The Volex Board have declared an interim dividend of 1.3 pence, an increase of 8.3% on the previous year. Since the dividend was reintroduced in FY2020, it has increased every year and is now 30% higher. Volex are committed to a progressive dividend policy, striking a balance between delivering growth through investment and returning cash to shareholders.
The interim dividend will be paid on 16 December 2022 to those shareholders on the register on 18 November 2022, the ex-dividend date will be 17 November 2022. Shareholders may elect to receive the interim dividend as shares in Volex, in lieu of cash, under the Volex plc Scrip Dividend Scheme.
Other financial highlights include:
Organic revenue growth of 14.3% delivering total revenue for H1 FY2023 of $357.5m, which also included $35m from acquisitions
Underlying operating profit increased by 17.6% to $32.1m, underpinned by robust customer demand and proactive management of inflationary cost increases
Underlying operating margin of 9.0% demonstrates effective inflation management and cost control
Robust customer demand across markets, supported by additional contract wins with new and existing customers
Review Display Systems Group ("RDS") acquired in the UK for initial consideration of $6m to enhance their capabilities and accelerate growth in this market
Integration and transition plans for recent acquisitions are progressing well
Good progress made towards five-year growth plan supported by continued customer-led investment programme
Interim dividend increased by 8.3% to 1.3 pence per share