UK's Volex surges after upbeat annual results on EV boost
June 26 (Reuters) - Britain's Volex (VLX.L), opens new tab jumped over 20% on Thursday after the power and data transmission products maker reported double-digit growth in annual revenue and profit, buoyed by strong EV demand and higher North America sales.
The company, which supplies parts to original equipment manufacturers and electronics makers, said its EV division posted organic revenue growth of 40.2% for the year ended March, helped by new contracts and existing orders.
Meanwhile, North America, its biggest market, reported a 35.2% rise in revenue, driven by demand for EVs and data centres. Revenue for its consumer electricals unit, its largest business, grew 9.6% for the period.
Its shares rose as much as 384.5 pence apiece by 0922 GMT, their highest level since November 2021.
Data last month showed that global sales of electric and plug-in hybrid vehicles rose 29% year-on-year in April, with stable growth in China and Europe despite trade tensions, while North America recorded the first fall since September 2024.
Consumer spending on discretionary items has also softened amid global economic uncertainties.
However, Volex said trading in its fiscal year to date was "very good" and that it expects limited direct impact from tariffs due to its diverse manufacturing footprint.
"We remain firmly on track to deliver our five-year strategic plan, underpinned by a healthy pipeline of organic initiatives and an active acquisition pipeline," CEO Nat Rothschild said.
As part of the plan, Volex is targeting revenue of $1.2 billion by the end of fiscal 2027 and aims to maintain operating margins between 9% and 10%.
For fiscal 2025, Volex reported underlying operating profit growth of 18.4% to $106.2 million, while revenue rose 11.1% on an organic basis to $1.09 billion.
Both figures topped consensus estimates, analysts at Jefferies said.
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