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Share Name Share Symbol Market Type Share ISIN Share Description
Volex Plc LSE:VLX London Ordinary Share GB0009390070 ORD 25P
  Price Change % Change Share Price Shares Traded Last Trade
  -8.50 -1.83% 456.00 349,441 16:35:28
Bid Price Offer Price High Price Low Price Open Price
455.50 459.50 464.50 445.50 464.50
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Electronic & Electrical Equipment 320.58 21.24 18.44 24.5 694
Last Trade Time Trade Type Trade Size Trade Price Currency
18:45:01 O 523 455.892 GBX

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22/9/202110:56Volex 2013 : Plug in for recovery ?4,382
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DateSubject
24/9/2021
09:20
Volex Daily Update: Volex Plc is listed in the Electronic & Electrical Equipment sector of the London Stock Exchange with ticker VLX. The last closing price for Volex was 464.50p.
Volex Plc has a 4 week average price of 387p and a 12 week average price of 324p.
The 1 year high share price is 494.50p while the 1 year low share price is currently 171.50p.
There are currently 152,250,802 shares in issue and the average daily traded volume is 536,885 shares. The market capitalisation of Volex Plc is £694,263,657.12.
21/9/2021
16:55
sweetunicorn: I built more positions in VLX yesterday ~433p At MC $940m, #VLX is trading at ~30x FCF FY21 and ~22x fwd FCF FY22. However, a lot of positive things have happened with #VLX since April, the end of FY21. Management says #VLX has started the current FY22 strongly and #VLX acquired Irvine Electronics in August of the current FY22. Irvine is currently delivering annual adjusted EBITDA of $3 million to $4 million. Management also states that organic growth is expected to increase in the current FY22 due to investments in Batam. Production capacity at Batam has been doubled due to strong OEM demand. VLX also announced that the acquisition of DE-KA has been completed. VLX said the DE-KA business is doing well, with production running at full capacity. VLX are investing in two additional automated production lines, which will be H2 to be commissioned and the acquisition has given VLX a significant new customer that will provide additional revenue. The integration programme is underway and progressing well and the management team is an excellent fit with the Volex culture. In FY2021, DE-KA contributed $9.2m to VLX's revenue. The unaudited DE-KA pro forma financial results for the full year to 4 April 2021 is $60.7m Revenue and $13.0m EBITDA. Now that the completion of the DE-KA acquisition has been reported, instead of the $9.2m in FY21, DE-KA will have a full ~$61m impact on the current FY22 revenue and FCF increase. In the current FY22, the tailwinds from the strong trend towards electrification, digitisation and mechanisation continue. In FY21, FCF was negatively impacted by one-off items in working capital movements due to outflows to expense for increases in inventories due to delay in supply chains (ASIA). Due to normalisation in freight rates and freight prices and increasing normalisation in material prices (falling copper prices), I think in the current FY22 working CApital movements will recover to the regular normal level for VLX of outflows of ~$3m (FY21 $12.2m). Together with the acquisition of Irvine in 8/2021 which could deliver a positive impact of ~$2.5m FCF in FY22 and organic growth resulting from the strong investments in Batam, I arrive at a fwd FCF factor in FY22 of ~$42.5m for the current FY. A further moderate increase in operating margin should also have a positive impact on cash conversion. I have not included further acquisitions in FY22 in my fwd FCF calculation, although I personally expect another acquisition in FY22 as VLX has plenty of firepower for M&A with an expected FCF of ~$42.5m and Debt facilities of $70m with $30m accordion feature and VLX management emphasises a good M&A pipeline. At a fwd FCF valuation of ~22x, VLX trades at a steep discount to peers. Growth factors (earnings, revenue, FCF), operating margin and profitability (ROCE/ROIC) are in expansion. From a long-term FCF growth factor of ~20% together with the strong potential of further multiple expansion, I see a strong long-term investment case, which is why I used the pull back yesterday to add more positions. Summary: -Strong start to the current FY22 with continued positive operational developments. -organic growth - Batam capacity +50%. -Full impact DE-KA in FY22 -Irvine ~$2.5m FCF impact FY22 -Normalisation of working capital -> positive impact on FCF FY22 - Strong balance sheet+strong FCF+strong M&A pipeline = 1-2 M&A RNS FY22 expected. To me, the strong emotionally driven sell-off in VLX yesterday reminds me very much of the sell-off in SDI Group PLC 2 weeks ago when shaky hands with emotionally driven selling without limit drove the price down and strong hands used the prices to buy. Annual Results Presentation Volex : hTTps://www.volex.com/wp-content/uploads/2021/06/Volex-Plc-FY21-full-year-results-presentation-Final.pdf No investment recommendation. Check the data and information yourself for accuracy.
08/9/2021
08:36
zingerburger: o/t but about dc from ic Building services contractor TClarke (CTO:133p) is primed to not only deliver a bumper second-half trading performance, but the group is converting its pipeline at such a rate that the earnings risk looks heavily skewed to the upside for next year, and beyond. Buoyed by a record order book of £503m, of which £200m is for delivery in the second half with a further £250m slated for 2022, and a bid pipeline exceeding £1bn, chief executive Mark Lawrence sees potential for TClarke to exit this year at a revenue run-rate of £450m. Moreover, he also revealed during our results call that one of the group’s three large data centre projects (aggregate value of £110m) could bring in an extra £30-40m of revenue by the time it completes in the first half of next year. Finance director Trevor Mitchell adds that TClarke’s “long pipeline of data centre projects is worth billions and the company is actively bidding for £300m of contracts for delivery in 2022/23.” TClarke’s environmental credentials are serving it well as property developers look to install smart technology into their buildings that can connect a building’s control systems via a ‘single pane’ to reduce energy consumption, cut operational costs, lower carbon footprint, and improve return on investment. The group has 18 such projects in its burgeoning order book. The uptick in demand for its specialist services is also being seen country wide. Lawrence highlights infrastructure (schools and hospitals), engineering services, offices and hotels as the sectors driving demand. Factoring in a second half weighting, analysts at house broker Cenkos Securities expect full-year pre-tax profit to rise from £5.1m to £8m on 46 per cent higher revenue of £340m, and are pencilling in a step change in profits to £11m on revenue of £380m in 2022, a forecast that is increasingly looking conservative. On this basis, expect earnings per share (EPS) to rise by 50 per cent to 15.5p this year, and increase by almost 40 per cent to 21.2p in 2022. Shareholders can also bank on pay-outs of 4.4p and 4.7p, respectively, implying the shares are priced on a forward price/earnings (PE) ratio of 6.3 for 2022 and offer a prospective dividend yield of 3.5 per cent. That’s an attractive rating for a well-funded business that is riding a UK investment boom and one that has substance. To put the undervaluation into perspective, the average PE ratio for peers is 9.7 based on 2022 forecasts. TClarke’s shares have produced a 61 per cent total return since I first suggested buying (Alpha Research: ‘Profit from a buoyant earnings cycle’, 7 December 2018), and the share price subsequently rallied 38 per cent to a 11-year high of 159p after I covered the 2020 annual results (‘Built for the 21st century’, 16 April 2021). The profit taking since then is a strong repeat buying opportunity in my view and one that offers decent upside to my new target price of 170p. Strong buy.
07/9/2021
11:13
rainmaker: I think Volex's most telling and poignant financial ratio is the price/sales ratio and as I commented some posts ago, IMHO there is a huge discrepancy in that rating which even after large rises in the share price recently is only 2.21 times yet the sector is on something like a 6.41 average rating which equates to some a £13.50 Volex share price IF you believe it deserves an average multiple of sales??!!. As I said, something has to give with the p/s ratio and I believed then as I believe now that it will resolved by a sharply higher share price. Overwhelmingly you only get out of something what you put in so IMHO its incredibly important to research prospective purchases, their markets, their products, their competitors thoroughly before you start keep pressing that confirm button.As Warren Buffett says"If you bring nothing to the Party, how can you expect to take anything home?" I want to tag a couple more Companies as opportunities- Cenkos Securities(CNKS),currently 78p bid, 81p offered, market cap £45.1mln, net cash of £32.7mln(up from £18.3mln in previous year) 3.5p/4.4% Historic Dividend yield. P/E 21.5 times One of the leading AIM stockbrokers. IMHO considerable uncertainty created by shock EU referendum leave result in June 2016 and Covid-19 pandemic have conspired to create a terrific buying opportunity. Company made first ever loss circa £200k since its inception in 2004 but under normal trading conditions the Company is a very profitable business, making £30mln and £23mln annual pre tax profits in 2015 and 2016 before Brexit induced paralysis set in and floatations, its main profits driver, reduced to a trickle. However trade deal with EU struck at the end of last year and IPOs for the first quarter this year were back with a bang and the best since 2007. Current trading believed to be ahead of last year. IMHO you have to put your faith and trust in this Company’s excellent long term track as they have raised some £21bln for Clients and returned 178p+ to shareholders over the years. Looking for its share price to move to 250p/300p in the next year to 18 months as its trading returns to more typical levels.Strip out the Company's net cash and you're paying just £12mln for a company capable of making £30mln, that's some deal! Orchard Funding(ORCH), currently 57p bid 61p offered. Will update later when I have time. AIMHO, DYOR as I have done mine regards
07/9/2021
11:00
rainmaker: Thanks OnJohn-I'm greatly humbled and sincere thanks also Simmsc-you're decently diversified which is always good to see-imho that's far and away the number 1 mistake Private Investors make-diversification has to be the first rule of stockmarket investment, period. I think Volex's most telling , poignant financial ratio is the price/sales ratio and as I commented some posts ago, IMHO there is a huge discrepancy in that rating which even after large rises in the share price recently is only 2.21 times yet the sector is on something like a 6.41 average rating which equates to some a £13.50 Volex share price IF you believe it deserves an average multiple of sales??!!. As I said, something has to give with the p/s ratio and I believed then as I believe now that it will resolved by a sharply higher share price. Overwhelmingly you only get out of something what you put in so IMHO its incredibly important to research prospective purchases, their markets, their products, their competitors thoroughly before you start keep pressing that confirm button.As Warren Buffett says"If you bring nothing to the Party, how can you expect to take anything home?" I want to tag a couple more Companies as opportunities- Cenkos Securities(CNKS),currently 78p bid, 81p offered, market cap £45.1mln, net cash of £32.7mln(up from £18.3mln in previous year) 3.5p/4.4% Historic Dividend yield. P/E 21.5 times One of the leading AIM stockbrokers. IMHO considerable uncertainty created by shock EU referendum leave result in June 2016 and Covid-19 pandemic have conspired to create a terrific buying opportunity. Company made first ever loss circa £200k since its inception in 2004 but under normal trading conditions the Company is a very profitable business, making £30mln and £23mln annual pre tax profits in 2015 and 2016 before Brexit induced paralysis set in and floatations, its main profits driver, reduced to a trickle. However trade deal with EU struck at the end of last year and IPOs for the first quarter this year were back with a bang and the best since 2007. Current trading believed to be ahead of last year. IMHO you have to put your faith and trust in this Company’s excellent long term track as they have raised some £21bln for Clients and returned 178p+ to shareholders over the years. Looking for its share price to move to 250p/300p in the next year to 18 months as its trading returns to more typical levels.Strip out the Company's net cash and you're paying just £12mln for a company capable of making £30mln, that's some deal! Orchard Funding(ORCH), currently 52p bid 60p offered. Updated at 01:19 on 15/9/2021 Orchard Funding (ORCH) raise money to lend to Customers with large "one off " payment commitment say Car insurance through their Bexhill subsidiary or professional fee funding and a large lump sum due in one payment is spread over as much as 10 months in far more affordable instalments. Although they were the unwitting victims of a fraud a while back, they have never had a Customer default on a payment. They are currently a Ben Graham bargain with liquid assets less all liabilities of 72p so at the current offer price of 60p their bargain ratio is 1.2 Although they have been list/quoted business for a relatively short period, the CEO who owns the majority of the shares has been successfully involved in the professional fee funding business for 20+ years so there's very much a tried and tested proven business model and there is understandably a necessity and strong demand for their services. The Company withdrew its application with the Bank Of England for a banking license due to the Covid-19 pandemic but this may well be put back on agenda in the near future since we seem to have returned to some semblance of normality. Furthermore the Company has developed its own software for making lending decisions and there may well be hidden value in the commercialisation of this product. Orchard Funding have been exploring new avenues of potentially more lucrative new markets and we await news on this. Company pays a 3p division so current historic yield is 5% and trades at 9.28 times earnings. AIMHO, DYOR as I have done mine regards AIMHO, DYOR as I have done mine regards
04/9/2021
11:12
rainmaker: Thanks F, I'm convinced there are spectacular returns to be made here and all holders need to do is just continue to hold and give the share price time and resist the temptation to take profits when it reaches £10 or £20 a share as I believe it will go much higher. I've been holding for just over five years and when I studied the Company and its markets, particularly Electric Vehicles, I fast came to the firm and obvious conclusion that it would be an act of almost criminal negligence and stupidity to sell Volex at anything like current levels. Based on my experience of similar situations, I do expect a huge speculative bubble here,as all the conditions exist for one and massive gains. What surprises me was Volex's share price delay in breaking through the £4 barrier but I put that down to Investors "earnings myopia" an obsession with the very short term earnings outlook at the expense of all else. AIMHO, DYOR regards
03/9/2021
06:37
ijamlon: Great new Telegraph write-up...By Richard Evans(Telegraph) -- No Questor Aim tip has performed anything like as well as Volex. Shares in the cable maker have more than quintupled in the three years since we added them to our Inheritance Tax Portfolio. As ever in these circumstances we find ourselves wondering if the share price has got ahead of itself and we need to sell before bust follows boom.Nick Hawthorn is in a good position to help us decide. His employer, Downing, is one of the largest shareholders in Volex and has excellent access to the company's management team – "we speak to them at least once a fortnight", he says.This column is a strong believer that actions speak louder than words and Hawthorn's are unambiguous: Volex is the largest holding in both the Downing Strategic Micro-Cap investment trust – at a highly unusual 17pc – and the Aim portfolios the firm runs on behalf of clients who, like readers of this column, want to minimise their inheritance tax bills."It was a high-conviction holding three years ago but we have even more conviction in it now," he says. The company has performed "exceptionally well" during the pandemic, according to Hawthorn, but he says there are many reasons to expect more."I think it can continue to benefit from its 'buy and build' acquisition strategy," he says. "There's a huge number of 'mom-and-pop' outfits that Volex can consolidate. It tends to buy them on cheap multiples such as six to eight times Ebitda [earnings before interest, tax, depreciation and amortisation] whereas Volex itself is valued at 12-15 times Ebitda." Those businesses therefore become immediately more valuable once they are part of Volex."We expect the company to produce at least $30m (£22m) of free cash flow a year and it also has bank loan facilities, so even after it has paid its dividend it should be able to fund one or two new acquisitions a year," Hawthorn adds.Volex is also one of the biggest suppliers of cables to the electric vehicle market. "The electric vehicle arm made $50m of sales last year at a margin of about 10pc, the group target, and management has said it expects $70m this year," he says. "We think this is too low because it ended its 2020-21 financial year at a rate of $8m a month."Prospects also look bright for the company's healthcare division, which supplies cables for scanners. Hospitals need more scanning capacity to help clear their backlogs but installation programmes have been disrupted by the pandemic, Hawthorn says, leading to an even bigger need to invest now. "Philips Healthcare, which Volex supplies, has experienced a 30pc increase in order intake coming out of Covid and lockdowns," he adds.Finally, the firm has a strong position in high-speed "active" cables for use in data centres, where the need for ever greater speeds has shortened product lifespans from about six years to two. "Volex has an installed base to upgrade here, although management has not talked up the opportunity much," Hawthorn says.How much of all this positivity is already in the share price? "The market pays a premium for successful and scalable 'buy and build' strategies. We think that discoverIE, the electronic components maker, runs a comparable strategy [it announced two acquisitions yesterday] and its shares currently trade at about 35 times earnings; Volex is at a little over 22 times on our numbers," he says. "We think the shares are held back because investors still remember Volex's past: its years of underperformance when the previous management couldn't make it work, when margins fell even as sales rose. It is now a much higher-quality business."The firm's bosses also seem to think the shares are undervalued, judging by the £238,000 purchase by the wife of the chief operating officer last week.Even after the shares' very strong run, we will hold.
15/8/2021
00:08
ijamlon: Great Volex write-up and Buy reco in The Times...If you own a laptop, vacuum cleaner or television, it is likely that at least part of it was produced by Volex, a maker of high-spec cables.The AIM-listed company, which traces its roots to the 1890s, also makes cables for charging electric cars and scanners in hospitals, and wiring for data centres.Cables have become big business, helping Volex to transform from a small-cap horror story to one of the bright lights of London's junior market. Until a few years ago, it had been all but written off. The share price fell from a high of £20 in 2000 to a low of 39p in 2003, a drop of 98 per cent. This prompted a switch to medical and industrial sectors.It was the arrival of Nat Rothschild, the financier, as a shareholder, non-executive and then executive chairman that transformed its fortunes. He began building a stake in 2008, and now owns 26 per cent, making him the largest shareholder. On Rothschild's watch, Volex has increased its prices and ditched low-margin businesses, which helped to boost its operating margins from 2.8 per cent in 2017 to 9.7 per cent.Now the turnaround is under way, Volex is targeting growth. It has 17 factories on three continents, and employs 7,000 people, including in Basingstoke. Its fastest-growing divisions make parts for data centres and electric vehicles. The latter represent 12 per cent of revenues, rising 193 per cent to $53 million in the year to April 4. Volex is increasing production capacity, particularly in Asia.The company has done well over the past 18 months despite lockdowns. In March last year, when professionals were forced to work at home, its customers reported a surge in demand for laptops, monitors and printers. Then there was a shift to home entertainment. Once families had built up savings, sales of white goods soared as homeowners renovated. The question now will be how long the spike in consumer spending lasts. Either way, Volex is diversified enough to benefit. As hospitals are opening up, its medical business should rebound.In the year to the end of April, Volex reported its best profit performance for 20 years. Pre-tax profits rose 84.9 per cent to $29.4 million on revenues up 13.3 per cent to $443.3 million. It also increased its dividend by 10 per cent to 3.3p.Volex's acquisition of European power cord-maker Deka is likely to be repeated with further bolt-on deals. HSBC has a target of 445p on the shares, while Stifel is predicting 410p. The shares closed at 357p on Friday, valuing the company at £565.4 million. This is one to watch. Buy.
01/7/2021
01:43
rainmaker: Hi Sooty, that was definitely one of the reasons I bought into Volex slightly over 5 years ago. Investors overwhelmingly don't give the Rothschilds credit for having any business acumen when they have it in abundance.Against a background of a very low price to sales ratio, another was a shift in the Company's strategy to more value added complex electrical engineering projects where they could us their technical expertise to greater advantage. Its going to be very interesting to watch the share price over the coming years-I'm not going to speculate but that won't stop others doing so and allowing me to be richly rewarded from it.I'm convinced that the share price will go substantially higher. I've seen other Companies with s strong market leading position in easily identifiable and widely recognised huge growth markets go from an earnings multiple of just five times to 750 times in just two years. Of course Volex will enjoy strong growth in earnings but I believe the vast majority of returns will come from a substantial upward rerating, AIMHO, DYOR regards
18/6/2021
07:55
grabster: Is Volex a share to buy today? Kevin Godbold | Thursday, 17th June, 2021 | More on: VLX Power products maker Volex (LSE: VLX) has made great progress since I last wrote about the firm two years ago. Back then, I saw a long-floundering business turning itself around. The share price was near 102p. Since then, the company has been posting some impressive double-digit percentage annual increases in earnings. And City analysts expect further progress ahead. The market has been paying attention and the share price is near 364p today. Volex has emerged as a focused business Despite the good performance of the stock, my opinion two years ago was a little off-key. I thought the valuation looked undemanding with a forward-looking earnings multiple of almost nine. However, I also said: “I don’t believe we’re likely to see a valuation up-rating. The low-margin, cyclical nature of the business demands a modest rating.” But I hadn’t appreciated the full extent of the reshaping of the business under its management team installed around 2015. And the company sold the Volex accessories division 30 years ago. All those sockets and switches being turned out bearing the Volex name have nothing to do with Volex plc anymore. These days, Volex describes itself as “a leading integrated manufacturing specialist for performance-critical applications and power products.” And a valuation rerating has occurred. Now the forward-looking earnings multiple for the trading year to March 2022 is just below 20. And City analysts expect earnings to increase around 17%. Volex has emerged as a growth business with one foot in the market serving the expanding electric vehicle sector. But is the share still buyable now? The full-year results report released today sheds more light on the investment proposition. The figures are good. In the 12 months to 4 April, revenue rose by just over 13% compared to the previous year. And underlying profit before tax increased by almost 37%. Acquisitive and organic progress Part of the growth strategy involves acquisitions alongside organic progress. For example, the company completed the acquisition of De-Ka Elektroteknik Sanayi ve Ticaret Anonim Sirketi in February. The Volex directors reckon the Turkey-based business has helped them “create the only truly global power cord manufacturer.” Meanwhile, revenue from the firm’s electric vehicle (EV) customers increased by 193% in the period. That’s an impressive increase from an exciting sector. But revenue to EV customers came in at just under 12% of the total. In other divisions, Consumer Electricals grew by 5%, Medical declined by 3% and Complex Industrial Technology grew its revenue by 13%. Looking ahead, the outlook’s positive. But Volex is a more expensive stock than it was. So support for the valuation relies on ongoing progress with earnings. And there’s always a risk that earnings could stall leading to a falling share price. I’m a little cautious. Nevertheless, I’m still tempted to buy a few shares on dips and down-days to hold as the long-term growth story unfolds.
17/2/2021
14:17
bigbigdave: NS Number : 4670P Volex PLC 17 February 2021 17 February 2021 Volex plc ("Volex" or the "Company") Completion of DE-KA Acquisition Volex plc (AIM:VLX), the global supplier of integrated manufacturing services and power products, confirms that, further to the announcement of the proposed acquisition of De-Ka Elektroteknik Sanayi ve Ticaret Anonim irketi ("DE-KA") made on 12 November 2020 (the "Acquisition"), the Acquisition has been fully approved by the Turkish Competition Authority and 3,320,000 Ordinary Shares of 25 pence each in Volex (the "Consideration Shares") have been conditionally allotted to the sellers to satisfy the share element of the consideration payable pursuant to the Acquisition. Completion of the Acquisition ("Completion") shall take place automatically immediately following admission of the Consideration Shares to trading on AIM, which is expected to take place on or around 8.00am on 18 February 2021. The cash consideration payable in respect of the Acquisition comprises an initial cash consideration of EUR37.0 million, a deferred cash consideration of EUR2.0 million payable in January 2022 and a deferred contingent cash consideration of up to EUR13.0 million, which may be payable within two years of Completion based on certain profit targets of DE-KA being met. An additional EUR9.8 million is to be satisfied by the issue of the Consideration Shares to the sellers on Completion. The value of the Consideration Shares is based on Volex's share price of GBP2.63 on the date that the sale and purchase agreement was signed. The Consideration Shares are subject to a six-month lock-up. In addition, Volex is pleased to confirm that Servatron, Inc ("Servatron") has achieved certain operating profit targets for the year ended 31 December 2020 set under the acquisition agreement entered into on 30 July 2019. The second tranche of deferred consideration shares are now due to the former owners, and current employees, of Servatron, comprising 1,481,239 Ordinary Shares of 25 pence each in Volex (the "Servatron Deferred Consideration Shares"). The Volex Board has therefore approved the issue of the Servatron Deferred Consideration Shares. Application has been made to the London Stock Exchange for the admission of the 3,320,000 Consideration Shares in respect of DE-KA and 1,481,239 Servatron Deferred Consideration Shares in respect of Servatron to trading on AIM ("Admission"). Admission of the Consideration Shares and Servatron Deferred Consideration Shares is expected to take place on or around 8.00am on 18 February 2021. The Company's total issued share capital following Admission will consist of 157,052,041 ordinary shares of 25 pence each with one voting right per share. The Company holds no ordinary shares in treasury. Therefore, following Admission, this figure of 157,052,041 may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company. Nat Rothschild, Executive Chairman of Volex, commented: "DE-KA is a world-class business, and one of the two leading power cord producers in Europe. This, combined with its strong management team and impressive customer list, means it is a perfect fit with our existing business and accelerates our strategy of creating the most efficient and lowest cost global producer in the industry, providing an immediate and scalable European platform. I am delighted for our shareholders that we are completing the acquisition and look forward to working alongside the DE-KA team on the next exciting stage of Volex's development."
Volex share price data is direct from the London Stock Exchange
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