29th Sep 2015 12:09
LONDON (Alliance News) - Power and data cabling provider Volex PLC Tuesday said it expects its underlying operating profit for its first half to be flat on its previous financial year, and reported that Chief Executive Officer Christoph Eisenhardt plans to step down for personal reasons.
Non-Executive Director Geraint Anderson has agreed to step in as an interim chief executive officer with immediate effect.
The company reiterated that it has seen lower than expected demand from customers in the personal computer and tablet markets, and therefore expects sales below the level it achieved in the first half of last year.
It expects to see higher revenue in its second half due to new product launches by its major customers later in the year. It will announce its interim results November 12.
Shares in Volex were down 6.9% at 74.00 pence Tuesday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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