Volex half year profit tumbles, FY on track
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.
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.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Net debt fell to $4.6m from $11.9m a year earlier while the interim dividend has been increased to 2 cents from 1.5 cents the year before.
CJ
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
The UK cities where it’s cheaper to buy a house than rent
For people in some areas of the country, home ownership is a distant dream. But for others it can be surprisingly affordable.
-
Review: The Grill at the Dorchester
The Grill at the Dorchester has a new, easy-going atmosphere, but the food is serious: from punchy beef wellington to grown-up tarte tatin, says Dan McEvoy