Shares in Volex dipped on news the electrical, digital and optical connections firm saw a slowdown in growth in the third quarter of the year ended April 1st 2012.
Revenue in the quarter was adversely impacted by reduced spend by telecoms operators in response to increased economic uncertainty, the company said, at $21.3m down 30% over last year ($30.2m).
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
"Trading in the third quarter of FY2012 remained solid against a backdrop of volatile and challenging macro-economic conditions, with revenue in line with the same period last year. Year-to-date revenue for the 9 months to December is 9% ahead of last year."
Revenue for the period was in line with the same period last year, at $125.1m.
The reported gross margin was 17.1%, 0.9% down on the same period the previous year as a result of $2.8m exceptional start-up costs on new product introductions. Excluding these costs, normalised gross margin in the quarter was 19.4%.
The share price fell 1.32% to 224p by 11:53.
NR
-
Reeves warned against property tax shake-up – 3 ways it could backfire on first-time buyersRachel Reeves reportedly has her eye on high-end property taxes in the upcoming Budget, but there are concerns a shake-up could unintentionally hamper those trying to get on the housing ladder
-
Average Brits want to retire five years before they can – who has the widest retirement gap?Brits are expecting to work for longer than ever but there are big disparities in the number of extra working years predicted. A small tweak could help close the gap
