13th Jun 2016 10:41
LONDON (Alliance News) - Volex PLC Monday said Chief Financial Officer Daren Morris bought 40,000 shares at 32.5 pence per share on Friday.
Following the purchase, Morris holds a total of 270,000 shares, equal to a 0.30% stake.
Volex last Thursday said it made a pretax profit of USD1.5 million in the 52 weeks to April 3, compared with a USD7.2 million loss the year earlier. Volex said the turn to profit was down to lower one-off restructuring costs booked in the year and said its cost-cutting programme also delivered benefits to the bottom line.
Revenue, however, dropped 13% to USD367.5 million from USD423.4 million the prior year, as the group saw weaker trading across its divisions and on nearly all its accounts.
Shares in the power and data cabling solutions provider were down 1.5% at 32.02p Monday.
By Arvind Bhunjun; [email protected]; @ArvindBhunjun
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