Volex (AIM:VLX), the critical manufacturing partner supplying complex power and data connectivity systems, posted record revenue of $1,242.6 million for the year ended 31 March, up 14.4% from $1,086.5 million a year earlier, with almost all of that growth organic.
Underlying operating profit rose 19.9% to $127.3 million, pushing the underlying operating margin to 10.2%, past the top of the group's previous 9% to 10% target range for the first time.
The standout driver was Complex Industrial Technology, where revenue surged 56.3% organically to $382.9 million on strong data centre demand from a leading hyperscale customer; North America, the group's largest region, grew 28.2% to $645.5 million on the same trend plus defence programmes.
Consumer Electricals and Medical moved the other way, with organic revenue falling 7.8% and 10.5% respectively, the former hit by intensified Chinese competition in Europe, the latter by customer destocking.
Covenant leverage fell to 0.8 times from 1.0 times a year earlier, and return on capital employed improved to 21.0%.
"We enter FY2027 with strong momentum, a more capable platform and a clear pathway towards our medium term targets," said chief executive Nat Rothschild.
The board said trading in the current year is strong and in line with expectations, and reaffirmed medium-term targets of $2 billion in revenue and a 12% underlying operating margin set at the April Capital Markets Day.
