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Shares in AIM-listed cable assemblies firm Volex (LON:VLX) climbed 7.55% to 89.92p (as of 13:35 GMT) after the company said that it was still trading ahead of market expectations for the year ending 31st March. Full year sales are forecast to hit $365 million, a significant upgrade from the $322 achieved last year.
Executive chairman Nat Rothschild commented: “As announced at the time of the first-half results in November 2018, competition continued to be intense in the second half, and cost inflation has continued across both our raw material and labour cost lines. However, Volex has again produced a solid performance in both sales and operating margins. There remain substantial identifiable opportunities for both divisions to improve sales and margin performance through disciplined execution of our strategy, in both the short and longer term, and we expect to deliver a robust trading performance for the full year, ahead of the Board’s expectations. The Board remains excited about the Company’s ability to drive shareholder value, and our team continue to actively look for new opportunities to grow our business and technical capabilities“.