AGM Statement

Volex plc (AIM: VLX), the specialist integrated manufacturer of critical power and data transmission products, is pleased to report a trading update for the three months ended 30 June 2024, ahead of the Company's annual general meeting, being held at 2.00 pm today.

Continued trading momentum

The Group's trading performance in the first quarter of FY2025 has remained in line with management's expectations with the positive momentum outlined at the Group's FY2024 results continuing into the new financial year.

As anticipated, the Group has delivered an encouraging start to the new financial year with year-on-year constant currency organic revenue growth of 9.0% driven by particularly strong performances in the EV and Data Centre sectors. Murat Ticaret is trading well year to date in its first full year of ownership, supplementing strong year-on-year organic growth in the Off-Highway market.

Investing for growth

The Group has continued to make targeted capital and operational investments to enhance capacity and capability in key locations. This includes the completion of the site expansions in Mexico, India and Indonesia, with further expansion in Türkiye due to complete in the coming months. This additional capacity allows the Group to support a range of customers who are reconfiguring their supply chains to localise production and mitigate risk.

Outlook

The Group's encouraging performance in the first quarter, combined with the ongoing investment plans, improving market backdrop in key sectors and continued integration of Murat Ticaret, gives the Board confidence in Volex's ability to make further progress against its strategy during the year and deliver on its expectations.