Volex PLC on Monday noted that medical sales softened slightly in the first nine months of its financial year, but solid demand from electric vehicle customers boosted growth.

The Hampshire, England-based specialist integrated manufacturer of critical power and data transmission products said revenue was $789.4 million in the 39 weeks to December 29, up 22% from a year prior.

‘Demand from Electric Vehicles customers continues to deliver significant organic growth. Consumer Electricals has continued to perform strongly. Medical sales have softened slightly, continuing the normalisation trend seen in the first half of the year and reflecting a stronger comparative in the second half of the previous year. Complex Industrial Technology growth has improved relative to the first half, particularly for other industrial customers. Off-Highway growth rates have normalised with some end markets showing subdued demand,’ the company said.

Looking ahead, Volex expects underlying operating profit for the financial year ending March 30 to be in line with market forecasts.

Volex cited company-compiled analyst consensus for revenue of $1.03 billion in financial 2025, up 13% from $912.8 million it had reported for financial 2024. The average forecast for underlying operating profit is $96.7 million for financial 2025, up 7.8% from $89.7 million.

Executive Chair Nat Rothschild said: ‘With robust momentum, strategic investments in high-growth areas and a strong financial position, we are well-placed to capitalise on opportunities and deliver sustained profitable growth, keeping us firmly on track to achieve our full-year expectations and five-year strategy.’

Volex shares were 1.9% higher at 287.82 pence each on Monday morning in London.

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