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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Volex Plc | AQSE:VLX.GB | Aquis Stock Exchange | Ordinary Share | GB0009390070 | Ordinary Shares 25p |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 325.00 | 310.00 | 340.00 | 325.00 | 318.40 | 325.00 | 6,064 | 10:13:37 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMVLX
RNS Number : 5674C
Volex PLC
29 June 2016
29 June 2016
Volex plc
Publication and posting of Annual Report and Accounts 2016
& Notification of Annual General Meeting
Volex plc (the "Company"), the global provider of power and data cabling solutions, announces that it has posted to shareholders its Annual Report and Accounts 2016 (the "Annual Report") and the Notice of Annual General Meeting, which is to be held at Penthouse Suite, Radisson Blu Edwardian Hampshire, 31-36 Leicester Square, London, WC2H 7LH on 26 July 2016 at 10.00 a.m. (the "AGM"), together with a Form of Proxy for use in connection with the AGM.
A copy of the Annual Report and Form of Proxy is available on the Company's website, www.volex.com and will shortly be submitted to the UK Listing Authority's National Storage Mechanism and will then be available at www.hemscott.com/nsm.do.
In compliance with the Disclosure and Transparency Rules (DTR) 6.3.5, the following information is extracted from the Annual Report and should be read in conjunction with the Company's Preliminary Announcement issued on 9 June 2016, both of which can be viewed at www.volex.com. Together these constitute the material required by DTR 6.3.5 to be communicated to the media in unedited full text through a Regulatory Information Service.
This material is not a substitute for reading the Annual Report in full and page numbers and cross-references in the extracted information below refer to page numbers and cross-references in the Annual Report.
Statement of the Directors' responsibilities
The following statement is repeated here solely for the purpose of complying with DTR 6.3.5. This statement relates to, and is extracted from, page 47 of the Annual Report. Responsibility is for the full Annual Report not the extracted information presented in this announcement or the Preliminary Results Announcement.
The Directors of the Company are responsible for preparing the Annual Report, the Directors' Remuneration Report and the financial statements in accordance with applicable law and regulations.
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have prepared the Group and parent Company financial statements in accordance with International Financial Reporting Standards ('IFRSs') as adopted by the European Union. In preparing these financial statements, the Directors have also elected to comply with IFRSs, issued by the International Accounting Standards Board ('IASB'). Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Company and of the profit or loss of the Company and Group for that period. In preparing these financial statements, the Directors are required to:
-- Select suitable accounting policies and then apply them consistently; -- Make judgements and accounting estimates that are reasonable and prudent;
-- State whether applicable IFRSs as adopted by the European Union and IFRSs issued by IASB have been followed, subject to any material departures disclosed and explained in the financial statements; and
-- Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and enable them to ensure that the financial statements and the Directors' Remuneration Report comply with the Companies Act 2006 and, as regards the Group financial statements, Article 4 of the IAS Regulation. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Directors are responsible for the maintenance and integrity of the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
The Directors consider that the Annual Report and Accounts, taken as a whole, is fair, balanced and understandable and provides the information necessary for shareholders to assess the Company's performance, business model and strategy.
Each of the Directors, whose names and functions are listed on page 20 confirm that, to the best of their knowledge:
-- The Group and Company financial statements, which have been prepared in accordance with IFRSs as adopted by the EU, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group;
-- The Strategic Report on pages 3 to 19 includes a fair review of the development and performance of the business and the position of the Group, together with a description of the principal risks and uncertainties that it faces; and
-- The Annual Report and financial statements, taken as a whole, are fair, balanced and understandable and provide the information necessary for shareholders to assess the Group's performance, business model and strategy.
Principal Risks
A description of the principal risks that the Company faces is extracted from pages 17 to 18 of the Annual Report.
The table below summarises the Group's principal risks and how they are managed centrally. The Board considers these the most significant risks that could materially affect the Group's financial condition, performance, strategies and prospects. The risks listed do not comprise all risks faced by the Group and are not set out in any order of priority. Additional risks not presently known to management, or currently deemed to be less material, may also have an adverse effect on the business.
Hot Features
Premium
Risk Possible impact Mitigation activities
--------------- ------------------------------ ----------------------------------
Strategic
-----------------------------------------------------------------------------------
Competitor With the presence The Group seeks to remain
Risk of competitors that competitive by focusing
are vertically integrated, on being responsive
financially stronger to our customers and
and with ability improving the quality,
to invest in newer delivery
technology and capabilities, and reliability of
the Group is highly our products. Additionally,
susceptible to increased the Group monitors competitor
competition and price activities and trends
pressures. in the markets on an
The Group's business ongoing basis.
and future results During the year, a pilot
may be adversely project on production
impacted if it is optimisation and process
unable to compete improvement was initiated
adequately and secure with the aim of driving
new business in the cost reduction and cash
markets in which generation. The review
it operates. has proven itself with
a renewed focus on quality
and inventory control
as well as a better
understanding of our
customers and redefining
our supply chain. Along
with other streamlining
initiatives, the Group
is set to be leaner
and more efficient.
--------------- ------------------------------ ----------------------------------
Sales Channel The Group relies The Group recognises
Effectiveness on its direct sales that successful sales
Risk force to drive revenue. channels are critical
Indirect sales channels to drive business growth
such as distributors and boost revenue.
accounted for 1% Whilst the Group continues
of total revenue, to focus on key account
mainly in the North management, strengthening
America region. strategic partnerships
The potential of with key customers,
effective sales channels it looks to introduce
may not be fully indirect sales channels
realised and optimised in the Asia and Greater
as the cost of our China regions.
direct sales force This will allow our
may be prohibitive direct sales force to
for smaller customers, refocus and reprioritise
in comparison to their time and efforts
the cost of a distributor. on key accounts and
understanding our customers
as the smaller customers
are being funnelled
through the indirect
channels. A new Sales
Incentive Plan has been
developed to reinvigorate
our sales force and
support the new sales
strategy.
--------------- ------------------------------ ----------------------------------
Customer With the Group's In reality, the Group's
Concentration top ten customers key customers operate
Risk accounting for 68% in different sectors
(no change from and regions or countries
previous year) of where the risk is diversified
total revenue, the across geographical
Group is exposed regions mitigating the
to customer concentration concentration exposure.
risk where its performance, The risk of fluctuations
financial condition in revenues from these
and future prospects customers is further
may be significantly mitigated by strategic
impacted if there relationships through
is a shift in allocation dedicated global key
on a key customer account engagement.
account. Initiatives are in place
The Group's largest to align our capabilities
customer accounted and resources with customers'
for 26% of total needs and to improve
revenue, representing quality systems.
a 1% decrease from
the previous year.
--------------- ------------------------------ ----------------------------------
Operational
-----------------------------------------------------------------------------------
Supplier The Group's delivery Single-source supplier
Dependency of the strategy is risks are identified
Risk dependent on the during the year and
availability and where operationally
timely receipt of feasible, dual sources
raw materials. As and local multi-sourcing
it continues to be for key materials and
heavily reliant on critical components
single-source suppliers are being developed.
for key materials Strategic relationships
or critical components, with key suppliers are
any disruptions may established to enable
impact production flexible sourcing arrangements
and the Group's ability that are balanced with
to meet customer appropriate levels of
commitments, win inventory.
future business or The Group continues
achieve operational to monitor financial
results. and operational viability
Disruption to key of key suppliers periodically.
supplies may be a
result of insolvency
of the supplier,
scarcity of materials
or the suppliers'
inability to meet
our standards such
as quality, reliability
and cost reductions.
In turn, the Group's
inability to drive
cost reductions may
also result in a
lack of competitiveness.
--------------- ------------------------------ ----------------------------------
Quality Risk Our customers specify The Group recognises
quality, performance that the quality of
and reliability standards. our products is critical.
If failure by design Quality assurance processes
or manufacture of are embedded in the
our products were entire supply chain
to occur, the risk and every stage of the
of customers receiving manufacturing process
unsafe, faulty or across all sites, supporting
non-performing products compliance with safety
is increased. Consequently, and customer quality
the Group may experience standards.
delays in shipment New moulds, tooling
and product rework and technology are acquired
or replacement costs. as part of our quality
Subsequent customer continuous improvement
complaints, warranty programme to sustain
claims and product high quality output.
recall or replacement
may result in reputational
damage and reduced
allocation.
--------------- ------------------------------ ----------------------------------
Key People Our customers specify The Group recognises
quality, performance that the quality of
and reliability standards. our products is critical.
If failure by design Quality assurance processes
or manufacture of are embedded in the
our products were entire supply chain
to occur, the risk and every stage of the
of customers receiving manufacturing process
unsafe, faulty or across all sites, supporting
non-performing products compliance with safety
is increased. Consequently, and customer quality
the Group may experience standards.
delays in shipment New moulds, tooling
and product rework and technology are acquired
or replacement costs. as part of our quality
Subsequent customer continuous improvement
complaints, warranty programme to sustain
claims and product high quality output.
recall or replacement
may result in reputational
damage and reduced
allocation.
--------------- ------------------------------ ----------------------------------
Compliance
-----------------------------------------------------------------------------------
Legal and The Group is subject The Group takes an uncompromising
Regulatory to diverse laws and approach towards non-
Compliance regulations in the compliance. The Group's
Risk global markets in Code of Conduct provides
which it operates, a framework to general
particularly in certain compliance and governance
territories where policies that have been
the risk is elevated established to ensure
due to jurisdictions compliance with laws,
with immature business regulations and standards.
practices and/or The Group continually
systems. monitors developments
The areas include in applicable laws and
but are not limited regulations in the jurisdictions
to those related in which it operates
to product safety, and external advice
environmental, health is sought where necessary.
and safety, export Regular monitoring programmes
controls or customs, are in place at all
tax laws and anti-bribery sites to enable continuous
and corruption. improvement.
Non-compliance with
legislation or other
regulatory requirements
may compromise the
Group's ability to
conduct business
in certain jurisdictions.
They may expose the
Group to potential
reputational damage,
financial penalties
and/or suspension
of business activities,
any of which could
have a material adverse
effect.
--------------- ------------------------------ ----------------------------------
Financial
-----------------------------------------------------------------------------------
Going Concern The Group has a $45 The Group reviews its
million multi-currency performance against
revolving credit budget to ensure that
facility extended funding is balanced
to June 2018. The against economic results.
facility is subject The Group continues
to a quarterly assessment to maintain an open
of two financial and transparent dialogue
covenants, namely with the facility providers
the leverage covenant to ensure that they
and interest covenant. are well aware of the
Whilst the Group's developments in the
forecasts have indicated business.
that both covenants The Group's forecasts
will be met, any indicate that it will
unforeseen downturn meet the covenant tests
may result in failure under the facility.
to meet the covenant If performance is not
test. Consequently, in line with the forecast,
this may result in the Group has a number
an 'event of default' of mitigating actions
where immediate repayment that can be implemented.
is requested.
--------------- ------------------------------ ----------------------------------
Copper Price Many of the Group's Copper price movements
Volatility products, in particular are continuously monitored
Risk power cords, are and where appropriate,
manufactured from are reflected in the
wire components that pricing of our products.
contain significant Whilst copper prices
amounts of copper. are fixed quarterly
Wire components accounted with major suppliers
for 46% of the Group's based on average LME
purchases for the rate over the prior
year. As copper price quarter, 40% of our
volatility is the revenues are covered
single largest commodity by copper clauses which
price exposure facing provide for quarterly
the Group and driven adjustments to our selling
by market volatility, prices based on our
failure to manage material costs.
copper prices may The Group maintains
result in erosion forward copper purchase
of profit margins contracts extending
and loss of competitive out twelve months and
advantage. are refreshed on a rolling
Whilst copper price monthly basis.
movements are passed
on to customers,
delays in passing
through the costs
may create short
term volatility in
the Group's gross
margins.
--------------- ------------------------------ ----------------------------------
For further information please contact:
Volex plc
Daren Morris, Chief Financial Officer and Company Secretary +44 (0)20 3370 8830
This information is provided by RNS
The company news service from the London Stock Exchange
END
ACSAKFDKDBKBQAB
(END) Dow Jones Newswires
June 29, 2016 02:00 ET (06:00 GMT)
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