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.

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.

MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

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

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.

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.