Volex half year profit tumbles, FY on track

published 31 October 2012

Power cord maker Volex reported a drop in profit, in what it described as a challenging first half, however it remains confident of meeting full year expectations.

The electrical, digital and optical connections provider said pre-tax profit fell to $2.2m for the 26 weeks ended Sept 30th compared to $10.4m the same time a year earlier. Revenue for the period fell 8% to $249.3m.

Shares of Volex slumped almost 30% in September after Apple announced it was changing its component supplier for its new iPhone5. Apple accounts for almost a third of Volex's total revenues and its announcement forced Volex to issue a profit warning last month.