Volex plc (VLX.L), a provider of customized electrical and optical interconnect solutions, Tuesday reported a pre-tax profit of $1.9 million for the full year, compared with pre-tax profit of $19.2 million pounds last year. Before non-recurring items and share based payments, the company reported pre-tax profit of $10.07 million compared with $28.1 million previous year.
The non-recurring items included restructuring costs programme which was $7.2 million, mainly bearing the severance costs of 300 employees.
Loss for the period attributable to the owners of the parent was $887 thousand or loss of $1.5 per share, compared with profit of 17.18 million or earnings per share of $29.4 reported last year. Before non-recurring items, the post taxation profit was $6.4 million, compared with $24.7 million. On a per share basis, normalized earnings per share were $11.2 per share compared with $42.4 per share last year.
Group revenue for the year decreased 9 percent to $473.2 million from prior year's $517.8 million. All four sectors suffered from reduced revenues in the year with the consumer and Telecoms/Datacoms sector most impacted, the company said.
The company looks forward to a tough trading environment for a short term, especially in the first half of 2014, however in line with its projections.
The company named Christoph Eisenhardt as its Chief Executive Officer.
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