Source - SMW
Volex has posted a statutory FY pretax loss of $8.5m, down from the profit of $1.5m achieved a year previous, after a challenging year.

This was on revenue for the 12-month period of $319.6m, from $367.5m.

Executive chairman Nat Rothschild said the past 12 months were challenging as Volex continued to reduce its reliance upon its largest power customer. 

"With an encouraging set of projects in the sales pipeline, which we believe will offset any further reductions seen in the existing customer revenue base, we anticipate that our revenues have stabilised at the current level and expect to deliver modest growth in the coming year," he said.  

"Similarly we expect the full year impact of our cost reduction measures and operational improvements to off-set any commodity price rises and therefore believe margins will be maintained at a similar level in the year ahead.  

"As a result, I am confident in Volex's ability to continue to make progress and deliver further value to our shareholders."

At 8:48am: (LON:VLX) Volex Group PLC share price was +3.75p at 45.25p