Volex: Robust 1/2 year results, significant acquisition & new CFO
Specialist manufacturing business Volex plc has made a string of announcements this morning, perhaps most significantly is the acquisition of De-Ka Elektroteknik Sanayi ve Ticaret Anonim Şirketi (“DEKA”) for up to €61.8m, on a debt-free basis. DEKA is a leading manufacturer of power cords to the European white goods market, Like COVID it has performed strongly through the pandemic reporting sales of c. €33 million for the nine months ended 30 September 2020.
Volex itself has this morning announced solid results, impressive in light of the current climate. Revenues rose 3.5% to $202.5m, statutory PBT up 48.5% to $14.4m, Basic EPS up 92.5% to 10.2c. The perofrmance was driven by the group’s “Operational agility and unique geographic footprint, coupled with the decision to diversify our capabilities and customer base.”
The Group’s CFO Daren Morris has stepped down and been replaced by his deputy Jon Boaden. Sir Peters Westmacott has joined the Board as a Independent Non-Executive Director.
The interview with now ex CFO Daren Morris is a couple of years old, but it provides a succinct overview of the business