REG - Volex PLC - Half-year Report
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RNS Number : 1364H Volex PLC 12 November 2025
12 November 2025
Volex plc
("Volex", the "Company", or the "Group")
Half year results for the period ended 30 September 2025
Double digit organic growth with margins maintained at upper end of target
range
Full-year expectations unchanged
Volex plc (AIM: VLX), the specialist integrated manufacturer of critical power
and data transmission products, today announces its half year results for the
period ended 30 September 2025 ("H1 FY2026").
Financial Summary Half year to Half year to % Change
30 September 2025 29 September 2024
Revenue $583.9m $518.2m 12.7%
Underlying(1) operating profit $57.2m $47.6m 20.2%
Statutory operating profit $46.6m $36.6m 27.3%
Underlying(1) profit before tax $48.5m $37.5m 29.3%
Statutory profit before tax $37.9m $26.5m 43.0%
Underlying(1) basic earnings per share 19.7c 15.2c 29.6%
Statutory basic earnings per share 15.3c 10.4c 47.1%
Interim dividend (per share) 1.6p 1.5p 6.7%
Net debt(2) $184.1m $204.5m (10.0%)
Net debt (before operating lease liabilities)(3) $151.2m $154.3m (2.0%)
(1) Before adjusting items and share-based payment charge (see note 3 for more
details)
(2) Represents cash and cash equivalents, less bank loans, debt issue costs
and lease liabilities
(3) Represents net debt including finance leases, but excluding pre-IFRS16
operating lease liabilities (see note 14 for more details)
Financial and strategic highlights
· Group revenue increased by 12.7% to $583.9 million (H1 FY2025:
$518.2 million) with strong organic growth of 13.0%, including a notable
increase of 80% in Data Centres sales
· Underlying operating margin of 9.8% maintained, towards the upper
end of the Group's 9-10% target range, supported by our continued focus on
operational efficiencies and delivering productivity improvements
· Underlying operating profit increased by 20.2%
· Underlying basic EPS increased by 29.6%
· Interim dividend increased by 6.7% to 1.6 pence per share
· The Group's focus on investing for the long term through
expansion of key advanced production sites with a wide range of capabilities
is enhancing customer choice and allowing for site rationalisation to optimise
costs
· First half performance and continued strategic execution
positions the Group strongly relative to the five-year plan
· Announced the appointment of Dave Webster to the Board as
Non-Executive Chairman. He has extensive industry experience, having
previously been Chief Executive Officer for Electrical Components
International "ECI"
Market highlights
· Electric Vehicles - expanded product range and customer portfolio
delivered strong organic growth of 13.1%
· Consumer Electricals - organic revenues declined by 6.3%
reflecting a strong comparative period
· Medical - as anticipated, organic revenues declined by 9.9%
driven by reduced global spending on healthcare and research
· Complex Industrial Technology - achieved excellent organic growth
of 48.2%, supported by continued momentum in Data Centre products and a
positive contribution from other Industrial customers
· Off-Highway - organic revenue growth of 20.1% benefiting from a
one-off customer project delivered in the first half
Outlook
· Trading in the second half-to-date is solid with revenue for the
half expected to be broadly consistent with the first half
· The combination of exposure to diverse, niche end-markets with
structural growth characteristics, a clear strategy for delivery and sustained
excellent execution supports confidence in the Group's ability to grow through
the cycle and create long term shareholder value
· A global footprint, manufacturing flexibility and strong customer
lock-in positions the Group well to navigate potential macroeconomic and
tariff-related disruptions
· The Board reaffirms its confidence in the Group's ability to
deliver on full-year market expectations and to achieve the targets set out in
our five-year plan
Nat Rothschild, Volex's Chief Executive Officer said:
"The first half of the year has seen another period of strong and disciplined
execution, reflecting the effectiveness of our strategy and the resilience of
our business model. Despite a backdrop of tariff-related uncertainty, we
delivered sustained profitable growth and have enhanced our position as an
essential partner to global blue chip customers, providing mission-critical
interconnects that are vital to the uptime and safety of technologically
advanced equipment.
"Our focus on five core markets, each supported by structural growth drivers,
underpins our strength and resilience through diversification. This broad
exposure to opportunities in high-growth sectors, such as Electric Vehicles,
Complex Industrial Technology and Off-Highway, plugs us into secular tailwinds
and enables us to deliver consistent through-cycle performance.
"We continue to invest for the long term with purpose and discipline,
expanding capacity, enhancing vertical integration and maintaining strong cost
control to improve competitiveness and support compounding growth through
cycles. With a talented team, a robust balance sheet and a clear strategy, we
are well positioned to meet our full-year expectations and to deliver
sustained, long term shareholder value creation."
Analyst Presentation
A presentation for analysts will be held live via conference call and in
person at the Storey Club, 100 Liverpool Street, London EC2M 2AT, at 9.00 am
GMT today, 12 November 2025. If you are an analyst and would like to join for
this briefing, please send an email to Volex@sodali.com. Log in details for
the meeting will be communicated to attendees.
Investor Presentation
A live presentation will be held online at 1.00 pm GMT on Friday 14 November
2025 on the Investor Meet Company ("IMC") platform. This online presentation
is open to all existing and potential shareholders. Questions can be submitted
pre-event via your Investor Meet Company dashboard up until 13 November 2025,
9:00am GMT, or at any time during the live presentation.
Investors can sign up to IMC and add to meet Volex via:
https://www.investormeetcompany.com/volex-plc/register-investor
(https://www.investormeetcompany.com/volex-plc/register-investor)
For further information please contact:
Volex plc +44 1256 442570
Nat Rothschild, Chief Executive Officer investor.relations@volex.com
Jon Boaden, Chief Financial Officer
Peel Hunt LLP - Nominated Adviser and Joint Broker +44 20 7418 8900
Ed Allsopp
Dom Convey
Tom Graham
Jefferies - Joint Broker +44 20 7029 8000
Philip Noblet
Sam Barnett
Harry Le May
Sodali & Co. - Media +44 20 7250 1446
enquiries
James White
Nicholas Johnson
About Volex plc
Volex plc (AIM:VLX) is a driving force in integrated manufacturing for
mission-critical applications and a global leader in power and data
connectivity solutions. Our diverse operations support international blue chip
customers in five key sectors: Electric Vehicles, Consumer Electricals,
Medical, Complex Industrial Technology and Off-Highway. Headquartered in the
UK, we orchestrate operations across 25 advanced manufacturing facilities,
uniting 13,000 dynamic individuals from 25 different nations. Our
extraordinary products find their way to market through our localised sales
teams and authorised distributor partners, supporting Original Equipment
Manufacturers and Electronic Manufacturing Services companies across the
globe. In a world that grows more digitally complex by the day, customers
trust us to deliver power and connectivity that drives everything from
household essentials to life-saving medical equipment. Learn more at
www.volex.com (http://www.volex.com) .
Definitions
Based on research updated after the FY2025 full year results announcement on
26 June 2025, the Board of Volex considers that the current consensus market
expectation for revenue is $1,134.8 million (with a range of $1,102 million to
$1,170 million) and for underlying operating profit of $107.6 million (with a
range of $104.0 million to $113.5 million).
The Group presents some significant items separately to provide clarity on the
underlying performance of the business. This includes significant one-off
costs, such as acquisition related costs, the non-cash amortisation of
intangible assets acquired as part of business combinations and share-based
payments. Further detail on adjusting items is provided in note 3.
Underlying operating profit is operating profit before adjusting items and
share-based payment expense.
Underlying free cash flow is the net cash before financing activities and
excluding costs of acquisitions, the interest element of lease payments,
adjusting items and share-based payments.
Cash conversion is defined as cash generated from operations before adjusting
operating items, less net capital expenditure, as a percentage of underlying
operating profit.
Net debt (before operating lease liabilities) represents cash and cash
equivalents, less bank loans, debt issue costs and finance leases, but
excluding operating lease liabilities. Total lease liabilities include $32.9
million of operating lease liabilities (H1 FY2025: $50.2 million).
Covenant leverage is net debt (before operating lease liabilities) divided by
underlying EBITDA adjusted for depreciation of right-of-use assets and
pro-rated for acquisitions and disposals.
Organic revenue growth is calculated using constant exchange rates by taking
the total reported revenue (excluding the impact of acquisitions and
divestments) divided by the preceding financial year's revenue at the current
year's exchange rates.
Return on capital employed is calculated as the last twelve months underlying
operating profit as a percentage of average net assets excluding net cash /
debt.
Forward looking statements
This announcement contains certain forward-looking statements which have been
made by the Directors in good faith using information available up until the
date they approved the announcement. Forward-looking statements should be
regarded with caution as by their nature such statements involve risk and
uncertainties relating to events and circumstances that may occur in the
future. Actual results may differ from those expressed in such statements,
depending on the outcome of these uncertain future events.
Scrip Dividend Scheme
The interim dividend of 1.6p per ordinary share will be paid on 8 January 2026
to those shareholders on the register on 28 November 2025. The ex-dividend
date will be 27 November 2025. Shareholders may elect to receive the interim
dividend as shares in the Company, in lieu of cash, under the Volex plc Scrip
Dividend Scheme. The reference price for the Scrip Dividend will be announced
on 4 December 2025. Shareholders who wish to elect to receive the interim
dividend in shares must (i) complete a Scrip Dividend Mandate Form (available
on the Company's website) and return it to MUFG Corporate Markets, (ii) make a
Scrip election online via https://uk.investorcentre.mpms.mufg.com
(https://url.uk.m.mimecastprotect.com/s/zUpiCpYzYFXOAO3sPf0uGb8NH?domain=uk.investorcentre.mpms.mufg.com)
, or (iii) submit a Dividend Election Input Message in CREST, in each case by
no later than 5.00 p.m. on 12 December 2025. Those shareholders who have opted
into a permanent scrip election by completing (and not cancelling) a Scrip
Dividend Mandate Form either in hard copy or via
https://uk.investorcentre.mpms.mufg.com
(https://url.uk.m.mimecastprotect.com/s/zUpiCpYzYFXOAO3sPf0uGb8NH?domain=uk.investorcentre.mpms.mufg.com)
do not need to complete a new mandate form for the interim dividend. However,
shareholders holding their shares in CREST need to make an election for each
dividend and would need to submit a Dividend Election Input Message in respect
of the interim dividend. A copy of the terms and conditions for the Volex plc
Scrip Dividend Scheme are available on the Company's website
https://www.volex.com/media/l2pb1gck/volex-2025-scrip-dividend-scheme-terms-conditions.pdf
(https://url.uk.m.mimecastprotect.com/s/hZHiCrkYkcLn2nli4i8u4IFqJ?domain=urldefense.com)
.
RESULTS FOR THE HALF YEAR TO 30 SEPTEMBER 2025
Overview
Through continued strong profitable growth, against a backdrop of
tariff-related uncertainty, the Group has shown the benefits of its
positioning as an essential supplier for its global blue chip customers,
providing mission-critical components that are integral to complex
manufacturing systems.
Volex's diversified end-market exposure remains a core strength, minimising
reliance on individual sectors and providing resilience through cycles. Over
recent years, we have strategically expanded this diversity, securing leading
positions in markets supported by enduring structural trends, notably Electric
Vehicles, Medical, Complex Industrial Technology and Off-Highway.
During the period, organic revenue grew by 13.0% at constant exchange rates
compared to the prior period, with total revenue growth of 12.7%.
Across our end-markets, demand trends varied in the first half of the year,
with three of the five end-markets growing strongly, reflecting a range of
market dynamics. Data Centre performance was exceptionally strong, supported
by sustained demand for high-speed cables driven by data-intensive artificial
intelligence applications. In contrast, as anticipated, the Medical end-market
experienced softer demand, as customers adjusted procurement in response to
lower healthcare and research expenditure and tariff-related considerations.
The Group's ability to serve a broad customer base and add value across
critical production processes has supported sustained growth, even in a
volatile manufacturing landscape. While short term demand fluctuations have
persisted, profitability has been sustained over several years through
disciplined cost control, operational efficiencies, productivity improvements
and agile resource management. These results are underpinned by robust
procurement practices and a Group-wide commitment to continuous operational
improvement.
The underlying operating margin for the first half of the year was 9.8%. This
is the sixth consecutive year in which margins have been maintained within the
9% to 10% target range, underscoring the adaptability and resilience of the
operating model and the Group's ability to manage dynamic market challenges in
multiple ways, deliver profitable growth and continue to invest in capacity
and capabilities for the long term.
Trading performance overview
$m Half year to Half year to
30 September 29 September
2025 2024
Revenue 583.9 518.2
Underlying cost of sales* (447.8) (405.1)
Underlying gross profit* 136.1 113.1
Underlying gross margin 23.3% 21.8%
Underlying operating costs* (78.9) (65.5)
Underlying operating profit* 57.2 47.6
Underlying operating margin 9.8% 9.2%
Underlying EBITDA* 73.6 61.3
* Before adjusting items and share-based payment charges
Revenue for the first half of the year increased by 12.7%, with organic growth
of 13.0%. Organic growth was driven by a combination of new customer projects,
exceptional demand from Data Centre customers and strong growth in Electric
Vehicles, Complex Industrial Technology and Off-Highway. Gross margins
improved year-on-year, primarily reflecting a favourable shift in the mix of
products sold during the half.
The underlying operating margin rose to 9.8%, up 60 basis points from 9.2% in
the same period last year and is consistent with the 9.8% achieved for the
full year 2025. This result includes costs associated with strategic
capability enhancements designed to support future growth.
Underlying profit before tax increased by 29.3% to $48.5 million, primarily
reflecting the favourable shift in the mix of products, while underlying basic
earnings per share rose by 29.6% to 19.7 cents. Statutory profit before tax,
which includes the impact of adjusting items and share-based payment expenses,
was $37.9 million, representing an increase of 43.0% over the prior period.
The underlying effective tax rate for the half year was 22.7% (H1 FY2025:
23.7%), this improvement reflected increased benefits from tax incentives for
research and development expenditure and investment in infrastructure.
Underlying free cash flow for the period was $4.8 million, compared to an
outflow of $11.5 million in H1 FY2025. This improvement in free cash flow
generation was despite capital investments and working capital increases to
support growth in the period.
Net debt (before operating lease liabilities) increased by $23.8 million from
year-end, primarily due to both operational and capital investments aimed at
supporting the Group's long term growth strategy. Covenant leverage, defined
as the ratio of net debt excluding operating leases to covenant EBITDA, stood
at 1.1x (FY2025: 1.0x), providing significant headroom for continued
investment and acquisition opportunities.
Interim dividend
The Board has declared an interim dividend of 1.6 pence, representing an
increase of 6.7% on the previous year, and remains committed to a progressive
dividend policy, striking a balance between delivering growth through
investment and returning cash to shareholders.
Realising our strategy
The Group's strategy is clear and consistent: to be a leading global provider
of high-quality, diverse power and data connectivity solutions. This is
achieved through a focused approach built on market leadership in structural
growth sectors, targeted and sustained long term investment, embedded
relationships, disciplined acquisitions and an agile, decentralised operating
culture.
The markets we have chosen to operate in are highly fragmented and all display
diverse, strong structural growth characteristics. Leveraging our technical
expertise and customer focus, we have built market-leading positions across
diverse markets that provide resilience throughout economic cycles and
position us strongly for sustained outperformance.
Targeted strategic organic investments remain central to our growth ambitions.
We prioritise initiatives that support our long term strategic ambitions, are
driven by customer needs and guided by a disciplined evaluation process,
typically requiring a two-year payback. Our ongoing investment in vertical
integration has strengthened control over our supply chain, enhanced
operational agility and protected margins. At the same time, continued
investment in research and development has expanded our product portfolio,
enabling us to collaborate closely with customers to design solutions that
meet their evolving requirements.
Strong customer relationships are built through adding value. This can include
early engagement on product development where our engineering teams work
closely with the customer's specialist teams to develop and improve designs.
The complexity of many of the solutions we deliver creates long-lived
relationships, often lasting for the life of the relevant technical platform.
Adopting a customer-first mindset drives organic revenue growth as we attract
new business and grow our share of existing customer portfolios. We
continuously monitor and optimise our manufacturing operations to enhance
efficiency, reduce costs and further improve quality, ensuring we uphold the
standards that distinguish our business.
Acquisitions remain a key pillar of our strategy. Since FY2019, we have
successfully deployed nearly $400 million across 12 acquisitions,
significantly broadening our product range, expanding our global manufacturing
footprint and contributing meaningfully to earnings and margin growth.
As well as considering acquisition opportunities, we also keep our portfolio
of operating businesses under review. On 2 April 2025, the Group contributed
certain trade and assets of Terminal & Cable ('TC'), its Canadian
Off-Highway business, into a newly incorporated partnership. The Group retains
a 49% interest in the new venture. Under this structure, the business will
qualify as a Canadian indigenous owned operation which will be a significant
advantage when submitting tenders for defence and aerospace opportunities. TC
contributed revenues of $2.9m to the Group in H1 FY2025 and revenues of $5.2m
for FY2025 in total. As such, this was considered non-core. The investment in
49% of the new TC venture will be accounted for as an associate and the
results of TC are no longer fully consolidated from April 2025 onwards.
Our success is underpinned by a deliberately decentralised culture that
empowers local management teams, encourages accountability and enables faster,
more effective customer responses. Local general managers behave
entrepreneurially and keep close to customers, backed by shared quality
systems and supply chain scale.
By staying true to our strategy, focusing on our chosen markets and
maintaining our customer-centric approach, we are confident in our ability to
sustain strong growth momentum and achieve our five-year plan target of
reaching $1.2 billion in revenue by the end of FY2027, with an underlying
operating margin of 9-10%.
Revenue by reportable segment
Volex is a global, interconnected and fully integrated business. Supporting
our customers is at the heart of our business model and our extensive
international footprint enables us to do so efficiently and effectively. As
customers increasingly seek multi-location manufacturing solutions to mitigate
supply chain risks associated with reliance on a single country and to
navigate the evolved tariff environment, our global presence, with
manufacturing capabilities in multiple strategic locations, has become a key
differentiator in meeting the objectives of our blue chip customer base.
Our business is structured on a regional basis to serve these needs, with
reporting lines through Regional Chief Operating Officers. Accordingly, we
present our segmental information by region and analyse our customer revenue
geographically on this basis. This structure reflects our customer-centric
approach, with classification determined by where each customer relationship
is managed.
North America is our largest customer region at 49.3% of overall revenue (H1
FY2025: 42.4%). In this region, we collaborate with some of the world's
leading technology companies and global innovators. This sector includes
products that we manufacture within the US, shipments to Canada and Mexico and
exports worldwide, where the customer relationship is managed in North
America. Revenue in this market grew by 30.8% to $287.5 million (H1 FY2025:
$219.8 million), reflecting the exceptional growth from Data Centre customers
in the period.
Asia revenue decreased by 19.7% to $77.8 million (H1 FY2025 $96.9 million),
comprising 13.3% of Group revenue (H1 FY2025: 18.7%). The decline was largely
attributable to a shift in the regional mix of Data Centre customers, with
increased sales to North America-based customers. This was partially offset by
growth in inYantra, which continues to benefit from exposure to the rapidly
expanding Indian market.
Europe recorded revenue growth of 8.5% to $218.6 million (H1 FY2025: $201.5
million) and now accounts for 37.4% of Group revenue (H1 FY2025: 38.9%).
Demand across European markets was mixed, with strong growth with Electric
Vehicles customers and a one-off project with a major Off-Highway customer
offset by lower European order volumes in Consumer Electricals and softer
demand from Medical customers.
Revenue by customer sector
Electric Vehicles
Revenue from Electric Vehicles increased to $89.9 million (H1 FY2025: $79.5
million), representing organic growth of 13.1%. Performance in the first half
was supported by a major new programme with a European charging manufacturer,
launched in the second half of the prior year. This programme exemplifies our
vertically integrated capabilities, with four Volex facilities collaborating
on the full-build of the product.
During the period, we continued to broaden our product offering and diversify
our customer base, reinforcing Volex's position as a trusted manufacturing
partner to the world's leading electric vehicle manufacturers and suppliers.
Looking ahead, medium term demand for electric vehicles is expected to remain
strong, driven by continued legislative support in key markets. A small number
of new programme launches have been temporarily deferred due to relocating
manufacturing to support our customers, with these expected to be delivered in
FY2027 and beyond. Volex is well positioned to capture growth, not only
through higher vehicle volumes but also by identifying additional specialist
manufacturing opportunities within the EV supply chain.
Consumer Electricals
Consumer Electricals revenues decreased to $125.6 million (H1 FY2025: $131.7
million), representing organic decline of 6.3%, though remaining broadly
consistent with the performance in H2 FY2025.
The year-on-year reduction reflects a strong prior-year comparative, as H1
FY2025 benefitted from a post-destocking rebound in demand. In addition,
competition from China has intensified in the European market due to tariffs,
resulting in a modest loss of share for some of our European customers and a
small adverse effect on our revenue in the first half. A new harness programme
is expected to commence for an existing customer in Europe in the second half
of the year.
Volex's competitive manufacturing base, underpinned by a strategic blend of
geographic diversification, automation, continuous improvement and vertical
integration, continues to deliver strong value to customers. This combination
enables competitive pricing and responsive support across a wide range of
markets. Consequently, Volex is securing new customer projects and remains
well positioned for sustained growth.
Medical
As anticipated, demand in the Medical segment remained subdued during the
period, with revenues decreasing to $76.1 million (H1 FY2025: $82.3 million),
representing an organic decline of 9.9%. The reduction reflects lower overall
spending in public healthcare and medical research in the period and the
impact of tariffs, which has affected customer demand. The impact varies by
customer, with some continuing to increase demand, whilst we have seen others
reducing inventory to adjust to anticipated lower run-rates. It is likely that
the uncertainties caused by the impact of tariffs and policy changes will
continue in the short term and will result in a headwind to medical demand.
Volex continues to support a wide range of advanced medical technology
customers and demand is growing with several major global names. Looking
ahead, the Medical market remains underpinned by strong structural growth
drivers, including the ageing global population and rapid technological
innovation. With its broad international footprint and medical-grade
manufacturing capabilities, Volex is well positioned to support customer
growth and capture opportunities as market conditions improve.
Complex Industrial Technology
Sales to Complex Industrial Technology customers grew significantly, with
organic revenues up by 48.2% to $155.5 million (H1 FY2025: $104.7 million).
Growth from Data Centre customers, which now represent 55.0% of revenue in
this sector, was very significant at 80.0% organically, fuelled by surging
global investment in artificial intelligence infrastructure and a continuation
of the strong performance from the second half of FY2025.
Demand was also robust across other industrial customer segments compared to
the prior year. Revenues for harnesses used in building environmental systems
accelerated during H1, reflecting the ramp-up of project wins secured a year
ago. US-based defence customers increased orders in line with their project
cycle. There was also an increase due to our continuing success in the Indian
domestic market.
The sector's performance highlights its significant diversification, both in
customer end-markets and technical capabilities. Volex's wide portfolio of
solutions, combined with its presence in key strategic geographies, provides a
strong competitive advantage. This breadth enhances the Group's ability to
secure new customer programmes and creates valuable cross-selling
opportunities across markets.
Off-Highway
Revenue in the Off-Highway end-market increased to $136.8 million (H1 FY2025:
$120.0 million), representing strong organic growth of 20.1%. This performance
was supported by additional revenue from a defence vehicle programme that does
not repeat in the second half.
Looking ahead, medium term growth prospects for the Off-Highway sector remain
robust, supported by increasing urbanisation, global infrastructure
development, advances in agricultural technology and the growing shift toward
environmentally sustainable and electrified vehicle solutions.
The Group's strategic focus in this sector is on expanding its presence in the
large and highly fragmented North American market. We have established an
experienced sales team and enhanced capacity and technical capability across
our North American manufacturing operations to support this growth ambition.
Underlying gross margin
The underlying gross margin for the first half of the year increased by 150
basis points to 23.3% (H1 FY2025: 21.8%). This improvement was driven by
several factors, with the most significant contributors being a more
favourable product mix, particularly strong demand for Data Centre products,
in addition to the ongoing benefits from efficiency and optimisation
initiatives.
These gains were partially offset by the impact of labour cost inflation in
Türkiye, which has not yet been mitigated by a corresponding devaluation of
the local currency. For our domestic Türkiye-based customers, we retain
contractual rights to pass through inflationary cost increases. For export
customers, price increases are subject to negotiations. In parallel, we are
accelerating productivity and efficiency initiatives at Murat Ticaret and have
implemented foreign exchange hedging measures to further mitigate potential
adverse currency impacts.
Underlying operating profit
Underlying operating costs increased by $13.4 million to $78.9 million (H1
FY2025: $65.5 million). Foreign exchange rate changes had a negative impact of
$1.3 million and inflationary pressures also contributed to increased labour
costs year-on-year. The remaining increase reflects business growth and
investments in expanding capabilities and capacity. Underlying operating costs
as a percentage of revenue are now 13.5% (H1 FY2025: 12.6%).
Underlying operating profit rose by 20.2% to $57.2 million (H1 FY2025: $47.6
million), benefiting from the strong organic growth. The underlying operating
margin for the first half was 9.8%, 60 bps higher than the 9.2% reported in H1
FY2025 and consistent with the FY2025 result. Productivity and cost
optimisation improved operating margins by 0.7%, while improvements in product
mix contributed a further 1.6% and closing and disposing of undersized sites
improved margins by 0.5%. Offsetting this were adverse impacts from inflation
of 1.1%, foreign exchange rates of 0.4% and the impact of investment in
capacity and growth of 0.7% which arose from additional facility and people
costs required to deliver growth.
Adjusting items and share-based payments
The Group presents some significant items separately to provide clarity on the
underlying performance of the business. This includes significant one-off
costs such as restructuring and acquisition-related costs, the non-cash
amortisation of intangible assets acquired as part of business combinations,
and share-based payments, as well as associated tax.
Adjusting items and share-based payments totalled $10.6 million in the period
(H1 FY2025: $11.0 million). These costs are made up of $4.8 million (H1
FY2025: $6.7 million) of amortisation of acquired intangible assets, $2.6
million (H1 FY2025: $2.6 million) of share-based payments expense, $1.2
million (H1 FY2025: $1.5 million) of acquisition-related costs and $2.0
million (H1 FY2025: $nil) related to site closure costs.
Net finance costs
Net finance costs decreased to $10.4 million (H1 FY2025: $12.0 million),
principally due to the prior year write off of debt issuance costs relating to
a previous facility following the refinancing in June 2024. Average net debt
over the period was higher than in the previous year due to the deployment of
capital to support the growth of the business, resulting in higher net
interest on bank loans, overdrafts and deposits of $7.1 million (H1 FY2025:
$6.1 million). The financing element for leases for the period was $1.4
million (H1 FY2025: $2.1 million), which decreased following exercising the
option to purchase previously leased property in Türkiye.
Finance costs also included $0.8 million for the unwinding of the discount on
deferred consideration for the Murat Ticaret acquisition (H1 FY2025: $1.2
million).
In September 2022, the Group entered into an interest rate swap in respect of
$50 million of drawn debt. This fixes the interest on this element of the debt
to provide stability against variability in interest rates over a four-year
period.
Taxation
The underlying tax charge of $11.0 million (H1 FY2025: $8.9 million)
represents an underlying effective tax rate ('ETR') of 22.7% (H1 FY2025:
23.7%).
The main factors affecting the underlying ETR continue to be currency
volatility and the ability to make inflation adjustments for tax purposes in
Türkiye, developments surrounding the Group's uncertain tax positions, the
continuing availability of certain tax incentives and reduced rate regimes and
the jurisdictional profit mix. The decrease in underlying ETR during H1 FY2026
includes increased benefits from tax incentives as a result of the growth in
R&D expenditure and production in a key location.
Cash tax paid during the period was $7.1 million (H1 FY2025: $8.4 million),
representing an underlying cash ETR of 14.6% (H1 FY2025: 22.4%). The decrease
is mainly driven by the jurisdictional mix and timing of tax payments which is
expected to normalise during the second half of the year.
Net debt and cash flows
Underlying EBITDA increased by 20.1% to $73.6 million (H1 FY2025: $61.3
million). Underlying free cash flow was an inflow of $4.8 million, compared to
an outflow of $11.5 million in H1 FY2025. This included a working capital
outflow of $32.4 million (H1 FY2025: $32.2 million), together with net capital
expenditure of $21.3 million (H1 FY2025: $26.4 million) and tax and net
interest payments of $14.3 million ($14.2 million). Historically, the Group
has been more cash generative in the second half of the financial year.
The working capital outflow reflected several factors. It included a $16.9
million investment to support normal business growth in H1 FY2026 and a
further $7.8 million relating to certain significant annual payments occurring
in the first half. The remainder of the increase in working capital was driven
by additional investment in inventory to support customer relocation projects
and the growth in data centre sales, which operate through a hub model
resulting in longer cash conversion cycles.
Working capital continues to be actively managed at both factory and regional
levels, with ongoing initiatives in place to optimise efficiency. Overall,
total working capital is expected to remain broadly at current levels for the
remainder of the year, supporting improved cash generation in the second half.
Interest payments increased compared to H1 FY2025, reflecting higher debt
levels following continued investment to support business growth. The decrease
in cash tax payments was mainly due to the jurisdictional mix and timing of
tax payments which is expected to normalise during the second half of the
year.
Net debt (before operating lease liabilities) rose to $151.2 million (FY2025:
$127.4 million), primarily due to investment in capital expenditure and
working capital. Operating lease liabilities reduced to $32.9 million (FY2025:
$47.4 million) following the purchase of previously leased property in
Türkiye. As a result, the Group's statutory net debt position increased to
$184.1 million (FY2025: $174.8 million).
Investing in our business
A core element of our strategy is the deployment of capital into organic
investments that differentiate and strengthen our business while delivering
consistently strong returns. Investment decisions are made with rigorous
discipline, placing customer demand, strategic relevance and project payback
at the centre of the approval process.
During the first half of the year, we continued to invest in our global
manufacturing footprint, with an expansion project in Mexico scheduled for
completion in the second half. We build capacity ahead of demand based on
conversations with our customers and our knowledge of our end-markets. These
investments ensure that we are well positioned to capitalise on customers'
localisation strategies and to meet growing demand efficiently and
competitively.
We also ensure that we possess the right capabilities in our facilities, often
through delivering automation. An increasing number of our new programmes are
highly automated, whilst we also retrofit existing lines to improve
efficiency.
Net capital expenditure for the first half of the year was $21.3 million (H1
FY2025: $26.4 million), representing approximately 3.6% of revenue (H1 FY2025:
5.1%). In H1 FY2026, we made $3.4 million of incremental operational
investment, which encompasses additional facility costs, increased
depreciation from incremental capital investment and costs associated with
scaling our operations, such as recruiting additional sales and engineering
employees. These essential and targeted expenditures position us for
sustainable long term success. We also expanded our research and development
activities, allowing us to deliver new and innovative products aimed at the
Electric Vehicles and Data Centre markets. The investments we make in our
business continue to deliver strong returns with return on capital employed of
20.2% (H1 FY2025: 19.6%) in the twelve months to 30 September 2025.
Acquisition strategy
Volex has a disciplined and repeatable M&A playbook, acquiring
high-quality businesses at attractive valuations. We focus on identifying
targets with strong customer relationships, specialised manufacturing
capabilities and expertise in complex, value-added products.
Our rigorously managed acquisition pipeline prioritises opportunities that
enhance the Group's value proposition and extend our presence in existing or
adjacent markets. In light of shifting global supply chain dynamics, we also
assess the strategic geographic positioning of potential targets, favouring
those that offer cost competitiveness, operational resilience and low trade
barriers. We selectively pursue acquisitions requiring significant integration
or restructuring only where we have the managerial capacity and expertise to
deliver successful outcomes.
Since restarting our acquisition programme in FY2019, we have completed 12
transactions, representing a total investment of approximately $400 million.
This disciplined and structured approach has built a proven track record of
effective execution and value creation. In the first half of the year, we
carefully considered a number of acquisition opportunities but have decided
against progressing with any as they each fell short of our stringent
criteria. Although there have been no acquisitions completed during the
period, we maintain a pipeline of exciting opportunities at various stages.
Risks and uncertainties
Volex takes a proactive approach to identifying and managing risks,
continually strengthening internal controls to mitigate potential impacts. Key
risks that could materially affect the Group's financial performance include
competitive pressures, legal and regulatory developments, reliance on key
suppliers or customers, fluctuations in commodity prices and exchange rates
and product quality concerns. Details of these risks, along with the Group's
mitigation strategies, are outlined in the FY2025 Annual Report and Accounts
(pages 54-61), available at www.volex.com.
Outlook
Trading in the second half-to-date has been solid, with activity levels
broadly maintaining the strong performance of the first half, although
comparatives are more demanding. The Group expects second-half revenues to be
broadly in line with the first half, reflecting stable trading across most
end-markets.
The Group's strong balance sheet, significant undrawn facilities and continued
access to funding ensure it remains well positioned to continue to invest in
the business and pursue value-accretive acquisitions that align with our
disciplined investment criteria.
Exposure to diverse end-markets with structural growth characteristics
continues to underpin confidence in Volex's ability to deliver sustainable
long term growth through the cycle. At the same time, the Group remains well
positioned to navigate potential macroeconomic disruption and changes in the
global tariff environment.
Supported by structural demand in key markets, a diversified customer base and
ongoing investment in capability expansion to support long term growth, the
Board remains confident in delivering strong returns for all stakeholders. The
Board reaffirms its confidence in meeting full-year market expectations and in
achieving the targets set out in the five-year strategic plan.
Nat Rothschild
Jon Boaden
Chief Executive Officer
Chief Financial Officer
11 November 2025
11 November 2025
Unaudited Consolidated Income
Statement
For the half year to 30 September 2025 (26 weeks ended 29 September 2024)
Half year to 30 September 2025 26 weeks ended 29 September 2024
Before Adjusting Total Before Adjusting Total
adjusting items and share based payments items and share-based payments adjusting items and share based payments items and share-based payments
(note 3) (note 3)
Notes $'m $'m $'m $'m $'m $'m
Revenue 2 583.9 - 583.9 518.2 - 518.2
Cost of sales (447.8) (1.2) (449.0) (405.1) - (405.1)
Gross profit 136.1 (1.2) 134.9 113.1 - 113.1
Operating expenses (78.9) (9.4) (88.3) (65.5) (11.0) (76.5)
Operating profit 2 57.2 (10.6) 46.6 47.6 (11.0) 36.6
Share of net profit from associates 1.7 - 1.7 1.9 - 1.9
Finance income 0.4 - 0.4 0.5 - 0.5
Finance costs 4 (10.8) - (10.8) (12.5) - (12.5)
Profit before taxation 48.5 (10.6) 37.9 37.5 (11.0) 26.5
Taxation 5 (11.0) 2.5 (8.5) (8.9) 2.2 (6.7)
Profit for the period 37.5 (8.1) 29.4 28.6 (8.8) 19.8
Profit is attributable to:
Owners of the parent 36.6 (8.1) 28.5 28.1 (8.8) 19.3
Non-controlling interests 0.9 - 0.9 0.5 - 0.5
37.5 (8.1) 29.4 28.6 (8.8) 19.8
Earnings per share (cents)
Basic 6 19.7 15.3 15.2 10.4
Diluted 6 19.6 15.2 15.1 10.4
(
)
( )
Audited Consolidated Income
Statement
For the 52 weeks ended 30 March 2025
52 weeks ended 30 March 2025
Before Adjusting Total
Adjusting items and share based payments items and share-based payments
(note 3)
Notes $'m $'m $'m
Revenue 2 1,086.5 - 1,086.5
Cost of sales (853.7) - (853.7)
Gross profit 232.8 - 232.8
Operating expenses (126.6) (23.3) (149.9)
Operating profit 2 106.2 (23.3) 82.9
Share of net profit from associates 4.2 - 4.2
Finance income 0.7 - 0.7
Finance costs 4 (23.5) - (23.5)
Profit before taxation 87.6 (23.3) 64.3
Taxation (19.4) 4.1 (15.3)
Profit for the period 68.2 (19.2) 49.0
Profit is attributable to:
Owners of the parent 67.0 (19.1) 47.9
Non-controlling interests 1.2 (0.1) 1.1
68.2 (19.2) 49.0
Earnings per share (cents)
Basic 6 36.3 25.9
Diluted 6 35.8 25.6
Unaudited Consolidated Statement of Comprehensive Income
For the half year to 30 September 2025 (26 weeks ended 29 September 2024)
(Audited)
Half year to 30 September 2025 26 weeks to 52 weeks to
29 September 2024 31 March 2024
$'m $'m $'m
Profit for the period 29.4 19.8 49.0
Items that will not be reclassified subsequently to profit or loss:
Actuarial loss on defined benefit pension schemes (0.8) (0.6) (1.6)
Tax relating to items that will not be reclassified 0.2 0.2 0.4
(0.6) (0.4) (1.2)
Items that may be reclassified subsequently to profit or loss:
Gain / (loss) arising on cash flow hedges during the period 6.5 (1.6) (9.5)
Exchange gain / (loss) on translation of foreign operations 21.0 7.8 (0.5)
Tax relating to items that may be reclassified (1.5) - 2.6
26.0 6.2 (7.4)
Other comprehensive income / (expense) for the period 25.4 5.8 (8.6)
Total comprehensive income for the period attributable to:
Owners of the parent 54.2 25.2 39.6
Non-controlling interests 0.6 0.4 0.8
54.8 25.6 40.4
Unaudited Consolidated Statement of Financial
Position
As at 30 September 2025 (29 September 2024) 29 September 2024 (Audited)
30 September 2025 $'m 30 March
Note $'m 2025
$'m
Non-current assets
Goodwill 126.9 125.0 120.2
Other intangible assets 125.3 129.5 119.7
Property, plant and equipment 139.0 110.5 116.8
Right-of-use assets 34.0 52.1 46.9
Interests in associates 10 14.4 10.0 11.2
Other investments 1.0 1.0 1.0
Other receivables 1.3 1.5 2.3
Derivative financial instruments - 0.3 0.5
Retirement benefit assets 2.3 1.3 1.7
Deferred tax assets 24.1 26.5 23.6
468.3 457.7 443.9
Current assets
Inventories 233.6 209.4 197.9
Trade receivables 207.2 205.0 206.5
Other receivables 33.8 25.0 23.4
Current tax assets 1.9 1.3 2.2
Assets classified as held for sale - - 4.3
Derivative financial instruments 3.1 0.8 0.7
Cash and bank balances 9 27.7 18.4 37.7
507.3 459.9 472.7
Total assets 975.6 917.6 916.6
Current liabilities
Borrowings 9 4.9 4.0 3.0
Lease liabilities 9 8.4 22.7 24.0
Trade payables 148.5 137.3 146.7
Other payables 119.4 114.8 114.3
Current tax liabilities 16.4 16.8 14.4
Liabilities relating to assets classified as held for sale - - 2.9
Provisions 5.6 3.6 4.9
Derivative financial instruments 3.2 1.3 6.4
306.4 300.5 316.6
Net current assets 200.9 159.4 156.1
Non-current liabilities
Borrowings 9 173.8 165.6 160.5
Lease liabilities 9 24.7 30.6 25.0
Other payables 8.2 29.7 7.0
Deferred tax liabilities 27.8 28.4 26.6
Retirement benefit obligations 10.9 9.7 9.6
Provisions 1.3 0.5 1.1
246.7 264.5 229.8
Total liabilities 553.1 565.0 546.4
Net assets 422.5 352.6 370.2
Equity
Share capital 7 70.7 69.6 70.5
Share premium account 71.4 62.0 71.6
Non-distributable reserve 2.5 2.5 2.5
Hedging and translation reserve 5.3 (7.6) (21.0)
Own shares 8 (5.5) (3.2) (6.0)
Retained earnings 268.3 220.5 243.4
Total attributable to owners of the parent 412.7 343.8 361.0
Non-controlling interests 9.8 8.8 9.2
Total equity 422.5 352.6 370.2
Unaudited Consolidated Statement of Changes in Equity
For the half year to 30 September 2025 (26 weeks ended 29 September 2024)
Share capital Share premium account Hedging and Own shares Retained earnings Equity attribut-able to owners
trans-lation reserve
Non-distribut-able reserves
Non-cont-rolling interests
Total equity
$'m $'m $'m $'m $'m $'m $'m $'m $'m
Balance at 30 March 2025 70.5 71.6 2.5 (21.0) (6.0) 243.4 361.0 9.2 370.2
Profit for the period - - - - - 28.5 28.5 0.9 29.4
Other comprehensive income / (expense) for the period - - - 26.3 - (0.6) 25.7 (0.3) 25.4
Total comprehensive income for the period - - - 26.3 - 27.9 54.2 0.6 54.8
Own shares sold / (utilised) in the period - - - - 0.5 (0.5) - - -
Dividend - - - - - (7.4) (7.4) - (7.4)
Scrip dividend related share issue 0.2 (0.2) - - - 2.1 2.1 - 2.1
Credit to equity for equity-settled share-based payments - - - - - 1.8 1.8 - 1.8
Tax effect of share options - - - - - 1.0 1.0 - 1.0
Balance at 30 September 2025 70.7 71.4 2.5 5.3 (5.5) 268.3 412.7 9.8 422.5
Unaudited Consolidated Statement of Changes in Equity (continued)
For the half year to 30 September 2025 (26 weeks ended 29 September 2024)
Share capital Share premium account Hedging and Own shares Retained earnings Equity attribut-able to owners
trans-lation reserve
Non-distribut-able reserves Non-controll-ing interests
Total equity
$'m $'m $'m $'m $'m $'m $'m $'m $'m
Balance at 31 March 2024 69.6 62.0 2.5 (13.9) (4.3) 211.3 327.2 8.4 335.6
Profit for the period - - - - - 19.3 19.3 0.5 19.8
Other comprehensive income / (expense) for the period - - - 6.3 - (0.4) 5.9 (0.1) 5.8
Total comprehensive income for the period - - - 6.3 - 18.9 25.2 0.4 25.6
Own shares sold / (utilised) in the period - - - - 5.6 (5.6) - - -
Own shares purchased in the period - - - - (4.5) - (4.5) - (4.5)
Dividend - - - - - (6.5) (6.5) - (6.5)
Scrip dividend related share issue - - - - - 0.2 0.2 - 0.2
Credit to equity for equity-settled share-based payments - - - - - 1.8 1.8 - 1.8
Tax effect of share options - - - - - 0.4 0.4 - 0.4
Balance at 29 September 2024 69.6 62.0 2.5 (7.6) (3.2) 220.5 343.8 8.8 352.6
Unaudited Consolidated Statement of Cash Flows
For the half year to 30 September 2025 (26 weeks ended 29 September 2024)
(Audited)
Half year to Restated(1) 52 weeks to
30 September 2025 26 weeks to 30 March 2025
Notes 29 September 2024
$'m $'m $'m
Profit for the period 29.4 19.8 49.0
Adjustments for:
Finance income (0.4) (0.5) (0.7)
Finance costs 4 10.8 12.5 23.5
Income tax expense 8.5 6.7 15.3
Share of net profit from associates (1.7) (1.9) (4.2)
Depreciation of property, plant and equipment 9.9 7.3 15.6
Depreciation of right-of-use asset 5.0 4.8 9.7
Amortisation of intangible assets 6.3 8.3 13.4
Measurement loss on assets held for sale - - 2.2
Share option charge 2.6 2.6 5.0
Contingent consideration adjustment - - 0.4
(Decrease) / increase in provisions (0.8) - 0.2
Operating cash flow before movements in working capital 69.6 59.6 129.4
Increase in inventories (30.4) (31.9) (24.2)
Increase in receivables (3.8) (15.7) (19.8)
Increase in payables 2.2 15.5 25.9
Movement in working capital (32.0) (32.1) (18.1)
Cash generated by operations 37.6 27.5 111.3
Cash generated by operations before adjusting items 40.4 29.1 116.7
Cash utilised by adjusting items (2.8) (1.6) (5.4)
Taxation paid (7.1) (8.4) (15.8)
Interest paid (7.5) (6.3) (14.2)
Interest element of lease payments (1.4) (2.1) (4.0)
Net cash generated from operating activities 21.6 10.7 77.3
Cash flow from investing activities
Interest received 0.3 0.5 0.8
Deferred and contingent consideration for businesses acquired - (0.5) (10.9)
Proceeds on disposal of property, plant and equipment - 0.1 0.8
Purchases of property, plant and equipment (17.6) (24.3) (42.9)
Purchases of intangible assets (3.7) (2.2) (3.2)
Purchase of other investments - (1.0) (1.0)
Dividend from associate - - 1.3
Net cash used in investing activities (21.0) (27.4) (55.1)
Cash flow before financing activities 0.6 (16.7) 22.2
Cash generated / (used) before adjusting items 3.4 (15.1) 27.6
Cash utilised in respect of adjusting items (2.8) (1.6) (5.4)
(1) Restatement: The interest element of lease payments has been reclassified
in the 26 weeks to 29 September 2024 from financing to operating activities to
reflect the nature of the transactions.
Unaudited Consolidated Statement of Cash Flows (continued)
For the 26 weeks ended 30 September 2025 (26 weeks ended 29 September 2024)
(Audited)
Half year to Restated(1) 52 weeks to
30 September 2025 26 weeks to 31 March 2024
Notes 29 September 2024
$'m $'m $'m
Cash flow before financing activities 0.6 (16.7) 22.2
Cash flow from financing activities
Dividend paid (5.3) (6.3) (9.7)
Net purchase of shares for share schemes (0.3) (4.6) (11.0)
Refinancing costs paid (0.9) (3.1) (3.3)
New bank loan raised 54.4 34.5 82.0
Repayment of borrowings (39.7) (9.6) (63.9)
Capital element of lease payments (18.7) (4.8) (9.1)
Net cash (used in) / generated from financing activities (10.5) 6.1 (15.0)
Net (decrease) / increase in cash and cash equivalents 9 (9.9) (10.6) 7.2
Cash and cash equivalents at beginning of period 9 36.4 28.8 28.8
Effect of foreign exchange rate changes 9 0.6 0.2 0.4
Cash and cash equivalents at end of period 9 27.1 18.4 36.4
(1) Restatement: The interest element of lease payments has been reclassified
in the 26 weeks to 29 September 2024 from financing to operating activities to
reflect the nature of the transactions.
Notes to the Interim Statements
1. Basis of preparation
These interim financial statements have been prepared in accordance with
UK-adopted International Accounting Standard 34, 'Interim Financial
Reporting' and the AIM Rules for Companies. The condensed consolidated
interim financial information should be read in conjunction with the annual
financial statements for the 52 weeks ended 30 March 2025, which were prepared
in accordance with UK-adopted international accounting standards and the
requirements of the Companies Act 2006.
This condensed consolidated interim financial information does not comprise
statutory accounts within the meaning of section 434 of the Companies Act
2006. The financial information presented for the half year to 30 September
2025 ('H1 FY2026') and the 26 weeks ended 29 September 2024 ('H1 FY2025') has
not been reviewed by the auditors. The financial information for the 52 weeks
ended 30 March 2025 ('FY2025') is extracted and abridged from the Group's full
accounts for that year. The statutory accounts for FY2025 have been filed with
the Registrar of Companies for England and Wales and have been reported on by
the Group's auditors. The report of the auditors was not qualified and did not
contain a statement under section 498 of the Companies Act 2006.
From FY2026 onwards, the Group has changed its financial reporting calendar
from a 52-week reporting period, ending on the Sunday after the Friday nearest
to 31 March, to reporting on a calendar-month basis, with financial years
ending on 31 March and half-year periods ending on 30 September. The H1 FY2026
figures presented are for the period 31 March 2025 to 30 September 2025. The
comparative figures presented for H1 FY2025 and FY2025 continue to reflect the
previous 52-week reporting convention.
The Directors confirm that, to the best of their knowledge, the interim
financial statements have been prepared in accordance with UK-adopted
International Accounting Standard 34 'Interim Financial Reporting' and the AIM
Rules for Companies, and that the interim report includes a fair review of the
information required. The interim report was approved by the Board of
Directors on 11 November 2025.
This interim report can be downloaded or viewed via the Group's website at
www.volex.com (http://www.volex.com) . Copies of the Annual Report for the 52
weeks ended 30 March 2025 are available at the Company's registered office at
Unit C1 Antura, Bond Close, Basingstoke, Hampshire, England, RG24 8PZ, and can
also be downloaded or viewed via the Group's website.
These condensed financial statements have also been prepared using accounting
policies consistent with those disclosed in the Annual Report and Accounts for
the year ended 30 March 2025, which were prepared in accordance with
UK-adopted international accounting standards and the requirements of the
Companies Act 2006.
Going Concern
The Group's financial statements have been prepared on the going concern
basis, which contemplates the continuity of normal business activity, with the
realisation of assets and the settlement of liabilities in the ordinary course
of business. When assessing the Group's going concern status, the Directors
have specifically considered whether there are any material uncertainties that
may cast significant doubt on the Group's ability to continue as a going
concern. In making this assessment, the Directors have taken into account the
Group's financial position, including its significant balance of cash and cash
equivalents and access to a committed borrowing facility of $400 million,
which matures in June 2029. The facility also includes an additional $200
million uncommitted accordion. Under the terms of the facility, covenant
leverage must remain below 3.0x and interest cover must be in excess of 3.0x.
The Directors have reviewed the facility's terms, including covenant
requirements and remaining duration, and are satisfied with the Group's
continued compliance and significant headroom.
The Directors have prepared a cash flow forecast for the period to the end of
March 2027, which is based on the latest FY2026 forecast. The Directors have
performed sensitivity analysis on the cash flow forecast using a base case and
severe but plausible downside scenario which take into account the principal
risks and uncertainties set out in the Annual Report, including potential
tariff impact. This downside scenario models a 15% reduction in year-on-year
revenue, equivalent to the worst result in the past 20 years and demonstrates
that the Group would still maintain substantial covenant and liquidity
headroom throughout the going concern assessment period.
The Directors have also specifically considered the potential impact of
climate-related physical and transition risks as part of their assessment and
do not believe these risks will have a material impact within the going
concern period.
1. Basis of preparation (continued)
Going Concern (continued)
The Directors have also conducted a reverse stress test to assess the extent
of deterioration in trading conditions that would be required to breach the
Group's financial covenants or result in insufficient liquidity headroom
within the going concern assessment period. This reverse stress test assumed
the simultaneous occurrence of further material adverse factors, including a
revenue decline materially beyond historical experience. The analysis
indicates that a revenue reduction of 41% below the last-twelve months levels
would be required to trigger interest cover covenant non-compliance.
Significant liquidity and covenant leverage headroom remained even under the
reverse stress test. The Directors consider such a scenario to be severe and
remote, given the Group's historical trading resilience, broad customer base
and the ability to take mitigating actions.
Based on their assessment and the sensitivity analyses, the Directors are
satisfied that there are no material uncertainties that may cast significant
doubt on the Group's ability to continue as a going concern. Therefore, the
Directors have a reasonable expectation that the Group has adequate resources
to continue in operational existence for at least twelve months from the date
of approval of the financial statements (the "foreseeable future").
Accordingly, the Directors consider it appropriate to adopt the going concern
basis of accounting in preparing the financial statements.
Impact of standards issued but not yet applied by the Group
There are no new standards or interpretations issued by the IASB that had a
significant impact on these condensed consolidated interim financial
statements.
2. Segment information
The internal reporting provided to the Executive members of the Group's Board
and the Chief Operating Officer for the purpose of resource allocation and
assessment of Group performance is based upon the regional performance of
where the customer is based. In addition to the operating divisions, a Central
division exists to capture all the corporate costs incurred in supporting the
operations.
Unallocated central costs represent corporate costs that are not directly
attributable to the manufacture and sale of the Group's products, but which
support the Group in its operations. Included within this division are the
costs incurred by the executive management team and the corporate head office.
The following is an analysis of the Group's revenues and results by reportable
segment.
Half year to 30 September 2025 26 weeks to 29 September 2024
North America Unallocated North America Unallocated
Costs
Costs
$'m Europe Asia
Total $'m Europe Asia
Total
$'m
$'m
$'m $'m $'m $'m $'m $'m
Revenue 287.5 218.6 77.8 - 583.9 219.8 201.5 96.9 - 518.2
Underlying operating profit / (loss) 38.4 19.0 7.4 (7.6) 57.2 20.4 22.4 10.6 (5.8) 47.6
Adjusting items (0.8) (7.1) (0.1) - (8.0) (1.8) (6.3) (0.1) (0.2) (8.4)
Share-based payment charge - - - (2.6) (2.6) - - - (2.6) (2.6)
Operating profit 37.6 11.9 7.3 (10.2) 46.6 18.6 16.1 10.5 (8.6) 36.6
Share of net profit from associates 1.7 1.9
Finance income 0.4 0.5
Finance costs (10.8) (12.5)
Profit before tax 37.9 26.5
Tax (8.5) (6.7)
Profit after tax 29.4 19.8
2. Segment information (continued)
52 weeks to 30 March 2025
North America Unallocated
Costs
$'m Europe Asia
Total
$'m
$'m $'m $'m
Revenue 503.5 412.6 170.4 - 1,086.5
Underlying operating profit / (loss) 51.9 45.5 20.9 (12.1) 106.2
Adjusting items (3.5) (10.4) (4.2) (0.2) (18.3)
Share-based payment charge - - - (5.0) (5.0)
Operating profit 48.4 35.1 16.7 (17.3) 82.9
Share of net profit from associates 4.2
Finance income 0.7
Finance costs (23.5)
Profit before tax 64.3
Tax (15.3)
Profit after tax 49.0
The accounting policies of the reportable segments are in accordance with the
Group's accounting policies.
Geographical information
The Group's revenue from external customers and information about its
non-current assets (excluding deferred tax assets) by geographical location
are provided below:
Revenue Non-current assets
Half year to 26 weeks to (Audited) (Audited)
30 September 29 September 2024 30 March 30 September 29 September 2024 30 March
2025 $'m 2025 2025 $'m 2025
$'m $'m $'m $'m
Geographical segments
North America 287.5 219.8 503.5 78.7 74.2 71.3
Asia 77.8 96.9 170.4 80.8 77.2 76.4
Europe 218.6 201.5 412.6 284.7 279.8 272.6
583.9 518.2 1,086.5 444.2 431.2 420.3
Revenue is attributed to countries on the basis of the geographical location
of the customer.
3. Adjusting items and share-based payments
(Audited)
52 weeks to
Half year to 26 weeks to 30 March 2025
30 September 2025 29 September 2024 $'m
$'m $'m
Amortisation of acquired intangibles 4.8 6.7 10.2
Acquisition-related costs 0.6 0.6 0.4
Acquisition-related remuneration 0.6 0.9 1.0
Adjustments to fair value of contingent consideration - - 0.4
Cyber incident costs - 0.2 0.1
Site closure costs 2.0 - 4.0
Measurement loss on assets held for sale - - 2.2
Total adjusting items 8.0 8.4 18.3
Share-based payments charge 2.6 2.6 5.0
Total adjusting items and share-based payments before tax 10.6 11.0 23.3
Adjusting items tax credit (2.5) (2.2) (4.1)
Adjusting items and share-based payments after tax 8.1 8.8 19.2
Adjusting items include costs and income that are one-off in nature and
significant (such as significant restructuring costs, impairment charges or
acquisition-related costs) and the non-cash amortisation of intangible assets
recognised on acquisition.
The adjusting items and share-based payments are included under the statutory
classification appropriate to their nature but are separately disclosed on the
face of the income statement to assist in understanding the underlying
financial performance of the Group.
Associated with the acquisitions, the Group has recognised certain intangible
assets related to customer relationships and order backlogs. During H1 FY2026,
the amortisation charge on these intangible assets totalled $4.8m (H1 FY2025:
$6.7m, FY2025: $10.2m).
Acquisition-related costs of $0.6m (H1 FY2025: $0.6m, FY2025: $0.4m) consist
of legal and professional fees relating to potential and completed
acquisitions.
Acquisition-related remuneration relates to payments due in relation to
post-acquisition performance, with costs of $0.6m in H1 FY2026 (H1 FY2025:
$0.9m, FY2025: $1.0m).
There were no adjustments to the fair value of contingent consideration in H1
FY2026 (H1 FY2025: $nil, FY2025: $0.4m).
Site closure costs relate to severance costs from the strategic decision to
close three smaller sites during the period, two in Türkiye and one in
Mexico.
4. Finance costs
(Audited)
Half year to 26 weeks to 52 weeks to
30 September 2025 29 September 2024 30 March 2025
$'m $'m $'m
Interest on bank overdrafts and loans 7.5 6.6 14.2
Lease interest payable 1.4 2.1 4.0
Net interest expense on defined benefit obligations 0.5 0.6 1.2
Unwinding of deferred consideration 0.8 1.2 2.0
Other finance costs 0.2 0.3 -
Total interest costs 10.4 10.8 21.4
Amortisation of debt issue costs 0.4 1.7 2.1
Total finance costs 10.8 12.5 23.5
The Group's existing debt facility was entered into in June 2024. During H1
FY2026, the Group exercised its option to extend the facility term by 12
months to June 2029.
5. Tax charge
The Group's income tax expense for the period was $8.5m (H1 FY2025: $6.7m),
representing an effective tax rate ('ETR') of 22.4% (H1 FY2025: 25.3%). The
decrease in statutory ETR was caused by a combination of the main factors
affecting underlying ETR described below, and the favourable deferred tax
effects of share-based payments following the increase in share price since
year end.
The underlying tax charge of $11.0m (H1 FY2025: $8.9m) represents an
underlying effective tax rate ('ETR') of 22.7% (H1 FY2025: 23.7%). The main
factors affecting the underlying ETR continue to be currency volatility and
the ability to make inflation adjustments for tax purposes in Türkiye,
developments surrounding the Group's uncertain tax positions, the continuing
availability of certain tax incentives and reduced rate regimes, and the
jurisdictional profit mix. The decrease in underlying ETR during H1 FY2026
includes increased benefits from tax incentives as a result of the growth in
R&D expenditure and production in a key location.
Cash tax paid during the period was $7.1m (H1 FY2025: $8.4m), representing an
underlying cash ETR of 14.6% (H1 FY2025: 22.4%). The decrease is mainly driven
by the jurisdictional mix and timing of tax payments which is expected to
normalise during the second half of the year.
The Group operates in a number of different tax jurisdictions and is subject
to periodic tax audits by local authorities in the normal course of business
on a range of tax matters in relation to corporate tax and transfer pricing.
As at 30 September 2025, the Group has net current tax liabilities of $14.5m
(FY2025: $12.2m) which include $10.9m (FY2025: $10.8m) of provisions for tax
uncertainties. There is a further $1.9m (FY2025: $1.7m) of accrued interest
relating to these amounts recognised in other payables.
On 20 June 2023, Finance (No.2) Act 2023 was substantively enacted in the UK,
implementing the OECD's Pillar Two model rules and introducing a global
minimum effective tax rate of 15% for large groups for financial years
beginning on or after 31 December 2023. The Group is in the scope of this
legislation.
It is expected that at least one territory will not meet any of the Pillar Two
safe harbours for the year ended 31 March 2026 and top-up taxes may apply,
although the amount is not expected to be material. The current tax charge for
the period includes an estimate of $0.2m (H1 FY2025: $nil) in respect of
Pillar Two income taxes. In relation to the prior year, which was the first in
scope of the Pillar Two rules, all territories in which the Group operates are
expected to qualify for one of the safe harbour exemptions such that top-up
taxes should not apply.
6. Earnings per ordinary share
The calculations of the earnings per share are based on the following data:
26 weeks to
29 September 2024
Half year to $'m (Audited)
Earnings 30 September 52 weeks to
2025 30 March 2025
$'m $'m
Earnings attributable to the ordinary equity holders of the company for the 28.5 19.3 47.9
purpose of basic earnings per share
Adjustments for:
Adjusting items 8.0 8.4 18.3
Share-based payments charge 2.6 2.6 5.0
Tax effect of adjusting items and share-based payments (2.5) (2.2) (4.1)
Underlying earnings 36.6 28.1 67.1
Weighted average number of ordinary shares No. shares No. shares No. shares
Weighted average number of ordinary shares for the purpose of basic earnings 186,207,450 184,741,666 185,037,997
per share
Effect of dilutive potential ordinary shares - share options 912,556 1,614,493 2,384,858
Weighted average number of ordinary shares for the purpose of diluted earnings 187,120,006 186,356,159 187,422,855
per share
Basic earnings per share Cents Cents Cents
Basic earnings per share from continuing operations 15.3 10.4 25.9
Adjustments for:
Adjusting items 4.3 4.6 9.9
Share-based payments charge 1.4 1.4 2.7
Tax effect of adjusting items and share-based payments (1.3) (1.2) (2.2)
Underlying basic earnings per share 19.7 15.2 36.3
Diluted earnings per share Cents Cents Cents
Diluted earnings per share 15.2 10.4 25.6
Adjustments for:
Adjusting items 4.3 4.5 9.7
Share-based payments charge 1.4 1.4 2.7
Tax effect of adjusting items and share-based payments (1.3) (1.2) (2.2)
Underlying diluted earnings per share 19.6 15.1 35.8
The underlying earnings per share has been calculated on the basis of
continuing activities before adjusting items and the share-based payments
charge, net of tax. The Directors consider that this earnings per share
calculation gives a better understanding of the Group's earnings per share in
the current and prior period.
7. Share capital
Half year to 26 weeks to (Audited)
30 September 2025 29 September 2024 52 weeks to
$'m $'m 31 March 2024
$'m
Issued and fully paid:
184,952,950 (FY2025: 184,529,938) 70.7 69.6 70.5
Ordinary shares of 25p each
Shareholders were able to elect to receive ordinary shares in place of the
final dividend for the 52 weeks to 30 March 2025. This resulted in the issue
of 432,012 (H1 FY2025: 33,575, FY2025: 33,575) new fully paid ordinary shares
on the 5 September 2025.
On 8 January 2025, 2,878,830 shares were issued to the former owners of Murat
Ticaret as part of the first year earn-out payment.
8. Own shares
Half year to 26 weeks to (Audited)
30 September 2025 29 September 2024 52 weeks to
$'m $'m 30 March 2025
$'m
At the beginning of the period 6.0 4.3 4.3
Purchase of shares - 4.5 10.1
Sale of shares (0.5) (5.6) (8.4)
At end of the period 5.5 3.2 6.0
The own shares reserve represents the cost of shares in the Company held by
the Volex Employee Benefit Trust ('EBT') to satisfy future share option
exercises under the Group's share option schemes.
During H1 FY2026, the EBT did not purchase any shares. During the period,
114,393 shares were utilised on the exercise of share awards. The number of
ordinary shares held by the EBT at 30 September 2025 was 1,440,764 (H1 FY2025:
712,982, FY2025: 1,555,157).
9. Analysis of net debt
Cash & cash equivalents Bank Lease Debt issue
$'m loans liability costs Total
$'m $'m $'m $'m
At 30 March 2025 36.4 (164.9) (49.0) 2.7 (174.8)
Cash flow (9.9) (14.7) 20.1 0.9 (3.6)
New leases and remeasurement - - (1.2) - (1.2)
Interest - - (1.4) - (1.4)
Exchange differences 0.6 (1.7) (1.6) - (2.7)
Amortisation of debt issue costs - - - (0.4) (0.4)
At 30 September 2025 27.1 (181.3) (33.1) 3.2 (184.1)
30 September 2025 29 September 2024 30 March
$'m $'m 2025
$'m
Cash and bank balances 27.7 18.4 37.7
Overdrafts (0.6) - (1.3)
Cash and cash equivalents 27.1 18.4 36.4
The carrying amount of the Group's financial assets and liabilities is
considered to be equivalent to their fair value.
9. Analysis of net debt (continued)
Cash & cash equivalents Bank Lease Debt issue
$'m loans liability costs Total
$'m $'m $'m $'m
At 31 March 2024 28.8 (146.9) (37.4) 1.5 (154.0)
Cash flow (10.6) (24.9) 6.9 3.1 (25.5)
New leases and remeasurement - - (19.3) - (19.3)
Interest - (0.3) (2.1) - (2.4)
Exchange differences 0.2 (0.6) (1.4) 0.2 (1.6)
Amortisation of debt issue costs - - - (1.7) (1.7)
At 29 September 2024 18.4 (172.7) (53.3) 3.1 (204.5)
10. Interests in associates
On the 2 April 2025, the Group contributed certain trade and assets of
Terminal & Cable ('TC'), its Canadian wire harness manufacturer focusing
on the Off-Highway end-market, into a newly incorporated partnership. The
partnership is 51% controlled by a local partner who is contributing cash into
the entity. The Group retains a 49% interest in the new venture. Following the
transaction, the entity has been accounted for as an investment in associate
with the fair value of Volex's share at the transaction date being $1.3m.
11. Related parties
Transactions between the Company and its subsidiaries, which are related
parties, have been eliminated on consolidation and are not disclosed in this
note.
The Group has a 35.7% interest in Kepler SignalTek Limited, which is accounted
for as an associate. The balance due from the associate as at the period end
date was $0.3m (H1 FY2025: $0.3m, FY2025: $0.3m).
The Group also has a 43% interest in Volex-Jem Co. Ltd. During the current and
prior period, no transactions have occurred between the Group and Volex-Jem
Co. Ltd. The entity is in the process of being liquidated. The balance due to
the associates as at the period end was $0.1m (H1 FY2025: $0.1m, FY2025:
$0.1m).
A number of share transactions with Directors have occurred during the period
in line with share awards outstanding at the prior year end and as disclosed
in the annual accounts for FY2025 and in line with the Director shareholding
notices disclosed on the Volex website (www.volex.com (http://www.volex.com)
).
12. Contingent liabilities
As a global Group, subsidiary companies, in the normal course of business,
engage in significant levels of cross-border trading. The customs, duties and
sales tax regulations associated with these transactions are complex and often
subject to interpretation. While the Group places considerable emphasis on
compliance with such regulations, including appropriate use of external legal
advisers, full compliance with all customs, duty and sales tax regulations
cannot be guaranteed.
Through the normal course of business, the Group provides manufacturing
warranties to its customers and assurances that its products meet the required
safety and testing standards. When the Group is notified that there is a fault
with one of its products, the Group will provide a rigorous review of the
defective product and its associated manufacturing process and, if found at
fault and contractually liable, will provide for costs associated with recall
and repair as well as rectify the manufacturing process or seek recompense
from its supplier. The Group holds a provision to cover potential costs of
recall or warranty claims for products which are in the field but where a
specific issue has not been reported.
13. Events after the balance sheet date
There are no disclosable events after the balance sheet date.
14. Alternative performance measures
The Group makes use of underlying and other alternative performance measures
in addition to the measures set out in International Financial Reporting
Standards.
Underlying operating profit and underlying EBITDA
Underlying operating profit is defined as operating profit excluding adjusting
items and share-based payments. Underlying EBITDA is defined as underlying
operating profit adjusted for depreciation and amortisation. The Group uses
underlying operating profit and underlying EBITDA to present meaningful
year-on-year comparisons. The reconciliation between operating profit and
underlying operating profit and underlying EBITDA is presented below.
30 September 29 September 30 March
2025 2024 2025
$'m $'m $'m
Operating profit 46.6 36.6 82.9
Add back:
Adjusting operating items 8.0 8.4 18.3
Share-based payments charge 2.6 2.6 5.0
Underlying operating profit 57.2 47.6 106.2
Depreciation of property, plant and equipment 9.9 7.3 15.6
Depreciation of right-of-use assets 5.0 4.8 9.7
Amortisation of intangible assets not acquired in business combination 1.5 1.6 3.2
Underlying EBITDA 73.6 61.3 134.7
Underlying basic earnings per share and underlying diluted earnings per share
Underlying basic earnings per share is defined by the profit attributable to
the owners of the parent company, excluding adjusting items and share-based
payments, net of tax, divided by the weighted average number of shares in
issue during the year. Underlying diluted earnings per share adjusts the basic
earnings per share by the effect of dilutive potential share options as at the
period end date. Both metrics are reconciled to statutory measures in note 6.
Organic growth
The Group has been acquisitive in recent years, having acquired 12 businesses
and generates revenue in a number of currencies. Therefore, management use
organic revenue growth so that meaningful year-on-year comparisons can be
made.
Organic revenue growth is calculated using constant exchange rates by taking
the total reported revenue (excluding the impact of acquisitions and
disposals) divided by the preceding financial year's revenue at the current
year's exchange rates.
Electric Vehicles Consumer Electricals Medical Complex Industrial Technology Off-Highway Total
$'m $'m $'m $'m $'m $'m
Revenue
26 weeks to 29 September 2024 79.5 131.7 82.3 104.7 120.0 518.2
FX impact - 2.3 2.2 0.3 (3.8) 1.0
79.5 134.0 84.5 105.0 116.2 519.2
Organic growth 10.4 (8.4) (8.4) 50.6 23.4 67.6
Organic growth % 13.1% (6.3%) (9.9%) 48.2% 20.1% 13.0%
Disposals - - - (0.1) (2.8) (2.9)
Half year to 30 September 2025 89.9 125.6 76.1 155.5 136.8 583.9
14. Alternative performance measures (continued)
Leverage covenant
The Group has a $400 million committed facility together with an additional
$200 million uncommitted accordion.
The terms of the RCF require the Group to perform quarterly financial covenant
calculations with respect to leverage (net debt (before operating lease
liabilities) to covenant EBITDA) and interest cover (covenant EBITDA to
covenant interest). Breach of these covenants could result in cancellation of
the facility. Net debt (before operating leases) in the financial statements
is defined as net debt excluding lease liabilities but including pre-IFRS 16
finance leases. Covenant EBITDA is defined as underlying EBITDA adjusted for
depreciation of right-of-use assets and the last twelve months prorated EBITDA
from acquisitions / disposals. Covenant interest is the interest on bank
overdrafts and loans, plus interest from pre-IFRS 16 finance leases.
Note 30 September 2025 29 September 2024 30 March
$'m $'m 2025
$'m
Net debt 9 (184.1) (204.5) (174.8)
Lease liabilities 9 33.1 53.3 49.0
Finance leases (0.2) (3.1) (1.6)
Net debt (before operating lease liabilities) (151.2) (154.3) (127.4)
12 months to 12 months to 12 months to 30 March
30 September 2025 29 September 2024 2025
$'m $'m $'m
Underlying EBITDA 147.0 126.0 134.7
Depreciation of right-of-use assets (9.9) (8.8) (9.7)
Prorated disposed EBITDA 1.1 - -
Covenant EBITDA 138.2 117.2 125.0
Interest on bank overdrafts and loans 15.1 13.9 14.2
Interest on finance leases 0.2 0.4 0.3
Covenant interest 15.3 14.3 14.5
Covenant leverage 1.1x 1.3x 1.0x
Covenant interest cover 9.0 8.2 8.6
Free cash flow and underlying free cash flow
Free cash flow and underlying free cash flow are used where they allow for
year-on-year comparisons to be made by excluding cost of acquisitions and
adjusting items which vary year-to-year.
Free cash flow is defined as the net cash flow before financing activities
excluding the net outflow from the acquisition of subsidiaries and associates
and the interest element of lease payments.
Underlying free cash flow is the net cash before financing activities and
excluding costs of acquisitions, the interest element of lease payments,
adjusting items and share-based payments.
14. Alternative performance measures (continued)
Note 30 September 2025
$'m 29 September 2024 30 March
$'m 2025
$'m
Cash flow before financing activities 0.6 (16.7) 22.2
Less: Interest element of lease payments 4 1.4 2.1 4.0
Less: Acquisition of businesses, net of cash acquired - - -
Less: Contingent consideration for businesses acquired - 0.5 10.9
Less: Purchase of other investment - 1.0 1.0
Less: Purchase of shares in associate - - -
Less: Dividend from associate - - (1.3)
Free cash flow 2.0 (13.1) 36.8
Less: Cash utilised in respect of adjusting items 2.8 1.6 5.4
Underlying free cash flow 4.8 (11.5) 42.2
Cash conversion
Cash conversion is defined as cash generated from operations before adjusting
operating items, less net capital expenditure, as a percentage of underlying
operating profit.
30 September 2025
$'m 29 September 2024 30 March
$'m 2025
$'m
Cash generated from operations before adjusting items 40.4 29.1 116.7
Proceeds on disposal of property, plant and equipment - 0.1 0.8
Purchase of property, plant and equipment (17.6) (24.3) (42.9)
Purchase of intangible assets (3.7) (2.2) (3.2)
19.1 2.7 71.4
Underlying operating profit 57.2 47.6 106.2
Cash conversion 33.4% 5.7% 67.2%
Return on Capital Employed ('ROCE')
The Return on Capital Employed is used as a measure of return on the equity
asset base as the Group continues to grow.
The ROCE is calculated as the underlying operating profit as a percentage of
the average net assets excluding net cash / debt over the period.
12 months to 12 months to 12 months to 30 March
30 September 2025 29 September 2024 2025
$'m $'m $'m
Average net assets 381.0 337.2 349.4
Less: Average net debt 193.6 173.4 189.9
Capital employed 574.6 510.6 539.3
Underlying operating profit 115.8 100.2 106.2
Return on capital employed 20.2% 19.6% 19.7%
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