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11 April 2013
Volex plc ('Volex' or the 'Group'), the global provider of electrical, digital and optical connections, today releases its Trading Update for the year ended 31 March 2013 in advance of preliminary results that are expected to be announced on 29 May 2013.
Full year revenues and operating profits* for the year ended 31 March 2013 are anticipated to meet market expectations**.
Net debt at 31 March 2013 was less than $20m (01 April 2012: net cash $3.6m).
The Group-wide restructuring initiative that was announced in September 2012 is proceeding to plan. Restructuring costs, which will be taken as an exceptional charge, are expected to be approximately $7m. Further details will be provided at the time of the announcement of results.
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* Operating profit is defined as normalised operating profit before exceptional restructuring costs and share based payment charges
** The average of analyst forecasts, updated since the trading update on 14 December 2012, is $473m in revenue and $11m in operating profit for the year ending 31 March 2013.
For further information please contact:
Ray Walsh Chief Executive Officer +44 20 3370 8830
Daniel Abrams Chief Financial Officer +44 20 3370 8830
Christian Cowley / James Macey White +44 207 353 4200
Certain statements in this announcement are forward-looking statements which are based on Volex's expectations, intentions and projections regarding its future operating performance and objectives, anticipated events or trends and other matters that are not historical facts. Forward-looking statements are sometimes, but not always, identified by their use of a date in the future or such words as 'anticipates', 'aims', 'could', 'may', 'should', 'expects', 'believes', 'intends', 'plans', 'targets', 'goal' or 'estimates'. By their very nature forward-looking statements are inherently unpredictable, speculative and involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements. Factors that could cause or contribute to such differences include, by way of example only and not limited to, general economic conditions, currency fluctuations, competitive factors, the loss of one of our major competitors, failure of one or more major suppliers and changes in raw materials or labour costs among other risks. Given these risks and uncertainties, prospective investors are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of such statements and, except as required by applicable law, Volex undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
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