.4	197.9
Trade receivables	207.2	205.0	206.5
Other receivables	33.8	25.0	23.4
Current tax assets	1.9	1.3	2.2
Assets classified as held for sale	-	-	4.3
Derivative financial instruments	3.1	0.8	0.7
Cash and bank balances	27.7	18.4	37.7
Total current assets	507.3	459.9	472.7
Total assets	975.6	917.6	916.6
Current liabilities
Borrowings	4.9	4.0	3.0
Lease liabilities	8.4	22.7	24.0
Trade payables	148.5	137.3	146.7
Other payables	119.4	114.8	114.3
Current tax liabilities	16.4	16.8	14.4
Liabilities relating to assets classified as held for sale	-	-	2.9
Provisions	5.6	3.6	4.9
Derivative financial instruments	3.2	1.3	6.4
Total current liabilities	306.4	300.5	316.6
Net current assets	200.9	159.4	156.1
Non-current liabilities
Borrowings	173.8	165.6	160.5
Lease liabilities	24.7	30.6	25.0
Other payables	8.2	29.7	7.0
Deferred tax liabilities	27.8	28.4	26.6
Retirement benefit obligations	10.9	9.7	9.6
Provisions	1.3	0.5	1.1
Total non-current liabilities	246.7	264.5	229.8
Total liabilities	553.1	565.0	546.4
Net assets	422.5	352.6	370.2
Equity
Share capital	70.7	69.6	70.5
Share premium account	71.4	62.0	71.6
Non-distributable reserve	2.5	2.5	2.5
Hedging and translation reserve	5.3	(7.6)	(21.0)
Own shares	(5.5)	(3.2)	(6.0)
Retained earnings	268.3	220.5	243.4
Total attributable to owners of the parent	412.7	343.8	361.0
Non-controlling interests	9.8	8.8	9.2
Total equity	422.5	352.6	370.2

Source ↗

	Half year to 30 September 2025 $'m	Restated 1 26 weeks to 29 September 2024 $'m	(Audited) 52 weeks to 30 March 2025 $'m
Profit for the period	29.4	19.8	49.0
Adjustments for
Finance income	(0.4)	(0.5)	(0.7)
Finance costs	10.8	12.5	23.5
Income tax expense	8.5	6.7	15.3
Share of net profit from associates	(1.7)	(1.9)	(4.2)
Depreciation of property, plant and equipment	9.9	7.3	15.6
Depreciation of right-of-use asset	5.0	4.8	9.7
Amortisation of intangible assets	6.3	8.3	13.4
Measurement loss on assets held for sale	-	-	2.2
Share option charge	2.6	2.6	5.0
Contingent consideration adjustment	-	-	0.4
(Decrease) / increase in provisions	(0.8)	-	0.2
Operating cash flow before movements in working capital	69.6	59.6	129.4
Increase in inventories	(30.4)	(31.9)	(24.2)
Increase in receivables	(3.8)	(15.7)	(19.8)
Increase in payables	2.2	15.5	25.9
Movement in working capital	(32.0)	(32.1)	(18.1)
Cash generated by operations	37.6	27.5	111.3
Cash generated by operations before adjusting items	40.4	29.1	116.7
Cash utilised by adjusting items	(2.8)	(1.6)	(5.4)
Taxation paid	(7.1)	(8.4)	(15.8)
Interest paid	(7.5)	(6.3)	(14.2)
Interest element of lease payments	(1.4)	(2.1)	(4.0)
Net cash generated from operating activities	21.6	10.7	77.3
Cash flow from investing activities
Interest received	0.3	0.5	0.8
Deferred and contingent consideration for businesses acquired	-	(0.5)	(10.9)
Proceeds on disposal of property, plant and equipment	-	0.1	0.8
Purchases of property, plant and equipment	(17.6)	(24.3)	(42.9)
Purchases of intangible assets	(3.7)	(2.2)	(3.2)
Purchase of other investments	-	(1.0)	(1.0)
Dividend from associate	-	-	1.3
Net cash used in investing activities	(21.0)	(27.4)	(55.1)
Cash flow before financing activities	0.6	(16.7)	22.2
Cash generated / (used) before adjusting items	3.4	(15.1)	27.6
Cash utilised in respect of adjusting items	(2.8)	(1.6)	(5.4)
Unaudited Consolidated Statement of Cash Flows (continued)
For the 26 weeks ended 30 September 2025 (26 weeks ended 29 September 2024)
Cash flow before financing activities	0.6	(16.7)	22.2
Cash flow from financing activities
Dividend paid	(5.3)	(6.3)	(9.7)
Net purchase of shares for share schemes	(0.3)	(4.6)	(11.0)
Refinancing costs paid	(0.9)	(3.1)	(3.3)
New bank loan raised	54.4	34.5	82.0
Repayment of borrowings	(39.7)	(9.6)	(63.9)
Capital element of lease payments	(18.7)	(4.8)	(9.1)
Net cash (used in) / generated from financing activities	(10.5)	6.1	(15.0)
Net (decrease) / increase in cash and cash equivalents	(9.9)	(10.6)	7.2
Cash and cash equivalents at beginning of period	36.4	28.8	28.8
Effect of foreign exchange rate changes	0.6	0.2	0.4
Cash and cash equivalents at end of period	27.1	18.4	36.4

	FY Mar 26	FY Mar 25
Revenue to operating profit
Revenue	927.1	851.8
Gross profit	213.6	182.5
Adjusted operating profit	95.0	83.3
Operating profit	90.3	65.0
Depreciation (owned assets)	–	12.2
Depreciation (right-of-use)	–	7.6
Amortisation	–	10.5
Share-based payments	(5.2)	(3.9)^r
Operating profit to net income
Finance costs	(16.1)	(18.4)
Profit before tax	69.7	50.4
Tax	(19.5)	(12.0)
Net income (owners)	49.1	37.6
Per share
EPS basic	26.7p	20.0p
EPS diluted	26.5p	19.8p
Dividend per share	2.4p	2.3p

	H2 Mar 26	H1 Sep 25	H2 Mar 25	H1 Sep 24
Revenue to operating profit
Revenue	492.0	435.2	446.9	404.8
Gross profit	113.1	100.5	94.1	88.4
Adjusted EBITDA	–	54.9	–	47.9
Adjusted operating profit	52.4	42.6	46.1	37.2
Operating profit	55.6	34.7	36.4	28.6
Depreciation (owned assets)	–	7.4	6.5	5.7
Depreciation (right-of-use)	–	3.7	3.9	3.8
Amortisation	–	4.7	4.0	6.5
Share-based payments	(7.2)	1.9	(6.0)	2.0
Operating profit to net income
Finance costs	(8.1)	(8.0)	(8.7)	(9.8)
Profit before tax	41.4	28.2	29.7	20.7
Tax	(13.1)	(6.3)	(6.8)	(5.2)
Net income (owners)	27.9	21.2	22.5	15.1
Per share
EPS basic	15.3p	11.4p	12.2p	7.8p
EPS diluted	15.2p	11.3p	12.0p	7.8p
Dividend per share	1.2p	1.2p	1.2p	1.1p

	FY Mar 26	FY Mar 25
Operating activities
Cash from operations	52.1	60.6
Interest paid	–	(11.1)
Tax paid	–	(12.4)
Investing activities
Capex (PP&E)	(23.5)	(33.6)
Capex (intangibles)	(2.5)	(2.5)
Financing activities
Lease principal paid	(16.5)	(7.1)
Lease interest paid	–	(3.1)
Dividends paid	(6.3)	(7.6)
Share buybacks	(0.5)	(8.6)

	H2 Mar 26	H1 Sep 25	H2 Mar 25	H1 Sep 24
Operating activities
Cash from operations	36.0	16.1	52.2	8.4
Interest paid	–	(5.6)	(6.2)	(4.9)
Tax paid	–	(5.3)	(5.8)	(6.6)
Investing activities
Capex (PP&E)	(10.4)	(13.1)	(14.6)	(19.0)
Capex (intangibles)	0.3	(2.8)	(0.8)	(1.7)
Financing activities
Lease principal paid	(2.6)	(13.9)	(3.4)	(3.8)
Lease interest paid	–	(1.0)	(1.5)	(1.6)
Dividends paid	(2.4)	(4.0)	(2.7)	(4.9)

	31 Mar 26	30 Mar 25
Non-current assets
Goodwill	88.8	92.8
Other intangibles	88.3	92.4
Property, plant & equipment	108.3	90.2
Associates & JVs	3.0	8.6
Other investments	0.8	0.8
Non-current assets	333.6	342.7
Current assets
Inventories	204.3	152.8
Trade receivables	–	159.4
Cash	41.1	29.1
Current assets	454.3	365.0
Total assets	788.0	707.7
Current liabilities
Trade payables	–	113.3
Borrowings, current	3.9	2.3
Lease liabilities, current	6.1	18.5
Current liabilities	261.4	244.4
Non-current liabilities
Borrowings, non-current	129.4	123.9
Lease liabilities, non-current	17.2	19.3
Pension surplus / (deficit)	(7.1)	(6.1)
Non-current liabilities	184.0	177.4
Total liabilities	445.4	421.9
Equity
Non-controlling interests	7.4	7.1
Total equity	342.6	285.8
Net cash and other figures
Net cash / (debt) ex leases	(92.2)	(98.4)
Net cash / (debt) incl. leases	(115.6)	(135.0)
Undrawn facilities	166.2	–

	31 Mar 26	30 Sep 25	30 Mar 25	29 Sep 24
Non-current assets
Goodwill	88.8	94.4	92.8	93.2
Other intangibles	88.3	93.2	92.4	96.5
Property, plant & equipment	108.3	103.4	90.2	82.4
Associates & JVs	3.0	10.7	8.6	7.5
Other investments	0.8	0.7	0.8	0.7
Non-current assets	333.6	–	342.7	–
Current assets
Inventories	204.3	173.8	152.8	156.1
Trade receivables	–	154.2	159.4	152.8
Cash	41.1	20.6	29.1	13.7
Current assets	454.3	–	365.0	–
Total assets	788.0	726.0	707.7	684.1
Current liabilities
Trade payables	–	110.5	113.3	102.4
Borrowings, current	3.9	3.6	2.3	3.0
Lease liabilities, current	6.1	6.3	18.5	16.9
Current liabilities	261.4	–	244.4	–
Non-current liabilities
Borrowings, non-current	129.4	129.3	123.9	123.5
Lease liabilities, non-current	17.2	18.4	19.3	22.8
Pension surplus / (deficit)	(7.1)	–	(6.1)	–
Non-current liabilities	184.0	–	177.4	–
Total liabilities	445.4	411.6	421.9	421.2
Equity
Non-controlling interests	7.4	7.3	7.1	6.6
Total equity	342.6	314.4	285.8	262.9
Net cash and other figures
Net cash / (debt) ex leases	(92.2)	(112.5)	(98.4)	(115.0)
Net cash / (debt) incl. leases	(115.6)	(137.0)	(135.0)	(152.5)
Undrawn facilities	166.2	–	–	–

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