Volex plc

Annual Report and Accounts 
for the year ended 2024
Delivering Critical
Connections

Welcome to  
Volex’s 2024 
Annual Report
Technology drives our world 
and Volex provides the 
critical connection
As a leading integrated manufacturer, customers 
choose to partner with us because of our proven 
track record in supporting their mission-critical 
power and connectivity requirements.
The critical products and services that we offer 
are essential to the increasingly complex digital 
world we live in, providing power and connectivity 
from the simplest household items to the most 
sophisticated medical equipment.
How we make a difference
Our purpose: 
Delivering best-in-class  
critical connections.
Our vision: 
To be a leading global supplier 
of diverse, high-quality solutions 
related to power and data 
connectivity, renowned for 
our adaptability and customer 
services and with customers, 
engineering and people at 
our core.
Our mission: 
To provide safe, sustainable 
and high-quality critical power 
and data connectivity-related 
solutions in our chosen markets. 
Enabling our customers to thrive 
in an era of rapid technological 
acceleration through our 
manufacturing excellence, 
global footprint and rigorous 
quality assurance.
Sustainability ratings
Read more Volex content:
 Sustainability supplement:  
https://www.volex.com/wp-content/uploads/2024/06/
FY2024-Supplemental-Sustainability-Disclosure-
Report.pdf
 Our website:  
www.volex.com
Serving diverse end-markets and customers, we 
have created a dynamic and resilient business. 
Whether it is a power cord to fire up a laptop or 
a sophisticated control system for a major piece 
of medical hardware, we deliver engineering 
expertise and manufacturing excellence to ensure 
we deliver for our customers.
Working in partnership with some of the most 
innovative technology companies, we have a deep 
understanding of what it takes to exceed our 
customers’ expectations. With talented engineers 
and process specialists, we understand how to go 
beyond the ordinary and deliver the exceptional.
And all of this is made possible by our dedicated 
global workforce of 14,000 employees across 25 
countries. This breadth and depth allows us to 
deliver great service wherever it is required.
UN SDGs
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024

Contents
Financial highlights
Non-Financial 
highlights
Revenue ($m)
912.8
614.6
443.3
391.4
722.8
2020
2021
2022
2023
2024
Profit before tax ($m)
51.6
36.2
29.4
15.9
45.8
2020
2021
2022
2023
2024
Free cash flow2 ($m)
49.8
4.1
31.3
47.4
38.1
2020
2021
2022
2023
2024
Net debt ($m)
154.0
95.3
27.3
-21.2
103.7
2020
2021
2022
2023
2024
Employee safety
(reportable accidents per million 
hours worked)
1.28
1.78
2.00
1.07
1.24
2020
2021
2022
2023
2024
Underlying  
operating profit1 ($m)
89.7
56.2
42.9
31.6
67.3
2020
2021
2022
2023
2024
2020
2021
2022
2023
2024
Underlying basic earnings 
per share3 (cents)
33.7
26.9
32.1
18.2
30.2
2020
2021
2022
2023
2024
Carbon intensity
(tonnes of scope 1 and 2 emissions 
produced per $m revenue)
25.3
32.1
34.2
35.3
27.7
2020
2021
2022
2023
2024
 Business overview
Welcome & Highlights
01
Volex at a Glance
02
Our Investment Proposition
04
Delivering Critical Connections
06
Providing Solutions for the 
Digital World
08
Transforming Our Business
10
Innovating Successfully
12
Delivering on Our Acquisition 
Strategy
14
 Strategic
Executive Chairman’s Statement
18
Our Markets
20
Business Model
24
Strategy
28
Key Performance Indicators
32
Operational Review
34
Performance Review
37
Financial Review
44
Group Risk Management
49
Sustainability at Volex
56
A Sustainable Business
60
Non-financial and Sustainability 
Information Statement
63
Streamlined Energy & Carbon 
Reporting Statement 2024
71
A Responsible Business
73
A Trusted Business
76
Stakeholder Engagement
78
Section 172 Statement
80
 Governance
Governance at a Glance
83
Board of Directors
84
Executive Chairman’s 
Introduction
86
Corporate Governance Report
88
Audit Committee Report
96
Nominations Committee Report
100
Safety, Environmental and 
Sustainability Committee Report
102
Remuneration Committee Report 105
Directors’ Report
121
Statement of Directors’ 
Responsibilities
125
Independent Auditors’ Report 
to the Members of Volex plc
126
 Financials
Consolidated Income Statement
134
Consolidated Statement of 
Comprehensive Income
135
Consolidated Statement of  
Financial Position
136
Consolidated Statement of  
Changes in Equity
137
Consolidated Statement of 
Cash Flows
138
Notes to the Consolidated 
Financial Statements
139
Company Statement of  
Financial Position
182
Company Statement of  
Changes in Equity
183
Notes to the Company 
Financial Statements
184
Alternative Performance Measures 197
Five Year Summary
199
Shareholder Information
200
Underlying operating profit, free cash flow and underlying basic earnings per share are alternative performance measures. More details on alternative performance 
measures can be found on pages 197 to 198. 
1	
Underlying operating profit is operating profit before adjusting items and share-based payment charges – see note 7 on pages 150 to 151. 
2	
Free cash flow is net cash flow before financing activities and the acquisition of businesses, net of cash acquired. 
3	
Based on profit before adjusting items and share-based payments, net of tax – see note 11 on page 154.
01
www.volex.com
Financials
Governance
Strategic
Business overview 

Volex at a glance
Delivering critical connections
North America
Revenue
$372.3m 
(FY2023: $339.8m) 
With a strong presence throughout 
North America, we support several 
of the world’s largest technology 
companies, who are consistently 
striving to enhance their products and 
services. The improved availability of 
components, coupled with growth in 
AI deployment, has led to a dramatic 
increase in demand for Data Centre 
cables. Our ability to offer tariff-free 
and low-tariff options enables us to 
supply customers with cutting-edge 
products.
Asia
Revenue
$185.1m 
(FY2023: $171.4m) 
Our exposure to the rapidly growing 
Indian market results in the increase 
in the Asia segment. This is partially 
offset by the Consumer Electricals 
sector, which constitutes the majority 
of our revenue in this region, being 
subdued due to the normalisation 
of supply chains and the temporary 
effect of customers managing excess 
inventory levels.
Europe
Revenue
$355.4m 
(FY2023: $211.6m)
Macroeconomics have continued to 
impact the market, with some recovery 
now being seen in the consumer 
market due to customers having 
sufficiently decreased buffer stock.
With the acquisition of Murat Ticaret 
Kablo Sanayi A.S. (‘Murat Ticaret’), we 
have increased our presence within 
Europe and are working with scale in 
the Off-Highway market.
Electric  
Vehicles
Revenue
$123.7m
Growth
(10.6)%
Revenue declined, against 
a strong comparative, with 
customers who had built up 
buffer stocks in the prior year 
taking the opportunity to 
reduce inventories as supply 
chains normalised.
% of revenue: 14%
Consumer 
Electricals
Revenue
$235.3m
Growth
(9.4)%
FY2024 demand from 
Consumer Electricals 
customers reduced due to the 
normalisation of consumer 
demand and customer 
destocking. Moderate recovery 
in demand has occurred in H2 
of FY2024.
% of revenue: 26%
Medical 
Revenue
$177.5m
Growth
+22.4%
As supply chains have 
stabilised, the improved 
availability of components, 
which previously limited 
our customers’ output, has 
enabled them to effectively 
address their substantial 
backlogs.
% of revenue: 19%
Complex Industrial  
Technology
Revenue
$213.4m
Growth
+35.4%
Strong growth in sales of 
high-speed data centre cables 
due to improved availability 
of semi-conductors and the 
transition to latest architecture 
to support demand from AI 
applications has driven the 
growth within the Complex 
Industrial Technology sector.
% of revenue: 23%
Off-Highway 
Revenue
$162.9m
Growth
+632.4%
The acquisition of Murat 
Ticaret has enabled Volex 
to achieve immediate scale 
in a fifth growth market. 
Off-Highway products, 
previously sold in North 
America and Asia, reported 
under Consumer Electricals 
and Complex Industrial 
Technology, are now realigned 
to the new sector.
% of revenue: 18%
Diversified End-Markets
We are a value-added solutions provider serving 
a diverse range of markets and customers. Volex 
operates in five varied end-market sectors, with 
the acquisition of Murat Ticaret giving immediate 
scale and allowing us to launch Off-Highway as a 
new sector during FY2024. Accordingly, we have 
restated end-market comparatives. We leverage 
our experience and insight across all our sectors 
to develop specialised solutions and drive product 
innovation. 
This focus on diversification of market sectors, 
customers and product range reduces the risk 
of cyclicality in end-markets having a significant 
adverse impact on Group performance. 
In five end-markets
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
02

Our Products
Power Cords, Plugs and Connectors
As a world-class manufacturer, the Group produces custom power cords and related power products for 
a wide range of electrical and electronic devices and appliances. We specialise in AC power cords, offering 
solutions tailored to every major international market. Our products exceed international safety standards 
and meet the stringent requirements of our customers.
Integrated Manufacturing Services
Our team possesses extensive experience and expertise in harnesses, printed circuit board assemblies 
(PCBa), and the integration of these products to create complex box builds and sub-assemblies. Our 
Integrated Manufacturing Services business provides technically advanced manufacturing solutions, 
developing specialised products across various industries.
Electric Vehicle Charging Solutions
Volex possesses exceptional expertise in manufacturing a range of electric vehicle charging components 
and proudly collaborates with the industry’s leading Original Equipment Manufacturers (OEMs). The Group 
has developed EV charging products suitable for various applications, from private AC home-charging 
stations to public DC fast-charging solutions.
Consumer Cable Harnesses and Power Products
As a manufacturer of consumer cable harnesses and power products, we serve the global domestic 
appliances market with highly reliable internal power and data harnesses. Our integrated manufacturing 
services encompass the entire production process, ensuring excellence in every product delivered.
High-Speed Copper Interconnect Cable / Data Transfer Cable
We deliver market-leading high-speed data cables that undergo rigorous end-to-end testing to exceed 
customers’ quality and performance expectations. Volex provides both external and internal copper cable 
assemblies in various form factors, along with custom power distribution units and power whip cable 
assemblies, supporting a diverse array of data centre applications.
Data Centre Power Cables / Power Cords
We provide expert services to create power cables that suit our customers’ specialist applications, ensuring 
that the configuration is tailored to their individual use cases.
Off-Highway Harnesses
Volex manufactures custom ruggedised wiring harnesses and battery cables essential for the safety and 
efficiency of off-road vehicles, ensuring reliable power transmission and control of critical systems in 
increasingly complex specialist vehicles.
Keys
 Countries/Territories
 Factories/Warehouses
 FY2024 Acquisitions
03
www.volex.com
Financials
Governance
Strategic
Business Overview 

Our investment proposition
Strong financial 
track record 
We have consistently delivered 
underlying operating margins 
within our 9-10% target range, 
while successfully expanding 
revenue, both organically and 
through acquisitions. Our strong 
financial position and robust cash 
generation enables continued 
investment in the future growth 
of the business. The majority of 
our investment projects pay back 
within two years, with many doing 
so even quicker.
Ideally positioned in 
growing, sustainable 
markets
Our chosen markets exhibit 
sustainable long-term growth 
drivers with opportunities to 
enhance our market share. We 
collaborate with customers in 
the Electric Vehicles, Consumer 
Electricals, Medical, Complex 
Industrial Technology and Off-
Highway end-markets. Through 
our partnerships, we deliver 
process innovation and develop 
new products that fulfil evolving 
customer needs. Through our 
diversified end-market exposure, 
we continue to expand our 
business and deliver high-quality 
products to exceed customer 
requirements. 
Global presence  
and scale 
With 28 manufacturing facilities 
and sales and technical support 
teams distributed across three 
continents and 25 countries, 
we ensure availability and 
responsiveness to our customers’ 
needs, wherever and whenever 
required. Our expansive 
operations allow us to leverage 
economies of scale and significant 
purchasing power. This strategic 
advantage enables cost-effective 
procurement and operational 
efficiencies, resulting in 
competitive pricing and enhanced 
service delivery, directly benefiting 
our customers. Our widespread 
presence not only facilitates 
prompt and reliable service, but 
also reinforces our commitment 
to supporting our customers’ 
global operations.
+27%
Revenue CAGR in the last 
three years
+6.9%
FY2024 organic  
revenue growth
28
Manufacturing sites 
01
02
03
Successful approach 
to acquisitions
Acquisitions are a fundamental 
component of our strategic 
approach. Our proven track 
record of successful acquisitions 
has substantially enhanced 
our capabilities and yielded 
considerable operational, financial 
and geographical benefits. We 
carefully evaluate potential 
acquisition targets to ensure they 
align with our strategic priorities 
and long-term objectives. We 
prioritise opportunities that 
provide geographic expansion, 
technological advancement and 
greater diversification, enabling us 
to deliver enhanced value to our 
stakeholders.
Operational 
excellence
Continuous improvement 
is embedded in our culture 
which, alongside our advanced 
manufacturing assets, drives our 
pursuit of operational excellence. 
Our brand is synonymous with 
quality and reliability, assuring 
customers of our commitment to 
consistently deliver products that 
meet their stringent standards. 
We invest heavily in rigorous 
testing and certifications to 
ensure that every product adheres 
to the highest quality standards. 
Through ongoing innovation, 
creativity and collaboration, 
we continuously enhance our 
processes, allowing us to remain 
at the forefront of our industry.
Remarkable  
talent
We highly value the extraordinary 
talents of our employees, who 
collaborate to deliver results 
locally while providing support 
across the organisation. Our 
leadership fosters an environment 
conducive to collaboration by 
nurturing talent and encouraging 
professional development. 
We promote a culture of 
accountability, responsibility and 
ownership, empowering each 
individual to act ethically and 
responsibly. We recognise and 
value the unique strengths of 
every team member and group 
within our organisation.
12
Acquisitions in six years 
$4m
Invested in testing and 
quality assurance
$3m
Invested in training and 
welfare for our people
04
05
06
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
04

05
www.volex.com
Financials
Governance
Strategic
Business Overview 
Revenue
$1,200m
Underlying operating 
margin
9-10%
Revenue from acquisitions
$200m
What differentiates Volex
Firmly on track  
with our five-year plan
Connectivity-related solutions 
for the digital world
We deliver products that provide critical 
connections vital to the increasingly high-
technology world in which we operate. With a 
relentless focus on safety and quality, we hold 
numerous regulatory certifications, assuring our 
customers of our products’ excellence in meeting 
their exacting standards.
Resilience through the cycle
Volex operates across a range of market sectors, each 
with unique characteristics, affording the Group 
flexibility and resilience throughout economic cycles. 
In FY2024, we demonstrated the importance of this 
diversity as supply chains normalised. While revenue 
from some of our high-volume products declined 
due to customer destocking, sales of more complex 
products increased, driven by improved availability of 
components. This underscores the robustness of our 
business model in adapting to changing conditions.
An operating model that is both 
sustainable and scalable
Our operating model utilises manufacturing sites 
around the globe, strategically positioning us to 
access diverse markets and tap into local expertise, 
while also mitigating supply chain risks. This global 
footprint allows for the optimisation of production 
and distribution and provides us with the flexibility 
to meet the increasing demand for localisation.
Positioned to take advantage of 
fragmented markets
The specialised characteristics of our end-markets 
result in a highly fragmented landscape, with no 
individual business commanding a dominant 
market share. Volex is strategically positioned 
within these sectors, with an impressive 
product set and deep customer relationships. 
This advantageous positioning presents ample 
opportunities for us to expand our market share.
Strategically aligned with 
growing market sectors
Our selected markets are bolstered by distinct 
structural growth drivers, from government 
incentives promoting electric vehicle ownership, to 
the demands an ageing population places on the 
medical sector. These underlying market dynamics 
offer broad, sustainable expansion opportunities 
for our business.
Decentralised operating model 
leverages the strengths of our 
individual businesses
Our decentralised operating model offers 
significant advantages by empowering local 
management teams to make decisions that 
are closely aligned with the specific needs and 
conditions of their businesses. This approach 
enhances agility and responsiveness, enabling 
faster adaptation to changes and opportunities 
in the business environment, thereby fostering 
innovation and operational efficiency.
In June 2022, we set out our ambitious five-year plan,  
to grow our revenues to $1.2 billion by the end of FY2027. 
Our strong results, clear strategy and pipeline of customer opportunities reinforce  
our confidence in the delivery of our five-year targets.
Key delivery objectives
  Expand Electric Vehicles 
customer base
  Vertical integration and automation 
in Consumer Electricals 
  Support customer simplification  
of supply chains 
  Invest in next-generation data 
centre cables
  Increase PCBa capability around 
the Group
Progress
  Increasing both product set and 
range of customers
  Cable extrusion capability in Suzhou 
and Batam sites
  Building new dedicated medical 
production facility in India to 
support customer localisation
  800Gbps data centre cables now in 
production
  Significant investment in Surface 
Mount Technology in North 
America and India
www.volex.com
Financials
Governance
Strategic
Business Overview 

Delivering critical connections
We are making this 
a reality by:
Providing solutions for 
the digital world
With products tailored to the demands of the 
increasingly connected world and worldwide 
customer service representatives and sales 
teams strategically positioned close to our 
customers, we are able to offer our partners an 
enhanced experience. Additionally, we actively 
manage the procurement of components 
for complex solutions, ensuring our global 
supply chain experts are fully aligned with our 
customers’ requirements.
 Read more on pages 08–09
Transforming our 
business
Volex has delivered excellent revenue progression 
with strong organic growth. Despite widespread 
challenges, such as supply chain disruptions 
and inflationary pressures that have impacted 
manufacturers globally, our underlying operating 
margins have consistently met our target range 
over the past four years. Our commitment to 
continuous improvement has enabled us to 
enhance our manufacturing capabilities, both 
organically and through strategic acquisitions.
 Read more on pages 10–11
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
06

Innovating  
successfully
Innovation and continuous improvement are 
fundamental to the culture of our organisation. 
Our world-class process engineers empower 
us to successfully deliver increasingly complex 
manufacturing services through close 
partnerships with customers. Our design 
teams create unique solutions to complex 
engineering challenges, which has led to the 
registration of several new patents annually. 
Delivering on our 
acquisition strategy 
Acquisitions are a key component of our 
strategy. With an impressive track record of 
acquiring quality businesses at attractive 
valuations, we continued to expand the size 
of our Group through the acquisition of Murat 
Ticaret during FY2024. Since we launched 
our five-year plan, we have now delivered 
over $200 million of annualised revenue from 
acquisitions.
 Read more on pages 14–15
 Read more on pages 12–13
07
www.volex.com
Financials
Governance
Strategic
Business Overview 

Providing solutions 
for the digital 
world
Bringing connectivity and power to high-tech 
equipment is central to transforming how we 
live, work and communicate, reflecting our 
commitment to enhancing global quality of 
life. This dedication is supported by continuous 
investments in developing and maintaining 
advanced manufacturing assets. Capital 
investment programmes are crucial for meeting 
the evolving demands of our customers and 
maintaining a technological edge. 
 
Integrated solutions are delivered by leveraging 
a broad spectrum of capabilities specifically 
designed to navigate and overcome complex 
manufacturing challenges. This strategic focus 
on innovation enables us to assemble and 
provide highly effective solutions that meet, and 
often exceed, the diverse needs of our global 
customer base.
Product design
By partnering with our customers, we craft 
tailored solutions that address their specific 
power and connectivity needs, as well as the 
challenges of their next-generation products. 
This collaborative approach ensures our designs 
align with their strategic goals and operational 
requirements. By integrating continuous 
feedback, we enhance functionality and expedite 
development cycles, facilitating faster market entry. 
Our solutions are scalable and adaptable, evolving 
with technological advances and market shifts.
New product introduction
We assist customers in developing products 
by engaging with them from the very 
outset of the product development process. 
This collaborative approach not only allows us 
to deeply understand and meet our customers’ 
specific needs, but also facilitates cost reduction. 
By being involved early, we can identify potential 
challenges and opportunities, which helps 
streamline the development process and ensures 
that the final product is both cost-effective and 
fully aligned with the client’s requirements.
Intellectual property
Our design teams excel in developing innovative 
solutions to complex engineering challenges, 
enabling us to secure a number of patents 
annually. This intellectual property not only 
showcases our creative capabilities, but also 
reinforces our competitive edge in the market. 
Each patent represents a technological 
breakthrough or process improvement, enhancing 
the deep manufacturing expertise we have 
cultivated over many years.
Vertically integrated solutions 
In recent years, our Group has significantly 
increased its vertical integration, allowing for 
enhanced control over the entire production 
process, from sourcing raw materials to delivering 
the final product. This strategic integration 
ensures consistent quality and reduces reliance 
on external suppliers, resulting in substantial cost 
savings and maintaining our cost competitiveness. 
Furthermore, by managing multiple production 
stages internally, we can swiftly respond to market 
fluctuations and shifts in consumer preferences, 
thereby enhancing our operational flexibility and 
sustaining a competitive advantage.
Delivering critical connections
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
08

Essential power and connectivity for everything we 
use in our lives, from simple household items to 
sophisticated equipment.
Our products 
significantly enhance 
consumer quality of 
life globally, positioning 
Volex as an integral 
partner to a broad 
spectrum of modern 
manufacturers.
Display screens
Volex integrates displays 
into a variety of devices, with 
advanced display technology 
increasingly vital in our 
digitalised world.
Data transfer
We supply high-speed data 
centre cables, incorporating 
the latest technology to meet 
the demands of this rapidly 
evolving, technologically 
advanced sub-sector.
Radiation oncology 
treatments
Our wire harnesses are integral 
components of numerous 
critical medical devices, 
contributing to enhanced 
patient outcomes.
Connecting  
data centres
Providing cost-effective 
industrial-grade power cables 
to keep data centres running 
and allowing expansion 
as more data is stored in 
the cloud.
Keeping domestic 
appliances running
Volex provides essential wire 
harnesses and power cords for 
domestic appliances, playing 
a vital role in maintaining the 
functionality of these crucial 
household items.
Powering  
electric vehicles
With its expanding range of 
products, Volex is becoming 
a pivotal player in the electric 
vehicle charging landscape.
High performance 
wire harnesses
Our wire harnesses are 
utilised across a diverse range 
of products, from medical 
scanners to communications 
technology.
Charging laptops 
and games consoles
Volex power cords are 
essential for enabling safe 
and convenient charging of 
consumer devices.
09
www.volex.com
Financials
Governance
Strategic
Business Overview 

Delivering critical connections
Transforming  
our business
Firmly on track to achieve  
the ambitious five-year plan 
revenue goal of $1.2 billion by  
the end of FY2027
With a clear vision and strategic plan, Volex has carefully 
expanded in attractive, profitable markets through organic 
growth and acquisitions, enhancing our confidence in 
meeting long-term targets. 
Since the start of FY2019, we have successfully completed the 
acquisition of 12 businesses, significantly boosting our global 
presence, production capacity and range of value-added 
services.
As we expand our scale and technical capabilities through 
facility expansion, capital investment and ongoing research 
and development, we are driving innovation in product 
solutions and accessing higher-value opportunities.
We have grown revenue with existing customers while also 
gaining additional business. This expansion in breadth of 
offering and customer base enhances our resilience as a 
business so we can continue to grow and meet our targets.
Furthermore, the vertical integration and automation 
of our manufacturing processes have streamlined 
efficiency, enhanced quality and tightened cost control, 
particularly critical during inflationary periods. As a contract 
manufacturer, we have the opportunity to pass on increased 
costs to our customers, thus managing our expenses and 
preserving our profit margins within targeted parameters.
Our highly experienced and agile team have a proven 
track record of delivering top-line growth and margin 
improvement. We are committed to achieving our five-year 
plan, underpinned by our team’s deep expertise.
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
10
stock code: VLX

Our strong strategic focus and commitment to 
operational excellence gives us confidence in our ability to 
deliver our current five-year plan by the end of FY2027
Delivering growth
Revenues more than doubled 
over five years
  Operating with a well-diversified 
customer base and product range
  Launched Electric Vehicles product 
range and expanded the manufacturing 
services on offer
  Expanded our PCB assembly capacity to 
support higher customer demand
  Developed a suite of cutting-edge 
products for Data Centre customers
Enhancing profitability
Operating profits four times 
higher over five years
  Significant investment in 
vertical integration to reduce 
manufacturing costs
  Targeted automation to improve 
quality and efficiency
  Evolution of the customer base 
to deliver better margins
Expanding capabilities
Significant ongoing investment in expansion to enhance capacity and 
capabilities
  Increasing our expertise in complex manufacturing through knowledge-sharing
  Adding capabilities organically and through acquisition
  Diversifying our chosen end-markets, including scaling up in the Off-Highway sector
  Investing in site expansions in order to increase capacity in locations close to our customers
Revenue 
Growth 
FY2020 - 
FY2024
1,000
800
600
400
200
391.4
912.8
$m
2020
2021
2022
2023
2024
Revenue
443.3
614.6
722.8
11
www.volex.com
Financials
Governance
Strategic
Business Overview 

Delivering critical connections
Innovating  
successfully
Remarkable talent
Our employees are our 
most important asset.
Onboarding, training and retention
Every employee benefits from a structured 
onboarding process and on-the-job 
development, ensuring that new hires are 
smoothly integrated into our team. We provide 
professional development opportunities for 
existing employees as we recognise developing 
talent is essential to drive business growth. 
Reward and recognition
We are committed to providing fair and 
compliant remuneration across our 
organisation. We operate global recognition 
programmes to celebrate site and team 
excellence. Many sites provide individual and 
team recognition initiatives that support our 
customer-focused culture. These initiatives 
boost motivation, engagement and job 
satisfaction, leading to improved performance 
and retention.
Impact
Talented people are central to our business 
because they drive innovation through 
collaboration and knowledge-sharing. Our 
people deliver quality products and solutions 
that are right the first time, every time, 
exceeding our customers’ expectations.
Supported by our values
Be trusted - Committed to putting our 
customers first, we partner with them to 
understand their requirements and to 
continuously exceed their expectations. Our 
deep, long-standing relationships mean that 
our customers fully trust us to deliver their 
critical projects.
Be tenacious - We get things done, we 
relentlessly drive for results, we never 
yield in the face of challenges. Continuous 
improvement involves the entire team 
collaboratively seizing every opportunity to 
enhance our performance and capabilities. 
Be challenging - Our policy is to speak up, 
urging everyone to be direct and honest 
with each other. By fostering a culture where 
constructive challenge is welcomed, we 
collaborate effectively and devise the best 
solutions together.
Be respected - A belief in quality is deeply 
ingrained in our organisation. We consistently 
fulfil our promises and take accountability for 
our commitments. We take pride in what we 
do and this fuels our drive to deliver excellence.
Be focused - We establish clear goals, 
objectives and performance standards for our 
people, products and processes, ensuring these 
are communicated effectively throughout our 
organisation. By playing to our strengths, we 
focus on delivering distinct solutions that meet 
the specific needs of our customers.
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
12
stock code: VLX

A culture for success
Kaizen
At Volex, we believe in the Japanese philosophy 
of kaizen: a continuous process of improvement. 
Our teams are encouraged to work collaboratively 
across the organisation, to learn from one another 
and share insights. Through a philosophy of kaizen 
and rigorous process standardisation, we drive 
our performance forward. We recognise success 
through the Volex Site Excellence Awards and 
always consider how we can take the next step 
forward in manufacturing.
Innovating standards to meet 
the evolving requirements of 
clients
By establishing strong relationships with our 
customers, we collaborate with them from 
designing complete solutions to their unique 
problems through to delivery of the product. We 
encourage our global teams to come together 
to innovate and share ideas in order to drive our 
performance forward.
Advanced manufacturing  
assets across three continents
Our global team of 14,000 colleagues, who 
work across 25 countries, are united by a shared 
mission: to be a world class supplier, providing our 
customers with advanced manufacturing services 
that will exceed their expectations. 
Our global footprint of well-equipped 
manufacturing locations allows us to manufacture 
products around the world, delivering to customers 
where they need it. 
Best-in-class processes and 
quality assurance
We are committed to maintaining the highest 
standards of quality throughout our operations 
and we work tirelessly to standardise our excellent 
processes while remaining flexible and responsive 
to customer demand and requirements. Through 
a kaizen mindset, we are always questioning how 
we can improve our processes to make them more 
efficient, cost-effective and improve product quality.
Our sites have in-line testing and rigorous 
procedures to ensure quality assurance. Our sites 
around the world have achieved independent 
certification to a wide range of international and 
industry standards.
Accreditations
Volex manufacturing sites hold globally recognised 
industry specific and sustainability accreditations, 
including ISO 9001 and sector specific 
certifications including IATF 16949, ISO 13485, 
MedAccred and AS 9100D.
Read more 
about our 
Business 
model 
on pages 
24 to 27 
Innovative data centre 
products 
The escalating use of data-intensive applications 
is necessitating GPU acceleration, driving 
increased demand for high-speed Direct 
Attach Cables (‘DAC’). This market evolution is 
primarily driven by the requirements of high-
performance computing, artificial intelligence 
(AI), and machine learning. Volex is addressing 
these needs by creating pioneering solutions 
that are poised for the future transitions in 
data handling speeds, from 400 Gigabit-per-
second to 800 Gigabit-per-second and up to 1.6 
Terabit-per-second within the same form factor. 
These cutting-edge solutions are designed to 
be more efficient, featuring reduced power 
consumption, decreased data loss, minimal 
latency and superior signal integrity. These 
attributes make them particularly suitable for 
meeting the progressive requirements of AI 
implementations and data centre operations.
Our strategy encompasses high-level 
collaborations and active engagement with 
key stakeholders, including both hyperscalers 
and system designers, to address both current 
and future market demands. This approach 
necessitates participation at the standards 
committees and with various partners aimed at 
innovating at a system architecture level. Such 
collaboration ensures that the solutions not only 
meet but surpass the essential low power and 
latency requirements for sophisticated AI back-
end devices. Furthermore, Volex is committed to 
maintaining a robust product vision, supported 
by a skilled and experienced research and 
development team focused on resolving 
complex signal integrity challenges related to 
interconnectivity and interoperability along 
the way. The team is dedicated to establishing 
stringent testing and qualification protocols 
that comply with regulatory and certification 
standards, while also aligning with Volex’s 
commitments to environmental, social and 
governance principles. Volex has designed and 
deployed enhanced signal-conditioned 400Gbps 
and 800Gbps products and is now working on 
next-generation module platforms that will be 
supporting 1.6Tbps aggregate speeds.
What we are developing
  AI back-end and data centre connectivity 
enabled with high-speed copper featuring 
enhanced signal conditioning
  Both standard and bespoke cable whip 
cords for data centre-distributed power
Case study
13
www.volex.com
Financials
Governance
Strategic
Business Overview 

Delivering critical connections
Our approach involves the identification of high-
performing enterprises within sectors in which 
we possess a deep understanding and significant 
experience. 
We are particularly attracted to businesses with 
strong and long-lasting customer relationships 
and proven competencies. Our acquisition pipeline 
is carefully managed to prioritise opportunities 
that enhance our Group’s value proposition and 
extends our presence into existing or adjacent 
markets. Given the dynamic nature of the global 
supply chain landscape, the strategic geographic 
location of potential targets is also a critical 
consideration. We only consider targets demanding 
substantial integration or restructuring when we 
are comfortable that we have sufficient availability 
of the necessary managerial resources to manage 
these transformations effectively.
Acquiring excellent businesses for attractive valuations 
remains a fundamental component of our strategy.
Delivering on our
acquisition 
strategy
MC Electronics 
New medical and industrial 
consumers with quick-turn 
capability
$4m
GTK
Experts in connectors, cable 
assemblies and displays. They also 
offer quick-turn solutions from the 
UK and Romania
$18m
Servatron
Brings PCBa and box-build / 
integration capability. Also an EMS 
provider in high-growth segments
$20m
Silcotec
Offers low-cost production in 
Slovakia alongside the opportunity 
to cross-sell Volex expertise to new 
medical customers
$14m
Ta Hsing 
Provided vertical integration 
through their cable manufacture 
business in Shenzhen
$5m
A history of successful and margin-enhancing acquisitions
We have completed 12 acquisitions in the past six years, totalling an aggregate investment of just 
under $400 million.
2018
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
14

Irvine Electronics
Specialists in mission-critical 
assemblies for defence
$15m
inYantra
High-volume PCB assembly 
based in India
$13m
Murat Ticaret 
A leading manufacturer of 
complex wire harnesses for the 
Off-Highway sector
$196m
2024
In general, acquisitions should enhance the 
Group’s margin profile. The identification phase 
includes businesses not actively on the market as 
well as those already in a sales process. Potential 
acquisitions undergo a rigorous qualification 
procedure and must receive approval from 
our investment committee before we enter 
the negotiation stage. Due diligence begins 
only once there is a clear agreement on the 
commercial terms.
Volex has a proven track record of successfully 
acquiring and integrating businesses, with an 
aggregate investment totalling, approximately, 
$400 million since the beginning of FY2019. Over 
this period, the Group has developed and refined 
a well-structured approach for assessing potential 
targets.
The integration of our most recent and largest 
acquisition, Murat Ticaret, is progressing well. This 
acquired business boasts a strong and resilient 
operating culture dedicated to delivering high-
quality production promptly to a diverse customer 
base with complex requirements.
What we look for  
in an acquisition
Our selection criteria ensure 
acquisitions are aligned with our 
strategic goals.
Customers
Targeting businesses that maintain 
deep customer relationships, as these 
connections frequently generate new 
opportunities and revenue synergies.
Capabilities
We focus on businesses that offer 
complementary or adjacent capabilities, 
or those that can expedite our vertical 
integration efforts.
Markets
Market considerations involve assessing 
whether the target is strategically 
located and evaluating Volex’s depth of 
understanding within the sector.
Culture
Well-managed, entrepreneurial businesses 
with strong management teams fit 
perfectly with our established Group 
culture.
Valuation
An important part of our acquisition 
approach is to target businesses at 
valuations that are attractive.
DE-KA 
Offers market-leading power cord 
and plug manufacturing, with highly 
automated production facilities in 
Türkiye
$85m
Prodamex & TC 
Prodamex brings an appliance wiring 
harness business, creating cross-sales 
opportunities. TC bolsters position in 
the defence market and opens up the 
Off-Highway market
$19m
RDS 
RDS is a UK-based supplier of 
electronic displays, embedded and 
IOT solutions 
$9m
15
www.volex.com
Financials
Governance
Strategic
Business Overview 

Strategic 
Report
 Contents
Executive Chairman’s Statement
18
Our Markets
20
Business Model
24
Strategy
28
Key Performance Indicators
32
Operational Review
34
Performance Review
37
Financial Review
44
Group Risk Management
49
Sustainability at Volex
56
A Sustainable Business
60
Non-financial and Sustainability 
Information Statement
63
Streamlined Energy & Carbon 
Reporting Statement 2024
71
A Responsible Business
73
A Trusted Business
76
Stakeholder Engagement
78
Section 172 Statement
80
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
16

17
www.volex.com
Financials
Governance
Strategic
Business Overview 
Acquisition of Murat Ticaret
Our acquisition of Murat Ticaret creates a new, fifth sector for the Group 
in an attractive market aligned with our strategy to deliver high-quality, 
specialist manufacturing solutions.
Founded in 1969 and headquartered near 
Istanbul in Türkiye, Murat Ticaret is a leading 
wiring harness company operating across 
three continents. Murat Ticaret specialises 
in producing complex wiring harnesses 
and power connectors for the Off-Highway 
sector. The acquired group supplies major 
global manufacturers across multiple 
subsectors, principally in public transportation, 
construction, agriculture and material 
handling. In addition to manufacturing 
services, it delivers value-added services such 
as engineering and design.
Acquisition rationale
Market leading Off-Highway  
wire harness manufacturer
•	 Entry into a fifth sector diversifies the Group further and 
unlocks a combined customer base while adding non-
competing, complementary products to Volex’s capabilities 
across a broad range of geographies.
Diverse and long-term  
customer base 
•	 Customers include four of the five largest agricultural 
equipment manufacturers in the world, the largest lift truck 
manufacturer in Europe and the largest bus builder in 
Türkiye.
Strong regional footprint
•	 With nine manufacturing sites across three countries, Murat 
Ticaret provides additional scale and increases purchasing 
power of the supply chain. 
Track record of profitable  
growth and strong prospects
•	 Murat Ticaret has delivered consistent profitable growth and 
operates in markets with strong structural growth drivers.
Opportunity to expand 
capacity to meet expected 
demand
•	 The fragmented North American market is the largest 
market for agricultural equipment in the world. By 
leveraging Volex’s existing footprint in North America, there 
is an opportunity to expand in this attractive space.
Experienced management 
team committed to the 
business
•	 Ensures key operational processes continue seamlessly 
while integration efforts occur.
Case study
Integration observations
The acquisition has provided Volex with 
immediate scale in a fifth key growth market. 
We have had excellent initial customer 
engagement and secured incremental projects. 
Our existing North American infrastructure and 
relationships allow us to effectively expand our 
Off-Highway business in the highly fragmented 
market, supported by targeted investments in 
local sales and production.
This expansion enables substantial synergy 
opportunities, including cross-selling, 
broadening our customer base and deepening 
existing relationships. We are committed to 
continuous improvement through kaizen, 
optimising processes and integrating best 
practices across the Group.

Volex plc  Annual Report and Accounts for the year ended 2024
18
Executive Chairman's Statement
FY2024 was another year of significant progress 
for Volex. Despite headwinds from destocking, 
we increased revenue to $912.8 million, achieving 
organic growth of 6.9%, with strong half-on-half 
sequential growth of 30%. Overall, our business 
is delivering excellent performance, with strong 
profitability and cash generation. We now have a 
leading Off-Highway business, having completed 
the acquisition of Murat Ticaret in August 2023, 
further diversifying Group earnings. Delivering 
consecutive years of record results reaffirms our 
belief that our strategy is effective and validates 
our confidence in achieving the five-year plan. 
We have doubled revenue in three years, with 
40% of this growth from organic expansion. For 
the fourth consecutive year, we have achieved an 
underlying operating profit margin within our 
target range of 9% to 10%. This year, our underlying 
operating profit was $89.7 million, representing a 
margin of 9.8%, while underlying EBITDA reached 
$111.6 million, a 36.8% increase from the previous 
year. We ended the year with a strong balance 
sheet and covenant leverage of 1.0x, comfortably 
within our target range of 1.0x to 2.0x.
Strong organic growth 
through cycle
FY2024 saw a marked improvement in component 
availability and supply chain reliability. Some 
customers rebuilt inventory, leading to increased 
demand. Others used this stability to normalise 
inventory levels. Effects varied across markets and 
customer sectors, but in aggregate we delivered 
robust organic revenue growth of 6.9%.
Against particularly strong comparatives for 
both Electric Vehicles and Consumer Electricals, 
revenues declined in FY2024 due to normalisation 
and destocking. However, both sectors showed 
signs of recovery in the second half of the year.
Lord 
Rothschild
Executive 
Chairman
 Read more 
about our 
Strategic 
Aim on 
pages 
28 to 31 
stock code: VLX
Sales to Medical and Complex Industrial 
Technology customers increased, driven by 
improved supply chain conditions, that enabled 
customers to expedite order backlogs. Additionally, 
there was a significant boost in sales of high-
speed data centre cables, supported by growing 
demand as technology companies implement 
artificial intelligence infrastructure. 
Integration of Murat Ticaret and 
our Off-Highway strategy
The acquisition of Murat Ticaret completed at the 
end of August 2023 and significantly enhances 
our scale in the attractive Off-Highway market. 
We generated revenues of $163 million in this 
sector, producing complex wire harnesses for 
various applications, including agricultural 
and construction equipment, buses and 
coaches, and material handling machinery. This 
acquisition advances our strategy of providing 
specialised manufacturing solutions, driving 
profitable growth, and fostering deep, long-term 
relationships with our clients.
Integration is progressing well, as we enhance the 
organisation and embed our working methods 
and delivery approach. Customer engagement 
has been excellent, leading to securing several 
incremental projects and the identification of 
cross-selling opportunities.
Murat Ticaret is a fast-growing business 
and we are increasing factory capacity and 
optimising facilities. We have recruited a talented 
management team with international experience 
to support the continued success of the operations 
and to deliver the integration programme.
A recurring theme in feedback from Off-Highway 
customers is the desire for us to replicate the high-
quality manufacturing services they receive in 
Europe within the North American market. We are 
building a team and accelerating our investment 
in infrastructure to make this happen.
Investing for growth
The complex assemblies and critical components 
we manufacture are essential to customers’ 
operations. Recent supply chain disruptions have 
fundamentally reshaped procurement thinking 
and sourcing strategies. Many customers want to 
simplify their supply networks, reduce complexity, 
minimise risk and promote sustainability. This 
is an unprecedented opportunity to support 
our customers’ localisation initiatives. We are, 
therefore, actively expanding our manufacturing 
footprint.

We have significant strength in strategic locations, such 
as Mexico and Türkiye, which bring manufacturing closer 
to our clients in the US and Europe. Additionally, we offer 
extensive capabilities in highly competitive regions, like 
Indonesia and India.
Relocating production can be challenging and our 
experienced teams are well-versed in managing such 
transitions. It is crucial for us to have available capacity that 
aligns with our customers’ project timelines. Consequently, 
by the end of the summer, we will have added incremental 
capacity in Mexico, Türkiye, India, Indonesia and Poland. 
Although this will incur some short-term additional costs, as 
these sites become operational with customer projects, we 
anticipate enhanced profitability from these locations over 
the longer term.
We are disciplined with our returns criteria for capital 
investment projects and target cash payback within two 
years of production going live. This industry-leading return 
enables us to consistently maintain a return on capital 
employed of over 20%.
Enhancing our organisation
The majority of our products are highly complex, some with 
hundreds of individual components. To meet the highest 
quality standards in delivering these critical assemblies, 
we implement rigorous quality assurance measures 
and innovative production techniques. Consequently, 
we employ highly skilled engineers and manufacturing 
specialists. Over the past year, we have recruited additional 
experts and invested in enhancing our capabilities in 
automation and efficient manufacturing.
Our decentralised operating model continues to provide 
the quick decision-making and flexibility necessary for 
managing our diverse and complex business. In recent 
years, we have enhanced this model with regional 
leadership teams that bring significant manufacturing 
experience. These teams provide support and governance 
to the management in our manufacturing facilities. 
This year, we established a regional leadership team for 
Türkiye, underscoring the importance of this region to our 
growth plans.
Sustainability
Our Group is deeply committed to sustainability, integrating 
it into every aspect of our operations. We collaborate with 
customers, many of whom are at the forefront of the transition 
to a low-carbon economy, to provide sustainable power 
products and connectivity solutions. This approach leverages 
data-driven insights from our Sustainability Reporting System 
to prioritise improvements and maximise the benefits we can 
achieve through our sustainability initiatives.
Since FY2022, we have aligned our sustainability efforts with 
the UN’s Sustainable Development Goals, implementing 
new environmental management and responsible water 
use policies. The Group aims to decarbonise its scope 1 and 
2 emissions by 2035 and its scope 3 emissions by 2050.
Every production facility contributes to sustainability through 
tailored kaizen improvement plans, leading to innovations 
in energy efficiency, waste reduction, and environmental 
protection. Significant achievements include a 28% reduction 
in carbon intensity since FY2019, expansion of on-site solar 
generation and a commitment to reducing water and waste.
Our sustainability strategy also involves addressing scope 3 
emissions and enhancing the supply chain’s sustainability. 
The Group has updated its Supplier Code of Conduct and is 
developing a sustainable procurement policy to further its 
environmental goals. Overall, we are dedicated to building 
a sustainable future through continuous improvement and 
strategic initiatives.
Board changes
In October 2023, Dean Moore stepped down from the Board 
after six and a half years, during which he served as the 
Chair of the Audit Committee and our Senior Non-Executive 
Director. We extend our gratitude to Dean for his support 
and guidance during this period.
We welcomed John Wilson to the Board in October. John 
brings a strong background in the technology, components, 
and connectivity solutions sectors, including his current role 
as CEO of Bulgin Limited, a leading global manufacturer 
of sealed connectors and components. John has assumed 
the role of Chair of the Audit Committee. At the same time, 
Sir Peter Westmacott was appointed as our Senior Non-
Executive Director.
Dividend
Having achieved another year of robust growth and 
maintaining a strong balance sheet, the Board is pleased to 
propose a final dividend of 2.8 pence per share. Combined 
with the interim dividend of 1.4 pence, this totals 4.2 pence 
for the year, marking a 7.7% increase from the previous year. 
The Board believes this dividend level is both appropriate 
and sustainable, reflecting our confidence in the Company’s 
ongoing ability to deliver consistent growth.
Outlook
The improvement in demand from our Electric Vehicles and 
Consumer Electricals customers towards the end of FY2024 
and the beginning of FY2025 is encouraging, indicating 
a reduction in the impact of destocking in these areas. 
The significant growth in Medical and Complex Industrial 
Technology included some one-off catch-up due to better 
component availability, which is not expected to repeat in 
FY2025. However, we continue to secure new projects in 
these sectors, demonstrating how our global capabilities 
and manufacturing footprint support our growth objectives.
There is a significant opportunity to accelerate our growth 
in the Off-Highway sector outside of existing geographies 
served by the Group. Based on customer feedback and 
requests, we are therefore expediting our plans to launch an 
Off-Highway business in North America. This initiative will 
underpin our growth strategy in this sector.
With a clear strategy and execution plan for each of our 
markets, we are accelerating our investment programme to 
achieve long-term growth. This includes broadly doubling 
operational investments and raising capital expenditure to 
around 5% of revenue for the next year. We enter FY2025 
with the business in excellent shape, positioning us to meet 
our five-year plan targets and deliver sustained growth and 
value for shareholders.
Rothschild
Executive Chairman
26 June 2024
19
www.volex.com
Financials
Governance
Strategic
Business overview 

Relevant markets
All sectors 
Relevant markets
All sectors 
Market drivers
  Improved infrastructure and range are encouraging 
consumers to choose electric vehicles. Increased 
demand for EVs will result in further development of 
out-of-home charging infrastructure
  Transition from internal combustion engines to EVs 
is backed by a large number of governments and the 
automotive industry
  Rising fuel costs are changing consumer spending 
habits: customers are seeking out more energy-
efficient home appliances and electric vehicles offer 
a cost-effective alternative to internal combustion 
engines
  Public transport is adopting electrification to 
promote zero emissions
Market drivers
  The migration of data and applications to the cloud 
continues, driven by factors such as cost savings, 
security and scalability of requirements
  Manufacturers across a large variety of industries are 
continuing to invest in their Industry 4.0 journeys
  Relocating manufacturing requires additional 
technology investment in new markets
  Expected increase in adoption of, and reliance on, 
Artificial Intelligence
  Customer requirement for innovative products in 
order to stay ahead of the technology curve
  Demand for ever-increasing data processing speeds 
continues with the evolution of data cables from 
400Gbps to 800Gbps and beyond
How Volex is responding to these trends
  Volex has been announced as a licensed partner of 
Tesla for the North American Charging Standard 
(‘NACS’)
  Volex’s experienced engineering team has developed 
a broad portfolio of EV components, including 
charging cables, AC and DC charging systems and 
energy storage systems to suit demand
  With vertically integrated offerings in our sites, 
including cable extrusion, we can reduce a product’s 
carbon footprint while also optimising product costs
  Identifying cross-selling opportunities between the 
Off-Highway and EV sector
  High-quality, traceable products reduce the likelihood 
of product failure and, therefore, scrap
How Volex is responding to these trends
  Volex offers active and passive Data Centre cables at 
speeds of up to 800Gbps and are developing next 
generation products
  Our highly skilled and competent engineering and 
manufacturing team are well-versed in the latest 
technology and processes to help our customers with 
complete and advanced solutions
  Expansion in range of solutions and products 
available through collaboration and cross-selling 
between traditional Volex and acquisitions, for 
example our capabilities in display solutions through 
the acquisition of RDS
At Volex, every activity, every interaction and every production 
instruction is highly standardised. Yet at the same time, our sales and 
operations are flexible and responsive to macroeconomic trends.
Macroeconomic trends 
Our Markets
Technological advancement
Climate change
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
20

Relevant markets
All sectors 
Relevant markets
Medical, Off-Highway
Market drivers
  Customers are looking for tariff-free manufacturing 
options with logistical and environmental 
considerations forcing a rethink in existing supply 
chains
  Increasing freight costs are leading OEMs to 
regionalise their supply chain
  Customers are de-risking complicated sourcing 
strategies to use suppliers who are closer to end-
markets. The pace of change has been accelerating in 
recent years due to multiple challenges from existing 
supply chains
Market drivers
  	Growth in population and urbanisation increases 
the need for sustainable and safe infrastructure 
and Off-Highway vehicles 
  Long-term declines in mortality rates among those 
over 65 are driving increased life expectancy, which 
in turn necessitates greater investment in medical 
equipment to support the ageing population
  As medical knowledge of conditions expands, 
the need for innovative medical equipment and 
integrated solutions increases
  Further deployment in medical technology is 
required globally to realise the benefits of innovative 
treatment approaches, such as robotic surgery
How Volex is responding to these trends
  Volex offers highly integrated production options 
and has invested in automation, leading to efficient 
manufacturing and the delivery of cost-effective, 
high-quality output
  Six sites have undergone expansion in FY2024, 
allowing us to increase capacity so we can scale up to 
meet customer requirements
  Volex has a global footprint of sites with 
accreditations in the medical sector and safety 
approvals covering every major market for consumer 
products, allowing us to manufacture products in the 
regions that our customers need them
  Volex operates in low-tariff and tariff-free locations
How Volex is responding to these trends
  Following the acquisition of Murat Ticaret, Volex 
achieved immediate scale in the Off-Highway sector 
and we are developing our Off-Highway offering in 
North America
  We work with the most advanced medical equipment 
manufacturers in the world and, with our capabilities 
and global footprint, have the flexibility to support 
increasing demand
  Our global accreditations and medical-grade 
manufacturing make us an attractive partner to 
customers who require high-quality, traceable 
products for use in advanced healthcare applications
  Our exceptional operations team are well versed 
in the latest technology and processes, enabling 
development of complete solutions for all kinds of 
medical manufacturing and assembly requirements
Globalisation
Population growth and 
demographic changes
21
www.volex.com
Financials
Governance
Strategic
Business overview 

Our Markets  continued
The interconnection of global and local needs
Volex has international scale with 28 manufacturing sites and a presence in 25 countries. 
Our global customer service and production capability provides us with significant 
advantage in regionalised and fragmented markets, allowing us to deliver the products 
customers require, when and where they need them.
Our customers are adjusting their sourcing 
strategies in response to several pivotal 
factors, including supply chain disruptions, 
environmental concerns and shifting 
geopolitical landscapes. These challenges have 
prompted many customers to streamline and 
consolidate their supplier networks, with a 
growing emphasis on relocating manufacturing 
operations closer to their own facilities. This shift 
not only supports local economies by fostering 
job creation and economic stability, but also 
simplifies logistics, enhancing the efficiency of 
supply chain management.
Moreover, moving production nearer to 
customers reduces the environmental impact 
associated with long-distance transportation. 
This alignment with sustainability goals is 
increasingly important as businesses seek to 
meet regulatory requirements and consumer 
expectations for environmentally responsible 
practices. Our extensive global presence and 
local operational capabilities uniquely position 
us to support these evolving needs.
Our responsiveness towards customers’ needs
With an efficient global supply chain and sophisticated logistics 
support, customers benefit from expedited product lead times 
and more efficient cost management without compromising 
performance and reliability.
Our world-class facilities are designed for flexibility and 
adaptability, enabling us to deliver top-quality goods, products and 
services precisely when and where they are needed. Our global 
manufacturing approach can accommodate a large variety of 
products in varying volumes, from small batches to production 
runs of millions of units.
Responding to customer demands, local market requirements 
and the need for enhanced capabilities, Volex is actively expanding 
its capacity and technological acumen through a targeted 
investment programme. In the first half of the year, we relocated 
to a new manufacturing facility in Poland, and we are currently 
expanding our operations in Indonesia, India and Mexico. These 
strategic expansions are part of our commitment to meet the 
evolving needs of our customers globally, ensuring that we 
continue to offer competitive and cutting-edge solutions across 
all markets.
The drivers
Localisation of services
Our response
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
22

In today’s increasingly complex and competitive 
manufacturing landscape, customers demand 
solutions that balance stringent cost-efficiency 
criteria with the highest standards of quality, 
precision and durability. This balance is 
particularly crucial in highly regulated sectors 
where compliance, reliability and performance 
cannot be compromised.
Many of our customers operate in highly 
regulated markets and require accredited 
suppliers, ensuring that every aspect of the 
production process adheres to rigorous industry 
standards. This approach often involves a 
comprehensive system of supplier qualification 
and meticulous inspection of raw materials, 
extending through every stage of production, 
which includes continuous in-line inspection 
and rigorous testing of the final products.
Vertical integration is pivotal in ensuring that 
each component, product and project meets 
and exceeds established quality benchmarks. 
This strategy allows for control over each 
phase of the manufacturing process, from 
procurement and processing of materials 
to assembly and final testing, enhancing 
operational efficiencies, reducing lead times and 
guaranteeing that the final products meet the 
high standards required in regulated industries. 
Our design capabilities 
Volex is a global leader in Integrated Manufacturing Services 
(‘IMS’) for performance-critical applications and a supplier of 
power products. We are a value-added solutions provider serving a 
diverse range of markets and customers. Our teams have a wealth 
of experience and are experts in cable assemblies, higher-level 
assemblies, data centre power and connectivity, electric vehicle 
charging and consumer electricals.
Our Integrated Manufacturing Services business delivers 
technically sophisticated manufacturing solutions. We leverage 
our experience and insight across a wide range of industries to 
develop specialised solutions and drive product innovation, supply 
chain efficiencies and improved time-to-market.
We bring together the expertise and resources from across North 
America, Europe and Asia to create an aligned, tailored and 
dedicated proposition. We pride ourselves on being a proactive 
and dependable partner who delivers world-class, future-facing 
solutions.
We are a vertically integrated business 
With a knowledgeable sales team, global expertise in our chosen 
markets, design skills, integrated manufacturing capabilities and 
precision testing, we support our customers throughout the whole 
product process. Recent acquisitions have complemented our 
market offerings and allow Volex to create increasingly complete 
customer solutions.
Our core engineering competency has enabled us to broaden our 
portfolio offering for EV and data centre products. Additionally, 
the engineering team liaise with our customers, listening to 
their needs, and developing solutions to meet their complex 
requirements. 
As part of our vertically integrated manufacturing capabilities 
we have in-house cable extrusion; having ready access to a 
high-quality supply of cable allows us to scale up for increased 
demand, particularly in Electric Vehicles and Consumer Electricals 
manufacturing, where copper is a key component. Being highly 
vertically integrated with significant automation, we remain 
competitive on pricing and have the ability to improve product 
quality and manufacturing efficiency.
Integrated services and solutions 
The drivers
Our response
23
www.volex.com
Financials
Governance
Strategic
Business overview 

Engineering and design capabilities
Our exceptional research and development 
employees, alongside our skilled engineering teams, 
create new products and unique solutions to our 
customers’ complex problems. With many years of 
experience in accredited industries, we possess the 
expertise in design and manufacturing to guarantee 
our products meet the highest levels of quality and 
safety. We constantly look at ways to improve our 
manufacturing processes through automation and 
vertical integration to deliver cost-effective solutions.
Remarkable talent
Volex is guided by a dedicated and experienced 
leadership team that shape and drive the direction of 
the organisation. Our regional structure empowers local 
management to make critical decisions on-site and 
implement plans to optimise performance within our 
production facilities. Within this framework, our teams 
thrive in a collaborative environment where talent is 
cultivated and professional development is encouraged.
Globalised business
Our unique global footprint aligns with localisation 
trends, as many customers are shifting from complex 
and disjointed sourcing strategies to suppliers closer 
to end-markets. The rapid evolution in recent years 
has been driven by multiple challenges within existing 
supply chains. In response, we have been investing in 
capacity at strategically located production facilities to 
support our customers now and in the future. Volex’s 
global customer service and production capabilities 
provide a significant advantage in regionalised and 
fragmented markets.
Market expertise
With best-in-class processes and the highest levels of 
quality and safety, bolstered by medical and defence 
accreditations, we are a trusted long-standing 
manufacturing partner to global blue-chip customers. 
Partnering with us allows our customers to benefit 
from market-specific manufacturing excellence and 
deep technical expertise refined over many years.
Our culture
Our culture instils pride and shapes our approach and 
operations. Our teams are deeply committed to our 
customers and through collaboration and dedication, 
we ensure the delivery of on-time solutions that are 
right the first time, every time. By fostering teamwork 
and continuous improvement through kaizen, we 
harness the full potential of our people to achieve 
operational excellence. 
Profitable growth
Volex has shown strong financial progress over the years 
with revenue doubling since FY2021 whilst maintaining 
margins in our target range of 9-10%. 
Consistent operating margins 
  Operating profit has been improved through acquisitions 
and organic growth
  Margins maintained despite significant economic 
headwinds
  Investment in vertical integration to reduce 
manufacturing costs and targeted automation to 
improve quality and efficiency
Disciplined capital allocation approach
Investment and innovation
  Targeted investments in capital expenditure have 
been made, enhancing capabilities to support long-
term growth
  Majority of capital expenditure investments deliver cash 
payback within two years
  Investing in capacity to support customers localisation 
strategies for the long term 
  Research and development to supportive innovative 
product development 
Successful acquisitive approach
  Acquisitions are a fundamental part of our growth strategy
  Diversifies our capabilities, customer base and 
manufacturing footprint
  c.$400m spent on acquisitions since FY2019
Enhanced shareholder value
  Sustainable through-cycle dividend
  If other opportunities for cash deployment are not 
available, surplus capital would be returned to shareholders
Key resources
Our financial model
Led by our purpose:
Delivering best-in-class critical connections.
Value creation that makes a difference
Business model
That drives our mission:
To provide safe, sustainable and high-quality critical power 
and data connectivity-related solutions in our chosen 
markets. Enabling our customers to thrive in an era of rapid 
technological acceleration through our manufacturing 
excellence, global footprint and rigorous quality assurance.
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
24

Supporting customers through the project life cycle
Volex’s global teams possess the expertise to deliver exceptional results, from design and development to final delivery. Our 
capabilities span from high-volume power cords to custom cable harnesses for advanced fabrication technologies, from EV 
charging cables to box build solutions for mission-critical aerospace devices. Our expertise in these fields is complemented 
by fast prototyping, flexible and agile manufacturing and rigorous testing. Dedicated project management teams ensure 
solutions are delivered on budget, using high-quality materials to precise specifications. Additionally, Volex’s global sourcing 
and logistics systems facilitate on-time delivery, installation and support.
Our operating model
Acting responsibly
Leading practices
Best-in-class processes 
across our market sectors
Diverse range of  
manufacturing 
capabilities
Read more about our 
Operational Excellence on 
page 30
Best-in-class processes  
and quality assurance 
Read more about our 
Integrated Services and 
Solutions on page 08
Global footprint of 
accredited sites to 
support localisation
Read more about 	
Localisation and our response 
on page 22
We publish performance data through trusted 
disclosure platforms to provide our stakeholders 
with independent assurance.
We continuously monitor and improve our business 
practices to demonstrate our credentials as a 
sustainable, responsible and trusted business.
Sustainability ratings
Understand
Revise
Optimise
Partner
Deliver
Understand design 
requirement
Optimise for 
production
Delivering full 
production
Life cycle revisions 
and improvements
Partner to optimise 
cost of product
All these skills, supported by knowledgeable account management teams will ensure that, with Volex, our customers 
will receive a simply first-class solution.
Supported by the way we operate:
Our teams collaborate effectively, putting the customer first in everything that we do. 
By harnessing the expertise of our global organisation, we solve problems quickly and 
share best practice. This allows us to be competitive and efficient.
UN SDGs
25
www.volex.com
Financials
Governance
Strategic
Business Overview 

Optimising our performance
Driven by a decentralised approach:
Our decentralised approach allows fast, effective decisions by local 
management.
Key functions are managed 
from the centre:
A decentralised approach
We are an international community 
with a decentralised approach: our 
managers are given responsibility 
and autonomy in managing local 
operations. This approach enables our 
experienced regional teams to make 
quick responses to the local business 
environment. Our global customers 
have access to one global supplier, but 
one with detailed knowledge of their 
key local markets and an ability to 
reduce local lead times.
With a shared set of values, 
our leadership team establish 
the tone for the Group. The 
relentless focus on operational 
excellence and the continuous 
improvement framework are 
prevalent throughout our 
business.
Volex is led by a group of highly 
committed and experienced 
individuals that shape and drive 
the direction of the organisation. 
With a clear alignment over the 
strategic direction of the Group, 
we ensure that everyone is 
working together to achieve our 
targets.
Decisions around the allocation 
of both organic and acquisition 
capital investments are taken 
by Group senior management. 
This ensures that at a holistic 
level the Group can generate the 
best possible returns from the 
investment made. 
Local management is 
empowered to make timely 
decisions, ensuring prompt 
and effective action. Through 
monthly review meetings at 
each site, Group management 
oversees operations to maximise 
efficiency. 
Orchestrate operations
Central management fosters 
collaboration by promoting open 
communication channels and 
incentivising cross-functional 
teamwork. They also establish 
technology platforms that 
enable teams from various 
locations to connect and 
collaborate effectively. 
Our teams are encouraged 
to produce high-quality 
and complete solutions by 
working together and sharing 
knowledge. Kaizen initiatives and 
best practices are actively shared 
across the Group to ensure 
all businesses benefit from 
continuous improvement. 
Drive culture
Set strategy
Capital management
Promote collaboration
Share expertise
D
e
c
is
io
n 
m
a
k
i
n
g
B
y 
lo
c
al
 
m
a
n
a
g
e
m
e
nt
Culture, strategy 
and other key 
functions
Value creation that makes a difference
Business model continued
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
26

Shareholders
We are firmly on track to achieve our 
ambitious five-year target of $1.2 billion 
of revenue by FY2027, driven by organic 
growth and strategic acquisitions, while 
maintaining profitability. We boost 
shareholder value through a sustainable, 
through-cycle dividend policy and are 
focused on increasing the enterprise value.
Customers
Customers are at the heart of our 
business. We actively engage with them 
from design to delivery and beyond. The 
enduring relationships we build are a 
testament to our supportive approach 
and the high quality of our products. Our 
extensive global footprint enables us to 
deliver precisely where and when our 
customers need us.
Employees
Our people are central to our operations 
and are the driving force behind our 
innovation and continuous improvement. 
We commit to investing in our team by 
providing training and development 
opportunities throughout the organisation 
at all levels, nurturing our talent from 
within. By offering career advancement, 
internal promotions, a comprehensive 
rewards package and a positive workplace 
culture, we fully support our employees’ 
growth and satisfaction.
Suppliers
With an experienced procurement team, 
we actively collaborate with our suppliers 
to streamline our global supply chain 
and optimise logistics. Customers benefit 
from faster product lead times and more 
efficient cost management without 
compromising performance and reliability.
Communities and environment
At Volex, we encourage all our factories 
to consider their carbon footprint and 
what actions can be taken at a local level 
to achieve the Group global target of net 
zero scope 1 and 2 emissions by 2035. 
Our sites actively engage with their local 
communities, addressing a variety of 
issues that are crucial to our workforce 
and central to our corporate responsibility.
Electric Vehicles
As environmental pressures intensify due to climate 
change, the adoption of electric vehicles is steadily 
increasing. Regarded as a sustainable choice, 
electric vehicles play a crucial role in reducing the 
consumption of fossil fuels. 
Read more about Electric Vehicles on page 41
Consumer Electricals
Consumer technology encompasses items utilised 
in day-to-day life. With the latest models and 
developments, consumer electricals are enhancing 
communication, access to information and 
quality of life. As technology continues to develop, 
consumer electricals are becoming more efficient 
and cost effective, making products more readily 
accessible.
Read more about Consumer Electricals on page 42
Medical
With an ageing global population, the development 
and availability of medical equipment is crucial 
for supporting healthcare systems worldwide. 
Technology-driven solutions are key to enhancing 
the affordability of medical care, enabling faster 
diagnoses and improving patient outcomes.
Read more about Medical on page 42
Complex Industrial Technology
Industrial technology combines science and 
engineering to develop more efficient, cost-effective 
solutions. Industries are increasingly adopting 
automation technologies to enhance efficiency, 
reduce waste and improve product quality.
Read more about Complex Industrial Technology on 
page 43
Off-Highway
As countries prioritise net-zero targets, public 
transport is undergoing electrification to support 
zero-emission initiatives. Simultaneously, the 
agricultural industry is embracing technologies 
tailored for its needs, such as automation and 
Advanced Driver Assistance Systems, which 
enhance both farming efficiency and safety.
Read more about Off-Highway on page 43
Value generated
Social and societal benefits
Where every moment matters: 
We create impact that provides value and positive societal benefits.
7.7%
increase in 
dividend 
per share
Global 
workforce of
14,000
employees 
across 25 
countries
119.8
thousand 
hours of 
training
Net 
Zero 
scope 1 and 2 
by 2035
27
www.volex.com
Financials
Governance
Strategic
Business Overview 

 
Strategy
What we have delivered 
Strong revenue expansion:
Revenues delivered in FY2024 of $912.8 million were 
double those achieved in FY2021, a compound annual 
growth rate of 27%. This has been achieved through 
a combination of organic growth and successful 
acquisitions.
Consistent, stable margins:
Over the past four years, we have consistently 
achieved robust underlying operating margin 
in excess of 9.0%, in line with our stated range of 
9-10%. Between FY2016 and FY2020, our successful 
transformation enabled us to increase underlying 
operating margins from 2.0% to 8.1%.
Further progress in FY2024:
In a tough year for manufacturing businesses, we have 
delivered excellent organic revenue growth of 6.9%. 
Combined with the acquisition of Murat Ticaret, this 
puts us comfortably on track to deliver the five-year 
plan. Underlying operating margins of 9.8% are a 
record high for our business. We continued to invest 
in capacity expansion and in the high growth areas of 
our business, as well as our investment into research 
and development, which will fuel the growth of the 
business going forwards.
Year-on-year revenue growth
26.3%
Underlying operating margin 
9.8%
Three-year revenue CAGR 
27.2%
Number of years margins >9% 
4 years
What we are doing 
Quality management team makes 
us an attractive investment 
Management owns more than 25% of 
the Company’s shares, ensuring excellent 
alignment between shareholder priorities and 
the actions of senior management. The Volex 
management team is deeply committed to 
fostering a successful and expanding business 
for our shareholders. We are extremely 
confident in Volex’s long-term prospects, 
bolstered by organic growth opportunities and 
a healthy acquisition pipeline.
Fragmented markets 
Operating in highly fragmented markets 
presents numerous opportunities to expand 
our market share both organically and 
through strategic acquisitions. Our deep 
understanding of delivering value in our 
chosen sectors, combined with our extensive 
global presence, gives us a significant 
competitive advantage over other companies 
in the same sectors.
Investing for our future 
Aligned to our capital allocation policy, we 
have continued to invest capital expenditure 
in our business to support our future growth. 
This has been focused on improving the 
capacity across the Group, with expansions 
implemented or in progress in Mexico, 
Indonesia and India. The vast majority of our 
investments are approved based on a less than 
two-year payback period and are supported by 
customer demand. 
We exist to continuously enhance and maximise value for all our stakeholders. As a diverse and resilient 
business with solid fundamentals, we are well-positioned to achieve this objective. By leveraging our 
manufacturing prowess and engineering expertise, we are committed to sustaining and increasing 
profitability. Our track record highlights our ability to sustain operating margins and increase revenues, 
fuelled by our dedication to continuous improvement and efficiency.
Our strategy is geared towards optimising profitability and cash flow, enabling us to expand our capabilities and 
pursue strategic acquisitions that enhance shareholder returns. We are dedicated to achieving consistent growth 
and maximising margins, which generates robust free cash flows for reinvestment and further acquisitions.
We take pride in our team’s commitment and passion, which drives our focus on securing long-term 
growth for every stakeholder involved.
stock code: VLX
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
28

Where we are heading
01
Our five-year plan, announced in June 2022, set out our 
ambition to achieve revenues of $1.2 billion by the end of 
FY2027 with new acquisitions contributing at least $200 
million to this target. As part of our five-year plan, we will 
deliver a blended underlying operating margin in the 
range of 9–10%.
02
We are firmly on track to achieve the five-year plan 
having delivered revenues of $913 million and underlying 
operating margins of 9.8% in FY2024.
03
Following the acquisition of Murat Ticaret, annualised 
revenue from acquisitions completed since the end of 
FY2022 is greater than $200 million.
To achieve this ambition, we are: 
  Focusing on high-growth opportunities, particularly 
Electric Vehicles, Data Centre and Off-Highway markets
  Optimising the sales organisation
  Investing in expanding capacity and capabilities
  Investing in research and development, vertical 
integration and efficiencies
  Identify, complete and integrate strategic acquisition 
targets
Leveraging our global 
footprint
The disruption caused by the pandemic 
accelerated a significant shift toward 
localisation. Customers are streamlining 
their complex supply chains and our 
unique global footprint positions us 
ideally to capitalise on this trend. We 
have the capability to manufacture 
our products close to our customers, 
regardless of their location, enabling us to 
provide tariff-free options. This strategic 
positioning ensures both convenience and 
cost-efficiency for our clients.
Our acquisition strategy
Acquiring and integrating exceptional 
businesses into Volex is an important  
element of our growth strategy.
What we look for in an acquisition 
  Strong customer relationships
  Additional capabilities 
  Attractive markets 
  Strong cultural fit 
  Compelling valuation
Customers
Capabilities
Location
Culture
29
www.volex.com
Financials
Governance
Strategic
Business overview 

There are five key pillars underpinning our strategy, designed to position us 
for growth while optimising profitability and cash generation. These pillars 
form an integral part of our plan to develop a world-class manufacturing 
organisation.
Strategy  continued
Volex plc  Annual Report and Accounts for the year ended 2024
30
Product development
What this means
Renowned for the exceptional quality 
of our products, we collaborate closely 
with our customers from the initial 
design phase through to delivery. Our 
process engineers tackle manufacturing 
challenges by engaging early in the 
design process to thoroughly understand 
complex requirements. Meanwhile, our 
research and development teams are at 
the forefront of innovation, continually 
developing advanced products that cater 
to the next generation of technologies 
in our rapidly evolving markets. 
Increasingly, the products we sell feature 
elements that have been meticulously 
designed by Volex.
Strategy in action
Having successfully developed 800 
Gigabit-per-second high-speed 
data centre cables, we have begun 
production for this new generation of 
high-speed cable. We are expecting 
sales of these cables to accelerate 
over the coming years as data centre 
providers upgrade their infrastructure.
Future priorities
Our research and development teams 
are dedicated to future developments 
in our Electric Vehicles and Data Centre 
markets. In the Electric Vehicles space, 
our efforts are particularly focused 
on enhancing charging technologies 
to ensure that we maintain and 
expand our market-leading portfolio 
of products. As the high-speed Data 
Centre market evolves at a rapid pace, 
our strategic technical partnerships are 
crucial in broadening and improving our 
array of solutions. These collaborations 
enable us to stay at the cutting edge 
of technology, ensuring we meet the 
dynamic needs of our customers and 
maintain our competitive edge in these 
fast-moving markets.
Revenue growth
What this means
At the core of our operations, the 
customer’s needs and expectations drive 
all that we do. Strong, consistent and 
transparent customer communication 
have been fundamental to maintaining 
exceptional service and responsiveness, 
especially given ongoing supply chain 
challenges.
We cultivate a thorough understanding 
of our customers’ operations, recognising 
the critical need to be responsive at every 
touchpoint of the customer journey. 
By identifying opportunities to deliver 
additional value through enhanced 
solutions, we not only deepen our 
relationships with existing customers, but 
also fuel the growth of our business.
Strategy in action
Following our decision to expand our site 
in Tijuana, Mexico, in FY2024, we won an 
EV contract with a leading North America-
based automotive manufacturer, securing 
annualised revenues of $30 million. 
We further enhanced our EV sector 
credentials by being granted a licence 
from Tesla to produce the North American 
Charging Standard coupler.
Future priorities
We are dedicated to continuously 
developing and enhancing our sales 
team to deepen our understanding of 
our customers and effectively identify 
support opportunities. Additionally, we 
are actively engaging with Murat Ticaret’s 
customers to strengthen our relationships 
and offer further support, ensuring we 
comprehensively meet their needs. To 
highlight our expanding capabilities, 
we are also investing in targeted 
marketing and customer communication 
programmes.
Operational excellence
What this means
Continuous improvement is deeply 
embedded in our culture across 
all levels of the organisation, from 
the production floor to the support 
functions. We relentlessly pursue 
efficiency gains and process 
enhancements. Our aim is to establish 
a best-in-class organisation that 
leverages its global footprint and scale 
to optimise production and deliver 
substantial value to our stakeholders.
Local managers receive firm support 
from senior leaders, empowering them 
to drive positive change throughout 
the organisation. This collaborative 
approach ensures that we continually 
enhance our operations and maintain 
our competitive edge.
Strategy in action
Each year, we implement numerous 
operational improvements. These 
include ideas originating on the 
production floor as well as senior 
management initiatives. Underpinning 
these operational enhancements 
is the kaizen culture we foster 
throughout the Group. This culture of 
continuous improvement results in 
the implementation of hundreds of 
innovative ideas each year, significantly 
enhancing our operational efficiency 
and effectiveness.
Future priorities
At the site level, we have identified 
numerous opportunities for 
optimisation that will reduce 
our manufacturing costs while 
simultaneously elevating our 
standards of quality and safety. 
These opportunities will constitute 
a fundamental part of our capital 
expenditure strategy for FY2025.
Link to KPIs
A
 C
 G
 
Link to Risks
2  8  9  
10  13  
Link to KPIs
A
 B
 D
Link to Risks
2  3  4  
8  9  
Link to KPIs
B
 D
 E
Link to Risks
4  5  7  
12  14  
stock code: VLX

31
www.volex.com
Financials
Governance
Strategic
Business Overview 
A  Annual revenue change
B  Underlying operating profit
C  Return on capital employed
D  Underlying free cash flow
E  Underlying basic EPS
F  Employee safety
G  Scope 1 and 2 carbon emissions 
H  Carbon intensity
Key to KPIs
1  Acquisition integration
2  Market competition
3  Customer concentration
4  Global economic conditions
5  Supply chain
6  Staffing and people
7  IT and cybersecurity
8  Product quality
9  Technological change
10  Climate and environment
11  Access to finance
12  Commodity prices and FX rates
13  Regulatory compliance
14  Financial controls
Key to Risks
Investment and 
acquisition
What this means
Our capital allocation policy places 
huge importance on investing both 
organically in capital expenditure 
and through strategic acquisitions. 
Supported by a robust balance sheet 
and good access to funding, we are 
well-equipped to continuously invest for 
growth. Our approach to acquisitions 
is agile, bolstered by a strong network 
within Volex senior management.
We have substantial organic investment 
opportunities within our existing 
operations that are projected to deliver 
attractive cash returns. Notably, many 
of our capital investment programmes 
are expected to achieve cash payback 
within two years.
Strategy in action
The transformative acquisition of Murat 
Ticaret was completed in H1 FY2024, 
providing access with scale to a fifth 
end-market, significant additional 
revenue and margin expansion.
Due to the growth we have seen in recent 
years, we have invested in expanding 
our footprint in a number of territories 
to provide additional capacity to ensure 
that we can continue to provide excellent 
service for our customers when and 
where they require it. 
Future priorities
Our acquisition pipeline remains varied 
and interesting, with opportunities 
which are at various stages in the 
acquisition process.
Consistent with previous years, we 
have conducted a thorough review of 
our future needs to develop a detailed 
capital investment plan for FY2025. This 
plan is designed to support our growth 
and includes the completion of several 
expansion projects.
Remarkable talent
What this means
We have highly skilled and capable 
teams around the globe, critical to 
the success of our business. These 
talented groups are dedicated to 
delivering excellent value for our 
stakeholders. They are led by a strong 
and experienced management team, 
unified by a clear set of goals and a 
shared purpose, which complements 
our culture and underpins our 
operations.
Strategy in action
Building on our strong regional 
leadership, we have invested in 
enhancing the regional capabilities and 
improving their depth. Following the 
acquisition of Murat Ticaret, we have 
established a robust leadership team 
in Türkiye. These strategic investments 
empower our teams to execute 
ambitious transformation activities 
across the organisation.
Additionally, our Site Excellence Awards 
programme encourages outstanding 
performance. By recognising and 
celebrating excellence throughout 
the Group, we motivate our sites to 
achieve and maintain high standards of 
operational excellence.
Future priorities
Our skilled teams are actively 
encouraged to design and implement 
incremental improvements, an 
approach that not only fosters valuable 
ongoing professional development, but 
also expands their responsibilities. 
We are committed to investing in 
our high-performing team members, 
supporting their growth and 
enhancing their skills. By maintaining 
a competitive reward structure that 
recognises and compensates our 
employees fairly, we continue to excel 
in a competitive marketplace.
Link to KPIs
A
 B
 H
Link to Risks
1  11
Link to KPIs
C
 F
 H
Link to Risks
6

 Annual revenue  
change (%)
A
 Underlying operating  
profit ($m)
B
Return on capital  
employed (%)
C
26.3%
38.6% 
13.3%
5.2%
17.6%
2020
2021
2022
2023
2024
89.7m
56.2m
42.9m
31.6m
67.3m
2020
2021
2022
2023
2024
20.7%
21.9% 
31.5%
29.9%
20.3%
2020
2021
2022
2023
2024
Definition
Change in reported revenue 
compared to the previous year.
Relevance
Through consistent customer service 
and the right sales mix, we aim to 
drive higher revenue.
Performance
Continuing increases in organic 
revenue as a result of leading 
positions in attractive, diversified 
end-markets and contribution from 
the transformative acquisition of 
Murat Ticaret.
Definition
Operating profit before adjusting 
items and share-based payment 
expense.
Relevance
Optimising profitability is central to 
our strategy. This is realised through 
a robust pricing strategy and 
efficiency programmes.
Performance
Operating margins achieved within 
target range, demonstrating 
stringent cost control during volatile 
market conditions.
Definition
Underlying operating profit as a 
percentage of average net assets 
excluding net cash/debt.
Relevance
This measures return on the equity 
asset base as the Group continues 
to grow.
Performance
Returns at similar levels to prior 
year, despite significant investment 
in acquisitions, which have typical 
returns of 15%, as profitability 
increased from FY2023.
Link to Strategy
 
 
Link to Risks
2  3  4  
8  9  
Link to Strategy
 
 
Link to Risks
1  4  5  
12  
Link to Strategy
 
Link to Risks
1  5  7  
14
Underlying free  
cash flow ($m)
D
 Underlying basic  
EPS (cents)
E
56.8m
6.1m
31.7m
48.8m
40.3m
2020
2021
2022
2023
2024
33.7¢
26.9¢
32.1¢
18.2¢
30.2¢
2020
2021
2022
2023
2024
Definition
Underlying free cash flow is the net 
cash before financing activities and 
excluding costs of acquisition, adjusting 
items and share-based payments.
Relevance
We aim to maximise cash generation 
to fund further acquisitions and 
support the growth of the business.
Performance
Strong free cash flow generation due 
to growth in profit, combined with 
working capital inflows, less capital 
expenditure.
Definition
Basic earnings per share adjusted for 
the impacts of adjusting items and 
share-based payment expense, net 
of tax.
Relevance
This measures the growth and 
profitability of the Group and is a 
measure used by investors when 
assessing the business.
Performance
The expansion of the business 
organically and through acquisition 
have improved EPS.
Link to Strategy
 
Link to Risks
1  8  11  
Link to Strategy
Link to Risks
1  8  
Financial KPIs
Key Performance Indicators
We use a range of metrics, reported periodically, against which we measure Group 
performance. These metrics are aligned to our strategic priorities and to the key 
risks of the business.
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
32

 Employee safety 
(accident frequency rate)
F
 Scope 1 and 2 carbon 
emissions (tCO2e)
G
 Carbon  
intensity
H
1.28
1.78
2.00
1.07
1.24
2020
2021
2022
2023
2024
23116
19738
15157
13808
20000
2020
2021
2022
2023
2024
25.3
32.1
34.2
35.3
27.7
2020
2021
2022
2023
2024
Definition
Reportable accidents (a lost time 
accident resulting in more than one day 
of time loss) per million hours worked.
Relevance
Ensuring the safety of our workforce is 
our first priority. We ensure that every 
site takes safety seriously to deliver a 
healthy and safe working environment.
Performance
This has increased slightly. 13 sites 
achieved zero lost time accidents  
in FY2024. This KPI excludes our 
Murat Ticaret business and  
therefore represents 69% of our 
global workforce.
Definition
Total amount of carbon dioxide 
equivalent tonnes (tCO2e) of scope 1 
and 2 emissions. Includes all material 
emission sources within the financial 
control boundary.
Relevance
We are committed to reducing the 
carbon emissions associated with our 
operations.
Performance
The increase is due to the Group 
expanding, but the implementation 
of energy-efficient processes and 
operations have limited the increase 
in emissions.
Definition
Carbon dioxide equivalent tonnes of 
scope 1 and 2 emissions (CO2e) per 
$m revenue.
Relevance
Intensity ratio of gross global 
emissions in tonnes of CO2e per 
million dollars of revenue is a common 
business metric for our industry sector.
Performance
As our revenues have grown, we have 
successfully controlled the increase in 
our carbon emissions by moving to less 
energy-intensive manufacturing and 
increasing our use of renewable energy. 
Link to Strategy
Link to Risks
6  13  
Link to Strategy
Link to Risks
10   
Link to Strategy
 
 
Link to Risks
10
Non-Financial KPIs
 Product development
 Revenue growth
Operational excellence
 Investment and acquisition
 Remarkable talent
Key to Strategy
1  Acquisition integration
2  Market competition
3  Customer concentration
4  Global economic conditions
5  Supply chain
6  Staffing and people
7  IT and cybersecurity
8  Product quality
9  Technological change
10  Climate and environment
11  Access to finance
12  Commodity prices and FX rates
13  Regulatory compliance
14  Financial controls
Key to Risks
33
www.volex.com
Financials
Governance
Strategic
Business overview 

Operational review
How is the Murat Ticaret integration progressing?
We used the time we had during the due diligence phase to really understand the 
business. This allowed us to establish a clear plan about what we needed to do during the 
first 100 days of ownership. We have acquired an excellent business with some significant 
new customers. The response of customers and our new colleagues has been extremely 
positive.
The current focus is on enhancing processes within Murat Ticaret to ensure they are 
consistent with the high standards that we have across our entire organisation. We are also 
engaging with our Off-Highway customers to look at how we can best serve them in other 
geographic markets – particularly in North America. Overall, we are very pleased with the 
business we have acquired and the progress we are making around integration.
How has the approach to integration developed?
We’ve now acquired 12 businesses in the last six years. When we made our first three 
acquisitions back in 2018, we ran them on a standalone basis, concentrating on aligning 
around key control areas. This worked well given that we manage our operations in a 
decentralised way, with experienced local managers able to make timely decisions.
As our Group has developed, we have increased the scope of our integration process, 
having experienced and recognised the clear benefits from a common operating model. 
We’ve had some significant successes through cross-selling. It has also been great to bring 
together sales, operations and engineering specialists from our different entities so that 
they can work together to deliver innovation and operational improvements.
stock code: VLX
Lord 
Rothschild
Executive 
Chairman
John 
Molloy
Chief 
Operating 
Officer
Volex plc  Annual Report and Accounts for the year ended 2024
34

What characteristics do you look for in acquisitions?
One of the reasons we have been able to acquire some very successful businesses for 
attractive valuations is that we keep an open mind to acquisitions and we consider a 
broad range of targets. We have bought businesses in markets that we understand well, 
where we have a good insight into why the commercial proposition is compelling for the 
customer.
In terms of what an ideal acquisition would look like, it would bring great customers and 
scale in a specialist manufacturing area. Location is important because we want to make 
sure we have an experienced team available to support the integration activities. With so 
much growth happening around the Group, this is a key consideration. 
How do you determine where to invest?
We are a customer-centric organisation, so a lot of our decisions about investment start 
with the customer. We have very close relationships with many of our customers, giving 
us an insight into their future requirements. This shapes our investment strategy both in 
terms of where we look to grow our production footprint as well as enhancing capabilities.
The other key element is enhancing efficiency. Our continuous improvement culture 
drives us towards identifying ways to optimise our production and improve our delivery. 
This allows us to continue to deliver excellent value to our customers, which allows us to 
win more opportunities.
What are the localisation trends that are impacting the market?
There has been a significant shift in the way our customers approach procurement. With 
all of the disruption experienced in supply chains in the last couple of years, there is a trend 
towards reducing complexity and eliminating risk. Often, this involves choosing a supplier 
who can manufacture closer to home. This is a major opportunity for Volex, given our 
global footprint and our capabilities in attractive markets like Mexico and India.
It’s worth noting that moving the complex products that we manufacture is not simple. 
Our engineering capabilities and experience give our customers confidence that we 
can deliver a seamless process when they look to transfer production from alternative 
providers. This is also why it is so important that we have capacity available now. Once 
customers have moved production, they will have little appetite to move it again for some 
time. As a result, we are bringing on incremental capacity to support the current wave of 
demand to localise production.
What have been some of the major projects the team has 
delivered this year?
It’s been a really busy year. There has been a lot of focus on expanding some of our key 
sites so we can support our customers’ growth requirements. This gives us a platform to 
deliver the incremental revenue we require to hit our five-year plan.
We also worked closely with one of our major customers to deliver a complex and critical 
assembly for one of their flagship electric vehicle projects. This required close collaboration 
between our production specialists and the customer’s engineering team. Our ability to 
support challenging technical requirements through the manufacturing process is a real 
differentiator and contributed to the successful delivery of this programme.
35
www.volex.com
Financials
Governance
Strategic
Business overview 

Operational review  continued
What do you see as the major growth opportunities for the 
remainder of the five-year plan?
One of the things that is so exciting right now is that we can see excellent opportunities in 
all parts of our business. We have deliberately aligned ourselves to markets with significant 
structural growth drivers, which gives us a lot of confidence in our ability to deliver growth.
Localisation is a significant trend in manufacturing and we see this as particularly relevant 
for the complex, mission-critical assemblies that are an essential part of our customers’ 
advanced technology products. For our higher volume customers, the efficiencies and 
production enhancements we have secured are helping us win new business based on 
competitive pricing and exceptional quality. We are also very excited by what we can 
deliver in Off-Highway, where we have great capabilities and long-standing relationships 
with some very important customers.
How have your capabilities and locations developed in  
recent years?
We are fortunate to operate in markets with strong structural growth drivers, as well as 
serving customers who are growing strongly as they deploy innovative technology. As a 
result, we need to invest in expanding our available manufacturing footprint and ensure 
that we can support the increasing demand. 
We have had a particular focus on being able to deliver high-quality manufacturing in 
competitive locations, which can help customers reduce supply chain complexity or 
reliance on a particular region. We listen carefully to what our customers need so we can 
improve our offerings and have the right combination of specialist services to support their 
developing product sets.
What’s the most important factor in delivering success?
Delivering advanced manufacturing requires a combination of people, processes and 
technology; but it’s the people that drive the business. We have an amazing team of 
hard-working and talented individuals, who are able to collaborate and support the 
requirements of our customers. Given the importance of people to our business, we put 
a lot of time and effort into talent management, personal development and succession 
planning. 
What are the key challenges you are dealing with at Volex?
Customers want to partner with us because we provide excellent customer service, 
competitive pricing and exceptional quality. Delivering this requires a continuous focus on 
operational excellence throughout the organisation. This is particularly relevant given the 
growth that we are experiencing, both as we onboard new customer projects and support 
the transfer of production between locations.
With so much happening across our organisation, robust project management skills 
and good communication is critical. We have well-established teams who work together 
effectively to allow us to hit key milestones and to respond to changing customer 
requirements. There is definitely a lot going on at the moment and it is very satisfying to 
see us delivering on our commitments.
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
36

Performance review
The Group has achieved strong results, showing 
good revenue growth and increased profitability, 
and is on track with its five-year plan. The 
acquisition of Murat Ticaret has improved both 
revenue and profitability and has expanded our 
presence into a fifth end-market sector, speeding 
up our diversification. Our operations across varied 
end-markets have made our business resilient, 
allowing us to deliver strong financial performance 
even in varied market conditions.
Over the past year, supply chains continued to 
normalise and the lead time variability experienced 
in the prior periods reduced. This has resulted in 
two contrasting market dynamics. In our high 
complexity areas, component availability improved 
enabling our customers to address significant 
backlogs that had accumulated. Conversely, in 
the higher volume parts of our business, the more 
stable supply chain conditions allowed customers 
to reduce their inventory levels.
Trading performance overview 
The Group generated revenue of $912.8 million 
(FY2023: $722.8 million), an increase of 26.3% 
compared to the previous year. This included 
organic revenue growth of 6.9% and $142.9 million 
contribution from acquisitions, being principally 
the recently acquired Murat Ticaret business, 
in addition to the full-year effect of our FY2023 
acquisition. 
Customers with complex requirements 
accelerated demand thanks to better availability 
of components, with organic revenue growth 
of 15% in Medical and 32% in Complex Industrial 
Technology. Supply chain improvements and 
stability allowed other customers to reduce buffer 
stocks. This effect was seen in Electric Vehicles, 
where there was an organic revenue reduction 
of 10% and in Consumer Electricals, where the 
reduction was 8%. Underlying operating profit 
increased by 33% to $89.7 million (FY2023: 
$67.3 million), primarily due to the acquisition 
of Murat Ticaret. Statutory operating profit 
also rose to $63.9 million (FY2023: $53.8 million) 
and included adjusting items and share-based 
payments of $25.8 million (FY2023: $13.5 million).
The Group’s underlying operating margin was 
9.8%, an improvement of 50 basis points, driven 
by higher volumes, stringent cost controls, 
vertical integration efficiencies, sales mix and the 
acquisition of Murat Ticaret. This improvement, 
achieved despite macroeconomic challenges and 
inflationary pressures, demonstrates the resilience 
and agility of our business. Additionally, we have 
continued to invest in expanding the capacity of 
the business to support future growth.
Strong free cash flow generation and an equity 
raise earlier in the year supported capital 
investment, dividend payments and acquisitions 
spend of approximately $177 million. Consequently, 
net debt (before operating leases) was $121.1 
million at 31 March 2024 (2 April 2023: $76.4 
million), excluding $32.9 million (2 April 2023: $27.3 
million) of operating lease liabilities. The covenant 
net debt to adjusted EBITDA ratio was 1.0 times 
(FY2023: 1.0 times) giving the Group significant 
headroom.
Impact of the macroeconomic 
backdrop
Volex remains well positioned to navigate the 
challenges of a dynamic macro-environment. 
This strength is supported by our diverse markets, 
extensive capabilities and global manufacturing 
footprint. These core strengths have been essential 
to our continued strong progress, enabling us to 
overcome disruptions to global supply chains, as 
well as the challenges posed by Covid-19 and the 
war in Ukraine.
Although inflation rates remain elevated in many 
parts of the world compared to the previous 
decade, they have moderated from the previous 
year. Our well-defined and transparent process 
for managing inflation is well understood by our 
customers. For power cord customers, where 
copper is a significant part of our bill of materials, 
contracts allow for the pass-through of cost 
changes to the customer, although there can be 
a short time lag in implementing price changes. 
Other price inflation is addressed through price 
discussions with customers, which occur on a 
regular basis, such as quarterly, or on an ad hoc 
basis as necessitated by changes in costs.
Supply chains continued to improve, allowing 
some customers to accelerate production 
to address backlogs, while others optimised 
inventory levels and reduced buffer stock. The 
normalisation of supply chain conditions also 
allowed the Group to improve working capital, 
resulting in net cash inflow for the year.
Revenue by reportable segment
Volex partners with a wide range of global blue-
chip businesses. Supporting our customers is 
integral to our business model, and our global 
footprint allows us to achieve this effectively. 
Customers increasingly require manufacturing in 
multiple locations to mitigate the risk of supply 
chain disruption from any single country and 
to align production closer to where the final 
product is manufactured. Our regional operational 
focus supports these needs and we, therefore, 
analyse our customer revenue geographically. 
Revenue is allocated based on where the 
customer relationship is managed, reflecting our 
customer-centric approach.
37
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Financials
Governance
Strategic
Business overview 

Performance review  continued
6.9%
Organic 
revenue growth
9.8%
Underlying 
operating margin
$31.6m
Investment in capital 
expenditure
North America
North America represents our largest customer 
segment, where we collaborate with some of 
the region’s major technology companies and 
global innovators. This segment comprises 40.8% 
of Group revenue (FY2023: 47.0%). Revenue grew 
by 9.6% to $372.3 million (FY2023: $339.8 million). 
This reflects some of the strong organic growth 
we experienced with our Medical customers 
and within Data Centres, supplemented by the 
contributions from the Murat Ticaret North 
American customers. Offsetting these are the 
reduction in revenue levels within the Electric 
Vehicles and Consumer Electricals end-markets as 
customers rationalised inventory levels.
Asia
Asia constitutes 20.3% of Group revenue (FY2023: 
23.7%). Asia revenue increased by 8.0% to $185.1 
million (FY2023: $171.4 million). The increase is 
largely because of the growth from inYantra, 
which is exposed to the rapidly expanding 
Indian market. However, this positive trend was 
somewhat mitigated by the normalisation seen in 
the Consumer Electricals end-market.
Europe
Europe now accounts for 38.9% of Group revenue 
(FY2023: 29.3%). Revenue in Europe increased by 
68.0% to $355.4 million (FY2023: $211.6 million) 
principally due to the acquisition of Murat Ticaret. 
Additionally, strong organic growth from our 
Medical customers and the annualised impact of 
the FY2023 acquisition of RDS contributed to the 
year-on-year revenue increase.
Revenue by customer sector
Electric Vehicles
Revenues in Electric Vehicles were lower year-on-
year against a particularly strong comparative. 
In FY2023, customers built up buffer stocks to 
mitigate the impact of variable lead times. In 
FY2024, our customers were able to reduce their 
inventory as lead times normalised, resulting 
in a reduction in demand. Organic revenue 
from our Electric Vehicles customers decreased 
year-on-year by 10% to $123.7 million (FY2023: 
$138.3 million), but still 19% higher than FY2022, 
illustrating sustained growth over the longer-term.
The electric vehicle industry is set for continued 
growth as consumer adoption increases, 
supported by government legislation. Volex, with 
its market-leading position and strong reputation 
as an innovative manufacturer in this sector, 
is well-positioned to capitalise on this growth. 
Leveraging our extensive experience with EV 
charging technology, we have expanded our 
product offering to support faster AC charging 
and out-of-home charging solutions, aiming 
to broaden our customer base. To maintain 
our competitive edge as one of the industry’s 
lowest-cost producers, we continue to invest 
in new product development, enhance vertical 
integration, and refine our manufacturing 
processes. This is important as the competitive 
landscape intensifies.
Consumer Electricals
Improvements in supply chains allowed our 
Consumer Electricals customers to reduce buffer 
stock levels in the year. Consequently, revenue 
reduced in FY2024 to $235.3 million (FY2023 
restated: $259.6 million). The previous year’s 
revenue has been restated to move $2.2 million 
revenue to the newly launched Off-Highway 
end-market. On an organic basis, revenue for this 
sector declined by 8%. Two of the most substantial 
components in our power cords, copper and 
PVC, were, on average, at a lower price during the 
year compared to the prior year, allowing us to 
pass on cost savings to customers which in turn 
contributed to part of the revenue reduction. 
The ability to deliver a truly global solution to 
supply high-quality power cords in every major 
market is a key reason why Volex is a critical 
supplier to many household name Consumer 
Electricals brands. With proven expertise in wire 
harness manufacturing, we are receiving an 
excellent response as we look to expand in this 
area. Our relatively low levels of penetration for 
domestic appliance harnesses offer a strong 
opportunity for expansion. This is combined 
with a focus on cross-selling, capitalising on 
our widespread manufacturing capabilities, 
supporting sustained growth and customer 
retention in a dynamic market environment.
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
38

Medical
Sales to Medical customers were exceptionally 
strong this year, benefiting significantly from the 
supply chain normalisation. This improvement 
enabled our customers to acquire components 
that were previously in short supply and address 
pent-up demand. Medical revenues were up 15% 
on an organic basis to $177.5 million (FY2023: 
$145.0 million). Additionally, this sector benefited 
from a full year of RDS revenues, following its 
acquisition part-way through FY2023.
The medical products we manufacture are 
complex, with precisely specified bills-of-materials, 
making production dependent on the availability 
of specialist components. Some of the catch-up 
that occurred in FY2024 as supply chain conditions 
improved is not expected to repeat in FY2025, 
potentially leading to slightly reduced or broadly 
flat demand levels in the near term. The mid-to-
long-term growth prospects for this sector are 
supported by an ageing population and advances 
in medical technology.
Complex Industrial Technology
Revenue from Complex Industrial Technology 
increased organically by 32% to $213.4 million 
(FY2023 restated: $157.7 million), bolstered by 
the full-year effect of RDS which was acquired 
in FY2023. The previous year’s revenue has 
been restated to move $20.0 million revenue to 
the newly launched Off-Highway end-market. 
Excluding Data Centre customers, revenues within 
this sector remained broadly flat on an organic 
basis. Component availability has improved in 
FY2024 as supply chain pressures eased; this could 
lead to temporarily lower growth in the short term 
as customers are able to reduce stock levels.
Data Centre customers are reported within 
Complex Industrial Technology and represented 
41.7% (FY2023: 21.2%) of revenue in this sector. 
The revenue in this sub-sector increased by 131% 
year-on-year, partly due to prior year shortages 
of up-to-date network equipment essential to 
support the adoption of 400 Gigabit-per-second 
architecture in data centres. As these shortages 
abated towards the end of FY2023 and throughout 
FY2024, demand levels accelerated as customers 
addressed their backlogs. In addition, the 
expansion of data-intensive artificial intelligence 
applications increased demand from Data Centre 
customers.
Off-Highway
Following the acquisition of Murat Ticaret, we 
established Off-Highway as a distinct fifth end-
market sector. Previously, our sales to Off-Highway 
customers from our sites in North America and 
Asia were reported under Consumer Electricals 
and Complex Industrial Technology. We have 
now restated these figures to reflect the FY2023 
Off-Highway comparator of $22.2 million. 
Revenues increased to $162.9 million in FY2024, 
with $132.4 million as a result of seven months 
contribution from the acquisition of Murat Ticaret.
There are significant cross-selling opportunities 
within this end-market particularly in the 
highly fragmented US market. Medium-
term growth is supported by factors such as 
increasing urbanisation, advances in agricultural 
technology and the accelerating trend towards 
environmentally friendly and sustainable products. 
Our global footprint and advanced manufacturing 
assets position us well to capitalise on these trends 
and expand our presence in this sector.
Realising our strategy
Five key pillars encompass our strategy: product 
development; revenue growth; operational 
excellence; investment and acquisition; and talent.
We are committed to developing the right 
products and capabilities to become the 
manufacturing partner of choice for our 
customers. Through research and development, 
we have expanded our product offering, 
collaborating with our customers to understand 
their specific requirements.
Our customers are central to our operations. 
We excel in delivering outstanding quality and 
service by maintaining regular, transparent 
communication and continuously striving to 
add value. 
To consistently meet these high standards, we 
closely monitor our manufacturing facilities and 
processes, identifying ways to improve and to 
increase efficiency and quality. Our continued 
investment in vertical integration gives us greater 
control over the supply chain and protects 
margins. The customer service we provide 
drives organic revenue growth as customers are 
onboarded and increase our allocation of their 
products.
Investments and acquisitions remain a 
cornerstone of our strategic plan. Our investments 
are tactically selected to enhance capacity and 
capabilities, led by the customer and generally 
approved based on a two-year payback period. 
We are constantly evaluating potential acquisition 
targets, or building relationships with businesses 
that show strategic alignment, but are not 
yet available for sale. Since FY2019, we have 
successfully invested nearly $400 million on 12 
strategic acquisitions, which has contributed 
to expanding our product offering, improving 
our international manufacturing footprint and 
boosting earnings and margin.
All of which requires great people. We continue 
to strengthen the organisation by bringing 
in talented leaders, in addition to creating 
development opportunities for existing employees. 
Effective communication is critical, and we use 
diverse channels to drive employee engagement.
39
www.volex.com
Financials
Governance
Strategic
Business overview 

Performance review  continued
Creating value through  
organic investment
Investing in our business is a crucial component 
of our strategy, delivering excellent returns with 
projects typically recouping costs within two years. 
Building on our strong track record of creating 
value, we focus on growth areas while adhering to 
stringent financial criteria. Our investments not 
only maintain and enhance our assets but also 
respond to increased customer demands and 
support the development of new products, paving 
the way for future expansion.
In response to increasing customer demand, 
the Group invested in the further expansion 
of its global manufacturing base, creating 
additional capacity to facilitate growth as part of 
the Group’s five-year growth plans. Total gross 
capital investment increased to $31.6 million 
(FY2023: $27.0 million), representing 3.5% of 
revenue (FY2023: 3.7% of revenue). The prior year 
expenditure included $8.7m of assets which were 
purchased under lease agreements. As well as 
expanding capacity to support future growth, 
investment was concentrated on high-growth 
areas, including EV and data centre capabilities. 
The investment strategy continues to be shaped 
by customer demand, localisation requirements 
and capability enhancements. 
In FY2024, we made $8 million of operational 
investments to support growth. These investments 
include additional operating costs to enhance our 
operational capacity, expand our market presence, 
and drive innovation. This also encompasses 
increased depreciation expenses from additional 
capital investments and costs associated with 
scaling our organisation and manufacturing 
footprint, such as recruiting additional sales and 
engineering staff. These targeted expenditures 
are essential for scaling up our operations and 
positioning us for long-term success. 
We also continued to invest in expanding our 
research and development activities, including the 
recruitment of additional specialists to advance 
our product development programmes. We 
expect to continue to enhance our research and 
development teams through FY2025, ensuring 
sustained innovation.
Creating value through 
acquisitions
The successful acquisition and integration of 
high-quality businesses remains a pivotal part of 
our growth strategy. Our typical acquisition target 
is a well-managed company in a sector where we 
have a deep understanding. We favour businesses 
with blue-chip, long-term customers and good 
operational capabilities. This approach enables 
us to maximise cross-selling opportunities and 
synergies. Targets requiring significant integration 
or restructuring effort are only contemplated 
when we can identify the right management 
resources to lead this activity.
Our acquisition process is thorough; we explore 
both off-market deals and formal sales processes, 
with each potential acquisition being rigorously 
assessed by our investment committee before 
we advance to negotiation. In an environment 
where factors outside of managements control 
(such as Covid-19) impacted profitability at 
potential targets, both positively and negatively, 
valuation can be complex and we have taken a 
prudent approach in this regard. We proceed 
to due diligence only when there is alignment 
on commercial terms and we only pursue 
opportunities that meet the strict value criteria 
that we tailor for each transaction, based on its 
specific characteristics.
Since 2018, we have acquired 12 businesses, 
refining our expertise in seamlessly integrating 
new operations. Our integration strategies are 
tailored for each acquisition, concentrating on cost 
synergies and cross-selling opportunities while 
ensuring the new business fits within our regional 
structure.
Acquisitions remain a high priority and we will 
continue to actively pursue opportunities, at 
different stages of qualification. We maintain a 
strong balance sheet, good access to funding and 
significant undrawn facilities. The completion 
of any acquisition is dependent on the business 
meeting our stringent requirements following 
thorough due diligence and negotiations.
In FY2024, we successfully completed the 
acquisition of Murat Ticaret for total consideration 
of up to $196m including potential earn-outs 
of up to $46 million over two years, subject to 
the business achieving certain performance 
conditions. This acquisition was completed at an 
enterprise value to EBITDA multiple of 5.3 times, 
assuming the earn-out payments are paid in full. 
This demonstrates our continued ability to acquire 
quality businesses at attractive valuations. Murat 
Ticaret contributed revenues of $132.4 million to 
the Group in FY2024.
Headquartered in Türkiye, Murat Ticaret is a 
leading manufacturer of complex wire harnesses 
for specialist applications, with a significant global 
presence, including nine manufacturing sites 
across three continents. This acquisition is our 
largest to date and instantly scales our capabilities 
in the Off-Highway sector, marking it as our fifth 
end-market and further diversifying our portfolio. 
Murat Ticaret also brings a diverse customer 
Volex plc  Annual Report and Accounts for the year ended 2024
40
stock code: VLX

$124m
Revenue FY2024
(11)%
Growth FY2024
Performance 
  Decline in revenues in FY2024 compared to FY2023 
due to customers over-stocking in the prior year 
and then reducing buffer stocks as supply chains 
normalised
  Broadening our customer base and our range  
of products
  With a vertically integrated offering including cable 
extrusion we remain competitive on pricing
Opportunity
Expected market compound annual growth over five 
years of 10%1
Impact
Increasing awareness of the environmental 
consequences of passenger vehicle emissions is 
heralding a move towards electric vehicles (‘EVs’). This is 
predominantly a consumer-led trend, but also has the 
support of governments all over the world. 
The ongoing adoption of EVs is, in part, dependent 
on the enhancement of charging infrastructure 
as potential adopters are disinclined due to “range 
anxiety”. Governments have pledged funding towards 
on-the-go charging stations and major oil companies 
have also entered the EV charging space. 
1	
Source: Statista research on global electric vehicles 2024-2028
Electric Vehicles
New customers and expansion of 
product range
base of blue-chip manufacturers, with products 
complementary to the rest of the Volex Group. 
This provides the ability to market the full range 
of Volex production capabilities to the acquired 
customer base. Additionally, there is potential 
to leverage our existing footprint to expand 
operations in North America’s fragmented Off-
Highway market. Integration efforts commenced 
immediately post-acquisition and are progressing 
well, with promising customer engagement and 
several exciting cross-selling opportunities, for 
which we are developing targeted strategies.
Sustainability
We have continued to progress in enhancing 
the sustainability of our operations, recognising 
its importance to our business, customers, 
employees, the communities we operate in 
and our shareholders. During the year, we have 
implemented new policies on environmental 
management and responsible water use and 
have improved our ratings with both CDP and 
Ecovadis disclosure platforms. Our commitment 
to sustainability is embedded in our operational 
practices through a kaizen-based framework, 
which drives continuous improvement activities 
across all our factories. This ensures that each 
facility identifies and reports on key initiatives that 
contribute to both operational excellence and 
sustainability. 
With the integration of our Murat Ticaret 
acquisition progressing well, we are enhancing 
performance across many aspects of sustainability. 
This progress will allow us to review our net zero 
ambitions and solidify our action plans aimed 
at progressively decarbonising our operations, 
thereby reinforcing our commitment to long-term 
environmental stewardship.
41
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Financials
Governance
Strategic
Business overview 

Performance review  continued
$235m
Revenue FY2024
(9)%
Growth FY2024
$178m
Revenue FY2024
+22%
Growth FY2024
Performance 
  Normalisation in consumer spending after surge in 
home-working drove high demand for over two years
  Macroeconomic headwinds continued into FY2024, 
suppressing demand
  Vertical integration has allowed us to decrease costs
  Moderate recovery in demand has occurred in 
the second half of FY2024, creating optimism in a 
continued recovery
  We have the scale, global footprint and experience 
to meet the demands of our customers: delivering 
high-quality products where and when they 
are needed
Performance 
  With supply chains normalising, component 
availability, which held back revenue in previous 
years, improved and allowed customers to accelerate 
production
  Some of this catch-up from pent-up demand is not 
expected to repeat in FY2025
  Volex’s robust supply chain for medical-grade 
components enables rapid response to customer 
needs and scaling up production
Opportunity
Expected market compound annual growth over five 
years of 3%2
Opportunity
Expected market compound annual growth over five 
years of 6%3
Impact
As environmental concerns grow and fuel costs 
rise, consumers are increasingly prioritising energy 
efficiency in their purchasing decisions. This shift is 
driving demand for products that not only reduce 
energy consumption, but also offer cost savings 
over time.
Simultaneously, there is an expected continued 
increase in the adoption of smart technology, 
driven by consumers’ desire for more efficient and 
interconnected home solutions. Smart technology 
offers the capability to automate routine tasks and 
optimise household functions which can, significantly, 
save time, energy and money for users. This integration 
of advanced technology into everyday life is enhancing 
the convenience and sustainability of modern living 
spaces.
Impact
Medical OEMs are revolutionising healthcare by 
incorporating cutting-edge advancements into their 
products and solutions, significantly enhancing 
patient outcomes. As population needs evolve with an 
increased focus on prevention and early detection of 
conditions, medical providers are turning to advanced 
technological and scientific solutions to meet these 
changing demands and ensure high-quality care.
In the post-Covid-19 landscape, there has been a 
notable rebound in patient admissions and elective 
surgeries, leading to a heightened demand for medical 
devices that support various procedures. This trend 
underscores the critical role of innovative medical 
technologies in responding to the dynamic needs of 
the healthcare sector.
2	
Source: Statista research on global consumer electronics 2024-2028
3	
Source: Statista research on global medical technology 2024-2028
Consumer Electricals
Normalisation in consumer spending 
Medical 
Maintaining strong customer relationships 
 
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
42

$213m
Revenue FY2024
+35%
Growth FY2024
$163m
Revenue FY2024
+632%
Growth FY2024
Performance 
  Strong growth in sales of high-speed data centre 
cables due to improved availability of semi-
conductors and transition to latest architecture to 
support demand from AI applications
  Expansion of capability and cross-selling via 
acquisition
  Volex has a manufacturing footprint to allow the 
supply of components and finished goods from 
tariff-free locations
Performance 
  Seven months of revenue contributed by Murat 
Ticaret
  Off-highway products previously sold in North 
America and Asia, reported under Consumer 
Electricals and Complex Industrial Technology, are 
now realigned to the new sector
  With specialist manufacturing facilities in North 
America, Europe and Asia, we support our customers 
with low volume manufacturing of complex wiring 
harnesses
  The acquisition of Murat Ticaret brings with it a 
number of high-profile customers
Opportunity
Expected Data Centre market compound annual 
growth over five years of 7%4
Opportunity
Expected commercial vehicle market compound 
annual growth over seven years of 7%5
Impact
Drives economic growth and innovation, creating new 
industries and jobs. Industrial automation improves 
manufacturing processes, leading to increased 
productivity and cost savings. This diverse sector also 
serves transportation, aerospace and defence as well as 
commercial applications.
The increased requirements for cloud computing 
storage has created a need for ever-faster infrastructure 
within Data Centres to support this. We are at the 
forefront of this fast-moving, cutting edge technology, 
with a dedicated research and development team 
working on enhancing our product set based on 
customer feedback.
Impact
The agriculture sector is undergoing a significant 
transformation due to increasing mechanisation, 
which compensates for labour shortages caused by 
urban migration. This shift enhances productivity and 
efficiency across agricultural operations.
Urbanisation and economic growth in emerging 
markets are driving the expansion of commercial 
vehicles. As these economies develop, demand 
for products increases, spurring investments in 
infrastructure and technology.
Furthermore, a shift toward sustainability is becoming 
prominent, with rising consumer demand for 
environmentally friendly and sustainable products. This 
trend is expected to drive long-term sector growth.
4	
Source: Statista research on data centres 2024-2028
5	
Source: Fortune Business Insights research on commercial vehicles 
2022-2029
Complex Industrial Technology
Data Centre demand driving 
organic growth
Off-Highway
New sector introduced in FY2024 after the 
acquisition of Murat Ticaret
43
www.volex.com
Financials
Governance
Strategic
Business overview 

Financial review
Summary of financial results
$ million (unless otherwise stated) 
52 weeks 
ended
31 March 2024
52 weeks 
ended
2 April 2023
Revenue
912.8
722.8
Gross profit
202.8
157.0
Gross margin
22.2%
21.7%
Underlying operating profit*
89.7
67.3
Underlying operating margin*
9.8%
9.3%
Statutory operating profit
63.9
53.8
Net finance cost
(15.5)
(9.1)
Underlying tax charge*
(15.9)
(10.7)
Underlying profit before tax*
77.4
59.3
Statutory profit before tax
51.6
45.8
Underlying diluted EPS*
33.0c
28.8c
* Before adjusting items and share-based payment charges.
 Read more 
about our 
Financial 
model on 
page 24
Jon 
Boaden
Chief 
Financial 
Officer
Statutory results
Revenue of $912.8 million (FY2023: $722.8 million) 
represents year-on-year growth of 26.3%. Statutory 
operating profit increased by $10.1 million to $63.9 
million (FY2023: $53.8 million) which is an increase 
of 18.8% compared to the prior year. Net finance 
costs were $15.5 million (FY2023: $9.1 million), 
resulting in a profit before tax of $51.6 million 
(FY2023: $45.8 million) which is an increase of 
12.7%. There was a tax charge for the year of 
$11.4 million (FY2023: $8.4 million). Basic earnings 
per share were 21.8 cents (FY2023: 23.2 cents), a 
decrease of 6.0%.
Alternative performance 
measures
The Group makes use of underlying and other 
alternative performance measures in addition to 
the measures set out in International Financial 
Reporting Standards (‘IFRS’). Alternative 
performance measures are set out in the 
supplementary information on pages 197 to 198. 
Underlying earnings measures exclude the impact 
of adjusting items and share-based payments, 
with further detail regarding the adjustments 
shown in note 4 in the notes to the financial 
statements. The Board and management team 
make use of alternative performance measures 
because they believe they provide additional 
information on the underlying performance of the 
business and help to make meaningful year-on-
year comparisons. 
Group revenue
Group revenue increased by 26.3% to $912.8 million 
(FY2023: $722.8 million) driven by strong organic 
growth from customer demand, project wins 
with both new and existing customers, and the 
contribution from acquisitions. Sales in currencies 
other than US dollars resulted in an adverse year-
on-year foreign exchange impact on revenue 
of $2.3 million. Group organic revenue growth 
was 6.9%.
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
44

Organic revenue from the Electric Vehicles 
sector decreased by 9.6% to $123.7 million 
(FY2023: $138.3 million), mainly due to customers 
reducing buffer stock levels built up in FY2023 
following supply chain stabilisation. Sales in the 
Consumer Electricals sector fell to $235.3 million 
in FY2024 (FY2023 restated: $259.6 million), with 
an organic decline of 7.6%, primarily because of 
consumer demand normalising and customers 
working through excess inventory levels. Medical 
revenues increased by 15.3% on an organic basis 
to $177.5 million (FY2023: $145.0 million). Revenue 
from Complex Industrial Technology rose to 
$213.4 million (FY2023 restated: $157.7 million), 
marking a 31.9% increase on an organic basis. 
Excluding data centre customers, revenues were 
broadly flat on an organic basis. Data Centre 
revenues reached $88.8 million (FY2023: $37.7 
million), reflecting a 135.5% growth driven by 
improved availability of semiconductors and the 
transition to the latest architecture supporting 
demand from artificial intelligence applications. 
In FY2024, with the completion of the Murat 
Ticaret acquisition, we achieved immediate scale 
in the Off-Highway sector and revenues previously 
reported in other sectors were reallocated to 
Off-Highway. FY2024 Off-Highway revenues were 
$162.9 million (FY2023 restated: $22.2 million), a 
39.9% increase on an organic basis.
Gross margin
The Group’s gross margin increased to 22.2% from 
21.7% in FY2023. This improvement was partly due 
to the continued deflation in the cost of key raw 
materials, such as PVC and copper. Most of our 
contracts with power cord customers allow us to 
pass on changes in raw material costs, affecting 
the gross margin percentage. While most raw 
material purchases are denominated in US dollars, 
other costs, such as labour, are paid in local 
currencies. Variability in certain key currencies had 
a beneficial impact of approximately 0.1%.
Operating profit
Underlying operating profit increased 33.3% 
to $89.7 million (FY2023: $67.3 million). This 
was favourably impacted by foreign exchange 
benefit on retranslation of operating expenses, 
the strong organic growth, cost optimisation 
and contribution from Murat Ticaret, which was 
acquired in mid-FY2024. The ratio of underlying 
operating expenses to revenue was consistent with 
the previous year, at 12.4%, and there continues to 
be a strong focus on cost control and continuous 
improvement activities. Statutory operating 
profit increased by 18.8% to $63.9 million (FY2023: 
$53.8 million), also reflecting the factors above.
The Group’s underlying operating margin was 
maintained within the stated range of 9% to 10% 
at 9.8%, which was 50bps better than the 9.3% 
achieved in FY2023. Despite continuing headwinds 
from commodity and labour inflation, operating 
margin benefitted from acquisitions blending 
up the margins, vertical integration, efficiency 
improvement plans and cost control. The stronger 
dollar also helped in relation to costs such as rent, 
utilities and salaries paid in local currencies.
Adjusting items and share-based 
payments
The Group presents some significant items 
separately to provide clarity on the underlying 
performance of the business. This includes 
significant one-off costs, such as restructuring 
and acquisition related costs, the non-cash 
amortisation of intangible assets acquired as 
part of business combinations and share-based 
payments, as well as associated tax.
Acquisition costs of $3.8 million (FY2023: 
$1.3 million) were incurred in the year. As well as 
undertaking third-party due diligence, the Group 
uses its own experts and in-depth understanding 
of the sector to conduct a robust assessment of all	
acquisition targets. Acquisition costs were higher, 
reflecting the extensive due diligence and other 
advisory fees in respect of the acquisition of Murat 
Ticaret.
Amortisation of acquired intangibles increased 
to $13.4 million (FY2023: $8.9 million) due to the 
additional intangible assets identified as part of 
the Murat Ticaret acquisition.
The charge recognised through the income 
statement for share-based payment awards 
comprises $5.5 million (FY2023: $4.6 million) in 
respect of senior management, $nil (FY2023: 
$0.9 million credit where awards lapsed in the 
year) in respect of acquisitions and $0.8 million 
(FY2023: $nil) for associated payroll taxes.
Share-based payments include awards made to 
incentivise senior management as well as awards 
granted to the senior management of acquired 
companies. The awards made to acquired 
company management form an important part of 
the negotiation of consideration for an acquisition. 
They are used to reduce the cash consideration, 
and as an incentivisation and retention tool. 
In accordance with IFRS, where these awards 
include ongoing performance features, they are 
recognised in the income statement rather than as 
part of the cost of acquisition.
45
www.volex.com
Financials
Governance
Strategic
Business overview 

Financial review  continued
Net finance costs
Net finance costs increased to $15.5 million 
(FY2023: $9.1 million) mainly due to the additional 
utilisation of the revolving credit facility following 
the acquisition of Murat Ticaret at the end of 
August. The financing element for leases for 
the year was $2.7 million (FY2023: $1.7 million). 
The Group recognises interest income of $nil 
(FY2023: $0.2 million) in relation to accrued interest 
receivable on the 10% preference shares issued by 
our associate, Kepler SignalTek.
Taxation
The Group’s income tax expense for the period 
was $11.4m (FY2023: $8.4m), representing an 
effective tax rate (‘ETR’) of 22.1% (FY2023: 18.3%). 
The tax expense and ETR is higher than for the 
prior year due to the favourable impact of the full 
recognition of deferred tax assets in FY2023 in a 
major jurisdiction, as required by International 
Financial Reporting Standards. The assets are 
principally due to the recognition of historical 
operating losses, unclaimed capital allowances 
and other temporary differences. The decision to 
recognise these assets is based on an assessment, 
in the relevant jurisdiction, of the probability of 
future taxable profits which will be reduced by the 
historical losses and allowances. As the profitability 
of the Group’s operations has increased in recent 
years, this threshold has been met in certain 
countries.
Tax credits and charges relating to the underlying 
operations of the Group, including losses that have 
arisen through underlying activities, are reported 
in underlying profit after tax. The impact of 
deferred tax asset recognition on underlying profit 
after tax was $0.7 million (FY2023: $5.8 million). The 
recognised deferred tax assets are expected to be 
recovered from profits arising from our underlying 
operations. Tax charges and credits arising from 
transactions reported as adjusting items and 
share-based payments are reported outside 
of underlying profit after tax. The deferred tax 
assets are recovered in future periods by reducing 
cash tax payable and recognising a deferred tax 
expense in the income statement.
The underlying ETR (representing the income tax 
expense on profit before tax, adjusting items and 
share-based payments) was 20.5% (FY2023: 18.0%). 
The impact of tax incentives and favourable tax 
rate regimes contributed a 4.4% (FY2023: 1.5%) 
benefit to underlying ETR. This is primarily due 
to higher levels of R&D activity around the Group 
that qualify for R&D-related incentives and the 5% 
(FY2023: 1%) corporate income tax rate reduction in 
Türkiye for profits attributable to export activities 
combined with the acquisition of Murat Ticaret. 
The net favourable impact on the underlying 
ETR from judgements over deferred tax asset 
recognition across multiple territories was lower at 
0.5% for the year (FY2023: 7.1%) with the significant 
reduction due to the full recognition of deferred 
tax assets in FY2023 in a major jurisdiction.
FY2024 saw the introduction of inflation 
accounting for tax purposes in Türkiye which 
helped to mitigate the volatility in the underlying 
ETR caused by continuing high levels of inflation 
and currency devaluation, which across all 
territories was a net favourable 0.1% impact 
(FY2023: 3.2% adverse). Although the conditions 
of the relevant taxation law have been met, on 
30 April 2024 the Turkish Ministry of Finance 
announced the postponement of the inflation 
adjustment for the first fiscal quarter of 2024. 
It is understood that this is to make things 
administratively easier for taxpayers, and inflation 
adjustments will be made again from the second 
fiscal quarter 2024 onwards, but if inflation 
adjustments for calendar year 2024 were to be 
cancelled permanently by a future law change it 
could have a significant adverse impact on the 
Group’s underlying ETR during FY2025. 
Cash tax paid during the period was $14.9 million 
(FY2023: $7.9 million), representing an underlying 
cash ETR of 19.3% (FY2023: 13.3%). The increase was 
mainly caused by the acquisition of Murat Ticaret 
and the timing of tax payments in Türkiye, as well 
as the exhaustion of tax losses in a major overseas 
jurisdiction leading to cash tax becoming payable.
The Group operates in a number of different tax 
jurisdictions and is subject to periodic tax audits by 
local authorities in the normal course of business 
on a range of tax matters in relation to corporate 
tax and transfer pricing. As at 31 March 2024, the 
Group has net current tax liabilities of $16.5 million 
(FY2023: $13.7 million) which include $10.8 million 
(FY2023: $10.4 million) of provisions for tax 
uncertainties. There is a further $1.1 million (FY2023: 
$nil) of accrued interest relating to these amounts 
recognised in other payables.
Earnings per share
Underlying diluted earnings per share increased 
14.6% to 33.0 cents (FY2023: 28.8 cents). Basic 
earnings per share decreased to 21.8 cents (FY2023: 
23.2 cents).
The weighted average number of shares in the 
year was 179.9 million (FY2023: 158.7 million).
Foreign exchange
The majority of the Group’s revenue is in US dollars, 
with sales in other currencies including euro 
and British pounds sterling. Most raw materials 
purchases are also denominated in US dollars, 
but other costs, such as rent, utilities and salaries 
are paid in local currencies. This creates a small 
operating profit exposure to movements in foreign 
exchange, some of which is hedged. In addition, 
foreign exchange losses from retranslation of 
balance sheet items and the timing between 
recognition and settlement of certain financial 
assets for the period were $2.3 million (FY2023: 
$0.6 million gain).
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
46

Cash flow
Operating cash flow before movements in working 
capital was $102.7 million (FY2023: $78.4 million). 
While benefiting from the strong operating 
performance, operating cash flow reflects the 
increased investment in the business. In addition, 
there was a small favourable working capital 
movement of $1.9 million, which compares to a 
$8.6 million adverse movement in FY2023. The 
reasons for the working capital movement are set 
out below:
•	
An increase in inventory to support growth 
leading to a cash outflow of $5.6 million 
(FY2023: $0.2 million cash outflow). Supply 
chain lead times have stabilised and incidences 
of component shortages have decreased 
compared to FY2023, resulting in a stabilised 
level of inventory. Inventories have increased 
where required due to growth in our 
operations and new customer projects;
•	
An increase in receivables leading to a cash 
outflow of $17.4 million (FY2023: $15.4 million 
cash outflow) with the increase reflecting 
growth of the business; 
•	
An inflow related to payables of $24.9 million 
(FY2023: $7.0 million cash inflow). This was due 
to the growth in the business and successfully 
negotiated improved terms with a number of 
suppliers; and
•	
The acquisition Murat Ticaret, which is a 
more working capital-intensive business, has 
reduced working capital inflows.
Total gross capital expenditure increased to 
$31.6 million from $27.0 million in FY2023. In the 
prior year, of the $27.0 million, $18.3 million related 
to cash spend and the remaining $8.7 million 
related to new finance leases accounted for as 
right-of-use assets under IFRS16. During the year, 
the Group has invested in expanding facilities in 
Suzhou, China; Bydgoszcz, Poland; Tijuana, Mexico; 
Batam, Indonesia and Pune, India in order to 
increase capacity and capabilities as the Group 
continues to grow. We have continued with our 
investment in automation, vertical integration and 
in our high-growth sectors.
Free cash flow was $49.8 million (FY2023: 
$38.1 million). Free cash flow represents net cash 
flows before financing activities excluding the net 
outflow from the acquisition of subsidiaries.
Net financing inflows were $95.5 million (FY2023: 
outflows $31.4 million), mainly from increased 
borrowings and issuing new shares to part-fund 
the acquisition of Murat Ticaret. This also included 
dividend payments of $6.7 million (FY2023: 
$5.7 million).
Total cash expenditure on acquisitions (net 
of cash acquired) was $138.8 million (FY2023: 
$12.2 million), including $2.2 million (FY2023: $7.1 
million) in respect of contingent consideration and 
$2.3 million (FY2023: $nil) in respect of purchase of 
shares of associates. 
The Group is expecting to make payments of 
$21.6 million in FY2025 in relation to contingent 
consideration for acquisitions made in FY2024 and 
previous years.
The cash outflow associated with the settlement of 
awards under share-based payment arrangements 
was $9.3 million (FY2023: $7.2 million). New shares 
were issued in the year providing an inflow of 
$72.3 million (FY2023: $nil).
Net debt and gearing
At 31 March 2024, the Group’s net debt (before 
operating lease liabilities) was $121.1 million and 
$154.0 million including operating lease liabilities. 
At 2 April 2023, net debt (before operating lease 
liabilities) was $76.4 million and $103.7 million 
including operating lease liabilities.
At 31 March 2024, the Group’s covenant leverage 
was 1.0 times (2 April 2023: 1.0 times). For further 
details on the Group’s covenants, see the section 
on ‘Banking facilities, covenants and going 
concern’.
Dividend
The Board’s dividend policy, while taking into 
account earnings cover, also takes into account 
other factors such as the expected underlying 
growth of the business, capital expenditure and 
other investment requirements. The strength 
of the Group’s balance sheet and its ability to 
generate cash are also considered.
A final dividend of 2.8 pence per share (FY2023: 
2.6 pence) will be recommended to shareholders 
at the Annual General Meeting, reflecting the 
Board’s confidence and the Group’s robust 
financial position. The cash cost of this dividend 
is expected to be approximately $6.4 million, 
assuming no take-up of the scrip dividend.
Together with an interim dividend of 1.4 pence 
per share paid in December 2023, this equates 
to a full year dividend of 4.2 pence per share 
(FY2023: 3.9 pence per share), an increase of 7.7%. 
If approved, the final dividend will be paid on 
25 August 2024 to all shareholders on the register 
at 21 July 2024. The ex-dividend date will be 
20 July 2024.
Banking facilities, covenants and 
going concern
As at the FY2024 year end, the Group banking 
facilities remained at $300 million, which are 
due to expire in February 2026. The facility 
comprises a $165 million revolving credit facility, a 
$75 million term loan and an additional $60 million 
uncommitted accordion. During FY2023, the first 
of two options to extend for an additional year 
was taken.
As at 31 March 2024, drawings under the facility 
were $143.6 million (FY2023: $91.5 million) with $nil 
drawn under the cash pool (FY2023: $nil).
47
www.volex.com
Financials
Governance
Strategic
Business overview 

Financial review  continued
At the year end, the covenant leverage was 1.0x 
and covenant interest cover was 10.3 times, well 
within the covenant terms of less than 2.75x and 
greater than 3.0 times respectively. 
The Group’s financial statements have been 
prepared on the going concern basis, which 
contemplates the continuity of normal business 
activity with the realisation of assets and the 
settlement of liabilities in the normal course of 
business. When assessing the going concern 
status of the Group, the Directors have considered 
in particular its financial position, including its 
significant balance of cash and cash equivalents 
and the borrowing facility in place, including its 
terms, remaining duration and covenants.
The Directors have prepared a cash flow forecast 
for the period to end of September 2025, which 
is based on the FY2025 Board-approved budget. 
The Directors have performed sensitivity analysis 
on the cash flow forecast using a base case and 
downside scenario that take into account the 
principal risks and uncertainties set out on pages 
49 to 55 of the Annual Report. The Directors have 
considered the potential impact of climate-related 
physical and transition risks as part of the going 
concern assessment and do not believe there 
to be a significant impact in the going concern 
period. The severe but plausible downside scenario 
models a 15% reduction in year-on-year revenue, 
equivalent to the worst result in the last 20 years, 
and still provides significant covenant and liquidity 
headroom. Subsequent to the year end, the Group 
has taken advantage of favourable conditions to 
increase and extend its credit facilities, thereby 
further enhancing covenant compliance and 
liquidity headroom. 
Based on their assessment and these sensitivity 
scenarios, the Directors are satisfied that there 
are no material uncertainties regarding the 
Group’s going concern status and that there is 
a reasonable expectation that the Group has 
adequate resources to continue in operational 
existence for at least twelve months from the 
date of approval of the financial statements. The 
Directors therefore consider it appropriate to 
adopt the going concern basis of accounting in 
preparing the financial statements.
In June 2024, the Group completed a refinancing 
of its banking facilities, with an eight-bank club. 
An enlarged $600 million facility replaced the 
Group’s existing $300 million multicurrency 
revolving credit facility. The new facility has an 
initial four-year term, with an extension option for 
one additional year. It comprises a $400 million 
revolving credit facility and an additional $200 
million uncommitted accordion. The new facility 
is unsecured, with improved interest margins 
and an improved net debt to underlying EBITDA 
covenant, providing additional headroom in 
comparison to the previous facility, affording 
greater flexibility to undertake organic and 
inorganic investment to support growth. The key 
terms of the facility are: 
•	
Available until June 2028 with the option to 
extend for one further year;
•	
No scheduled amortisation or security; and
•	
Interest cover and net debt to underlying 
EBITDA leverage covenants.
Financial instruments and cash 
flow hedge accounting
In September 2022, an interest rate swap was 
entered into following market evaluation, which 
has enabled the Group to fix the interest rate paid 
on a notional value of $50 million for a three-year 
period. 
For most products we sell to Consumer Electricals 
customers, the price of copper has an impact on 
the cost of key raw materials. This risk is minimised 
by passing the variability in cost through to the 
end customer in most cases. Where the customer 
contract does not provide for the pass-through 
of risk, the Group enters into forward contracts 
to mitigate the Group’s exposure to copper price 
volatility (which has been identified by the Group 
as a key risk).
The forward contracts act as an economic hedge 
against the impact of copper price movements. 
They meet the hedge accounting requirements of 
IFRS 9 and therefore are accounted for as cash flow 
hedges of forecast future purchases of copper. As 
at 31 March 2024, a financial asset of $nil (FY2023: 
$nil) has been recognised in respect of the fair 
value of open copper contracts. This credit is 
retained in reserves until such time as the forecast 
copper consumption takes place, at which point it 
will be recycled through the income statement.
A charge of $0.1 million has been recognised in 
cost of sales for FY2023 (FY2023: $0.3 million) in 
respect of copper hedging contracts that closed 
out during the period. This charge has arisen since 
the average London Metal Exchange copper price 
in the period has been below the contracted price.
The Group also has certain foreign operations 
whose net assets are exposed to foreign currency 
translation risk. The Group’s policy is to hedge this 
exposure through designating certain amounts of 
foreign currency denominated debt as a hedging 
instrument.
Defined benefit pension 
schemes
The Group’s net pension deficit under IAS 19 as at 
31 March 2024 was $7.1 million (FY2023: $2.6 million 
deficit). The increase in the pension deficit of 
$4.5 million is mainly due to the acquisition of 
Murat Ticaret during the year. 
Jon Boaden
Chief Financial Officer
26 June 2024
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
48

Group Risk Management
Risk governance
The Group adopts the QCA Corporate Governance 
Code (‘QCA code’) in relation to risk governance. 
Under the QCA code, the Board is expected ‘to 
ensure that the Company’s risk management 
framework identifies and addresses all relevant 
risks in order to execute and deliver strategy’, 
including the need to determine ‘the extent of 
exposure to the identified risks that the Company 
is able to bear and willing to take’. The Board has 
overall responsibility for the management of risk 
within the Group as part of its role in providing 
strategic oversight, with specific responsibility for 
reviewing the effectiveness of the Group’s system 
of internal controls and risk management being 
delegated to the Audit Committee.
Given the risks and uncertainties inherent in 
operating within a complex, competitive and 
rapidly evolving global environment, it is crucial 
to identify, understand and manage these risks 
to ensure the Group’s long-term success and 
sustainability. 
Cybersecurity threats have continued to increase 
in volume and sophistication for all companies. The 
Company has previously identified cybersecurity 
as a high risk and this remains true this year - 
highlighting the ongoing challenges faced in an 
interconnected environment where the exchange 
of information, while essential to businesses, also 
creates significant risks. Similarly, the increased 
application of AI and automation through the 
connection of information, information technology 
systems and physical machinery, presents further 
risks for cyber-attacks to traverse between these 
areas. 
In October 2023, our rapid response and effective 
planning enabled us to swiftly address the 
challenges following a cyber incident experienced 
by the Group, with minimal disruption to 
global production levels. Since then, we have 
implemented several additional mitigations, 
including through partnerships with technology 
providers and the appointment of a new Group 
Chief Information Officer (‘CIO’) who takes the lead 
on our information technology and cybersecurity 
strategies. We continue to monitor our 
environments closely, assess risk and evaluate the 
adequacy of our contingency planning to ensure 
powerful protection, detection and response 
capabilities against future threats.
Risk management process
The risk management process gives the Board 
assurance that risk management and related 
control systems in place are effective. During the 
year, this comprised two key elements, which 
are supported by other activities within our risk 
management framework:
•	
an ongoing process of assessment and 
review of individual Volex sites and/or entities 
undertaken by a combination of our Internal 
Audit function, the Group Finance team and 
the Operations teams; and
•	
the annual risk survey conducted centrally 
across the entire senior management team 
and Group-wide functions. Potential risks are 
assessed to reflect the likelihood of occurrence 
and the potential impact on the business were 
they to occur, as well as the extent to which 
they are being addressed and mitigated.
Volex risk management
Overall responsibility for  
risk management
Supports the Board
Strategic risk assessment 
at Executive and Board level
Risks assessed at operational  
and functional level
Principal risks
These are risks that could 
have a material adverse  
impact on the Group’s future 
results or reputation
Strategic
Compliance
Operational
Financial
 Top down 
The Board
Audit Committee
 Bottom up 
Approach
Structure
49
www.volex.com
Financials
Governance
Strategic
Business overview 

Group Risk Management  continued
Risk heat map
The diagram opposite illustrates the relative positioning of our risks 
in terms of impact and likelihood, and the level of management 
focus on each.
Emerging risks
The Board and management continue to remain alert to emerging 
risks. We consider emerging risks as part of our risk management 
review process and as part of the everyday management of the 
business. As part of the overall risk assessment process, a review is 
conducted to identify emerging risks, so that these can be monitored 
and the potential impacts can be understood and managed.  
Horizon scanning is integrated into our everyday management of the 
business to identify potential disruptions to our internal or external 
business environment.
This year’s process highlighted an emerging risk in relation to 
economic isolationism and trade barriers. This could present several 
risks to businesses and the global economy including, for example:
•	
Trade barriers, such as increased tariffs and import/export 
restrictions which can disrupt global supply chains;
•	
Economic nationalism, where policies favouring domestic 
industries can lead to retaliation and trade wars, harming global 
economic stability;
•	
Rising protectionism could exacerbate geopolitical tensions, 
leading to instability and uncertainty; and
•	
Nationalistic sentiments may influence consumer preferences, 
with a potential preference for domestic products over 
foreign goods.
The Company’s Audit Committee and Board will continue to monitor 
these risks closely as they develop.
Principal risks
Principal risks are those that the Board believes may materially affect the future prospects or reputation of the Group, 
including those that could threaten its business model, future performance, solvency or liquidity. Identifying these potential 
risks assists in ensuring risk management procedures and internal controls exist to prevent them from occurring, or to at 
least mitigate their impact should they occur. Principal risks are categorised into four broad areas.
Strategic
Risks that may potentially affect the Group in delivering 
its strategy or achieving its strategic objectives. This would 
include macroeconomic risks as well as risks associated with 
the execution of key elements of the Group’s strategy. The 
Group considers potential risks and mitigation strategies when 
developing its strategy. It is not always possible to foresee the 
eventual risks at the time that the strategy is defined, which 
may require measures to be introduced to control the risks.
Operational
Risks arising out of operational activities in areas such as 
sales and operations planning, procurement, warehousing, 
logistics and product development. These risks may need to 
be mitigated by various levels of management who will be 
required to take ownership of risk management in their area 
of the business.
Financial
Risks relating to the financing or financial position of the 
Group that may arise externally, such as financial market risk, 
or internally from the perspective of internal controls and 
processes. Financial risks can arise as a result of changes that 
affect the financial landscape as a whole, such as changes in 
the availability of funding for the business or foreign exchange 
movements. They can also arise from decisions taken at a 
Group level that can either expose the Group to financial risk 
or fail to adequately mitigate financial risk.
Compliance
Risks relating to compliance with applicable laws and 
regulations. These risks could arise as a result of a failure 
to follow a particular procedure or from a change in the 
regulatory or compliance landscape that has a material 
impact on the Group and its existing operations or structure. 
Compliance risks could have a financial implication in the 
form of a fine or penalty, a significant cost of compliance or 
the risk of reputational damage.
Low
Likelihood
High
Low
Impact
High
1
5
9
11
8
4
2
3
6
12
10
7
13
14
1  Acquisition integration
2  Market competition
3  Customer concentration
4  Global economic conditions
5  Supply chain
6  Staffing and people
7  IT and cybersecurity
8  Product quality
9  Technological change
10  Climate and environment
11  Access to finance
12  Commodity prices and 
FX rates
13  Regulatory compliance
14  Financial controls
Key:  
 Strategic  
 Operational   
 Financial  
 Compliance
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
50

Strategic risks
Risk and  
possible impact
Risk mitigation activities
Trend
Link to KPIs
Link to 
strategy
1. Strategic – Acquisition integration
Although the Group’s 
recent acquisitions have 
been of companies 
that complement or 
expand the Group’s 
existing business, 
there is a risk that the 
synergies envisaged 
pre-acquisition do not 
materialise and that 
the Group’s activities 
become too unfocused.
The Group remains committed to pursuing 
sequential acquisitions that add value and 
generate cash from day one, utilising an 
effective earn-out model when appropriate 
to incentivise success and retain senior staff 
in the acquired businesses. For acquisitions 
aimed at realising synergies, or achieving 
specific cost optimisation goals, programmes 
are implemented to ensure these benefits 
are realised. This may involve broader 
integration activities, including changes to 
internal structures and procedures, when such 
adjustments are anticipated to be beneficial.
B
 
C
D
 
E
2. Strategic – Market competition
The Group operates 
in highly competitive 
markets and faces 
competition from rivals 
operating with lower 
costs and overheads, 
especially in the power 
cords market. Increased 
competition and 
pricing pressures from 
customers may lead to 
reduced sales and profit 
margins.
Volex has developed a successful 
differentiation strategy to mitigate this risk. 
The Group focuses on markets and customers 
where it can stand out through factors other 
than price, such as engineering expertise and 
quality. Continuous improvement initiatives 
including automation for higher volume 
products and increased vertical integration 
help maintain a competitive position.
Volex’s more complex products often demand 
specialised engineering knowledge and 
stringent regulatory approval, making it 
difficult for customers to switch suppliers. The 
Group conducts a programme of research and 
development to keep its high-speed product 
offerings current.
A
 
3. Strategic – Customer concentration
A proportion of the 
Group’s revenue 
continues to be derived 
from a small number of 
large customer accounts, 
leading to potentially 
disproportionate impact 
if a key customer 
account is reduced or 
lost.
The diversity of customers that Volex serves 
has increased in recent years, primarily due 
to a number of important new relationships 
following the acquisition of businesses. In 
addition, Volex has been successful in growing 
smaller accounts. These activities reduce 
customer concentration risk. However, certain 
production sites and entities may still be 
vulnerable to reliance on individual customers.
A
Up trend
Down trend
No change
Key to trend
 Product development
 Revenue growth
Operational excellence
 Investment and acquisition
 Remarkable talent
Key to Strategy
A  Annual revenue change
B  Underlying operating profit
C  Return on capital employed
D  Underlying free cash flow
E  Underlying basic EPS
F  Employee safety
G  Scope 1 and 2 carbon emissions
H  Carbon intensity
Key to KPIs
51
www.volex.com
Financials
Governance
Strategic
Business overview 

Group Risk Management  continued
Risk and  
possible impact
Risk mitigation activities
Trend
Link to KPIs
Link to 
strategy
4. Strategic – Global economic conditions
The economy has 
been challenged by 
macroeconomic factors 
including inflation, 
supply chain difficulties, 
the crisis in Ukraine 
and the lasting effects 
of Covid-19. There are 
a range of short and 
medium-term outcomes 
with regards to how the 
global economy could 
respond. In the scenario 
of economic contraction, 
this could have an 
impact on our sales and 
profitability.
Management has carefully managed the 
Group’s response to global supply chain 
challenges, responding dynamically to meet 
customer expectations. Variability in supply 
and demand has created challenges both as 
availability of components deteriorated and 
since this has improved. These challenges 
have been addressed by communicating 
effectively and working closely with customers. 
Inflationary cost pressures have been passed 
through to customers, where required, 
protecting profitability while remaining 
competitive. The Group has conducted a 
thorough assessment of its financial position, 
confirming that even in a hypothetical scenario 
where economic conditions cause a decline in 
revenues, it has sufficient liquidity to continue 
operating as a going concern.
A
 
B
 
Operational risks
Risk and possible 
impact
Risk mitigation activities
Trend
Link to KPIs
Link to 
strategy
5. Operational – Supply chain
The Group is in some 
cases dependent on 
single external suppliers 
for components and 
there are areas of the 
business where vertical 
integration is limited or 
not appropriate. Supply 
chains have improved 
significantly but risks 
of isolated disruption 
remain.
While global supply chain issues have 
demonstrated marked improvement, given 
the complex nature of the Group’s supply 
chain, this has caused variability in demand 
across the different end-markets. Volex will 
continue its strategy of increased vertical 
integration and supplier diversification. As 
a contract manufacturer, we often rely on 
customers’ approved vendor lists for raw 
materials and components, and for certain 
specialised products, supplier options can be 
limited. Individual sites and entities have taken 
measures to secure sufficient stock, including 
sourcing from alternative suppliers where 
possible.
B
 
C
6. Operational – Staffing and people
The retention of staff in 
key executive roles as 
well as in on-the-ground 
operations is important 
to any business. The 
departure of senior 
managers as well as any 
increase in turnover of 
production staff may 
have a negative impact 
on the Group.
Competition for staff can be challenging, 
especially in contracting labour markets. To 
encourage retention, a long-term incentive 
plan for key senior executives is in place. 
Turnover rates for other roles vary significantly 
across Volex sites, with local market conditions 
leading to higher turnover at some production 
locations. The global HR team is concentrating 
on enhancing staff engagement and 
improving employee satisfaction throughout 
the Group, while also strengthening succession 
planning for management and key positions.
F
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
52

Risk and possible 
impact
Risk mitigation activities
Trend
Link to KPIs
Link to 
strategy
7. Operational – IT and cybersecurity
Cyber-attacks and 
potential data breaches 
are an ongoing threat 
to all companies, which 
could impact a business 
from a reputational, 
competitiveness and 
financial standpoint.
During the year, the Group employed a new 
Chief Information Officer, Luke Hull, to lead the 
Group’s IT and cybersecurity strategies. The 
Group has invested in further cybersecurity 
measures to protect its security, data and 
infrastructure, and has continued to provide 
mandatory cybersecurity awareness training, 
including internal phishing tests. Investment 
will continue to maintain up-to-date and 
effective servers and hardware.
C
8. Operational – Product quality
The impact on the Group 
of product defects or 
product failure not 
only carries immediate 
financial risk in terms of 
repair or recall costs, but 
longer-term damage to 
its reputation for quality 
and reliability.
\
A
 
D
E
 
9. Operational – Technological change
Developments in 
technology and resulting 
changes in demand 
for specific products 
represent not only an 
opportunity, but also 
a threat. The Group’s 
products risk becoming 
obsolete, while it also 
risks failing to take 
advantage of new 
sectors opening up.
As a contract manufacturer, Volex is driven 
by customer needs and designs. To mitigate 
associated risks, the company is increasing R&D 
investment, making acquisitions and enhancing 
its strategic marketing function. The Group’s 
design team continues to create innovative, 
patentable products, maintaining Volex's strong 
presence in the growing high-speed Data 
Centre and EV markets. Volex is also diversifying 
its product range and entering new markets. 
Changes in charging technology have impacted 
the EV business, and there is a potential risk from 
the increasing use of wireless data transmission. 
However, maintaining a well-diversified 
customer portfolio and broadening our service 
offerings should help ensure long-term stability.
A
 
 Product development
 Revenue growth
Operational excellence
 Investment and acquisition
 Remarkable talent
Key to Strategy
A  Annual revenue change
B  Underlying operating profit
C  Return on capital employed
D  Underlying free cash flow
E  Underlying basic EPS
F  Employee safety
G  Scope 1 and 2 carbon emissions
H  Carbon intensity
Key to KPIs
Up trend
Down trend
No change
Key to trend
53
www.volex.com
Financials
Governance
Strategic
Business overview 

Risk and possible 
impact
Risk mitigation activities
Trend
Link to KPIs
Link to 
strategy
10. Operational – Climate and environment
Climate and 
environmental risk 
factors are an emerging 
threat to all companies 
and could impact a 
business in terms of 
energy supply, resource 
availability and climate 
disruption.
As a global manufacturer, Volex relies on a 
stable energy supply and a secure provision of 
resources and materials. Some of our facilities 
and employees are based in geographic 
locations where global warming may, over 
time, have a significant detrimental impact 
on the ability to operate. Our successful 
diversification strategy and the establishment 
of production capabilities across various 
regions have enhanced our resilience.
G
 
H
Financial risks
Risk and possible 
impact
Risk mitigation activities
Trend
Link to KPIs
Link to 
strategy
11. Financial – Access to finance
If the Group cannot 
access sufficient cash, 
bank borrowing or equity 
finance, investment and 
acquisition plans may be 
adversely affected.
The Company currently maintains a strong 
balance sheet and, following the refinancing 
in June 2024, has access to a $400 million 
committed facility, along with an additional 
$200 million uncommitted accordion. The 
Group carefully evaluates the impact of any 
significant transactions during both short-term 
and long-term cash flow forecasting.
D
12. Financial – Commodity prices and FX rates
As a global manufacturer 
producing and selling 
around the world, 
the Group’s supply 
chain can be adversely 
affected by movements 
in commodity prices 
and other supplier 
inputs. The Group is also 
exposed to fluctuations 
and changes in currency 
exchange rates.
Volex has effectively managed commodity 
price risk through strategies such as hedging 
and incorporating copper clauses in customer 
contracts. In the near to medium term, the risk 
of higher prices is heightened. To mitigate this, 
Volex will continue passing through higher 
copper costs.
B
Group Risk Management  continued
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
54

Compliance risks
Risk and possible 
impact
Risk mitigation activities
Trend
Link to KPIs
Link to 
strategy
13. Compliance – Regulatory compliance 
The Group operates 
in many jurisdictions 
around the world, all 
with different standards, 
ethics and rules for 
corporate governance, 
employment law, 
environmental law and 
product compliance 
and quality. The Group 
also operates within an 
international framework 
of sanctions and is 
subject to trade import 
and export controls. As a 
Group, we need to have 
appropriate sanctions 
and export controls, as 
compliance is crucial to 
protect the reputation 
of the Group. Failure 
to adhere to local or 
international rules can 
result in severe fines, 
or even restrictions on 
the ability of the Group 
to operate in those 
jurisdictions.
Compliance across the Group is centrally 
overseen by the Head Office HR, Tax, and 
Legal functions and managed locally at 
Volex’s regional centres, with support from 
professional advisers. Regular internal 
assessments are conducted on various aspects, 
including employment practices, health and 
safety conditions and corporate compliance. 
For Volex products, safety and compliance staff 
are engaged from the early stages of product 
design, working closely with customers and 
regulatory agencies.
A trade compliance team ensures export 
control compliance. At the supplier level, 
standard agreements are in place, including 
confidentiality terms, adherence to a code of 
conduct and product warranty and liability 
provisions. Environmental and quality 
agreements are mandatory before any non-
approved vendor list supplier can be selected 
and qualified as a Volex supplier.
Policy workshops and/or training are provided 
to staff either in-person or online on a variety of 
topics, including the Group’s code of conduct, 
health and safety, cybersecurity, anti-bribery 
and anti-corruption, modern slavery and 
human trafficking, conflict minerals and 
responsible sourcing and sanctions. 
F
14. Compliance – Financial controls
With operations spread 
across most continents 
of the world, and 
considerable autonomy 
often afforded to local 
regional centres and 
entities, the risk of 
control breaches opens 
up the risk of loss 
through fraud or through 
prosecution for breach of 
laws and regulations.
The Group has an internal audit co-sourcing 
arrangement with an external provider and 
a number of internal audit reviews looking at 
financial controls have been completed during 
the year. Central and regional head offices 
exercise ongoing review and assessment of 
individual Volex operations.
Annual participation in our anti-bribery 
and anti-corruption online learning course 
is mandatory for all relevant staff. Internal 
authorisation processes are reviewed 
periodically to ensure that they remain relevant 
and effective.
C
 Product development
 Revenue growth
Operational excellence
 Investment and acquisition
 Remarkable talent
Key to Strategy
A  Annual revenue change
B  Underlying operating profit
C  Return on capital employed
D  Underlying free cash flow
E  Underlying basic EPS
F  Employee safety
G  Scope 1 and 2 carbon emissions
H  Carbon intensity
Key to KPIs
Up trend
Down trend
No change
Key to trend
55
www.volex.com
Financials
Governance
Strategic
Business overview 

Committed to our ambitions to be a  
responsible designer and manufacturer
At Volex, our approach is built on using data-led 
insight gained from the implementation of our 
Sustainability Reporting System to determine our 
improvement priorities. Our Factory Sustainability 
Framework engages each of our sites in the 
sustainability improvement agenda while ensuring 
we work collaboratively and in a coordinated 
way, to maximise the benefits of our scale. Since 
FY2022, we have established our approach to 
becoming a more sustainable company and we 
have aligned our improvement framework to 
the UN’s Sustainable Development Goals. During 
the past year, we have deployed new policies on 
Environment Management and on Responsible 
Water Use. We have delivered improvements in a 
number of aspects of environmental management 
within our key operational locations. We remain 
committed to decarbonising our scope 1 and 
2 emissions by 2035 and we will progressively 
decarbonise our scope 3 emissions and our value 
chain by 2050.
Management and stewardship
Our Board has overall responsibility for 
the governance of the business 
The Safety, Environmental and Sustainability 
Committee provides the Board with regular 
updates and has delegated responsibility from 
the Board for these matters. In FY2024, we have 
continued to refine our governance structures 
ensuring that, as management, we have the 
structures in place to ensure the right priority and 
accountability. 
Our Group Sustainability Steering Committee 
provides a global and strategic oversight while our 
regional and site-level management teams take 
the necessary actions to ensure that we continue 
to deliver progressively on the improvement 
programmes needed to deliver our sustainability 
ambitions.
Building ‘Excellence in Sustainability’ 
at a factory level
At Volex, we expect all factories to be making 
sustainability improvements as an integrated 
part of their efforts to boost operational 
excellence. Each of our factories is unique with 
differences in scope, scale and in the maturity 
of their operational excellence programmes. As 
a manufacturing organisation, we rely on site-
level kaizen improvements to achieve success 
in everything that we do. We encourage all of 
our sites to develop their own improvement 
plans – aligned with their culture, community 
and local priorities. Each site produces a weekly 
kaizen report, which is shared with all other 
sites in the Group to allow them to seize these 
improvement opportunities. Often, these reports 
include safety or environmental improvements 
along with more traditional kaizens that improve 
productivity or quality. We recognise excellence 
in sustainability at a site level through our annual 
Volex Site Excellence Awards programme and 
we also operate a Kaizen Team Excellence Award 
programme to highlight and celebrate the best 
team kaizen in each location.
Sustainability is an integral part of Volex. We are proud to 
partner with our customers, many of whom are already at 
the forefront of the transition to a low-carbon economy. 
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
56

Sustainability is integral to our business. As 
a global specialist in power products and 
power connectivity solutions, we provide our 
customers with supply chain, manufacturing, 
assembly and testing expertise. We are proud 
to partner with our customers, many of whom 
are already at the forefront of the transition to a 
low-carbon economy. Through our customers, 
many of our products, solutions and services 
are helping to power the drive towards a more 
sustainable future in line with the UN’s Sustainable 
Development Goals.
At Volex, we recognise that the world’s climate 
is changing rapidly and that humanity must 
transition to a world which rebalances our use 
of carbon while matching levels of resource 
consumption with resource availability. In line 
with our obligations under the Paris Agreement, 
we have commenced our transition to become a 
net zero emissions business. While our primary 
focus is to reduce our greenhouse gas (‘GHG’) 
emissions, we believe that our responsibilities 
are broader than this and that, as a responsible, 
trusted and sustainable business, we must 
address other environmental impacts such as 
our use of water and the management of any 
waste generated within our business. We strive 
to grow sustainably and to build operations that 
embrace decarbonisation and have environmental 
protection in their DNA.
Our sustainability strategy
As a global manufacturer, we are dependent upon 
a sustainable supply of resources and energy 
to enable us to meet the expectations of both 
our customers and the end-users of our power 
cords, connectors and harness assemblies. We 
recognise that, as a global manufacturer, we have 
a significant responsibility to protect and preserve 
these natural resources and to use energy as 
efficiently as possible. We are committed to having 
a positive impact on the communities in which we 
operate, while providing stable and meaningful 
employment to our workforce and minimising 
the negative impacts from our operations on the 
natural environment.
Our products and solutions are part of a complex 
global value chain within which there is a 
significant prospect of substantial environmental 
emissions both in terms of purchased goods 
and services and emissions from upstream and 
downstream transportation and distribution. We 
have started to investigate our scope 3 emissions 
and to engage with our supply chain specialists 
around the world in the initial screening phase. We 
have started to systematically capture emissions 
from business travel and will continue to develop 
models for employee commuting emissions in 
FY2025. We recognise that at least a further 70% of 
our total emissions could fall within the definition 
of scope 3 emissions as defined by the Greenhouse 
Gas Protocol and we will be working to verify our 
scope 3 emissions over the coming years.
As a sustainable business that is growing rapidly, 
we know that our absolute emissions will increase 
year-on-year unless we can decouple our growth 
from the negative impacts that our operations 
cause to the natural environment. In FY2024, we 
completed the acquisition of the Murat Ticaret 
business, bringing nine operating locations and 
approximately 5,000 new colleagues into the Volex 
organisation. Our largest acquisition to date has 
increased our annual energy consumption by 
7,903 MWH and our scope 1 and 2 emissions have 
increased by 2,259 tCO2e. However, we are pleased 
to see a continued improvement in our carbon 
intensity. In FY2024, our carbon intensity (based 
on our scope 1 and 2 emissions) is 25.24 tCO2e per 
$m revenues comparing favourably to 27.66 tCO2e 
per $m revenues reported in FY2023. We were very 
pleased that our track record on improving our 
carbon intensity (28.3% reduction since FY2019) 
was one of the metrics behind our inclusion in the 
2024 FT Europe’s Climate Leaders listing recently 
published by the Financial Times.
As a combined business we can report that for 
FY2024, as our revenues have increased by 26%, 
we have successfully limited the increase in our 
scope 1 and 2 emissions to 15.6%. We would expect 
this rate of decoupling to further improve as our 
efforts to decarbonise the business accelerate. 
As a manufacturer, we recognise that the energy 
we consume to transform materials into our 
customers’ products is the greatest contributing 
factor to our carbon emissions, making up 
89% of the total reported emissions in FY2024. 
Electricity consumption accounts for 75% of the 
total energy consumed by our operations. It is our 
responsibility, therefore, to strive for operational 
excellence in our manufacturing processes to 
ensure that we only use the optimum amount of 
energy necessary to produce our finished goods. 
Driving quality improvements so that products 
are built right first time, every time, thereby 
eliminating the inefficiencies of correcting or 
processing defective parts is an integral part of 
this mindset and our approach to operational 
excellence requires a relentless focus on kaizen. 
Our key challenges include sourcing energy 
responsibly to reduce our carbon emissions per 
kilowatt-hour, scaling up our use of on-site solar 
power generation and reducing our reliance on 
backup diesel generators at some of our factories. 
We are working to minimise waste to landfill 
by ensuring a right-first-time approach to our 
processes and ensuring that we reuse, repurpose, 
or recycle any operational waste that is produced. 
We are proceeding to deliver against our 
Sustainability Strategy by creating an action 
framework to deliver our sustainability agenda 
for the future. This framework identifies three 
key pillars of activity that underpin our efforts to 
improve our performance on sustainability.
Sustainability at Volex
57
www.volex.com
Financials
Governance
Strategic
Business overview 

Sustainability at Volex  continued
Volex Sustainability  
Reporting System 
Since FY2021, we have been enhancing our 
use of our sustainability reporting system. 
We have established a standardised set 
of environmental, social and governance 
(‘ESG’)-related indicators, which are applied 
across all of our operating locations. Many of 
these metrics are reported on in more detail 
within our sustainability supplement which 
we are publishing annually to support these 
disclosures. 
Since FY2021, we have partnered with 
UL, utilising their UL 360 Sustainability 
Essentials solution as our reporting platform 
as this gives us the capability to capture 
and report on our ESG data consistently 
across all parts of our business. We call this 
platform the Volex Sustainability Reporting 
System (‘V-SRS’). 
This investment helps us to deliver 
consistent management insight across a 
wide array of environmental, social and 
governance-related performance indicators, 
enabling us to efficiently calculate our 
global carbon emissions, whether at a site, 
regional or enterprise level. 
Using V-SRS enables each of our sites to 
see their own monthly carbon emissions, 
as well as many other important key 
performance indicators, such as energy or 
water consumption or the amount of waste 
produced. All this helps our sites to monitor 
changes in their emissions dynamically 
throughout the year. This system also helps 
us to ensure that we can be increasingly 
granular and responsive in our disclosures 
to our external stakeholders, whether their 
focus is at a site, subsidiary, country or 
Group perspective.
Building ‘Excellence in 
Sustainability’ at a factory 
level 
At Volex, we expect all of our factories to 
be driving local improvements in their 
businesses. Our sites vary greatly in terms 
of size and manufacturing process so the 
Volex Factory Sustainability Framework was 
designed to be a platform for each factory 
to select their own prioritised improvement 
actions for the year ahead. Every factory 
has different priorities and is at a different 
stage in its kaizen journey. We worked 
hard to engage all of our sites in the design 
and development of our Volex Factory 
Sustainability Framework. 
Since FY2021, we have run a programme 
to recognise excellence at a site level. We 
call this the Volex Site Excellence Awards. 
This annual programme recognises the 
best achievements across a number of 
performance categories. Each winning site 
receives a certificate and trophy. All winning 
sites then take the time to hold a factory-
wide celebration event involving every 
employee. It is extremely important for us, 
at Volex, to take the time ‘at a site level’ 
to recognise and celebrate our successes 
with every single employee. In FY2024, as 
our business has grown, we have decided 
to introduce a size categorisation to this 
awards programme. We have categories 
for both our small and large sites, creating 
a fairer competition and providing us with 
an additional opportunity to recognise 
excellence at a site level. 
Since FY2023, we included a specific 
category for Sustainability. The first Site 
Excellence Award for Sustainability in 2023 
was won by our Henggang, China team 
for their proactive engagement in the 
sustainability agenda over the year, which 
saw them install solar panels and reduce 
water consumption amongst a range of 
environmental improvement projects. 
Our Henggang, China facility has won this 
year’s award for the second consecutive 
year, for their continued development 
of their sustainability action plan. Some 
of the team’s actions in FY2024 include 
the implementation of sub-metering for 
water use, the introduction of waterless 
urinals and the adoption of digital smart 
water meters. Our DE-KA business gained 
a runner-up award in recognition of their 
excellent work to gain USDA certification 
for the use of bio-based plastics in the 
production of power cords.
Consistent policy deployment
At Volex, we believe in taking action 
collaboratively and in a coordinated way 
to simplify the change management 
complexities and eliminate duplication 
of effort. Since 2019, we have deployed a 
consistent approach to evaluating our sites’ 
safety performance. We have implemented 
a common health and safety policy, 
performance metrics and a site safety 
evaluation framework to encourage the 
development of a consistent safety culture 
in all our factories. 
We utilise a whistleblowing solution, in 
partnership with NAVEX Global, called 
‘Speak Up’, and have deployed this globally. 
All reports are evaluated and the Board 
receives periodic updates. 
In FY2024, we deployed a global policy 
on Environmental Management and a 
second policy on Responsible Water Use. 
We have worked together to establish 
a single framework for our factories to 
drive their sustainability actions and have 
implemented a common reporting system 
through which they manage their ESG data 
reporting. During FY2024, we decided that 
we would require all sites to achieve ISO 
45001 certification and to date ten of our 
factories (36%), covering 51% of our global 
workforce, have achieved this important 
milestone.
During FY2024, we have started to 
coordinate and standardise our approach 
to sustainable procurement, we have 
revised and strengthened our Supplier Code 
of Conduct and reviewed regional best 
practices for sustainability audits within our 
supply chain.
In FY2024, we worked together as a global 
team to activate our new Environmental 
and Responsible Water Use policies. With 
the arrival of the Murat Ticaret acquisition, 
we paused the work on our decarbonisation 
plan for the business until we could assess 
the impact of this transformative acquisition 
on both our carbon footprint and wider ESG 
performance framework. This acquisition 
has impacted both negatively and in some 
cases, positively on our KPI performance as 
is described in the next few pages.
1. 
2. 
3. 
Data-led insight
Through the Volex Sustainability 
Reporting System
A bottom-up approach
Through the Volex Factory 
Sustainability Framework
Group-wide action
Through use of our data 
and global scale to achieve 
maximum impact
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
58

At Volex we 
strive to be:
Our improvement effort is 
focused on:
UN SDG
Metrics
FY2024
FY2023
A Sustainable 
Business
•	 Delivering year-on-year 
improvements in process and 
production efficiencies
•	 Using our resources efficiently 
and maximising recycling rates 
across our operations
Carbon intensity1 
tCO2e/$m
25.3
27.7
Waste to landfill2 
tonnes
766.4
241.9 
Recycling rates3
82%
90%
Water intensity4
230
265
A Responsible 
Business
•	 Ensuring all our employees 
are safe, healthy and engaged 
while at work
•	 Ensuring that all our workers 
receive competitive pay and 
benefits
•	 Ensuring an inclusive culture 
that values diversity
Accident rate5
1.28
1.24
ISO 450016
51%
61%
Turnover7
2.1%
3.4%
Absence8
3.7%
3.6%
Diversity9
60%
54%
A Trusted 
Business
•	 Delivering products and 
services to our customers 
that provide their power and 
connectivity needs, helping to 
power life and supporting the 
move to a greener economy
•	 Operating our business 
ethically and with integrity, 
ensuring a robust code of 
conduct is embraced by all our 
employees
% revenue from 
green products10
14%
19%
Employees 
trained in equal 
opportunities and 
diversity11
6,984
5,642
Employees trained 
in Cybersecurity12
1,660
1,680
ISO 900113
99%
98.9%
1	
tCO2e per $m revenue (scope 1 and 2 emissions). We include all material emission sources from within the financial control boundary and this is subject to limited 
assurance. In this metric we have excluded scope 3 emissions as we have limited data to date. Our carbon intensity for FY2024 including our scope 3 emissions, is 
27.6tCO2e/$m revenues. The scope of our carbon emission measurement is shown on pages 71 to 72.
2	
Tonnes of waste sent to landfill. In FY2024 our disclosure covers all 28 factories (FY2023, 17 factories).
3	
The percentage of the total solid waste produced that is recycled.
4	
Water intensity is reported as metric tonnes of water consumed per $m revenue. All sites report water usage data.
5	
Lost time accidents per million hours worked and inclusive of our temporary and agency workers. We report on, and include, all injury incidents including those 
involving contractors. A lost time accident is any injury incident resulting in the loss of more than 1 day of time loss after the initial date of injury. This frequency 
rate is equivalent to 0.2 accidents per 200,000 hours worked. This frequency rate excludes the impact of the Murat Ticaret business that employs 31% of our total 
workforce.
6	
The percentage of our total global workforce employed at an ISO 45001 certified location. 2 further sites in Poland and Slovakia gained this certification in FY2024 
however the increase in our global workforce resulting from the Murat Ticaret acquisition has caused the reduction in this percentage.
7	
Our turnover rate is the number of leavers/total workforce as a percentage. We report the average monthly turnover excluding leavers where short-term fixed-
term contracts expire. Our overall average monthly turnover for FY2024 is 3.7% (FY2023 3.4%).
8	
Our absence percentage is the number of hours of absence as a percentage of total worked hours. We report the average monthly absence percentage excluding 
holiday, off-the-job training and maternity leave hours. 
9	
This percentage shows the proportion of the total workforce who are female based on our year-end actual workforce. Additional diversity metrics are shown on 
page 74.
10	 The percentage of our revenue from green products, specifically EV sales. As a percentage this year this number has reduced as our revenues have grown in other 
product areas.
11	
This is the number of employees who received training on equal opportunities and diversity in FY2024. This represents 46% of our year-end workforce.
12	 Number of employees participating in our monthly Cybersecurity e-learning programme. This e-learning is applied to management and our professional 
workforce only. In FY2024 we added a comprehensive annual e-learning module to strengthen our Cybersecurity awareness.
13	 The percentage of the total workforce employed at an ISO 9001 certified location. 83% of our workforce is employed at an ISO 14001 certified location. All 
certifications are available on our website.
59
www.volex.com
Financials
Governance
Strategic
Business overview 

A sustainable business
Introduction
As a global manufacturer we recognise that we 
have a significant responsibility to protect and 
preserve natural resources and to use our energy 
as efficiently as possible. We are committed to 
having a positive impact on the communities 
in which we operate, providing stable and 
meaningful employment to our workforce while 
ensuring that we minimise any negative impacts 
on the natural environment from our operations.
Climate change – responding to 
the challenges
At Volex, we recognise that the world’s climate is 
changing rapidly and that humanity must transition 
to a world which rebalances our use of carbon while 
matching levels of resource demand with resource 
availability. We recognise the increasingly disruptive 
changes that are taking place to the world’s 
climate and we are committed to playing our part 
in tackling climate change. Our overall objective 
is to reduce our carbon footprint across our value 
chain by delivering improvements within our own 
operations, across our value chain and through 
engagement with external stakeholders.
Materiality assessment
In FY2024, we prepared a materiality assessment 
which was reviewed and approved by the Board. 
This is published in our sustainability supplement. 
We identified the most important ESG issues for 
our business while taking into account the needs 
and expectations of some of our stakeholders. An 
example of this would be many of our customers 
set clear priorities for us on a range of ESG issues 
from decarbonisation and environmental impacts 
through to labour and human rights. During the year, 
we have received insights from a variety of external 
stakeholders including fund managers, analysts 
and other financial institutions. This assessment 
strengthens the transparency and accountability 
of our disclosures. We identified 16 topics, with 
workforce health and safety and labour compliance 
topics weighted significantly and social dialogue and 
waste management ranked less significantly. This 
assessment is reviewed at least annually.
Climate-related Financial 
Disclosures (‘CFD’)
In FY2023 we completed a comprehensive review 
of the risks and opportunities presented by climate 
change following the recommendations of the 
Taskforce on Climate-related Financial Disclosures 
(‘TCFD’) a year ahead of this becoming a legal 
requirement for Volex. In FY2024, we have completed 
a comprehensive analysis of climate-related risks 
and opportunities and this has been prepared in 
line with the full recommendations of the TCFD. 
We continue to evolve our non-financial disclosures 
in line with emerging recommendations and 
principles, ensuring we remain compliant with the 
reporting requirements in sections 414CA and 414CB 
of the Companies Act. Our full report is available on 
page 63.
Our roadmap to net zero
At Volex, we have committed to reducing our 
emissions to net zero. In the short-term, we will 
continue our efforts to decouple business growth 
from any growth in our emissions. We will produce 
a detailed decarbonisation roadmap, including 
establishing our targets in accordance with the 
Science Based Targets initiative. In the medium-
term, we will reduce scope 1 and 2 emissions to 
net zero by 2035. Over the longer-term, we will 
bring our total scope 1, 2 and 3 emissions to net 
zero by 2050 (or earlier if otherwise agreed by the 
international community).
We have defined FY2019 as our base year for our 
emissions reporting as this is in line with our peer 
group. We will use FY2022 as the base year for a 
wider set of environmental and sustainability-related 
improvement targets as this was the first year that 
the business was able to produce a comprehensive 
environmental performance data set. 
We are taking steps to reduce the carbon 
emissions associated with our operations. In 
FY2024, we have increased our use of on-site solar 
generation, resulting in 153 tCO2e of emissions 
being avoided (compared to 80 tCO2e in FY2023). 
We have expanded our use of PV-generated solar 
energy and other energy-efficient technologies. 
We delivered an 8.4% reduction in carbon intensity 
per $m revenue compared to the prior year and 
our carbon intensity has now reduced by 28% since 
FY2019. Our use of renewable energy (KWHs) has 
increased by 172% compared to the previous year. 
We have established energy efficiency as a key 
pillar within our factory sustainability framework 
and improvement ideas which generate energy 
efficiency are identified and implemented across 
the Group through our kaizen programme.
Environmental policy
At Volex, we are committed to conducting our 
business in an environmentally responsible way so 
as to benefit our shareholders, the environment 
and other stakeholders. We recognise the 
challenges facing the modern world from climate 
change and the urgent need for substantive action. 
During FY2024, we developed a comprehensive 
environmental policy that has been reviewed and 
approved by our Board. Our environmental policy, 
which is available on our website, includes 16 
commitments which will focus our improvement 
efforts in the years ahead. We will report our 
progress through annual updates to this policy and 
through our formal disclosure processes.
Enhanced sustainability 
disclosures
In FY2024, we started our journey towards 
becoming a net zero business. In our FY2023 
reporting cycle, we recognised that our 
stakeholders wanted greater granularity around 
our sustainability performance, and with a growing 
list of performance indicators, we decided to 
produce a supplemental sustainability disclosure 
report, which was published alongside our Annual 
Report and Accounts. The latest version of this 
supplement is available on the Volex website.
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
60

Our progress in FY2024
Emissions
Our absolute emissions (scope 1 and 2) have 
increased this year by 15.6% as a result of the 
growth of the business, which has seen our 
revenues increase 26.3% compared to the previous 
year. These emissions are driven primarily by 
our energy consumption for our manufacturing 
operations, of which 75% relates to the 
consumption of electricity within our factories. 
Our emissions intensity reduced by 8.4% in FY2024 
as we benefitted from our business expanding 
into less energy intensive manufacturing 
processes with our acquisition of the wire harness 
manufacturer Murat Ticaret. Our emissions 
intensity (scope 1 and 2) has now reduced by 28% 
compared to our first baseline year of FY2019. We 
expect to see a further reduction in emissions 
intensity as further sites bring online their solar 
PV capabilities in the coming year. Investigative 
work is ongoing to identify ways to reduce our use 
of diesel generators in those countries where a 
back-up power supply to the main electricity grid 
is required to support our operations.
Energy and efficiency 
improvement actions in 2024
As 75% of our energy consumption is electricity, 
we are committed to improving energy efficiency 
across the business. As part of introducing the 
Volex Factory Sustainability Framework, we 
encourage each site to adopt energy efficiency 
measures. This includes the adoption of LED 
lighting solutions and, to date, we have achieved 
86% LED adoption across the Group with more 
than 42,000 LED bulbs now in use. We have taken 
action to replace older, less efficient machinery 
with more modern and more sustainable solutions. 
We have increased our energy efficiency by 
reducing the bar pressure within the compressed 
air systems in our factories. This improvement 
action alone delivers a number of benefits, 
including a reduction in energy demand from 
the use of our compressors, and it also reduces 
noise levels and reduces a number of health and 
safety risks. We have continued to invest in more 
energy-efficient equipment in our operations. We 
have expanded our consumption of renewable 
energy by 172% compared to the prior year. Our 
Henggang, China factory was the first of our plants 
to install a 100kW solar panel array to support 
the decarbonisation of its energy supply and our 
Suzhou, China plant brings online its PV capability 
early in FY2025. Our Zhongshan, China plant was 
the first of our large plants to commence the 
transition to a greener power supply model as 
they entered into a contract to purchase 25% of 
their electricity from a green energy supplier. We 
have 30 on-site EV charging points installed at our 
operating locations.
Water
Volex is committed to reducing the consumption 
of water within the business. Our objective is 
to ensure that this precious natural resource 
is used sustainably and always returned to the 
water system in a good condition. In FY2024, 
we consumed 210,337 metric tonnes of water 
(230mt/$m revenues) compared to 191,478 
in FY2023 (265mt/$m revenues), a year-on-
year improvement of 13%. Through our TCFD 
preparatory work we have assessed the Group’s 
exposure to water stress. We utilised Munich Re’s 
analytical capabilities, which are based on the 
World Resources Institute’s Aqueduct Water Risk 
Atlas. Through this analysis we can see that 50% 
of our locations are in extremely high water stress 
areas and therefore our focus is on minimising 
water consumption.
None of our sites are high water consumers due to 
the nature of the manufacturing processes used 
within the business. Our three China-based sites 
account for 48% of our global water consumption. 
Most of our locations’ water use is minimal as 
it is not used in our traditional manufacturing 
processes. Some operations, including injection 
moulding and extrusion operations, do require 
process water, but these operate with closed-
loop systems. Water efficiency is one of the 
improvement areas in our Factory Sustainability 
Framework and we launched a Responsible Water 
Use policy across the organisation during FY2024.
Other parts of our business are at risk of excess 
precipitation and by applying geospatial 
modelling to establish current physical risks and 
to assess how these vary across different IPCC 
Representative Concentration Pathway scenarios, 
it is possible to identify that six of our sites in our 
China, Asia and Türkiye regions have medium-high 
precipitation stress risk exposure. 
Waste
Volex is committing to reducing the quantity 
of waste, including hazardous waste, that is 
generated within the business and we are 
reducing our waste to landfill at several locations. 
In FY2024, we have included waste data from all 
28 factories (17 in FY2023). This includes our Murat 
Ticaret factories, even though they have not yet 
implemented a waste management programme. 
As a Group we produced 5,975 tonnes of total 
solid waste and our recycling rate reduced from 
90% in FY2023 to 82% in FY2024, reflecting the 
impact of this recent acquisition on our overall 
environmental performance. Our waste to landfill 
was 766 tonnes compared to the 242 tonnes that 
we reported in FY2023. These increases to our 
waste-related performance indicators reflects the 
combined impact of an increased number of our 
sites reporting their waste data and the effects of 
our most recent acquisition. All sites are reporting 
waste data and we have 17 sites operating at a 
‘zero waste to landfill’ condition compared to the 
seven factories that we reported in FY2023. 
61
www.volex.com
Financials
Governance
Strategic
Business overview 

Our progress in FY2024  continued
Environmental Improvement 
Activities
Within the Volex Factory Sustainability Framework, 
every site is encouraged to adopt improvement 
initiatives that are materially relevant to their 
operations and local stakeholders. There are many 
examples each year of how our sites respond 
to this challenge; our inyantra factory in Pune, 
India engaged in a community tree planting 
activity, and one of the newly acquired sites in 
Murat Ticaret, located in Kutahya, Türkiye, has 
planted 200 trees around their factory to boost 
local biodiversity. Other sites have championed 
responsible water use or commenced the 
implementation of solar panels to reduce their 
carbon emissions.
Environmental Product 
Sustainability
Many of our products are aligned to key ESG 
objectives, including those that we manufacture 
for electric vehicles, medical equipment, data 
centres, robotics and automation. In FY2024, 
13.6% of Group revenues related directly to our 
products that support electric vehicles. From 
a product perspective we are compliant with 
the provisions of EU RoHS and EU REACH, and 
implement stringent controls to eliminate the use 
of hazardous substances. We offer products that 
are free from MCCP, phthalates, lead and DINP, 
and a range of halogen-free cables. Our product 
engineers are constantly assessing ways of making 
our products more sustainable. Our teams are 
constantly innovating to identify more resource-
efficient ways of manufacturing our products. 
In our DE-KA business, their innovative use of 
bioplastics gained USDA approval for a bio-based 
power cord product.
Establishing the carbon 
footprint of our products and 
product life cycles
Increasingly, our customers are seeking our 
assistance with the intricacies of product Life Cycle 
Assessment (‘LCA’) and Product Carbon Footprint 
(‘PCF’). This is of particular interest to our power 
cord customers and the undertaking is no small 
feat, particularly within the dynamic landscape of 
manufacturing and supply chain management. 
The cradle-to-grave process inherent in our 
operations adds layers of complexity, as each 
component and stage requires careful scrutiny. 
Our robust product designs, while ensuring quality 
and reliability, contribute to this complexity, with 
multiple components even within a single finished 
product. We are at the start of our journey and 
each assessment provides us with greater insight 
and a more repeatable process.
Supply chain sustainability
We challenge our businesses through our 
Factory Sustainability Framework to focus on 
improvements within our global supply chain 
to reduce the inherent emissions from the 
transportation of products both internally and in 
our external supply chain. Changing the sources of 
key materials, reviewing packaging materials and 
packaging solutions, becoming more vertically 
integrated and considering greater use of local 
supply possibilities are all actions that enable us to 
further decarbonise our supply chain. In FY2024, we 
have updated our Supplier Code of Conduct and 
commenced work on a sustainable procurement 
policy. Working with our global supply chain 
professionals, we have raised their awareness of the 
importance of sustainability in the supply chain and 
have reviewed our internal supplier audit practices 
to identify global best practices. 
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
62

Non-financial and Sustainability Information 
Statement
Introduction
As a manufacturer with a global operation, supply 
chain and customer presence, Volex recognises 
the importance of understanding the current 
and future potential impacts of climate change 
on our business. We also take the responsibility 
that the Company holds in reducing its direct 
impact on the planet seriously. This year, we have 
again undertaken a comprehensive analysis of 
our climate-related risks and opportunities on our 
strategy, taking into consideration their financial 
impact and considering them under different 
timeframes and scenarios. 
The following report covers the Board’s 
oversight of climate-related issues; the Group’s 
integration of climate change within our overall 
risk management processes; our strategies for 
managing climate-related risks; and relevant 
metrics used to measure progress towards our 
climate targets. 
The Board notes the requirement for mandatory 
climate-related disclosures within the Companies 
(Strategic Report) (Climate-related Financial Disclosure) 
Regulations 2022, which this report addresses.  
In setting out this report, we have referenced the 
full TCFD recommended disclosures as detailed in 
‘Recommendations of the Task Force on Climate-
related Financial Disclosures’ 2017, with use of 
additional guidance from ‘Implementing the 
Recommendations of the Task Force on Climate-
Related Financial Disclosures’, 2021. Additionally, 
following the amendment of sections 414C, 414CA 
and 414CB of the Companies Act 2006, the Group has 
indicated, in the below table, which of the climate-
related disclosures, outlined in Section 414CB, are 
addressed by the TCFD recommended disclosures, 
alongside the pages of the 2024 Annual Report and 
Accounts where these are located.
In 2024, the acquisition of Murat Ticaret was 
the primary focus and we have reported on the 
combined scope 1 and scope 2 emissions for the 
expanded Group. We decided to pause work on 
our Group-wide scope 3 emissions until the new 
business was integrated. Having successfully 
integrated the business, we are committed to 
improving the data collection required for us 
to report on our upstream and downstream 
emissions in the coming years. 
Recommendation
Recommended disclosures
Page 
reference
CA 414CB
Governance
Disclose the organisation’s 
governance around climate-
related risks and opportunities.
a) Describe the Board’s oversight of climate-related risks 
and opportunities.
Page 64
(a)
b) Describe management’s role in assessing and 
managing climate-related risks and opportunities.
Page 65
(a)
Strategy
Disclose the actual and 
potential impacts of 
climate‑related risks and 
opportunities on the 
organisation’s businesses, 
strategy, and financial 
planning, where such 
information is material.
a) Describe the climate-related risks and opportunities 
the organisation has identified over the short, 
medium, and long-term.
Pages 66-68
(d)
b) Describe the impact of climate-related risks and 
opportunities on the organisation’s businesses, 
strategy, and financial planning.
Pages 66-70
(e)
c) Describe the resilience of the organisation’s strategy, 
taking into consideration different climate-related 
scenarios, including a 2°C or lower scenario.
Page 66
(f)
Risk Management
Disclose how the organisation 
identifies, assesses and 
manages climate-related risks.
a) Describe the organisation’s processes for identifying 
and assessing climate-related risks.
Page 65
(b)
b) Describe the organisation’s processes for managing 
climate-related risks.
Page 66
(b)
c) Describe how processes for identifying, assessing and 
managing climate-related risks are integrated into the 
organisation’s overall risk management.
Pages 65-69
(c)
Metrics and Targets
Disclose the metrics and 
targets used to assess 
and manage relevant 
climate‑related risks and 
opportunities where such 
information is material.
a) Disclose the metrics used by the organisation to 
assess climate-related risks and opportunities in line 
with its strategy and risk management process.
Page 70
(h)
b) Disclose scope 1, scope 2 and, if appropriate, scope 3 
greenhouse gas (GHG) emissions, and the related risks.
Pages 71-72
(h)
c) Describe the targets used by the organisation to 
manage climate-related risks and opportunities and 
performance against targets.
Pages 70-72
(g)
63
www.volex.com
Financials
Governance
Strategic
Business overview 

Governance
Board level
The Board of Directors has oversight and ultimate 
responsibility for Volex’s sustainability strategy, 
targets, disclosures and reporting. The Board’s 
responsibility includes (but is not limited to) 
climate-related risks and opportunities and 
the monitoring of Group performance towards 
achieving climate-related targets in line with TCFD 
recommendations. The Board regularly considers 
climate-related issues when reviewing and 
guiding strategy, such as inclusion of ESG factors 
within the due diligence processes that take place 
prior to acquisitions and overseeing the sign-off 
of major capital expenditures. Environmental due 
diligence was undertaken prior to the acquisition 
of Murat Ticaret.
The Board receives at least two updates each 
year at Board meetings on key sustainability and 
climate-related matters that impact the sectors in 
which the Group’s businesses operate and on the 
specific measures that need to be implemented 
to drive improved climate-related performance of 
the businesses. 
The risk management process gives the Board 
assurance that risk management and related 
control systems in place are effective. During the 
year this comprised two key elements, which 
are supported by other activities within our risk 
management framework: an ongoing process of 
assessment and review of individual Volex sites 
and/or entities undertaken by a combination of 
our Internal Audit function, the Group Finance 
team and the operations teams; and the annual 
risk survey conducted centrally across the entire 
senior management team and Group-wide 
functions. The Board delegates responsibility for 
driving ESG strategy, including responsibility for 
identifying, considering and managing climate-
related risks and opportunities, to the Safety, 
Environment and Sustainability (‘SES’) Committee, 
whose members include the Executive Chairman, 
an independent Non-Executive Director and the 
Group’s HR Director. The Committee’s terms of 
reference are available on our website. The SES 
Committee reports to the Board following its 
biannual meetings. 
The Board oversees and monitors progress against 
our key sustainability goals including our net zero 
by 2035 scope 1 and 2 emissions target. 
The Board is yet to deploy a firm link between 
Executive remuneration and ESG indicators. 
However, the Board has resolved that its 
Remuneration Committee will review this on an 
annual basis.
Management level
At a management level, an executive Group 
Sustainability Steering Committee (consisting of 
Lord Rothschild, Executive Chairman; John Molloy, 
Group Chief Operating Officer; Jon Boaden, Group 
Chief Financial Officer; and Alan Taylor, Group HR 
Director) is responsible for developing the climate 
agenda and driving its implementation at an 
operational level. The Group Sustainability Steering 
Committee discusses and reviews all sustainability 
data, performance and targets as they develop at 
quarterly meetings. The Committee reports to the 
Board-level SES Committee. 
Each regional Chief Operating Officer (‘COO’) has 
responsibility for the sustainability strategy and 
the delivery of the improvement programmes 
within their locality. Site-level sustainability reviews 
are conducted to inform the action plans that 
are managed at a regional level. Every employee 
is kept informed of role-relevant behaviours that 
promote Volex’s commitment to sustainability 
and climate resilience. All manufacturing sites 
submit greenhouse gas emissions data, as well as 
an extensive range of other sustainability-related 
data, to the Group on a monthly basis through 
the Group’s Sustainability Reporting System. On a 
weekly basis, each factory is required to share its 
kaizen reports with all other locations and many 
of these kaizen reports include improvement 
actions that are delivering environmental or other 
efficiency-related improvements.
Each regional COO coordinates their sustainability 
improvement activities, and this is reported to the 
Group Sustainability Steering Committee, through 
which information is fed up to Board level via the 
SES Committee to be integrated into the Group’s 
risk assessment and strategy development.
Climate governance structure
Non-financial and Sustainability Information 
Statement  continued
Board
Safety, Environment  
and Sustainability  
(SES) Committee
Group Sustainability  
Steering Committee
Coordination through 
Regional Senior 
Leadership Teams
Risks, Progress and Metrics
Operations / Strategy
 Board level
 Management level
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
64

Risk Management
Identification of climate-related risks is integrated 
into Volex’s risk management processes and 
considered as part of the overall Group risk 
management process. This risk assessment 
considered existing and emerging risks and all risk 
categories outlined in the TCFD recommendations 
in relation to all of Volex’s operations, including 
our newly acquired Murat Ticaret operations, 
as of 31 March 2024. Climate-related risks and 
opportunities were also considered in the Group’s 
upstream and downstream supply chains.
“Climate and Environment” has been identified 
as a Principal Risk (Operational) for Volex.
While the Board has overall responsibility for 
the management of risks at Volex, businesses 
invest in and implement appropriate systems 
and processes to manage their impact on the 
environment. The Audit Committee is delegated 
specific responsibility from the Board for the 
oversight of the risk management process. 
Our overall approach to Risk Management is 
described on pages 49 to 55.
The management of Volex’s climate-related 
risks is integrated into the Group’s overall risk 
management framework. All climate-related 
risks are assessed in the same manner as other 
Group risks, so that their relative significance is 
comparable. 
Climate-related risk identification is performed 
both top-down: based on a strategic risk 
assessment at Executive and Board levels; and 
bottom-up: risk assessment at operational and 
functional levels. In practice, this means that 
Transition risks are identified and managed at 
Group level, and Physical risks, which are location 
specific, are identified and reported up from site 
level. The risk management process is comprised 
of two key elements, which are supported by other 
activities within our risk management framework: 
•	
An ongoing process of assessment and 
review of individual Volex sites and/or entities 
undertaken by a combination of the Internal 
Audit function, the Group Finance team and 
the operations teams; and 
•	
An annual risk survey is conducted centrally 
across the entire senior management 
team and managers within the Group-
wide functions. This provides a top-down, 
bottom-up approach, whereby a strategic risk 
assessment is conducted at Executive and 
Board level, as well as the assessment of risks 
at an operational and functional level. Climate-
related risk is considered within this process 
and included within the Principal Risk Register. 
The Group’s Risk Register categorises all existing 
and emerging risks, including climate-related risks, 
with the register covering the probability of the risk 
occurring and the degree of the potential impact. 
All risks are assessed on a 5x5 matrix incorporating 
an assessment of the likelihood of occurrence and 
the potential impact on the business were they to 
occur, as well as the extent to which they are being 
addressed and mitigated. The Group defines the 
likelihood and financial impact as follows:
Likelihood
Impact
5  
Almost 
certain
5 
Catastrophic 
Impact or lost 
opportunity of 
>$10m
4  
Likely
4 
Critical
Impact or lost 
opportunity of 
$5m-$10m
3  
Possible
3 
Serious
Impact or lost 
opportunity of 
$3m-$5m
2  
Unlikely
2  
Significant
Impact or lost 
opportunity of 
$1m-$3m
1  
Rare
1  
Minor
Impact or lost 
opportunity of 
<$1m
The risk matrix is consolidated into four risk levels: 
Low (a risk score of <5), Medium (a risk score of 
6-12), High (a risk score of 13-19), and Very High (a 
risk score of 20-25). 
Risk mitigation factors for all risks, including 
climate-related, are included in the Risk Register 
and this combined view determines the approach 
for managing climate-related risks (e.g. mitigation, 
accept, or control). 
65
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Financials
Governance
Strategic
Business overview 

Strategy
Our approach to climate 
scenario analysis 
Climate scenario analysis, assessing the physical 
and transition risks and opportunities that may 
impact the Group, was completed for the second 
time during FY2024, incorporating the additional 
sites gained through the Murat Ticaret acquisition. 
Potential risks were assessed within the Group’s 
own operations and upstream/downstream 
in the Group’s supply chain. Assessments 
were completed, with support from external 
consultants, CEN-ESG, through climate-related 
workshops and interviews across the business. 
Quantification of risks and opportunities has been 
completed where sufficient data is available. It 
has not been possible to fully quantify all risks and 
opportunities due to the high levels of uncertainty 
around climate change and availability of data. 
Risks and opportunities have been prioritised to 
determine which have a material financial impact 
on the organisation using both likelihood and 
financial impact, resulting in a combined risk 
register. The threshold for financial materiality 
is outlined on page 130 within the Independent 
Auditors’ Report. 
Our risk assessment and climate scenario analysis 
has shown that, in aggregate across all scenarios 
assessed, the overall climate risk exposure for Volex 
is Low, and the group is financially resilient and 
strategically robust to climate change. Our current 
understanding of climate-related risks is that 
any impacts on assets is limited, and risks can be 
accommodated within business-as-usual activity 
considering existing and planned mitigation 
strategies. 
Risks are subject to ongoing refinement and 
quantification over time, which enables us to build 
a complete picture and assists with incorporating 
the management of any climate-related risks 
into the ongoing strategy. There are no effects of 
climate-related matters reflected in judgements 
and estimates applied in the financial statements 
as a result. Our analysis will continue to evolve as 
new data becomes available, both internally and 
externally, and we will continue to monitor our 
climate exposures and action plans through the 
Group’s risk management framework.
The limitations and assumptions of scenario 
analysis are:
1.	
Scenarios may only provide high-level global 
and regional forecasts;
2.	 Not all risks are easily subject to scenario 
analysis;
3.	 Scenario analysis requires analysis of specific 
factors and modelling them with fixed 
assumptions;
4.	 Impacts are to be considered in the context of 
the current financial performance and prices;
5.	 Gross impacts are assumed to occur without 
the company responding with any mitigating 
actions, which may reduce the impact of risks;
6.	 Impacts are modelled to occur in a linear 
fashion when, in practice, dramatic climate-
related impacts may occur suddenly after 
tipping points are breached; and
7.	 The analysis considers each risk and scenario in 
isolation, when in practice climate-related risks 
may occur in parallel as part of a wider set of 
potential global impacts.
Physical Risks
Volex is a global manufacturing business with an 
operation spanning multiple continents. As global 
temperatures rise, the frequency and severity 
of extreme weather events are likely to increase, 
resulting in a higher chance of disruptions to 
global operations and supply chain. The Munich 
Re Location Risk Intelligence Tool has been used 
to assess current and potential future chronic and 
acute physical climate-related risks facing our 
facilities. We have assessed the potential climate-
related physical risks (includes the risks of floods, 
storms, sea level rises, drought, wildfires and 
precipitation stress) at all 28 of our operational 
locations. 
Three climate scenarios were selected to provide 
a range of situations which may impact the 
Group. The scenarios are based on the IPCC’s 
Representative Concentration Pathways (‘RCP’) 
mapped to the latest IPCC AR6 report’s Shared 
Social Economic Pathways (‘SSPs). 
•	
Net Zero 2050 Scenario RCP 2.6/IPCC SSP1: 
which is associated with c1.5°C temperature 
rise from pre-industrial times by the end of the 
century;
•	
‘Middle of the Road’ RCP 4.5/IPCC SSP2: 
which is associated with 2-3°C temperature 
rise from pre-industrial times by the end of the 
century; and
•	
‘Hothouse world’ RCP 8.5/IPCC SSP5: which 
is associated with >4°C temperature rise from 
pre-industrial times by the end of the century.
Based on a combination of the likelihood of an 
event, the materiality of the location and the 
potential financial impact, we have identified 
two potentially significant climate-related 
physical risks.
Non-financial and Sustainability Information 
Statement  continued
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
66

Key physical risks
Risk
Damage or disruption to own operations 
due to flooding events
Disruption to supply chain due to 
flooding events
Area
Own operations (China, Vietnam, Türkiye)
Upstream and Downstream (Global)
Risk description
Flood risk is the dominant risk within seven 
sites identified as having extreme exposure. 
Projected forward, the risks intensify with 
increased precipitation stress.
Sea freight is a key distribution channel and 
climate-related events, such as disruption to 
ports through storm surge and sea level rise, 
could impact the ability to operate.
Potential financial 
impact
•	 Asset damage costs
•	 Loss of revenue due to operational 
disruption
•	 Increased insurance costs
•	 Productivity loss
•	 Disruption to the supply chain impacting 
distribution
•	 Productivity loss
•	 Loss of revenue due to operational 
disruption
Mitigation/actions  
to manage risk
•	 Diversified production strategy - production 
can be switched from any disrupted 
sites, although noting operational and 
commercial constraints
•	 Flood damage insurance cover at all 
manufacturing sites with limits that reflect 
the magnitude of risk
•	 Materiality of financial impact of a  
negative event at each site decreases  
with Group growth
•	 Experience also shows that in the event of 
a super-typhoon, impact is limited to just 
a few weeks to return power supplies and 
fix infrastructure
•	 Maintaining redundancy in global 
manufacturing capabilities allows for 
production to continue for all products 
should a single facility be materially 
disrupted by supply chain/distribution issues
•	 Volex operates a very expansive supply 
chain, mitigating against any single supplier 
being impacted by physical climate-related 
events
•	 Major climate-related events would likely 
equally affect competitors, meaning no loss 
of competitive advantage
Metrics used to  
track risk
•	 Number of days lost due to disruption
•	 Revenue lost due to disruption
•	 Cost of asset damage/replacement
•	 Number of days lost due to disruption
•	 Revenue lost due to disruption
Time horizon
All time horizons
Longer term
Likelihood
3
3
Impact
1
1
Transition risks and opportunities
Volex is exposed to the risks and opportunities that result in a transition to a low-carbon economy. The speed of this 
transition will determine the severity and impact of climate transition risks and opportunities. 
Transitional climate-related risks and opportunities were identified and assessed over three different time horizons. These 
horizons allowed us to consider the lifespan of our assets and infrastructure as well as any longer-term regulatory changes 
and to consider our near and long-term targets. 
67
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Financials
Governance
Strategic
Business overview 

Climate scenario time horizons
Term
Years
Rational
Short 
2024-2025
Aligned with short-term 
business actions and 
financial planning
Medium
2026-2035
Aligned to the Group’s 
net zero by 2035 target 
(scope 1 and 2)
Long
2036-2050
Aligned to the Group’s 
net zero by 2050 target 
(scope 1, 2 and 3)
The following IEA climate-related models, looking forward 
out to 2050, were applied to assess the behaviour of 
climate-related transition risks and opportunities. The IEA 
scenarios are far more descriptive and useful for modelling 
more positive climate outcomes, so are appropriate for 
modelling transition risks. 
•	
Net Zero 2050 (‘NZE’): an ambitious scenario, which 
sets out a narrow, but achievable, pathway for the 
global energy sector to achieve net zero CO2 emissions 
by 2050. This meets the TCFD requirement of using a 
“below 2°C” scenario and is included as it informs the 
decarbonisation pathways used by the Science Based 
Targets initiative (‘SBTi’), which validates corporate net 
zero targets and ambition.
•	
Stated Policies Scenario (‘STEPS’): a scenario which 
represents the roll forward of already announced policy 
measures. This scenario outlines a combination of 
physical and transition risk impacts as temperatures rise 
by around 2.5°C by 2100 from pre-industrial levels, with a 
50% probability. This scenario is included as it represents 
a base case pathway with a trajectory implied by today’s 
policy settings.
Based on a combination of the likelihood of an event and 
the potential financial impact, we have identified three 
potentially significant climate-related transition risks and 
three potentially significant climate-related transition 
opportunities:
Key transition risks
Risk
Carbon price in own 
operations
Carbon price in value 
chain
Failure to meet/maintain 
expected ESG credentials
TCFD category
Policy & Legal
Policy & Legal
Reputation
Risk description
The scope of carbon pricing 
is expected to expand over 
the medium-term and the 
price of carbon is expected 
to rise in the drive to make 
companies more responsible 
for energy use and carbon 
emissions. The IEA forecasts 
that carbon prices relevant to 
Volex under NZE and STEPS 
scenarios are projected to 
increase. 
Volex is exposed to potential 
carbon pricing impacts in the 
value chain. It is uncertain 
how and when carbon prices 
will be imposed in the value 
chain and how much will 
be passed on to Volex. A full 
scope 3 carbon footprint 
is also required to fully 
understand the risk impact. 
Volex has obligations to 
its stakeholders, such as 
customers and investors, to 
maintain and show progress 
against sustainability ratings 
and frameworks and to 
demonstrate progress 
on decarbonisation. The 
expected growth of the 
business over the next four 
years introduces additional 
challenges in terms of 
managing sustainability. 
Area
Own operations
Upstream and downstream
Own operations
Potential financial 
impact
•	 Price of carbon related 
to GHG emissions in own 
operations.
•	 Increased operational 
expenses (greatest impact 
on the energy intensive 
cable manufacturing sites).
•	 Increasing regulations 
on existing products (e.g. 
carbon intensity) increases 
costs and exposes the 
business to litigation.
•	 Greater costs associated 
with emissions reduction 
activities.
•	 Higher costs of purchased 
goods and services as 
suppliers pass on costs.
•	 Higher costs associated 
with carbon tax on scope 3 
emissions.
•	 Increased shareholder 
concern could lead to 
increased cost of capital and 
loss of investment.
•	 Failure to maintain 
customer expectations on 
sustainability performance 
could lead to loss of trust, 
competitive advantage and 
ultimately contracts.
•	 Failure to comply with 
all relevant disclosure 
regulations could result in 
fines from regulatory bodies.
Non-financial and Sustainability Information 
Statement  continued
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
68

Risk
Carbon price in own 
operations
Carbon price in value 
chain
Failure to meet/maintain 
expected ESG credentials
Mitigation/actions to 
manage risks
•	 Current and planned 
initiatives to reduce energy 
consumption and targets 
for decreased emissions 
including increased 
investment in clean 
electricity through use of 
RECs and PPAs.
•	 Complete LCAs of products.
•	 Supplier and customer 
engagement.
•	 Membership of industry 
stakeholder groups.
•	 Continuous improvement 
in sustainability reporting 
to align with external 
frameworks and rating 
agencies.
•	 Net Zero Transition plan to 
be developed.
•	 Clear communication 
through dedicated 
sustainability report 
that meets stakeholder 
requirements.
Metrics used to track 
risk
•	 Emissions (scope 1 and 2)
•	 Profit margin
•	 Emissions (scope 3)
•	 Profit margin
•	 Emissions (scope 1, 2 and 3)
•	 ESG rating agency scores
•	 Revenue
•	 Cost of capital
Time horizon
Short/Medium
Medium
All time horizons
Likelihood
3
3
2
Impact
1
2
2
Key transition opportunities
Opportunity
Aiding the transition to a 
green economy through 
electrification
Improvements to resource 
efficiency
Supporting the energy 
transition
TCFD category
Products & Services, Markets
Resource efficiency
Energy Source, Resilience, 
Resource efficiency
Opportunity 
description
As a manufacturer of power 
and connectivity-related 
products and solutions, the 
business is well placed within 
a variety of markets to drive 
electrification and aid in the 
transition to green energy. 
As electrification across the 
economy grows, this allows 
Volex the opportunity of 
increasing its market share 
within this space, winning 
business and increasing sales. 
In particular, the Electric 
Vehicle sector is a significant 
and growing market that 
Volex will be able to benefit 
from.
Improving energy efficiency, 
reducing materials and 
improving recyclability of 
products will help reduce 
costs as well as mitigate 
against the future cost of 
carbon pricing.
Opportunities to reduce 
operating costs through 
transitioning to green energy 
and improving business 
resilience through generation 
of own renewable energy 
through on-site installations.
Area
Own operations
Own operations
Own operations
Potential impact on 
the business
•	 Increased revenue from the 
expanding Electric Vehicle 
market.
•	 Increased market share 
in both existing and new 
markets.
•	 Overall positive effect on 
revenue, revenue growth 
and profit margins.
•	 Reduce production costs 
by improving operational 
efficiency and recyclability 
of products.
•	 Reduce capital expenditure 
through material efficiency.
•	 Reduce operating costs 
longer-term through 
transition to green energy 
sources.
•	 Reduce impact of carbon 
pricing in own operations 
and reduced energy bills 
through generation of own 
renewable energy on-site.
69
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Financials
Governance
Strategic
Business overview 

Opportunity
Aiding the transition to a 
green economy through 
electrification
Improvements to resource 
efficiency
Supporting the energy 
transition
Strategy/actions to 
manage opportunity
•	 R&D investment strategy 
- adapt to market and 
industry changes.
•	 Strategic partnerships to 
access new markets and 
customers.
•	 Marketing strategy.
•	 M&A to access markets.
•	 Operational excellence.
•	 Set water, waste and 
material efficiency targets.
•	 Product LCAs.
•	 Energy, Renewable 
installations (e.g. LED 
lighting, efficient 
machinery etc.).
•	 Site and building 
improvements (e.g. 
insulation).
•	 Leak detection and repair.
•	 Employee awareness and 
engagement.
•	 Technological innovation to 
enable a net zero economy.
Metrics used to track 
opportunities
•	 Revenue
•	 Revenue growth
•	 Profit margin
•	 Scope 1-3 emissions
•	 Energy consumption
•	 Scope 1-3 emissions
•	 Energy consumption
Time horizon
Medium
Medium
Medium
Likelihood
5
5
4
Impact
5
2
1
Non-financial and Sustainability Information 
Statement  continued
Metrics and Targets
Volex discloses a wide range of metrics used 
for assessment of climate-related risks and 
opportunities, including GHG emissions (scope 
1, 2 and elements of scope 3 such as Employee 
Commuting and Business Travel), energy 
consumption data, water use efficiency and waste 
data. See pages 71 to 72 for full data disclosure. 
FY2024 was a transformational year for Volex, 
following the acquisition of the Murat Ticaret 
business. This substantial transaction added nine 
new manufacturing locations to the Volex portfolio 
and resulted in an 15.6% increase in scope 1 and 
2 emissions compared to FY2023. While energy 
reduction initiatives and efficiency improvements 
continued in the existing sites throughout FY2024, 
the key focus for the year was to deploy our data 
capture processes to the new sites to enable full 
emissions disclosure. While this work was ongoing, 
the process to set absolute emissions reduction 
targets through the SBTi was temporarily put 
on hold. Now that we have a full picture of our 
emissions across the expanded group, we will now 
progress with completing a full carbon footprint 
assessment with the intention of setting science-
based targets by the end of FY2025. We will be 
developing a structured roadmap or transition 
plan to align to our emissions target of achieving 
net zero by 2035 (scope 1 and 2) and net zero by 
2050 (all scopes). For further information on our 
targets, see page 60. 
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
70

Company information
Volex plc (the ‘Company’ and together with its subsidiaries the ‘Group’) is a public company limited by shares domiciled and 
incorporated in the United Kingdom under the Companies Act 2006. Its shares are listed on AIM, a market on the London 
Stock Exchange. The address of the registered office is given on page 200.
Quantification and reporting methodology
For our reporting on scope 1, 2 and 3 we have followed the GHG Protocol and the 2013 UK Government environmental 
reporting guidance as defined in The Companies Act 2006 (Strategic Report and Directors’ Report) Regulations 2013 
and The Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018. 
All operations globally have been included within this assessment. The financial boundary was reviewed and has been 
determined that all material emission sources have been captured within the assessment boundary. We are working 
towards reporting against the remainder of our scope 3 emissions. The figures relate to the required elements of each 
scope 3 category.
Table 1: Total Volex GHG emissions for the period 03 April 2023 – 31 March 2024*  
(tonnes CO2e1 unless stated)
* All sustainability data is reported using full calendar months. Therefore, there is a minor difference in our reporting periods.
2024
2023
Global GHG emissions data  
in metric tonnes CO2e 
UK and 
offshore
Global 
(excl. 
UK and 
offshore)
Group Total
2024
UK and 
offshore
Global (excl. 
UK and 
offshore)
Group Total
2023
Scope 1: Direct GHG emissions
On-site diesel combustion
tCO2e
–
211
211
–
56
56
Refrigerant gas top up consumption
tCO2e
–
79
79
–
183
183
On-site gas combustion
tCO2e
18
1,188
1,206
18
421
439
Company vehicle fuel
tCO2e
–
23
23
–
41
41
Company owned vans/lorries
tCO2e
–
23
23
–
30
30
Company owned car travel
tCO2e
1
233
234
1
80
81
Total scope 1
tCO2e
19
1,757
1,776
19
811
830
Scope 2: Indirect GHG emissions
Grid electricity - non-renewable
tCO2e
16
21,088
21,104
6
18,929
18,935
District heating
tCO2e
–
236
236
–
235
235
Total scope 2 (location based)
tCO2e
16
21,324
21,340
6
19,164
19,170
Total scope 1 and 2
tCO2e
35
23,081
23,116
25
19,975
20,000
Intensity Metric: 
Scope 1 and 2 GHG Emissions  
per $m revenues2
0.2
25.2
0.2
27.7
Scope 3: Indirect emissions  
in the value chain
Employee commuting incl. home workers
tCO2e
n/a3
n/a
Grid electricity - non-renewable (T&D)
tCO2e
1
1,491
1,492
1
1,270
1,271
District heating (T&D)
tCO2e
–
12
12
–
12
12
Company hired car travel
tCO2e
18
569
587
–
–
–
Grey fleet car travel
tCO2e
8
84
92
–
–
–
Business travel (rail, flights, taxi)
tCO2e
–
–
–
–
562
562
Total scope 3
tCO2e
27
2,156
2,183
1
1,844
1,845
Total carbon emissions (adjusted)
tCO2e
63
25,237
25,3004
26
21,819
21,845
Scope 1
kWh
103,807
8,467,776
8,571,583
102,737
3,111,482
3,214,219
Scope 2
kWh
154,538 40,534,899 40,689,437
293,606
35,185,037
35,478,643
Total Energy Consumption (scope 1+2)
kWh
258,345 49,002,675
49,261,020
396,343
38,296,519 38,692,862
Streamlined Energy & Carbon Reporting (SECR) 
Statement FY2024
71
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Financials
Governance
Strategic
Business overview 

2024
2023
Renewables5 
UK and 
offshore
Global (excl. 
UK and 
offshore)
Group Total
2024
UK and 
offshore
Global (excl. 
UK and 
offshore)
Group Total
2023
Grid electricity - renewable
kWh
75,614
1,128,038
1,203,652
260,803
181,252
442,055
Solar generated electricity
kWh
–
229,454
229,454
–
115,555
115,555
Grid electricity- renewable 
(saved emissions due to use of 
renewables)
tCO2e
16
688
704
51
112
163
On-site generated emissions
tCO2e
–
153
153
–
80
80
Total combined renewable 
emissions saved
tCO2e
16
841
857
51
192
243
1	
tCO2e – tonnes of carbon dioxide equivalent emissions; this figure includes GHGs in addition to carbon dioxide.
2	
Intensity ratio of gross global emissions in tonnes of CO2e per $m revenue chosen as a common business metric for our industry sector. 
One acquisition was completed in the reporting year (Murat Ticaret). Emissions are recorded from day one of the acquisition as part of our integration activities. 
Inclusive of our reported Scope 3 emissions our carbon intensity would be 27.6 tCO2e per $m revenue.
3	
Homeworker emissions are excluded from the scope; they amount to 1% of the total emissions and so are not material to the overall results.
4	
This excludes the 704 tCO2e from our consumption of certified renewable energy.
5	
Although on-site Company-owned solar power generation should be categorised in scope 1, we have presented our use of renewables and the associated 
emissions ‘avoided’ separately as they represent zero emission power.
Streamlined Energy & Carbon Reporting (SECR) 
Statement FY2024  continued
Table 1 shows the GHG emissions for the Group, 
broken down by scope 1, scope 2 and some scope 
3 emissions for FY2024 and FY2023. Our reported 
emissions increased this year by 15.6% as a result 
of our acquisition and revenue growth rate of 26%. 
Our emissions intensity has reduced by 8% for the 
FY2024 and 28% compared to our base year.
Emissions by region (tCO2e)
Region
FY2024
UK 
63
Americas 
2,132
China 
8,854
Asia Pacific 
7,711
Europe 
884
Türkiye
5,656
Group total emissions 
25,300
Targets
We are committed to reducing our emissions 
(scope 1 and 2) to net zero by 2035. We have 
committed to setting science-based targets 
aligned to and verified by, the Science Based 
Targets initiative. We will bring our total scope 
1, 2 and 3 emissions to net zero by 2050 or as 
otherwise agreed by the international community. 
During FY2025, we will produce our road map 
and set science-based targets. We have assessed 
our current progress against a FY2019 base year. 
Given the scale of the Murat Ticaret acquisition 
and its impact on the business, we will review 
to determine the most relevant base year 
going forward. For the purposes of our net zero 
ambitions and to demonstrate improvements 
made in recent years, our base year remains 
FY2019. We are committed to reducing the carbon 
emissions associated with our operations. We 
have delivered an 8% reduction in carbon intensity 
per $m revenue compared to the prior year. We 
have established energy efficiency as a key pillar 
within our factory sustainability framework and 
improvement ideas, generating energy efficiency, 
are already being identified through our Group-
wide kaizen activities.
Data assurance
In FY2024, we engaged Carbon Footprint Ltd to 
undertake an independent verification of our 
carbon footprint assessment and supporting 
evidence of our scope 1, 2 and 3 emissions. A copy 
of their report is available on our website. Their 
verification was conducted in accordance with 
ISO 14064-3 (2019): Greenhouse gases - part 3: 
‘Greenhouse Gases: Specification with guidance 
for the verification and validation of greenhouse 
gas statements.’ Page 3 of the Carbon Footprint 
Report confirms that this provides a limited level of 
assurance. Page 13 of the Carbon Footprint Report 
confirms that Volex has established appropriate 
systems for the collection, aggregation and 
analysis of quantitative data for the determination 
of GHG emissions for the stated period and 
boundaries.
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
72

Our Responsible Business Goal is to create an 
environment where our people can be at their 
best. This aligns with a number of the UN’s SDGs 
specifically: 3 “Ensure healthy lives and promote 
well-being for all at all ages”, 4 “Ensure inclusive 
and equitable quality education and promote 
lifelong learning opportunities for all”, 5 “Gender 
equality”, 8 “Decent work and economic growth”, 
and 10 “Reduced inequalities”.
Introduction
At Volex, we believe that being a responsible 
business starts with ensuring the health and 
safety and well-being of our workforce. We are 
committed to the continuous improvement of 
health and safety within our business. We have 
prioritised safety-related improvements as we 
believe that creating a safe working environment 
is the foundation for any manufacturer to build 
an engaged and stable workforce. With a great 
safety culture in place we can progress to develop 
a world-class culture that values diversity and 
inclusion, learning and employee engagement.
Health, safety and well-being
Our Responsible Business Goal is to improve the 
physical and mental health and well-being of our 
employees and to provide them with a safe place 
to work. This aligns with the UN’s SDG 3 “Good 
health and well-being”. 
Our people are our most important asset and, as a 
manufacturing company, our primary focus is on 
ensuring safety in our factories. 
We are committed to ensuring that all of our 
employees have a safe place to work. We achieve 
this through ensuring robust health and safety 
management systems and through a strategy of 
risk reduction and accident and injury prevention. 
We are committed to ensuring that employees 
receive all appropriate health and safety training.
Our primary KPI for safety is the number of lost 
time accidents, which we define as being any injury 
accident that results in more than one day of time 
loss. We are determined to reduce the number and 
severity of accidents in our operations. 
The acquired Murat Ticaret business has a 
significantly weaker safety culture than our own. 
We have decided to exclude their safety data from 
our FY2024 reporting while we focus on making 
the necessary improvements and to establish a 
clear baseline for this business. In the non-Murat 
Ticaret business, we had 27 lost time accidents 
and we maintained our accident frequency rate at 
approximately 1.3 lost time accidents per million 
hours worked, but there was a slight increase on 
the prior year (FY2024: 1.28, FY2023: 1.24). 
We have not had a fatality in our business in the 
period FY2020 to FY2024 inclusive. Our severity 
rate increased compared to previous years as 
a result of an increase in lost time accidents 
involving workers coming into contact with 
moving machinery.
FY2024
FY2023
Number of fatal 
accidents
0
0
Number of lost time 
accidents1
27
24
Number of sites 
with zero lost time 
accidents
12
9
Number of all injury 
accidents2
213
186
Number of near miss 
incidents3
87
n/a
Accident frequency 
rate1
1.28
1.24
Days lost due to lost 
time accidents
950
717
Accident severity rate
0.04
0.04
Number of onsite 
plant safety reviews
12
14
Workforce (%) covered 
by ISO 450014
51
61
Number of employees 
receiving H&S training
8,988
6,544
1	
The lost-time accident and incident frequency data reported for 
FY24 excludes the Murat Ticaret business acquired during the 
year. This will be fully reported on in FY2025.
2	
The increase in all injury accidents and near miss incidents in 
FY2024 is due to an increase in the number of sites reporting this 
data compared to FY2023.
3	
In FY2024, we commenced systematic reporting of near miss 
incidents. 
4	
In FY2024, our workforce increased significantly negatively 
affecting the percentage coverage, 2 additional sites in Poland 
and Slovakia achieved this certification in FY2024.
The scope of our health and safety reporting 
disclosures for FY2024 covers 69% of our workforce 
(we have excluded the Murat Ticaret business). 
We include accidents or injuries affecting our 
contractors, temporary or agency-based workers 
in support of our business. Acquired businesses 
report incidents from day one of ownership.
We recognise that the reporting of all injury 
and near miss incidents remains significantly 
underreported in accordance with the principles of 
the Heinrich Safety Triangle. 
The primary cause of lost time accidents has 
been employees injuring their fingers and hands, 
often when coming into contact with moving 
machinery. In FY2024, this represented 42% of 
our total lost time accidents (FY2023: 46%). We 
continue to focus on machinery safety making 
significant improvements across many sites.
From FY2026, we are requiring all of our sites 
to maintain a certified health and safety 
management system. 51% of our global workforce 
is currently employed in an ISO 45001 certified 
facility. Compliance with these management 
systems is ensured through an external audit 
process with independent assessments by 
companies such as TUV and Intertek. In FY2024, 
we trained 8,988 (85%) of employees in health 
and safety.
A Responsible Business 
Social impact
73
www.volex.com
Financials
Governance
Strategic
Business overview 

Actions taken to improve health, 
safety and well-being
Since 2019, we have adopted a rigorous 
approach to reducing levels of risk across all of 
our factories. We have implemented our Group 
health and safety policy, approved by the Board, 
to all sites and we require all sites to follow our 
Group’s incident reporting process ensuring 
that all serious incidents, including lost-time 
accidents, are quickly and professionally reported 
to management, including the Group’s Chief 
Operating Officer. 
Every lost time accident is investigated by the 
local management team and every incident report 
and corrective action plan is reviewed by our 
Group HR Director. Feedback on safety causation 
and trend information is regularly provided to 
the Board through the Safety, Environment and 
Sustainability Committee. 
We completed 12 Plant Safety Reviews during 
FY2024 and these were primarily focused on the 
newly acquired facilities within Murat Ticaret. 
Gender Diversity
Total Workforce
40%
60%
Key
 Female
 Male
The Board
Key
 Female
 Male
83%
17%
Management
Key
 Female
 Male
72%
28%
Diversity
We are committed to developing a diverse 
and inclusive workforce and to being an equal 
opportunity employer. These commitments, which 
include a commitment to non-discrimination in 
our recruitment and promotion processes and 
a commitment to a zero tolerance approach to 
harassment and child labour, are all enshrined 
within our code of conduct, which is endorsed 
and overseen by our Board. We believe that the 
ability of our employees to progress within the 
Company must only be linked to their efforts and 
abilities. Our overall workforce gender diversity is 
well balanced with 60% of our workforce being 
female and the global nature of our operations 
ensures a broad representation of nationalities and 
beliefs are present within our global workforce. 
Female colleagues represent 28% of our global 
management team, 8% of our executive team 
and 17% of our Board. Each year, we aim to deliver 
training on equal opportunities and diversity-
related topics to our workforce. 6,984 employees 
received this training in FY2024. Some of our 
sites have achieved local recognition for their 
work to support the employment of individuals 
with disabilities. Our DE-KA business was one of 
20 companies in the Kocaeli region in Türkiye to 
receive such an award in FY2023.
Talent development and 
performance management
Volex is committed to promoting career 
development and ensuring training of our 
workforce. All of our businesses are proactive 
in anticipating both short and long-term 
employment needs and skill requirements. All 
employees are encouraged to actively engage 
in their career development and take up the 
training and developmental opportunities that 
are available across the Group. Since 2020, we 
have operated a robust talent review process in 
the first quarter of each financial year. We work 
with local schools and colleges to raise awareness 
about engineering and manufacturing career 
pathways. We offer internship programmes and 
apprenticeships in a number of countries to 
develop internal pipelines of talent to support our 
growth ambitions. In our Americas region alone, 57 
individuals gained internal promotion into senior 
staff and managerial positions in the year.
2,439 colleagues (15% of our total workforce) 
received an annual review during FY2024.  
For our senior 330 employees, we manage 
their performance with an online performance 
management system. First implemented in 
FY2021, this system ensures clarity of role, 
alignment of objectives, regular reviews and 
feedback and a consistent year-end evaluation. 
Our shop floor-based employees receive 
skills‑based assessments each year, but these 
are local processes and are excluded from the 
management and staff review processes and  
from the numbers reported above.
A Responsible Business 
Social impact  continued
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
74

Career management
Since FY2022, we have started to record our 
investment in training hours and spend across our 
business. All new employees received an induction 
and job-orientation programme appropriate to 
their role in the Company. Where job-specific 
qualifications and certifications (FLT certifications, 
firefighting and other safety-related trainings) 
are required, these are delivered in accordance 
with local requirements. In FY2024, we recorded 
119,800 hours of training (9 hours per person). This 
training represented an investment in ‘off the job 
training’ in excess of $257,568 (FY2023: $367,000). 
On page 73 of this report, we state the numbers of 
employees receiving training on health and safety, 
equal opportunities and diversity, as well as core 
e-learning topics including cybersecurity, modern 
slavery, conflicts of interest and anti-bribery and 
anti-corruption.
Engagement within our 
communities
The communities in which we operate are vital 
to our workforce and many of our sites have 
continued to engage proactively with their 
communities, supporting a variety of important 
causes. Our sites get involved in many different 
ways, including supporting blood donation 
programmes, participating in charity races 
in support of cancer care and prevention 
organisations. Our sites in Irvine, California and 
Carignan, Canada both organised the donation 
of toys and clothing to local organisations 
engaged in support of at risk groups in their 
local communities. In FY2024, across the Group, 
we donated $40,907 (FY2023: $26,417) in cash to 
recognised charities.
Workforce engagement  
and culture
Our goal is to create a great place to work for our 
employees. We have adopted two key measures 
to assess the levels of workforce engagement. 
As part of our growing focus on sustainability, 
we provide regular updates on issues affecting 
workforce engagement and culture to the Board 
via the Safety, Environment and Sustainability 
Committee. In FY2022, we established a base year 
for a comprehensive set of performance indicators 
for our global workforce, including absenteeism 
and turnover. Absence and turnover levels are 
powerful indicators of our workforce culture and 
levels of engagement, when considered alongside 
other indicators such as safety incident rates or 
the success of our employee referral programmes. 
This is where colleagues recommend Volex as a 
great place to work to encourage their friends and 
colleagues to join our workforce. In FY2024, many 
of our sites organised workplace celebrations 
for a variety of occasions, including festivals, 
religious holidays, seasonal celebrations and global 
recognition events, such as International Women’s 
Day on 8 March.
Absenteeism
Absence levels are a powerful indicator of culture 
and levels of employee engagement. We have 
established a global framework to monitor 
absence consistently. We use an adjusted measure 
for absence within the business that excludes 
hours of holiday, maternity leave and ‘off the job’ 
training. Total absence levels are also recorded. In 
FY2024, 3.7% of all worked hours (on average each 
month) were lost due to absence factors, including 
sickness, but excluding holidays, training and 
maternity leave. Many of our sites make substantial 
efforts to promote health and well-being within 
our workforce. At our Tijuana, Mexico site, they 
have a programme of calisthenics during each 
shift to help our employees maintain their health 
in the workplace and this acts as a preventative 
measure for ergonomic injury or absence. Many 
of our other sites have specific improvement 
programmes focusing on the improvement of 
ergonomics within the workplace and all sites are 
working to eliminate lost time accidents, which 
accounted for 950 days of absence in FY2024.
Employee turnover
Turnover levels are another powerful indicator of 
culture and provide an indication of employee 
engagement levels, although they can be 
affected by external factors, including changes 
to the local labour market. Our focus is to reduce 
voluntary employee turnover. This means where 
the employee decides to end their employment 
relationship compared to the expiry of a fixed-
term employment agreement or where an 
employment agreement is terminated for some 
other substantial reason such as misconduct or a 
restructuring. For FY2024, total workforce turnover 
across the Group was 3.7% (average monthly 
turnover) although some sites continued to face 
local challenges of high turnover, particularly 
within their shopfloor-based roles. If the expiry 
of short-term or fixed-term contracts is excluded 
from this data, then the adjusted workforce 
turnover for FY2024 was 2.1%.
Employee referral programmes
We believe in the principle that our employees 
should be the best ambassadors of our business. 
We therefore encourage every site to operate an 
employee referral programme whereby employees 
can financially benefit if they refer a potential 
employee who then is hired and succeeds in their 
role. In FY2024, 9% of our new hires came through 
the use of employee referral programmes. This is 
a key area of focus for our sites and especially for 
those sites who do not currently have a referral 
programme in place.
75
www.volex.com
Financials
Governance
Strategic
Business overview 

Introduction
Ensuring that the business operates an effective 
governance framework is a key challenge for us as 
we continue to grow. Providing clear guidance to 
all employees, especially those who join the Group 
through an acquisition, is an essential task so that 
we can ensure fairness and consistency around 
compliance and ensure that any concerns are 
quickly identified and corrected.
Volex Code of Conduct
We have a well-established Code of Conduct that 
provides a foundational framework for all sites to 
use to train our employees in the core principles, 
policies and values of our Company. It is provided 
to our employees in all of our core local languages. 
We continue to review its scope and effectiveness 
and it is reviewed annually by our Board of 
Directors.
Whistleblowing and Speak Up
We upgraded our Speak Up policy during FY2022. 
Our Speak Up policy framework is communicated 
to all employees in local languages. We have 
invested in the NAVEX Ethics Point system to 
provide an independent incident response and 
reporting solution that is accessible 24/7 and 
we have implemented this across the Group, 
providing access and information in 12 local 
languages. Reports can be made anonymously 
by anyone, including customers, suppliers and, of 
course, our employees. Reports are confidential 
and are handled independently by EthicsPoint, 
who submits the reports to nominated Volex 
executives. Our Speak Up policy is available on our 
website and contains five principles, including a 
commitment to non-retaliation. In FY2023, we had 
18 cases and in FY2024, we have had 261 cases (of 
which 242 were from within our newly acquired 
Murat Ticaret business). All cases are reviewed 
by nominated Executives and the Board’s Audit 
Committee are updated periodically. 
Anti-bribery and corruption
As a Group, we prohibit any form of bribery and 
corruption. We have a clear policy on anti-bribery 
and anti-corruption, which has been reviewed 
and approved by the Board, covering all elements 
of our workforce. This policy is available on our 
website. Our commitment is also enshrined 
within the Group’s Code of Conduct. Each year, 
all eligible employees are required to undertake 
comprehensive e-learning programmes on 
topics including anti-bribery and anti-corruption. 
In FY2024, 494 (78% of eligible) employees 
completed this training programme (FY2023: 523 
employees). Eligible employees include those 
in sales, procurement and other management 
and administrative functions. The number of 
employees disciplined or dismissed due to 
non-compliance with the anti-bribery and anti-
corruption policy was zero in FY2024.
Modern slavery and  
human rights
Within our direct operations and across our 
supply chain we fully support the principles for 
human rights established and recognised by the 
international community and those enshrined 
within the UK’s Modern Slavery Act 2015. We 
strictly prohibit the use of forced labour. In FY2024, 
for the first time, we provided our employees with 
e-learning training focused on human trafficking 
and modern slavery risks within our own workforce 
and across our supply chain. In FY2024, 426 of 
eligible employees (75%) completed this training.
As a business operating within the electronics 
industry, we comply with the requirements of 
the RBA (Responsible Business Alliance) and 
our largest sites are regularly independently 
audited under this framework. Our largest plant 
located in Batam, Indonesia is rated as Gold and 
our Henggang and Zhongshan, China facilities 
are rated as Silver. The RBA’s framework aligns 
to the UN’s Guiding Principles on Business and 
Human Rights and is derived from and respects 
international standards, including the ILO 
Declaration on Fundamental Principles and Rights 
at Work and the UN’s Universal Declaration of 
Human Rights. Each year we publish our annual 
Modern Slavery Statement. This is reviewed and 
approved by our Board of Directors. Our Modern 
Slavery Statement is available on our website. 
As part of a regular RBA audit in FY2024, we were 
notified of a technical breach of one of the RBA 
requirements related to employment practices. 
Throughout the Group, we have a clear policy 
prohibiting the charging of recruitment fees to 
workers including all costs incurred during the 
hiring process, such as processing fees, visa and 
work permit fees, medical and other administrative 
fees. As part of this policy, it is routine to cover the 
costs of pre-employment health checks, which are 
mandatory in some locations where we operate. 
Due to a miscommunication, two employees from 
our facility in Henggang, China, incorrectly paid 
their own medical examination fees. This error 
was promptly identified, rectified, and our internal 
procedures updated to prevent any recurrence. 
Cybersecurity
The Company has a robust information systems, 
technology and cybersecurity framework. Business 
Continuity Principles are in place across the 
Company and are subject to regular testing. In 
October 2023, we experienced a cyber incident 
resulting in unauthorised access to certain IT 
systems and data. During FY2024, we appointed 
a Group Chief Information Officer to further 
strengthen our management of cybersecurity and 
IT-related risks. We strengthened our e-learning 
training programmes and now require all IT-
enabled users to complete monthly and annual 
e-learning. In FY2024, 1,660 colleagues completed 
the monthly bite-sized cybersecurity training and 
in FY2024, 1,298 (80%) of the eligible workforce 
completed our annual e-learning training. 
A Trusted Business
Governance and Compliance
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
76

Conflict minerals and 
responsible minerals
Volex has a dedicated policy addressing the issue 
of conflict minerals. We are committed to avoiding 
and eliminating the use of conflict minerals in our 
products. We ask our suppliers to ensure that the 
materials used in the components and products 
that they supply to us, including tin, tantalum, 
tungsten and gold, are conflict-free. We continue 
to strengthen our Supplier Code of Conduct and 
each year, we conduct systematic audits across our 
supply chain. Our Responsible Minerals Policy is 
available on our website.
Quality management
All of our sites operate ISO 9001 certification with 
many going further and gaining industry-specific 
quality management certifications, including 
IATF 16949, ISO 13485, TL 9000, AS 9100D. Each of 
these standards drives a series of independent 
verification audits ensuring that our quality 
management approach remains robust. Quality 
excellence is a central focus for our global Volex 
Excellence System, which drives the principles 
of manufacturing excellence across all our sites. 
Through a relentless focus on kaizen, all sites 
report on, and share, their kaizen activities on a 
weekly basis. We have annual programmes to 
encourage, celebrate and recognise site excellence 
both at a team and site level. Our management 
system reviews many aspects of our quality 
performance on a monthly basis, focusing both 
on internal and external defect rates, delivery 
performances and levels of customer satisfaction 
through our customer scorecard methodology.
Environmental management 
and sustainability
Volex has a dedicated policy addressing 
Environmental Management within our business, 
which was published in FY2024. Our commitment 
to sound environmental stewardship is enshrined 
within the Group’s Code of Conduct, which has 
Board approval and oversight through the Safety, 
Environment and Sustainability Committee. 
We are committed to minimising the impact of 
our business on the local environment in which 
we operate. In FY2023, we strengthened the 
alignment of our sustainability strategy to the 
United Nations Sustainable Development Goals 
to ensure that, as we develop our strategy, we 
are clear on how our efforts align with the wider 
sustainability agenda. We operate a governance 
structure that periodically reports into our Board, 
ensuring that responsibilities and accountabilities 
for delivering on our commitments in 
sustainability are properly cascaded into our 
regional management teams, who are best placed 
to drive the improvement activities within their 
regions.
Environmental management 
systems
A key element of our environmental policy is to 
ensure that all our factories have an environmental 
management system that is accredited to 
international standard ISO 14001:2015. 83% of 
our global workforce currently works in a factory 
which is ISO 14001 certified. Compliance is ensured 
through our internal audit process, together with 
regular external independent audit assessments.
We did not receive any environmental fines or 
penalties in FY2024 or FY2023.
77
www.volex.com
Financials
Governance
Strategic
Business overview 

Stakeholder Engagement
Volex is a responsible organisation that recognises the importance of fostering 
positive relationships with all our stakeholder groups. Our stakeholders, including 
customers, employees, shareholders, suppliers and the wider community, are 
crucial to our success. We believe that proactive and constructive engagement is 
essential for building long-lasting, trusting relationships with them.
Our suppliers
Our customers
Why we engage
At Volex, our employees are a 
critical asset to the business and are 
integral to meeting our customers’ 
expectations. Listening to their views, 
observations and improvement ideas 
is essential for ensuring our success.
How we engage
Our engagement models vary across 
the business, depending on the size 
and scale of each manufacturing 
facility, as well as the systems, 
policies and culture that is present 
in each location. Some of our sites 
are unionised and have collective 
bargaining processes that enhance 
communication and collaboration 
between management and workers. 
Other sites use employee committees 
or organise employee engagement 
surveys or suggestion schemes to 
encourage feedback. Our senior 
leadership are constantly out and 
about visiting sites and always engage 
with our employees during their 
visits, listening to their improvement 
suggestions and requests.
Outcomes of our 
engagement
We measure employee engagement 
in various ways, including the number 
of kaizen ideas generated by each site. 
We review a wide range of metrics 
such as absence rates, employee 
turnover and safety statistics to assess 
engagement levels.
Why we engage
Understanding our customers’ needs 
is a top priority. Using a continuous 
process of engagement with our 
customers ensures that we meet and 
exceed their expectations.
How we engage
Every site has processes in place to 
track and review performance against 
a variety of customer key performance 
indicators. We adapt our customer 
engagement according to the scale 
and nature of our relationship. Our 
largest customers have dedicated 
directors or key account managers 
supporting them and our smaller 
customers will have direct access to 
customer service, sales or programme 
management professionals. As a 
global manufacturer, we expect all 
business general managers to have 
regular engagements with their 
customers.
Outcomes of our 
engagement
Our central goal is to achieve 
sustainable revenue growth and to 
deepen our customer relationships. 
We thrive through our collaborative 
approach where we work together 
with our customers to meet their 
expectations and help them achieve 
their strategic goals. We are honoured 
to receive their visits, comments and 
improvement observations and we 
are thrilled to receive their formal 
commendations and awards. 
Why we engage
As a global manufacturer of 
components and assemblies that are 
crucial for safety or mission-critical 
applications, we work with many 
suppliers worldwide, all of whom 
are valued partners. We operate in 
a complex ecosystem of supply and 
demand, working together with 
our suppliers to deliver outstanding 
products and solutions to our end-use 
customers.
How we engage
Our global team of supply chain, 
procurement and logistics 
professionals are dedicated to 
building effective and sustainable 
supply chain capabilities. Through 
regular engagement, audits 
and close communication, we 
collaborate with our suppliers to 
ensure our supply needs are fulfilled. 
We remain vigilant to the wide 
range of potential risks that exist 
within our global supply chain. 
Outcomes of our 
engagement
We measure successful supplier 
engagement in various ways, but our 
ultimate goal is to achieve stable and 
predictable supply that meets our 
customers’ needs. Through revenue 
growth and customer commendations 
we demonstrate the contribution of 
our supply chain partners. 
Our remarkable 
talent
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
78

Communities 
and environment
To achieve this, we have implemented various measures to ensure meaningful 
engagement with our stakeholders. Regular communication is essential and 
we utilise a variety of channels, including social media, surveys, meetings 
and events. By employing multiple communication channels, we can reach 
a broader audience, address issues promptly, respond to feedback and build 
stronger relationships.
Our shareholders
Why we engage
Each community in which we 
operate is important to us. We rely 
on their people, their resources and 
their support. Each community is 
unique, reflecting the diversity of our 
locations, which range from rural 
areas to inner-city locations and 
industrial parks.
How we engage
Community engagement is driven 
by our local teams as it must 
be aligned with the size, scale 
and location of each factory. We 
engage in many ways, including 
partnering with local schools and 
colleges and engaging proactively 
with local government or town 
administrations. Some of our sites 
organise family days that enable 
our employees’ families to gain an 
insight into our business. Some sites 
support charitable programmes 
such as blood drives or donating 
food and supplies to community 
organisations. We encourage our 
employees to act as ambassadors 
for our business within the local 
community.
Outcomes of our 
engagement
The benefits of being a good 
corporate citizen and a valued 
member of our communities can be 
measured in many ways including in 
the stability and engagement of our 
workforce. 
Why we engage
Volex shares are publicly traded on 
AIM, with each share carrying equal 
value and an equal vote on any 
members’ resolutions. The Board 
does not differentiate between the 
Company’s shareholders, ensuring 
that all shareholders are treated 
equitably and their voices heard.
How we engage
The Executive Chairman, being 
a major shareholder, aligns his 
interests with those of other 
shareholders, promoting a 
unified vision for the Company’s 
success. Our Board is accessible to 
shareholders, particularly during the 
Company’s Annual General Meeting, 
where they are available to answer 
questions and address concerns. 
This openness fosters transparency 
and trust between the Board and 
our shareholders.
Outcomes of our 
engagement
Carefully listening to our 
shareholders helps us to prioritise 
the long-term, sustainable 
development of the business. We 
align remuneration policies for our 
key executives with the interests 
of our shareholders. We ensure 
goals are consistent with their 
longer-term interests. We know that 
engaging with shareholders helps 
us to identify improvement areas, 
enabling us to develop our business 
in ways that benefit all stakeholders.
79
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Financials
Governance
Strategic
Business overview 

Section 172(1) Statement
The likely consequences of any 
decision in the long term 
As a global business working in high-technology 
sectors, the Board is always conscious of the 
longer-term impact of decisions and the changing 
context in which the Company operates. The 
Board met on multiple occasions across the year 
to ensure a close alignment around our strategy. 
Further details of the Company’s strategy and 
longer-term objectives can be found in the 
Executive Chairman’s Statement on pages 18 and 
19, in the Strategy section on pages 28 to 31 and 
in the Chief Operating Officer’s Q&A on pages 34 
to 36. 
The interests of the 
Company’s employees 
The Board has demonstrated its dedication to 
supporting and managing staff development by 
consistently focusing on enhancing the business’s 
culture and capabilities. Throughout the year, 
the Board has remained closely involved with 
the business, addressing the ongoing impacts 
of inflation and global supply chain challenges. 
Discussions with Executive management have 
centred on growth, talent, succession planning 
and strategic investment in key skills and 
capabilities to support delivery of the strategy. 
Ensuring employee safety continues to be a 
top priority and is one of the Company’s key 
performance indicators. Additionally, ‘Talent’ 
is one of the five main pillars of our strategy. 
Recent activities aimed at improving employee 
engagement and welfare are detailed in the 
Executive Chairman’s Statement on pages 18 and 
19, and further elaborated in the ‘Social Impact’ 
section of the Sustainability Report on pages 73 to 
75. The Safety, Environmental, and Sustainability 
Committee Report is available on pages 102 to 104.
The need to foster the 
Company’s business 
relationships with suppliers, 
customers and others 
The Company fosters long-term relationships with 
numerous customers, suppliers and other business 
partners, including its professional advisers. Due 
to the nature of its business, which involves many 
products that require safety and other technical 
certifications, the Company ensures close 
collaboration with partners and the development 
of robust business relationships. More details on 
the Company’s business relationships are available 
in the Strategy section on pages 28 to 31, the Chief 
Operating Officer’s Q&A on pages 34 to 36, and 
the Performance and Financial Review on pages 
37 to 48.
The impact of the Company’s 
operations on the community 
and the environment 
The Company is continuously exploring methods 
to manage and mitigate its impact on the 
community and environment, both locally and 
globally, as detailed in the Sustainability Report 
on pages 56 to 62. The Company has regularly 
monitored and reported its energy usage and 
carbon emissions, even when it was not a 
requirement for AIM-listed companies. The Board 
oversees the Executive team’s sustainability 
initiatives, ensuring the development of science-
based targets, a decarbonisation roadmap and 
an evidence-based action framework that aligns 
with the principles of our Environmental Policy, 
which is available on our website at https://www.
volex.com/wp-content/uploads/2023/07/Volex-
Environmental-Policy-and-Principles-July-2023.pdf. 
More information on the Company’s commitment 
to local community engagement is available in 
the Social Impact section on pages 73 to 75 and 
Stakeholder Engagement on pages 78 and 79.
The Companies (Miscellaneous Reporting) Regulations 2018 
require Directors to include a statement in the Strategic 
Report describing how they have had regard to the matters 
set out in sections 172(1)(a) to (f) of the Companies Act 2006. 
This section 172 statement explains how the Company’s 
Directors have, as well as the interests of shareholders, also 
taken into account the following issues. 
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
80

The desirability of the Company 
maintaining a reputation for 
high standards of business 
conduct 
The Volex Group has a clear Code of Conduct 
regarding its ethical and business standards, 
formally approved by the Board, and numerous 
more specific Company policies, which support 
and feed into that code, relating to financial 
matters, health and safety issues, environmental 
standards, employment practices, modern slavery, 
conflict minerals and other matters. Company 
policies are hosted on the Company intranet 
site and are communicated to new staff on 
entering employment. Suppliers are required to 
sign an equivalent document, which confirms 
their commitment to abide by similar standards. 
The Company has a compliance hotline and an 
independent compliance reporting system. Every 
year, senior management for individual production 
sites and cross-company areas of responsibility 
in all the subsidiary companies are required to 
make a declaration of compliance with the Code 
of Conduct and with other key policies, confirming 
their adherence to them. More details on the 
Company’s ethical values and standards can be 
found in the Sustainability Report on pages 56 to 
62 and in the Corporate Governance Report on 
pages 88 to 95. 
The need to act fairly as between 
members of the Company
All Volex shares are publicly traded on AIM and 
each carries equal value and an equal vote for 
any members’ resolutions. The Board does not 
make any distinction between the Company’s 
shareholders and currently does not issue different 
types of shares. The Executive Chairman is a 
major shareholder, which helps align his interests 
with those of other shareholders. The Company’s 
Executive Directors and the Senior Non-Executive 
Director are available to speak to shareholders 
and answer questions at the Company’s Annual 
General Meeting (‘AGM’). Smaller shareholders are 
often the most regular attendees and the most 
active in questioning the Board at the AGM. 
Key Strategic Decision
The following is one of the key strategic decisions 
taken by the Board during the year, including the 
considerations given to stakeholder interests and 
impacts:
Decision: Acquisition of Murat Ticaret and 
Placing
In line with our strategy, during FY2024, we 
successfully completed the acquisition of Murat 
Ticaret Kablo Sanayi A.Ş. (‘Murat Ticaret’), a 
leading manufacturer of complex wire harnesses 
headquartered in Türkiye for a total consideration 
of up to approximately €181.4 million. In order to 
facilitate the acquisition, the Board approved a 
placing and retail offer to raise gross proceeds of 
approximately £60 million in aggregate.
Process and Outcome: As part of the fundraising, 
the Board considered the need to raise capital 
efficiently and quickly with the desire to treat 
shareholders as fairly as possible. In doing so, 
members of the Board consulted with the 
Company’s major institutional shareholders 
ahead of the placing. This consultation confirmed 
the Board’s view that the placing was in the 
best interests of the shareholders, as well as the 
Company’s wider stakeholders.
The Board supported efforts to ensure that 
shareholders who did not participate in the 
placing were given the opportunity to participate 
via a retail offer via the REX platform. The Board 
also considered the appropriate structure 
for the fundraising and concluded that a 
cashbox structure would minimise cost, time to 
completion, as well as exposure to market volatility, 
and would provide greater transaction certainty.
In its decision-making, the Board also considered 
the needs of its customers and concluded that 
the acquisition would add non-competing, 
complementary products to Volex’s capabilities 
across a broad range of geographies and that the 
broadened service offerings would strengthen the 
Company’s position in the market and promote its 
long-term sustainable success.
The Board also considered that expanding our 
presence in Türkiye would present our existing 
employees within DE-KA, and elsewhere in the 
Group, with additional career development 
opportunities.
Key Stakeholders Impacted: Shareholders, 
customers, employees.
The Strategic Report, as set out on pages 2 to 81, 
has been approved by the Board.
On behalf of the Board
Rothschild	
         Jon Boaden
Executive Chairman	
 Chief Financial Officer
26 June 2024
81
www.volex.com
Financials
Governance
Strategic
Business overview 

Governance 
Report
 Governance
Board of Directors
84
Executive Chairman’s Introduction
86
Corporate Governance Report
88
Audit Committee Report
96
Nominations Committee Report
100
Safety, Environmental and 
Sustainability Committee Report
102
Remuneration Committee Report
105
Directors’ Report
121
Statement of Directors’ 
Responsibilities
125
Independent Auditors’ Report 
to the Members of Volex plc
126
Governance in Action
Regional workshops to deploy our Group’s Code of Conduct and key 
business policies.
As a global manufacturer, 
ensuring that our Group’s core 
polices and Code of Conduct 
are fully disseminated and 
effectively deployed across 
the business is essential. 
During FY2024, a number 
of workshops were held for 
regional management teams 
on the important elements 
of the Group’s governance 
framework.
Following the completion of 
the acquisition of Murat Ticaret, 
the Group General Counsel 
and the Group HR Director 
delivered a series of workshops 
in person at a number of sites 
in Türkiye, and also virtually, to 
provide training on the policy 
and governance framework as 
part of integrating the Murat 
Ticaret business into the Volex 
Group. The Group General 
Counsel joined a regional 
management conference 
in San Luis Potosi, Mexico to 
deliver a policy workshop to 
the North American regional 
leadership team.
Case study
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
82

Governance at a glance
Ensuring that our 
Board is balanced 
with a diverse range 
of experiences and 
competencies is 
essential for us and 
we keep Board 
composition under 
regular review.
Actions in 2024
Highlights of 
stakeholder 
engagement
•	 We have expanded 
our kaizen, team 
and site excellence 
programmes during the 
year, strengthening our 
culture of continuous 
improvement
•	 We have invested in our 
processes and our people 
to deliver increased levels 
of operational excellence 
to delight our customers
•	 We have delivered a 
series of community 
engagement programmes 
and taken steps to improve 
the natural environment 
around some of our 
factories
•	 We continuously listen 
to the views of our 
shareholders as we shape 
our strategy
Board priorities for 2025
Growth
We will follow the Company’s progress towards its current five-year plan and work with the management 
team to fulfil our growth potential.
Sustainability
We recognise our responsibilities to ensure that the Company delivers against our sustainability ambitions 
and we will assess their plans to achieve net zero on our scope 1 and 2 carbon emissions by 2035.
Customers
We will continue to follow the management team’s operational excellence programme as we push 
towards our goal of zero defects.
People and 
culture
We will continue to challenge the management team to build a strong and resilient culture that values 
safety, diversity, teamwork and collaboration.
Key topics 
discussed
Outcomes
Board 
composition 
and succession 
planning
With the resignation of Dean Moore, the Board’s Nominations 
Committee recommended John Wilson’s appointment to the Board 
as a Non-Executive Director and as Chair of the Audit Committee. John 
(picture on page 82) was appointed to the Board with effect from 19 
October 2023. On the same date, Jeffrey Jackson was appointed as a 
member of the Nominations Committee, and Sir Peter Westmacott was 
appointed Senior Non-Executive Director.
In line with the Company’s long-term consideration of succession 
planning for directors and other senior executives, and its commitment 
to keeping under review the leadership needs of the organisation, 
the Chief Financial Officer and Chief Operating Officer were invited 
to present to the Board in London on succession planning within the 
Finance and Operations teams.
Mergers and 
acquisitions
The acquisition of the entire issued share capital of Murat Ticaret, a 
leading manufacturer of complex wire harnesses headquartered in 
Türkiye for a total consideration of up to approximately €181.4 million, 
has been a central focus for the Board during the year.
Finance
Funding of the Murat Ticaret acquisition from existing and amended 
debt facilities, together with a successful placing and retail offer. 
Cyber
The Board oversaw the Company’s response to a cyber incident which 
resulted in unauthorised access to certain IT systems and data at some 
of the Group’s international sites, ensuring that all sites remained 
operational with minimal disruption to global production levels and 
that any financial impact was not material.
Customer 
satisfaction
As a global manufacturer, our goal is zero defects and we closely follow 
the Company’s operational excellence and customer satisfaction 
programmes.
Sustainability
Through the work of our Safety, Environment and Sustainability 
Committee we have reviewed the strategy and progress of the 
Company to decarbonise and improve its sustainability credentials.
People and 
culture
Our workforce is our most important asset and through our work across 
the year we have closely followed the Company’s activities to improve 
health and safety and well-being as well as monitoring the Company’s 
whistleblowing policy and a number of HR key performance indicators.
1
4
1
1
1
4
Tenure
 0-3 years   
 3-6 years
 6+ years
Composition
 Executive Director   
 Executive Chairman
 Non-Executive Directors
14.3%
14.3%
14.3%
14.3%
14.3%
7.1%
7.1%
Focus areas
 Strategy   
 Risk
 Stakeholder engagement
 Finance   
 Audit
 Operations   
 Sustainability
83
www.volex.com
Financials
Governance
Strategic
Business overview 

Committee Membership: 
A
Audit  
Committee
N
Nominations  
Committee
R
Remuneration  
Committee
S
Safety, Environmental 
and Sustainability 
Committee
Chair of  
Committee
The Lord Rothschild
Executive Chairman 
S
N
Lord Rothschild joined Volex in 
2015 as a Non-Executive Director 
and quickly became Executive 
Chairman. 
He has extensive experience 
in principal investing and 
corporate finance and has 
held a significant number of 
directorships over the years. 
Through his investment 
company NR Holdings Ltd, 
Lord Rothschild is the largest 
shareholder in Volex plc. 
Lord Rothschild holds a degree 
in History from Oxford University 
and an MSc in Addiction Studies 
from King’s College London. He 
was appointed as a Foundation 
Fellow of Wadham College, 
Oxford, in 2018. 
Key areas of expertise: 
Sales and marketing, strategic 
planning and business 
development in developed and 
emerging markets.
Jon Boaden
Chief Financial Officer 
Jon Boaden joined Volex in 
2019 as Deputy Chief Financial 
Officer. In November 2020, Jon 
was promoted to the role of 
Chief Financial Officer and was 
also appointed to the Board of 
Directors. 
Jon’s early career saw him hold a 
variety of positions within Cable 
and Wireless and also Vodafone. 
Prior to joining Volex, Jon held 
the roles of Group Financial 
Controller and Interim Chief 
Financial Officer for Williams 
Racing. 
Jon has a degree in Politics 
from Manchester University 
and qualified as a Chartered 
Accountant with Ernst & Young 
in 2004. 
Key areas of expertise: 
Finance transformation, 
acquisitions and integration, 
raising finance, managerial 
finance experience with 
leading technology-focused 
organisations, strategy.
Sir Peter Westmacott
Senior Non-Executive 
Director 
N
Sir Peter Westmacott was 
appointed as a Non-Executive 
Director on 12 November 2020.
Peter retired from the Foreign 
and Commonwealth Office in 
2016. Over a 43-year diplomatic 
career Peter held a number of 
high profile positions including 
being the British Ambassador 
to Türkiye, France and the USA. 
On retiring from diplomatic 
service Peter has taken on a 
number of roles, including as 
an independent Non-Executive 
Director at We.Soda Ltd, Ciner 
Glass and Glasswall Holdings. 
He was an independent Non-
Executive at EY from 2017-22 and 
Chair of Tikehau Capital UK from 
2022-24. He is a Distinguished 
Ambassadorial Fellow at the 
Atlantic Council and a Senior 
Advisor to Chatham House.
Peter has a master’s degree in 
European History and French 
from New College, Oxford where 
he is an Honorary Fellow.
Key areas of expertise: 
Extensive diplomatic experience 
in countries and regions of 
strategic relevance.
Board of Directors
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
84

Jeffrey Jackson
Non-Executive Director 
R
S
N
Jeffrey Jackson was appointed 
as a Non-Executive Director on 
30 July 2019.
Jeffrey holds a BA in Cultural 
Anthropology from Michigan 
State University and undertook 
post-graduate Business Studies 
at the University of Phoenix. He 
is professionally credentialled 
in Supply Chain, Quality and 
Project Management and 
has over 30 years’ practical 
experience in sourcing, 
manufacturing and distribution 
operations. 
Jeffrey retired from his 
position at Parker Aerospace in 
December 2022, after a career 
in Operations and Supply 
Chain Management spanning 
48 years.
Key areas of expertise: 
Operations and supply chain 
management, planning, 
sourcing, manufacturing and 
distribution operations in several 
market segments, including 
Automotive, Electronics, 
Aerospace and Medical devices.
Amelia Murillo
Non-Executive Director 
R
A
Amelia Murillo was appointed as 
a Non-Executive Director on 26 
January 2021.
Amelia holds a BSc in 
Accounting from the University 
of Southern California and 
an Executive MBA from the 
University of California in Los 
Angeles. Amelia is a Certified 
Public Accountant and has over 
20 years’ practical experience 
in finance, administration 
and management consulting. 
Amelia took early retirement 
from her position as Vice 
President of Finance and CFO 
at Carlisle Fluid Technologies, 
following a successful business 
exit and transition project. 
Key areas of expertise: 
Managerial finance and 
HR experience within the 
interconnect industry.
John Wilson
Non-Executive Director 
A
John Wilson was appointed as 
a Non-Executive Director on 19 
October 2023.
John is a globally experienced 
Boardroom Director, with a 
strong background in the 
technology, components 
and connectivity solutions 
sectors. He is currently CEO 
of Bulgin Limited, a global 
leading manufacturer of sealed 
connectors and components, 
and was formerly Senior 
Independent Director, Chair of 
the Audit Committee and Chair 
of the Remuneration Committee 
of Checkit plc (previously 
Elektron Technology plc). He is 
also Independent Non-Executive 
Chairman of Insig AI. John has a 
degree in Engineering from the 
University of Durham.
Key areas of expertise: 
Commercial strategic planning 
and execution, mergers and 
acquisitions, fast-track new 
product development.
The Board in Numbers
1
4
1
Board tenure
1
1
4
Executive split
 Executive Chairman
 Executive Director
 Non-Executive Director
 0-3 years   
 3-6 years
 6+ years
85
www.volex.com
Financials
Governance
Strategic
Business overview 

Executive Chairman’s Introduction
Guided by our Board of Directors, our 
management team formulates the strategies 
that propel our Group’s success. Both the Board 
and management are dedicated to executing our 
strategy and securing the long-term growth of 
the business. Our Group has a proven track record 
of meeting its strategic objectives, including 
sustained increases in revenues and underlying 
earnings per share. For FY2025, our focus remains 
on delivering the goals outlined in our five-year 
plan and ensuring continued profitable growth.
Our Board is committed to ensuring the Group’s 
long-term success by balancing the interests of 
shareholders, employees and other stakeholders. 
Regularly scheduled Board meetings allow us to 
consider diverse perspectives and leverage the 
extensive experience of our Board members in 
decision-making. As Executive Chairman, part of 
my role is to facilitate discussion among all Board 
members, ensuring everyone has the opportunity 
to contribute their views and opinions.
Over the past five years, we have experienced 
significant growth and continued to enhance 
our capabilities. However, diversification brings 
increased complexity, making strong governance 
more essential than ever. We are committed 
to maintaining high standards of corporate 
governance across our leadership team. We 
continue to adhere to the Quoted Companies 
Alliance Corporate Governance Code (the ‘QCA 
Code’) and comply with its provisions, with some 
exceptions.
Lord 
Rothschild
Executive 
Chairman
 Read more 
about our 
Strategic 
Aim on 
pages 
28 to 31 
Our executive leadership structure includes my 
role as Executive Chairman. Although this does 
not fully meet the QCA Code requirements, we 
recognise that there are advantages of combining 
these roles, such as enhancing our decision-
making processes and faster implementation of 
new strategies. Given the ongoing progress we 
have made under the current leadership structure, 
the Board is satisfied with maintaining this 
leadership arrangement, believing it will continue 
to drive significant progress for the Group.
Our Corporate Governance Report, detailed 
on pages 88 to 95, explains how we manage 
the Group to adhere to the provisions of the 
QCA Code, along with broader corporate and 
business standards and best practices. The report 
also provides additional information about the 
activities of the Board and its various Committees 
throughout the year.
We believe that good corporate citizenship and 
social responsibility are crucial to a company’s 
long-term success. Our clear Code of Conduct 
requires all Group employees to uphold these 
standards in every aspect of their work, from 
interactions with customers and clients to the 
treatment of co-workers. The Board sets an 
example for everyone by adhering to this Code 
themselves. We take pride in our work culture, 
which is reflected in our clearly defined purpose, 
vision and values. Details about our culture, 
purpose and core values are provided on pages 
12 to 13.
Our clearly defined strategic plan, alongside our 
commitment to achieving key objectives and 
milestones, is driving significant growth and expansion. 
Volex plc  Annual Report and Accounts for the year ended 2024
86
stock code: VLX

We typically hold our scheduled Board and 
Committee meetings remotely via video 
conference. This approach has proven to be very 
effective, and the use of this technology in no 
way hinders robust discussion and constructive 
decision-making. Our regular Board and 
Committee meetings have provided opportunities 
to keep the Directors appraised of the success and 
challenges that we have experienced during the 
period.
In March this year, I was delighted to invite all 
our Board members, our Group COO and other 
members of the senior management team to 
London for two days of highly productive Board 
and Committee meetings in person. We covered 
several important topics during the meetings, 
including sessions on strategy and succession 
planning. 
During the year, there were a small number of 
changes to the Board’s composition. Dean Moore 
(Senior Non-Executive Director) resigned from the 
Board with effect from 19 October 2023. With effect 
from the same date, John Wilson was appointed 
to the Board as a Non-Executive Director, following 
a careful and thorough assessment process 
involving a number of high-quality candidates 
from a wide range of backgrounds. John is 
a globally experienced Boardroom Director, 
with a strong background in the technology, 
components and connectivity solutions sectors. 
He is currently CEO of Bulgin Limited, a global 
leading manufacturer of sealed connectors 
and components and is also Independent Non-
Executive Chairman of Insig AI. His previous 
experience includes Senior Independent Director, 
Chair of the Audit Committee and Chair of 
the Remuneration Committee of Checkit plc 
(previously Elektron Technology plc). John brings a 
wealth of complementary experience to the Board, 
including a demonstrable ability to implement 
strategies within complex organisations to 
enhance shareholder value and I look forward to 
continuing working with him. 
Also with effect from 19 October 2023, Sir Peter 
Westmacott was appointed as Senior Non-
Executive Director and Jeffrey Jackson was 
appointed as a member of the Nominations 
Committee. Following his appointment, John 
Wilson assumed the role of Chair of the Audit 
Committee. 
I am confident that the Board of Directors will 
play an active role in shaping our strategy for 
future growth, including the evaluation of new 
investment and acquisition opportunities. These 
actions support our growth ambitions and enable 
us to achieve the ambitious targets we have set for 
ourselves.
Rothschild
Executive Chairman
26 June 2024
87
www.volex.com
Financials
Governance
Strategic
Business overview 

Corporate Governance Report
Volex plc has taken the provisions of the QCA 
Corporate Governance Code (the “QCA Code”) as 
its main benchmark for good corporate practice 
for the year ended 31 March 2024. It has adhered 
to those provisions other than in the highlighted 
instances. The Board welcomes the publication 
of the new QCA Code and will look to apply the 
updated principles over the next year to continue 
to adopt best practice.
The Board seeks not only to ensure that the 
Company can generate sustainable growth and 
deliver long-term value for shareholders and other 
stakeholders, but to establish the governance 
standards, values and strategic aims of the 
Company. 
The names, biographical details and dates of 
appointment of the members of the Board are set 
out on pages 84 to 85.
The Board provides leadership on these issues 
and maintains a framework of controls for risk 
assessment and management. Specific matters 
are formally reserved for decision-making by the 
Board and its Committees to ensure a sound 
system of internal control and risk management.
The Executive Chairman, Lord Rothschild, is 
responsible for the leadership of the Company 
and the Board. He is jointly responsible with the 
Senior Non-Executive Director for creating the 
right Board dynamics and for ensuring that all 
important matters, including strategic decisions, 
receive adequate time and attention at Board 
meetings. 
The Corporate Governance Report sets out how 
the Group’s main corporate governance principles 
have been applied across all its companies. 
Jon 
Boaden
Chief 
Financial 
Officer
Combining the leadership of the Company with 
the running of the Board is not the preferred 
approach in the QCA Code. However, Volex 
continues to believe this more focused and 
streamlined structure is appropriate given the 
size of the Company, the Board’s proven success 
in growing the business and the independent 
oversight and support available from the Non-
Executive Directors.
The Executive Chairman, Chief Financial Officer 
and Chief Operating Officer are, together, 
responsible for the day-to-day management 
of the business, developing corporate strategy, 
advising the Board and then implementing Board 
decisions.
The Group General Counsel & Company Secretary, 
Chris Bedford, reports to the Executive Chairman 
and Senior Non-Executive Director on governance 
matters. With support from the Company’s 
Nominated Adviser, Chris is responsible for 
keeping the Board up to date on all legislative, 
regulatory and governance developments and 
issues, managing the timetable of Board and 
Committee meetings, advising on Directors’ duties 
and facilitating appropriate information flows 
between the business and the Board.
During the year, Dean Moore (Senior Non-
Executive Director) resigned from the Board 
with effect from 19 October 2023. John Wilson 
was appointed to the Board as Non-Executive 
Director and Sir Peter Westmacott was appointed 
to the role of Senior Non-Executive Director, 
both appointments also taking effect from 19 
October 2023. 
The total number of Non-Executive Directors 
is four. This group of highly experienced 
individuals provides a solid foundation for our 
future growth. Each Non-Executive Director’s 
appointment is reviewed every three years. Their 
role is to exercise independent and objective 
judgement, constructively challenging executive 
management’s decisions and ensuring that 
the systems for business risk management and 
internal financial controls are robust. They are 
committed to dedicating the necessary time to 
fulfil their duties effectively.
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
88

Aligning with the QCA Code
The QCA Code provides a practical framework for corporate governance tailored for companies of our size.
QCA principle
How we comply
Establish a strategy and 
business model which 
promote long-term value for 
shareholders
The Board holds sessions that are focused on corporate strategy, looking at the plans 
for the Group in the short, medium and long-term.
 
Read more about our Strategy on pages 28 to 31
Seek to understand and 
meet shareholder needs and 
expectations
Directors make themselves available to answer shareholder questions and have 
regular dialogue with investors to understand their expectations. Shareholders also 
have the opportunity to engage with the Directors at the financial results webcasts 
and the Annual General Meeting. 
 
Read more about our Board of Directors on pages 84 to 85
Take into account wider 
stakeholder and social 
responsibilities and their 
implications for long-term 
success
The Board considers the Company’s stakeholders and their needs, interests and 
expectations, as part of the decision-making process.
 
Read more about our approach to Section 172 on pages 80 to 81
Embed effective risk 
management, considering 
both opportunities and 
threats, throughout the 
organisation
Risk management is very important and is considered when establishing and 
reviewing corporate strategy and when making key decisions. There is a process in 
place to ensure that risk management and related control systems are effective.
 
Read more about Risk Management on pages 49 to 55
Maintain the Board as a well-
functioning, balanced team 
led by the Chair
The Board works together effectively to deliver a range of perspectives as well as to 
form consensus in relation to important decisions. 
 
Read more about our Corporate Governance on pages 88 to 95
Ensure that between them the 
Directors have the necessary 
up-to-date experience, skills 
and capabilities
There is a broad range of skills and experience available on the Board which support 
constructive debates around important matters.
 
Read more about our Board of Directors on pages 84 to 85
Evaluate Board performance 
based on clear and relevant 
objectives, seeking continuous 
improvement
The Board reviews the terms of reference for its committees and considers how the 
committees support the activities of the Board. This year, the Board appointed a new 
Non-Executive Director and reviewed and updated the composition of its committees.
 
Read more about our Board Effectiveness on pages 92 to 93 and our Nominations Committee on 
pages 100 to 101
Promote a corporate culture 
that is based on ethical values 
and behaviours
The Board and management advocate integrity and ethical behaviour through their 
words and actions.
 
Read more about our Culture on pages 12 to 13
Maintain governance 
structures and processes that 
are fit for purpose and support 
good decision-making by the 
Board
The Company establishes appropriate governance structures and these are reviewed 
periodically by the Board.
 
Read more about our Governance and Compliance on pages 76 to 77
Communicate how the 
company is governed and is 
performing by maintaining a 
dialogue with shareholders 
and other relevant 
stakeholders
The Company promotes communication of governance policies.
 
Read more about our Stakeholders on pages 78 to 79
89
www.volex.com
Financials
Governance
Strategic
Business overview 

Governance structure
THE BOARD
Audit  
Committee
Remuneration 
Committee
Nominations  
 Committee
Safety, Environmental 
and Sustainability 
Committee
Key responsibilities
•	
Accounting policies 
and audit reports 
•	
Assessing the 
adequacy and 
effectiveness of 
internal financial 
controls
•	
Monitoring anti-
money laundering
Key responsibilities
•	
Reviewing the pay 
and employment 
terms for the 
Company and 
the Board
•	
Approving targets and 
performance-related 
pay schemes and all 
share incentive plans 
and pensions
Key responsibilities
•	
Reviewing the size 
and composition of 
the Board
•	
Succession planning 
for the Board
•	
Oversight of the 
appointments process
Key responsibilities
•	
Monitor and evaluate 
the Company’s 
management systems 
governing health, 
safety, environmental 
and other labour- 
related risks
Read more about our Audit 
Committee Report on pages 
96 to 99
Read more about our 
Remuneration Committee 
Report on pages 105 to 120
Read more about our 
Nominations Committee Report 
on pages 100 to 101
Read more about our 
Safety, Environmental and 
Sustainability Committee 
Report on pages 102 to 103
Corporate Governance Report  continued
Operation of the Board
The Board is responsible for setting the Group’s 
business objectives, oversight of risk, strategic 
development and effective corporate governance. 
It holds regular, scheduled meetings throughout 
the year to review the Group’s financial and 
operational performance and to consider any other 
matters as appropriate, including potential merger 
and acquisition opportunities, risk management 
and shareholder feedback. When issues requiring 
the attention of the Board arise outside the regular 
schedule, the Directors will action agreement via 
minuted ad hoc Board calls or written resolutions.
All the Directors receive comprehensive briefing 
packs in advance of Board and Committee 
meetings. They have access to the services of 
external advisers and can take independent 
professional advice at the Company’s expense if 
needed. 
Matters reserved for the Board
The Board delegates day-to-day management of 
the Company to the Executive Directors who, as 
appropriate, delegate to executive management. 
However, certain matters are formally reserved for 
decision by the Board, including:
•	
Approval of the annual budget;
•	
Approval of the Company’s objectives and 
setting its long-term strategy;
•	
Approval of material capital expenditure 
projects;
•	
Approval of acquisitions;
•	
Approval of half-yearly reports, trading updates, 
the preliminary announcement of year-end 
results and the Annual Report and Accounts;
•	
Internal control and risk management; and
•	
Material contracts, expenditure and Group 
borrowings.
Board focus in FY2024
The main focus this year was to maintain the 
progress made by the business in recent years 
and execute on the Group’s five-year strategic 
plan announced in June 2022, while continuing to 
navigate the impacts of inflation and global supply 
chain challenges effectively. The Board has focused 
on ensuring the financial position of the Group is 
secured while also looking forward to the longer-
term strategic options for the Group, including 
the acquisition of Murat Ticaret and identifying 
potential further acquisitions that could bring 
additional value. In particular, this year the Board:
•	
Oversaw the acquisition of the entire issued 
share capital of Murat Ticaret Kablo Sanayi 
A.Ş. (‘Murat Ticaret’), a leading manufacturer 
of complex wire harnesses headquartered in 
Türkiye for a total consideration of up to €181 
million, together with a successful placing 
and retail offer to raise gross proceeds of 
approximately £60 million in aggregate. In this 
regard, please see the post-transaction report 
at the end of this Corporate Governance Report, 
published in accordance with the requirements 
of paragraph 11 of the Pre-Emption Group’s 
Statement of Principles published in November 
2022 (the ‘Statement of Principles’). 	
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
90

•	
Approved the appointment of John Wilson as 
a new Non-Executive Director to the Board 
following a formal and rigorous process by the 
Nominations Committee to determine the best 
candidate for a Non-Executive Director role;
•	
Approved the appointment of Sir Peter 
Westmacott as Senior Non-Executive Director;
•	
Reviewed and approved appointments to 
the committees of the Board, including John 
Wilson as Chair of the Audit Committee and 
Jeffrey Jackson as an additional member to the 
Nominations Committee;
•	
Reviewed and discussed succession planning 
for the Operations and Finance teams;
•	
Oversaw the Group’s response to global 
supply chain challenges, including responding 
dynamically to meet customers’ expectations;
•	
Monitored inflationary cost pressures, and 
the Group’s ability to pass through increased 
costs to customers to protect profitability while 
maintaining competitiveness;
•	
Approved annual budget and capital 
expenditure requirements for the business; and
•	
Oversaw the Company’s response to a cyber 
incident which resulted in unauthorised access 
to certain IT systems and data at some of 
the Group’s international sites, ensuring that 
all sites remained operational with minimal 
disruption to global production levels and that 
any financial impact was not material.
Attendance at meetings
The Board met for scheduled discussions six times 
during the year, following a timetable set at the 
start of the year and based around the calendar 
of key upcoming events for the Company. The 
four Board Committees met 11 times in total. The 
size of the Board allows it the flexibility to meet at 
short notice on a more ad hoc basis in response 
to the needs of the business, and Non-Executive 
Directors are also encouraged to communicate 
directly with Executive Directors and executive 
management between Board meetings.
Directors attended all meetings of the Board and of those Committees of which they are or were 
members during the year. Directors’ attendance at the Board and Committee meetings during the 
financial year:
Number of meetings
Full Board
(6 meetings)
Audit 
Committee1 (4 
meetings)
Remuneration 
Committee
(4 meetings)
Nominations 
Committee
(1 meeting)
Safety, 
Environmental 
and 
Sustainability 
Committee
(2 meetings)
Executive Directors 
Lord Rothschild
6/6
–
–
1/1
2/2
Jon Boaden
6/6
–
–
–
–
Non-Executive Directors
Sir Peter Westmacott
6/6
–
–
1/1
–
Amelia Murillo
6/6
4/4
4/4
–
–
Jeffrey Jackson
6/6
–
4/4
1/1
2/2
Dean Moore2
2/2
1/1
1/1
–
–
John Wilson3
4/4
3/3
–
–
–
1	
Representatives from the Internal Audit function and from the Company’s external auditors, PricewaterhouseCoopers LLP, usually attend 
meetings of the Audit Committee.
2	
Dean Moore resigned from the Board with effect from 19 October 2023 and attended the maximum number of meetings possible while 
a director.
3	
John Wilson was appointed to the Board with effect from 19 October 2023 and has attended the maximum number of meetings possible 
while a director.
91
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Financials
Governance
Strategic
Business overview 

Corporate Governance Report  continued
Committees of the Board 
The Board has delegated certain responsibilities to 
the following Committees:
•	
the Nominations Committee;
•	
the Audit Committee;
•	
the Remuneration Committee; and
•	
the Safety, Environmental and Sustainability 
Committee.
Each of the above Committees operates under 
defined terms of reference, which are available on 
the Company’s website. To ensure independent 
oversight of the audit and remuneration 
functions, only the Company’s independent Non-
Executive Directors serve on those Committees. 
Lord Rothschild sits on both the Nominations 
Committee and the Safety, Environmental and 
Sustainability Committee, but both are chaired by 
a Non-Executive Director. The Company Secretary 
acts as secretary to each Committee, other than 
the Safety, Environmental and Sustainability 
Committee for which the Group HR Director acts 
as secretary.
Nominations Committee
The members of the Nominations Committee are 
Sir Peter Westmacott (Chair), Lord Rothschild and 
Jeffrey Jackson.
The Committee met once during the year.
The Committee is responsible for reviewing the 
size and composition of the Board – including 
whether the balance of Executive Directors 
and Non-Executive Directors continues to 
be appropriate – succession planning and 
recommending suitable candidates for 
membership of the Board when such posts 
arise. In appointing a new Board member, 
the Committee evaluates the balance of skills, 
knowledge and experience of the Board and 
prepares a clear description of the role and the 
capabilities and strengths required to fulfil a 
particular appointment.
Details of the Nominations Committee’s activities 
are contained in the Nominations Committee 
Report on pages 100 to 101.
Audit Committee
The members of the Audit Committee are John 
Wilson (Chair) and Amelia Murillo.
The Committee met four times during the year.
The Committee is responsible for monitoring the 
integrity of the Company’s financial statements, 
including its annual and half-yearly results, as well 
as for keeping the Company’s internal controls 
under review and overseeing the relationship with 
the external auditors. 
Details of the Committee’s activities are contained 
in the Audit Committee Report on pages 96 to 99.
Remuneration Committee
The members of the Remuneration Committee are 
Amelia Murillo (Chair) and Jeffrey Jackson.
The Committee met four times during the year.
The Committee is charged with determining 
and agreeing the remuneration of the Executive 
Directors as well as recommending and 
monitoring the structure of remuneration for 
senior management and approving grants under 
the Company’s share incentive scheme.
Details of the Committee’s activities are contained 
in the Remuneration Committee Report on pages 
105 to 120.
Safety, Environmental and 
Sustainability Committee 
The members of the Safety, Environmental and 
Sustainability Committee are Jeffrey Jackson 
(Chair) and Lord Rothschild. 
The Committee met two times during the year.
The Committee aims to ensure appropriate 
governance is applied to the management of 
health and safety within the Group. It monitors 
the effectiveness of controls relating to health, 
safety and environmental risks and monitors the 
overall compliance around labour-related risks 
within the business. The Committee also oversees 
the Company’s sustainability activities and 
governance.
Details of the Committee’s activities are contained 
in the Safety, Environmental and Sustainability 
Committee Report on pages 102 to 104.
Board effectiveness
Composition, independence and diversity on 
the Board
The Board comprises the Executive Chairman, the 
Chief Financial Officer and four Non-Executive 
Directors, such that the QCA Code requirement 
for at least two independent Non-Executive 
Directors has been met. Sir Peter Westmacott, 
Amelia Murillo, Jeffrey Jackson and John Wilson 
are considered by the Board to be independent of 
management, as is required by the QCA Code, and 
free from any business or other relationship that 
could materially interfere with the exercise of their 
judgement.
Our Board comprises of an executive leadership 
team with extensive commercial knowledge, 
supported by experienced Non-Executive Directors 
who bring strong governance disciplines and a 
valuable external perspective to our business.
The Company embraces diversity and is dedicated 
to encouraging inclusion. The Board membership 
comprises of individuals who have a wide range 
of diverse experience and skills and each bring a 
unique perspective to debate at Board level.
The Non-Executive Directors are expected to 
devote such time as is necessary for the proper 
performance of their duties and be prepared 
to spend around 20 days per year on company 
business. 
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
92

It is acknowledged that non-executive directors 
may have business interests other than those 
of the Company and are required to disclose 
to the Board any significant commitments 
they have outside of the Company. They must 
inform the Board in advance of any changes to 
such commitments. In certain circumstances, 
the agreement of the Board must be sought 
before a Non-Executive Director accepts further 
commitments which either might give rise to 
a conflict of interest or a conflict of any of their 
duties to the Company, or which might impact on 
the time that they are able to devote to their role 
at the Company.
Board Diversity
The Board recognises the importance of diversity 
within the Company and is dedicated to fostering 
it at all organisational levels. Although there 
is no formal board diversity policy, diversity 
considerations play an important role in 
appointment decisions. The Board intends to 
continue evaluating the necessity of such a policy, 
considering the Board’s size and required skills. 
Additional details about our diversity efforts, 
including female representation in our workforce, 
can be found in the ‘Social Impact’ section of the 
Sustainability Report on pages 73 to 75.
Executive Directors are expected to attend all 
meetings of the Board, and of the Committees on 
which they sit, and to devote sufficient time to the 
Group’s affairs to enable them to fulfil their duties 
as Directors. Details of the time commitment 
expected of each Non-Executive Director are 
included in their letters of appointment.
Election and Re-election of Directors
Directors are elected by shareholders at the 
first Annual General Meeting (AGM) after their 
appointment by the Board and, thereafter, may 
offer themselves up for re-election by shareholders 
at regular intervals and in any event at least once 
every three years. John Wilson will be offered for 
election at this year’s AGM as it will be his first 
AGM following his appointment by the Board. Jon 
Boaden, Sir Peter Westmacott and Amelia Murillo 
will be offered for re-election this year as it will 
be three years since they were last elected to the 
Board. 
Conflicts of interest
Under the Companies Act 2006, a Director must 
avoid a situation where a direct or indirect conflict 
of interest may occur and procedures are in place 
to manage any circumstance where a conflict 
may be perceived. The Company’s Articles of 
Association prevent Directors from voting on 
issues where they have, or may have, a conflict of 
interest, other than in exceptional and specific 
circumstances.
Performance evaluation
The Non-Executive Directors have the opportunity 
to meet separately with the Executive Chairman 
and the Chief Financial Officer during the year to 
discuss Board member performance. 
The Non-Executive Directors met separately with 
the Executive Chairman and the Chief Financial 
Officer at numerous points during the year and 
Board member performance was discussed, 
with any performance concerns subsequently 
addressed. The Board recognises that a robust 
performance evaluation is important to maximise 
Board effectiveness.
Development
All new Directors receive an induction programme 
tailored to their background and experience, 
organised by the Company Secretary and the 
Company’s Nominated Adviser. In addition, all 
Directors are informed of changes to relevant 
legislation or regulations and receive updates 
and briefings on areas such as Directors’ duties 
and corporate governance guidelines and best 
practice.
Individual Directors, with the support of the 
Company Secretary, are also expected to 
take responsibility for identifying their own 
training needs and to ensure that they are 
adequately informed about the Group and their 
responsibilities as a Director.
Accountability for financial reporting
The Board is responsible for presenting a fair, 
balanced and understandable assessment of the 
Company. The Company has a comprehensive 
annual budgeting process, to which all its global 
subsidiary entities contribute directly and which 
culminates in formal approval of the annual 
budget by the Board. Regular forecasts and 
updates on financial performance are presented 
to the Board during the year. The reasons why the 
Directors continue to adopt the going concern 
basis for preparing the financial statements are 
given in the Directors’ Report on pages 121 to 124.
Internal controls and risk management
The Board has overall responsibility for the Group’s 
system of internal control and risk management, 
which is designed to identify, evaluate and control 
the significant risks associated with delivering 
the Group’s strategy with a view to safeguarding 
shareholders’ investments and the Group’s assets. 
The compliance hotline process, ‘Speak Up’, was 
further embedded within the business to ensure 
that all employees have a confidential route to 
report concerns in relation to ethics, conduct and 
compliance. 
93
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Financials
Governance
Strategic
Business overview 

Corporate Governance Report  continued
An ongoing process for identifying, evaluating and 
managing the significant risks faced by the Group 
has been in place for the year up to and including 
the date of approval of this report, based on a 
combination of:
–	
an ongoing process of assessment and 
review of individual Volex sites and/or entities 
undertaken by a combination of our Internal 
Audit function, the Group Finance team and 
the Operations teams; and 
–	
the annual risk survey conducted centrally 
across the entire senior management team 
and Group-wide functions. 
Read more about Volex’s risk management 
processes and outcomes in the Risk Management 
section of the Strategic Report on pages 49 to 55.
Key features of the Company’s system of 
internal controls
Key elements of the Company’s system of internal 
controls which have operated throughout the 
year are:
•	
A system of regular reports from management 
setting out key performance and risk 
indicators;
•	
Rigorous short-term management and 
forecasting of cash flow;
•	
A schedule of specific, key matters reserved for 
decision by the Board;
•	
A framework for reporting and escalating 
matters of significance;
•	
Group-wide procedures, policies and standards 
which incorporate statements of required 
behaviour;
•	
Continuous review of operating performance 
and monitoring of monthly results against 
annual budgets and periodic forecasts;
•	
Risk-based reviews of sites and/or 
business processes, with observations and 
recommendations to improve controls being 
reported to management to ensure timely 
action, with oversight provided by the Audit 
Committee; and
•	
A process and policy for employees to raise 
concerns and regular reports to the Audit 
Committee of all material disclosures made, 
the results of investigations and actions taken.
Through its risk management process and 
the review of effectiveness of the system of 
internal controls, the Board believes the control 
environment is adequate for a group the size 
of Volex.
Relations with shareholders
The Board is responsible for effectively engaging 
with shareholders. The Board achieves this 
through regular dialogue with brokers, analysts 
and shareholders themselves, with the Executive 
Chairman and Chief Financial Officer taking a lead 
in those relationships.
The Board takes steps to understand the 
views of major shareholders of the Company, 
including through receiving feedback from any 
shareholder meetings and through analyst/
broker briefings. The Board takes account of the 
corporate governance guidelines of institutional 
shareholders and their representative bodies such 
as the Investment Association and the Pensions 
and Lifetime Savings Association. The Executive 
Chairman and Chief Financial Officer are available 
to meet with major and prospective shareholders. 
The Non-Executive Directors are available to 
attend shareholder meetings as necessary.
Read more about Volex’s engagement with its 
stakeholders in the Section 172 Statement on 
pages 80 to 81.
Annual General Meeting (“AGM”)
The Notice of AGM will be dispatched to 
shareholders, together with explanatory notes 
or a circular on items of special business, at 
least 21 clear days before the meeting. Separate 
resolutions will be proposed on each substantive 
issue, including a resolution relating to the Annual 
Report and Accounts. 
The Board welcomes questions from shareholders, 
and they will have the opportunity to raise issues 
before or after the meeting if circumstances 
prevent active attendance.
For each resolution, the proxy appointment forms 
provide shareholders with the option to direct their 
proxy vote either for or against the resolution, or 
to withhold their vote. As with last year, we will be 
encouraging shareholders to switch to paperless 
voting.
The Company will ensure that the proxy form and 
any announcement of the results of a vote will 
make it clear that a ‘vote withheld’ is not a vote 
in law and will not be counted in the calculation 
of the proportion of the votes for and against the 
resolution.
All valid proxy appointments are properly recorded 
and counted. For each resolution, after the vote 
has been taken, information on the number of 
proxy votes for and against the resolution and 
the number of shares in respect of which the 
vote was withheld, are given at the meeting and 
are made available on the Company’s website at 
www.volex.com.
Post Transaction Report – Murat Ticaret 
Fundraise - June 2023
In accordance with paragraph 11 of the Statement 
of Principles, set out below is the post-transaction 
report from the Company’s announcement, titled 
“Results of Fundraising”, published on 22 June 
2023 in connection with a total of 21,818,181 new 
ordinary shares of 25 pence each in the capital of 
the Company (the “New Ordinary Shares”) being 
allotted pursuant to the placing and the retail offer 
via the REX platform to raise gross proceeds of 
approximately £60 million (the “Fundraising”) used 
to part finance the acquisition of the entire issued 
share capital of Murat Ticaret Kablo Sanayi A.Ş. 
The Fundraising was a non-pre-emptive issue of 
equity securities for cash structured via a cash-box, 
and accordingly the Company made the following 
post-transaction report in its announcement of 22 
June 2023 in accordance with the most recently 
published Statement of Principles.
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
94

Name of issuer
Volex plc
Transaction details
In aggregate, the Fundraising of 21,818,181 New Ordinary Shares 
represents approximately 13.7 per cent. of the Company’s issued 
ordinary share capital.
Settlement for the New Ordinary Shares and Admission are 
expected to take place at 08.00 a.m. on 26 June 2023.
Use of proceeds
The net proceeds of the Fundraising are to be used to part fund 
the acquisition of Murat Ticaret for a total consideration of up to 
approximately €178.1 million ($194.5 million1).
Quantum of proceeds
The Fundraising raised gross proceeds of approximately £60.0 
million and net proceeds of approximately £58.5 million.
Discount
The Offer Price of 275 pence represents a discount of 3.8 per cent. to 
the closing mid-market share price on 21 June 2023.
Allocations
Soft pre-emption has been adhered to in the allocations process. 
Management were involved in the allocations process, which 
has been carried out in compliance with the MIFID II Allocation 
requirements. Allocations made outside of soft pre-emption were 
preferentially directed towards existing shareholders in excess of 
their pro rata, and wall-crossed accounts.
Consultation
The Joint Global Co-ordinators undertook a pre-launch wall-crossing 
process, including consultation with the Company’s major 
shareholders, to the extent reasonably practicable and permitted 
by law.
Retail investors
The Fundraising included a retail offer of up to £3 million, via the 
REX platform.
Retail investors who participated in the REX Retail Offer were able 
to do so on the same terms as all investors in the Placing.
The REX Retail Offer was made available to existing shareholders in 
the UK. Investors had the ability to participate in the REX Retail Offer 
through ISAs and SIPPs, as well as General Investment Accounts 
(GIAs). This combination of participation routes meant that, to the 
extent practicable on the transaction timetable, eligible UK retail 
investors had the opportunity to participate in the Fundraising 
alongside institutional investors.
1	
EUR/USD FX of 1.092 as of 21 June 2023
Jon Boaden
Chief Financial Officer
26 June 2024
95
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Financials
Governance
Strategic
Business overview 

Audit Committee Report
Throughout the year, the Committee has 
consistently reviewed financial systems, 
controls and published financial statements 
while coordinating with external auditors, 
PricewaterhouseCoopers LLP (‘PwC’). The 
Committee received and discussed updates from 
the Group Finance team, PwC representatives and 
the Internal Audit function.
As the Group expands through acquisitions and 
investments, the Finance and Legal functions 
regularly review and update Company policies 
and procedures to ensure they remain current. 
The Committee will continue to oversee and 
coordinate these efforts, reporting and making 
necessary recommendations on relevant matters 
to the full Board.
I am pleased to present my first Audit Committee Report to you since 
taking over as Chair of the Audit Committee on 19 October 2023, 
following Dean Moore’s decision to step down from the Board. Dean 
was a member of the Board and chaired the Audit Committee for six 
and a half years and I would like to express the appreciation of the 
Board for Dean’s significant contribution.
John 
Wilson
Chair of 
the Audit 
Committee
Key objectives 
The Committee establishes and oversees the 
Group’s internal control and risk management 
systems, monitors the integrity of externally 
published financial information for shareholders 
and ensures financial statements are validated by 
an effective external audit.
Composition of the Audit 
Committee 
The members of the Audit Committee were: 
Committee 
member 
Date of 
appointment
Date of 
resignation
John Wilson 
(Chair)	
19 October 2023
Dean Moore
18 April 2017
19 October 2023
Amelia Murillo 26 January 2021
Appointments are for a period of three years and 
are extendable by no more than two additional 
three-year terms. The Committee must consist 
of at least two members, all of whom should 
be independent Non-Executive Directors. All 
current Committee members are independent 
Non-Executive Directors and all have the 
appropriate range of financial, commercial and 
risk-management experience to fulfil their duties. 
The Audit Committee Chair has recent and 
relevant financial experience, in line with the QCA 
Corporate Governance Code and Committee terms 
of reference. Biographical details are set out on 
pages 84 and 85.
Key responsibilities
•	 Monitoring the financial reporting process to ensure financial statements are accurate 
and complete.
•	 Establishing and overseeing the Group’s internal control and risk management systems.
•	 Appointing and supervising the external auditor to ensure their independence and 
objectivity during audits.
Read more 
about Risk 
management 
on pages 
49 to 55 
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
96

Meetings 
The Audit Committee met four times in the 
year, with the meetings and agendas linked 
to events in the Group’s financial calendar. 
The Audit Committee invites the Group Chief 
Financial Officer, senior representatives of the 
external auditors, the internal audit co-source 
provider and other staff to attend its meetings as 
required. It reserves the right to request any of 
these individuals to withdraw for specific items 
of discussion. 
Governance 
The Audit Committee’s terms of reference can be 
found on the Volex website. 
The Committee is responsible for: 
•	
Monitoring the integrity of the Group’s 
financial statements and any other formal 
announcements relating to the Group’s 
financial performance and reviewing 
significant financial reporting judgements 
contained in them; 
•	
Reporting to the Board on the processes in 
place to confirm that the Annual Report and 
Accounts, when taken as a whole, are fair, 
balanced and understandable and contain the 
information necessary to allow shareholders 
to assess the Group’s performance, business 
model and strategy; 
•	
Reviewing and challenging, where necessary, 
the appropriateness of accounting policies and 
the manner in which they are applied across 
the Group; 
•	
Reviewing the Group’s internal financial 
controls and the Group’s internal risk 
management systems; 
•	
Monitoring and reviewing the effectiveness 
of the Group’s Internal Audit function in the 
context of the Group’s overall risk management 
system; 
•	
Reviewing the Group’s procedures for 
detecting and responding to fraud and 
bribery and for handling allegations made 
by employees with respect to financial 
malpractice or other forms of whistleblowing, 
and oversight of any and all reports on such 
incidents; and 
•	
Oversight of the relationship with the external 
auditors, including, where appropriate, 
the recommendation of appointment or 
reappointment of the external auditors. 
The Audit Committee reports its findings to 
the Board, identifying any matters on which it 
considers that action or improvement is needed, 
and makes recommendations on the steps to 
be taken. 
Main activities of the Committee 
during the year 
Financial reporting 
The primary role of the Audit Committee in 
financial reporting is to review, with management 
and external auditors (PwC), the appropriateness 
of the half-year and annual financial statements, 
focusing on key matters such as: 
•	
The quality and acceptability of accounting 
policies and practices; 
•	
The clarity of the disclosures and compliance 
with financial reporting standards and relevant 
governance reporting requirements; 
•	
Material areas in which significant judgements 
or estimates have been applied or there has 
been discussion with PwC; and 
•	
The processes to ensure that the Annual 
Report and Accounts, taken as a whole, are fair, 
balanced and understandable and provide the 
information necessary for shareholders. 
To aid its review, the Committee considers reports 
from the Chief Financial Officer, the Internal Audit 
function and the external auditors. Following 
its review of the Annual Report and Accounts, 
the Committee challenges management on the 
content to ensure the report is fair, balanced and 
understandable as a whole.
The Committee has reviewed the paper on the 
critical judgements and estimates outlined in note 
2 to the financial statements on pages 146 to 147. 
The primary areas of judgement and estimates 
considered and discussed by the Committee in 
relation to the FY2024 financial statements and 
how these have been addressed are listed below. 
Going concern 
The Committee reviewed the Group’s budget 
and trading position, assessed the potential 
impact of future disruptions, including supply 
chain challenges, and evaluated compliance with 
banking facility covenants.
The Committee has reviewed and approved the 
disclosures and concluded that the financial 
statements should continue to be prepared on a 
going concern basis.
Adjusting items
Management has presented a breakdown of 
adjusting items and explanations as to why 
they should be categorised as such. The Audit 
Committee has reviewed the disclosures and 
discussed this analysis with management. Details 
are shown in note 4 on page 149. Adjusting items 
during the year amounted to $19.5 million (FY2023: 
$9.8 million).
97
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Financials
Governance
Strategic
Business overview 

Audit Committee Report  continued
Inventory provisions
The Committee reviewed the level of inventory 
provisions in line with the Group’s provisioning 
policy, considering stock ageing and forecasted 
future demand. Management regularly reviews 
inventory provisions, which involves using 
judgements and estimates. The Committee 
believes the current provision is reasonable. 
Accounting for business combinations
The Committee reviewed the principal 
assumptions and judgements applied in 
accounting for the acquisition of Murat Ticaret. 
This included reviewing that the transaction was 
accurately and comprehensively reflected in the 
Company’s financial statements. The Committee 
also reviewed the valuation of the acquired 
assets and liabilities, assessing the application 
of the relevant accounting standards (such as 
IFRS 3) and ensuring appropriate disclosure of 
the transaction’s details. Areas that require the 
exercise of judgement, such as the valuation of 
intangible assets and the selection of appropriate 
discount rates, were discussed with management 
and with the external auditors.
Accounting for income and deferred 
taxes
The Committee reviewed the principal 
assumptions and judgements applied in 
accounting for the Group’s uncertain tax positions 
and the recognition of deferred tax assets.
Internal control, risk and 
compliance
The Audit Committee is required to assist the 
Board in its annual assessment of the effectiveness 
of the Volex risk management and internal control 
systems. To fulfil these duties, the Committee 
reviewed:
•	
The results of the annual Certificate of 
Compliance exercise and survey, involving all 
senior personnel in the organisation; 
•	
The reports issued during the year by Internal 
Audit following their risk-based review of sites 
and processes; 
•	
The annual risk survey conducted among 
the executive team and other senior 
management; and 
•	
Investigations performed in the event of 
whistleblowing, control breakdowns or fraud 
issues.
Details of our internal controls and risk 
management systems, including controls over the 
financial reporting process, can be found on page 
93 to 94 in the Corporate Governance Report with 
our risk factors in full in the Strategic Report on 
pages 49 to 55. 
Internal audit
The Audit Committee is responsible for ensuring 
the adequacy of resourcing and plans for the 
Internal Audit function. 
To fulfil these duties, the Committee:
•	
Establishes the function’s terms of reference, 
reporting lines and access to the Audit 
Committee; 
•	
Approves the appointment and removal of the 
Internal Auditor; 
•	
Reviews and assesses the annual internal audit 
plan in the context of the Group’s overall risk 
management system; and 
•	
Reviews promptly the internal audit reports 
produced from the site and process reviews 
and monitors management’s responsiveness to 
the findings and recommendations included 
therein.
During the year, an internal audit review was 
conducted at the production site in India to 
assess key control procedures. Additionally, the 
internal audit team reviewed the process and 
approach for the ongoing implementation of the 
Group’s new enterprise resource planning (‘ERP’) 
system. No major issues were identified, although 
several areas for improvement were noted and 
management has agreed to address them. The 
internal audit team also developed a Control Self-
Assessment tool, now implemented across the 
Group, to monitor adherence to key controls and 
identify potential risk areas.
The Group’s “Speak Up” policy contains 
arrangements for the Audit Committee to review 
all complaints in confidence.
External audit
The Audit Committee is responsible for monitoring 
the independence, objectivity and compliance 
with ethical and regulatory requirements of the 
external auditors. Details of the total remuneration 
for the auditors for the year can be found in 
note 8 on page 151 of the consolidated financial 
statements. 
The auditors’ independence and objectivity are 
safeguarded by limiting the scope and value of 
non-audit services they provide. The Group also 
prohibits hiring employees from the external 
auditors who have worked on the audit in the last 
two years for senior positions within the Group. 
Additionally, there is a rotation policy for the lead 
engagement partner, who was changed at the 
beginning of FY2022 as part of this policy.
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
98

Non-audit services provided by 
the auditors
The Audit Committee upholds a non-audit services 
policy outlining the types of non-audit services the 
external auditors can and cannot provide to the 
Group. This policy includes categories of services 
pre-approved by the Committee and those 
requiring specific approval before engagement, 
subject to de minimis thresholds.
There were no non-audit fees during the year 
(FY2023: $nil).
Audit tender
The Audit Committee considers the 
reappointment of the external auditors each year. 
PwC have been the Group’s auditors since their 
appointment on 4 April 2010, following a tender 
process. There are no contractual obligations 
that restrict the Committee’s choice of external 
auditors. 
To fulfil its responsibility regarding the 
independence and effectiveness of the external 
auditors, the Audit Committee:
•	
Reviewed the external auditors’ plan for the 
current year and agreed the scope of the audit 
work to be performed; 
•	
Agreed the fees to be paid to PwC for their 
audit of the FY2024 financial statements and 
other non-audit fees; 
•	
Reviewed a report from PwC describing their 
arrangements to identify, report and manage 
any conflicts of interest and confirming the 
basis of their independence; 
•	
Assessed PwC’s fulfilment of the agreed audit 
plan and any variations from that plan; and 
•	
Assessed the robustness and perceptiveness 
of PwC in their handling of the key accounting 
and audit judgements.
The Audit Committee, having considered the 
length of PwC’s audit tenure and the results 
of the above, continues to consider PwC to be 
independent and therefore has provided the 
Board with its recommendation that PwC be 
reappointed as external auditors for the 52 weeks 
ending 30 March 2025. This will continue to 
be assessed on an annual basis in light of any 
guidance on external audit tendering.
Summary 
Based on its work throughout the year, the Audit 
Committee has concluded that it has fulfilled its 
terms of reference and ensured the independence 
and objectivity of the external auditors. We 
welcome feedback from shareholders on this 
report.
On behalf of the Audit Committee
John Wilson
Chair of the Audit Committee
26 June 2024
99
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Financials
Governance
Strategic
Business overview 

Sir Peter 
Westmacott
Chair of the 
Nominations 
Committee
Nominations Committee Report
Composition of the 
Nominations Committee
Committee member 
Date of appointment
Sir Peter Westmacott 
(Chair)	
18 March 2021
Lord Rothschild
2 April 2017
Jeffrey Jackson
19 October 2023
The members of the Nominations Committee 
are myself (as Chair), Lord Rothschild and Jeffrey 
Jackson. The composition of the Nominations 
Committee changed as follows during the year 
under review: 
•	
Jeffrey Jackson joined the Committee with 
effect from 19 October 2023; and
•	
Dean Moore stepped down from the 
Committee with effect from his resignation 
from the Board on 19 October 2023.
Appointments are generally made for a period of 
three years. On expiry of the term, the Director may 
have his or her term extended for an additional 
period in circumstances where the Director meets 
the relevant membership criteria. In accordance 
with its terms of reference, the Committee shall 
consist of at least three members, including two 
independent Non-Executive Directors of the Board. 
As such, two-thirds (67%) of the current Committee 
are independent (myself and Jeffrey Jackson). 
Read more 
about Board 
of Directors 
on pages 
84 to 85
Meetings
The Nominations Committee met once in the 
year, and all members attended that meeting. 
The Nominations Committee invites other staff 
to attend its meetings as required, although 
it reserves the right to request any of these 
individuals withdraw for specific items of 
discussion.
Governance
The Nominations Committee’s Terms of Reference 
can be found on the Volex website.
The Committee’s responsibilities include:
•	
Reviewing the Board structure, size and 
composition (including the skills, knowledge, 
experience and diversity of the Board) and 
making recommendations to the Board with 
regard to any adjustments that are deemed 
necessary; 
•	
Giving full consideration to succession 
planning for Directors and other senior 
executives, taking into account the challenges 
and opportunities facing the Company and 
what skills and expertise are needed on the 
Board in the future;
•	
Keeping under review the leadership needs 
of the organisation, both executive and 
non-executive, with a view to ensuring the 
continued ability of the organisation to 
compete in the marketplace; 
•	
Identifying and nominating for approval of the 
Board candidates to fill Board vacancies (as 
necessary); 
•	
Before making a Board appointment, 
evaluating the balance of skills, 
knowledge, experience and diversity 
on the Board and, in light of this 
evaluation, preparing a description 
of the role and capabilities 
required for a particular 
appointment and the time 
commitment required;
•	
Prior to the appointment of a 
Director, requiring the proposed 
appointee to disclose (i) any other 
business interests that may result in 
a conflict of interest and to report any 
future business interests that could 
result in a conflict of interest and (ii) 
any significant commitments, with an 
indication of the time involved; 
•	
Reviewing the time commitment 
of Non-Executive Directors and, 
where necessary, assessing (through 
performance evaluation) fulfilment of 
their duties; 
I am pleased to present the Nominations Committee Report 
for the year ended 31 March 2024.
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
100

•	
Reviewing the results of the Board 
performance evaluation process that relate to 
the composition of the Board and succession 
planning; and
•	
Keeping under regular review any 
authorisations granted by the Board in 
connection with a Director’s conflict of interest.
The Nominations Committee reports its findings 
to the Board, identifying any matters on which it 
considers that action or improvement is needed, 
and makes recommendations on the steps to 
be taken.
Main activities of the Nominations 
Committee during the year
Board Structure, Size & Composition
Appointment of Non-Executive Director
During the year, the Nominations Committee 
undertook a search for an additional Non-
Executive Director. The Committee led a formal 
and rigorous process to determine the best 
candidate for the role.
Throughout the process, the Committee 
considered the composition of the Board as a 
whole, including the skills, knowledge, experience 
and diversity on the Board as well as the balance 
of personal qualities and capabilities. After 
careful consideration of a number of high-quality 
candidates from a wide range of backgrounds, 
three candidates were interviewed. Candidates 
were identified through existing networks and 
it was not considered necessary to use open 
advertising or external consultants. Following 
extensive interviews, and as a result of this 
assessment process, the Committee concluded 
that John Wilson was the best candidate for 
the role. Following the satisfaction of necessary 
director information checks, the Nominations 
Committee formally recommended his 
appointment to the Board as a Non-Executive 
Director and as Chair of the Audit Committee. 
John was appointed to the Board with effect from 
19 October 2023.
John brings to the Board a wealth of experience, 
including a demonstrable ability to implement 
strategies within complex organisations to 
enhance shareholder value. He is a globally 
experienced boardroom director, with a strong 
background in the technology, components and 
connectivity solutions sectors. He is currently CEO 
of Bulgin Limited, a global leading manufacturer 
of sealed connectors and components, and was 
formerly Senior Independent Director, Chair of the 
Audit Committee and Chair of the Remuneration 
Committee of Checkit plc (previously Elektron 
Technology plc). He is also Independent Non-
Executive Chairman of Insig AI. John has a degree 
in Engineering from the University of Durham. 
Committee and other Board changes
Following the resignation of Dean Moore (Senior 
Non-Executive Director) with effect from 19 
October 2023, the Nominations Committee 
(of which Dean was a member), reviewed 
its composition and recommended to the 
Board that Jeffrey Jackson be appointed as a 
member of the Committee. The Board approved 
this recommendation, with effect from 19 
October 2023.
On the same date, the Nominations Committee 
(with me abstaining from the resolution) 
recommended to the Board my appointment as 
Senior Non-Executive Director. I was delighted that 
this recommendation was approved by the Board.
Succession Planning
In line with the Committee’s long-term 
consideration of succession planning for directors 
and other senior executives and its commitment 
to keeping under review the leadership needs of 
the organisation, the Chief Financial Officer and 
Chief Operating Officer were invited to present 
to the Board in London on succession planning 
within the Operations and Finance teams. There 
was a healthy and constructive discussion on 
succession planning and it is the Committee’s view 
that the Company’s succession planning is well 
placed should the need arise in the future.
For information on (i) board diversity and (ii) the 
discussions during the year on Board performance, 
please see pages 92 to 93.
Election and Re-election of Directors
Directors are elected by shareholders at the 
first Annual General Meeting (AGM) after any 
appointment by the Board and, thereafter, may offer 
themselves up for re-election by shareholders at 
regular intervals and in any event at least once every 
three years. John Wilson will be offered for election 
at this year’s AGM as it will be his first AGM following 
his appointment by the Board. Jon Boaden, Sir Peter 
Westmacott and Amelia Murillo will be offered for 
re-election this year as it will be three years since 
they were last elected to the Board. John Wilson, 
Jeffrey Jackson, Sir Peter Westmacott and Amelia 
Murillo are each considered to be independent in 
accordance with the QCA Code.
Actions for the coming year
Through FY2025, the Nominations Committee will 
continue to monitor succession planning within 
the Group. It will also continue to assess the size 
and composition of the Board to evaluate whether 
this is suitable for the Group’s current stage of 
development, containing an appropriate balance 
of skills, knowledge and experience.
On behalf of the Nominations Committee
Sir Peter Westmacott
Chair of the Nominations Committee
26 June 2024
101
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Financials
Governance
Strategic
Business overview 

Safety, Environmental and  
Sustainability Committee Report
Key Highlights
•	 Top 10 percentile rating 
with Ecovadis
•	 B rated with CDP
•	 Recognised as a Financial 
Times Europe Climate 
Leader 2024 
•	 8.4% improvement in 
emissions intensity (scope 
1 and 2)
•	 13% improvement in water 
use intensity
Key responsibilities
The responsibilities of the Committee are to ensure that the  
Board has an understanding and oversight of the:
•	 Materiality of sustainability-related risks to the business; 
•	 Impact of climate-related risks to the business over the short,  
medium and long term; 
•	 Extent, ambition and progress of the Company’s response to the climate agenda 
in order to ensure compliance with the obligations under the Paris Agreement; 
•	 Monitoring of the Company’s progress against its climate-related goals,  
targets and metrics; 
•	 Current performance and trend information for non-climate related 
sustainability performance indicators in the areas of health, safety, environment, 
human rights, modern slavery, diversity and inclusion and other labour-related 
areas across the Group; 
•	 Effectiveness of the Group’s specific and tailored policies and systems to control 
health, safety, environmental and labour-related risks;
•	 Emerging ESG and climate-related trends and international standards; and
•	 Financial implications (including costs and benefits) of any decision of  
the Committee.
Read more 
about 
Sustainability 
on pages 
57 to 72
I am pleased to report on the work of the Volex Safety, Environmental and 
Sustainability Committee. This Committee, established in 2019, aims to 
improve the Board’s oversight of issues relating to health and safety and the 
wider environmental performance of the Group. In 2021, the Committee’s 
scope was expanded to provide oversight to the broader topic of sustainability 
and the Committee was renamed accordingly.
As a Committee, our aim is to sharpen the Group’s 
focus on these important issues and to provide an 
effective channel for relevant information to feed 
into the Board. Volex wants to ensure it adheres 
to best practices wherever possible and 
provides a safe and productive working 
environment for our employees. 
Increasingly, our customers want 
verifiable assurances from their 
suppliers and business partners on a 
broad range of environmental, social 
and governance-related matters. 
Jeffrey 
Jackson
Chair of 
the Safety, 
Environmental 
and 
Sustainability 
Committee
stock code: VLX
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
102

During the year, we have made good progress to 
improve our external disclosures gaining a top 
ten percentile rating with Ecovadis and we have 
also improved our CDP Climate Change score to 
a B rating. During the year, we published our first 
Supplemental Sustainability Disclosure Report for 
FY2023. Towards the end of FY2024, we received 
recognition for our efforts to decarbonise and 
improve our carbon intensity when the Financial 
Times included us in their list of Climate Leaders in 
Europe 2024.
The Committee is responsible for ensuring that 
the Board is kept up to date with emerging ESG 
and climate trends and relevant international 
standards. The Committee also ensures that 
the Board receives the necessary information to 
enable it to assess the likely material impacts of 
climate and sustainability-related developments 
to enable the Board to assess the potential risks 
and opportunities to our strategy and to the 
short, medium and long-term performance of the 
Company. The Committee is also responsible for 
ensuring that the financial implications (including 
costs and benefits) of any decision made by the 
Committee are fully considered so as to balance 
the needs of all stakeholders.
How the Committee spent 
its time
•	
Reviewing the TCFD findings and 
recommendations;
•	
Reviewing the safety performance across the 
Group especially in light of our acquisition of 
the Murat Ticaret organisation; 
•	
Reviewing the progress of our post-acquisition 
integration activities; and
•	
Discussing the Group’s decarbonisation and 
net zero ambitions.
As with the other Board Committees, the Safety, 
Environmental and Sustainability Committee 
reports its findings to the full Board, identifying 
any matters on which it considers that action, 
or improvement, is needed and makes 
recommendations on the steps to be taken. The 
Committee shall consist of at least two members, 
including one independent Non-Executive 
Director of the Board. As such, 50% of the current 
Committee is independent (myself). 
Composition of the Safety, 
Environment and Sustainability 
Committee
The members of the Safety, Environmental and 
Sustainability Committee are:
Committee member 
Date of appointment
Jeffrey Jackson (Chair)
15 October 2019
Lord Rothschild
15 October 2019
Meetings and activities
The Committee met formally two times 
(November and March) during FY2024, and 
received regular updates on the Group’s health 
and safety performance from the Group HR 
Director. This is in line with our intention that the 
Committee will meet at least annually. 
The main activities undertaken by the Committee 
during the year were: 
•	
To review the approach being taken by the 
Group to improve performance in the areas 
of health, safety, environment and labour-
related risks;
•	
To review the findings of a week-long 
independent safety review that was 
undertaken at two of our key sites in 
Türkiye. This review was the result of a 
recommendation by our Senior Independent 
Director, Sir Peter Westmacott, and was 
conducted by DSS+, a leading safety 
consultancy; and
•	
To monitor the Company’s progress towards 
our decarbonisation goals.
A primary focus for the Committee this year has 
been to oversee the integration of the Murat 
Ticaret organisation. During the due diligence 
process, it was identified that the performance 
standards within this target business for safety and 
environmental management were significantly 
behind those seen in the Volex business. Through 
the due diligence workstreams we identified 
that the injury incident rates in this business 
were substantially higher than in the wider Volex 
business. 
With the acquisition completed, our management 
team have been working hard to introduce the 
Volex safety standards to our new colleagues 
across all of our new manufacturing facilities, 
we have focused on tackling the fundamental 
weaknesses in their health and safety and 
environmental management systems so that 
we can ensure that their incident rates improve 
rapidly. In parallel, a great deal of effort has been 
undertaken to deploy our environmental policies 
and our sustainability reporting system across our 
new sites.
The integration of our newly acquired business 
has been the main improvement priority for 
our management team since the acquisition 
completed. 
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Strategic
Business overview 

The Company has completed a number of 
important workstreams this year, which the 
Committee has reviewed before their review by the 
main Board. The noteworthy workstreams include:
•	
The review of our materiality assessment 
which was published in our Supplemental 
Sustainability disclosure report;
•	
Reviewing progress made during the 
integration of the Murat Ticaret business, 
including reviewing the findings of a week-
long independent safety review of two of our 
key sites in Türkiye;
•	
Ensuring that a robust corrective action plan is 
implemented to improve standards of health, 
safety and environmental management in our 
newly acquired locations; and
•	
To oversee the development and publication 
of new environmental management and 
responsible water use policies within the 
Company.
Health and safety performance
As a result of our ongoing work within the newly 
acquired operations of Murat Ticaret we have 
decided to exclude their safety performance 
data from our lost time accident and accident 
frequency data for FY2024 to allow for this year’s 
reporting to be comparable to FY2023. 
At the year end we reported an accident frequency 
rate of 1.28 (FY2023: 1.24) lost time accidents 
per million hours worked. This is equivalent to 
0.26 accidents per 200,000 worked hours. In the 
non-Murat Ticaret business we had 27 lost time 
accidents during the year (FY2023: 24). 42% of 
these were caused by employees coming into 
contact with moving machinery (FY2023: 45%).
The efforts of our management team remain 
focused on increasing standards for health, safety 
and environmental performance across our 
operations within Türkiye. With accident rates 
around five times our own there is significant 
opportunity for improvement and there are early 
signs of progress which we will report on, in more 
detail, in our FY2025 reporting.
In FY2024, 51% (FY2023: 61%) of our global 
workforce is working within an ISO 45001 
accredited site. None of the acquired sites in the 
Murat Ticaret business have a certified health 
and safety management system. In FY2023, we 
decided to require all of our sites to achieve ISO 
45001 accreditation by the end of FY2025. Our 
Poland and Slovakian factories were able to 
achieve this important certification during FY2024, 
bringing the total number of sites in the group 
with an independently certified health and safety 
management system to ten.
Environmental Performance
With our revenues growing by 26% compared 
to the previous year, our goal this year was to 
ensure that our absolute carbon emissions 
did not increase in line with our growth. It is 
pleasing to see that year-on-year our Scope 1 
and Scope 2 emissions increased by only 15.6%. 
Increases in revenues have helped us to show 
improvements to our emissions intensity - a 
further 8.4% improvement on the previous year. 
We have been able to improve our emissions 
intensity by 28% compared to our FY2019 baseline 
year. Our water use intensity ratio has also 
improved by a further 13% with a number of our 
sites delivering responsible water use initiatives 
during FY2024. It is very pleasing to see that 83% 
of our workforce is employed within a site which 
has an independently certified environmental 
management system (ISO 14001).
Overall our FY2024 acquisition has negatively 
impacted our performance against a number of 
our sustainability metrics. However, every site is 
actively engaged in reporting their safety and 
environmental data and I am confident that 
by continuing to adopt a data-led approach, by 
working collaboratively and consistently across the 
group, that our management teams are focused 
on the necessary corrective actions. I am confident 
that in the months and years ahead we will be 
able to recognise excellence in health, safety and 
environmental management across all parts of our 
business.
For the coming year, I look forward to ensuring 
the Group maintains and further improves on its 
record in this regard. 
On behalf of the Safety, Environmental and 
Sustainability Committee
Jeffrey Jackson
Chair of the Safety, Environmental and  
Sustainability Committee
26 June 2024
Safety, Environmental and  
Sustainability Committee Report  continued
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
104

Amelia Murillo
Chair of the Remuneration 
Committee
Remuneration Committee Report
Annual Statement
Overview from the Chair of the Remuneration Committee
I am pleased to introduce the Remuneration Committee Report for the 
year ended 31 March 2024, which includes my statement as Remuneration 
Committee Chair, the Directors’ Remuneration Policy and the Annual Report 
on Remuneration for the year.
Composition of the Remuneration 
Committee
The members of the Remuneration 
Committee were: 
Committee 
member 
Date of 
appointment
Date of 
resignation
Amelia Murillo 
(Chair)
26 January 2021
Dean Moore
18 April 2017
19 October 2023
Jeffrey Jackson
18 March 2021
The Terms of Reference for the Committee 
(available on the Company’s website) provide 
that the Committee must consist of at least two 
members, all of whom shall be independent Non-
Executive Directors. Dean Moore resigned and 
left the Board effective 19 October 2023. Effective 
from this date the Committee consisted of two 
members, both are independent Non-Executive 
Directors and have the appropriate range of 
experience to fulfil their duties. 
Appointments to the Committee are for a period of 
up to three years, which may be extended for two 
further three-year periods, provided the Director 
remains independent and still meets the criteria 
for membership of the Committee.
Overview
FY2024 was a year in which the Company 
continued to demonstrate its growth potential as 
we concluded the acquisition of the Murat Ticaret 
business. As with other global manufacturers, 
the Company still had much to contend with, 
including ongoing supply chain challenges and 
the consequential impacts of the ongoing crisis 
in Ukraine. Despite these external factors the 
business performed very well and we are pleased 
to report that the Company has exceeded the 
underlying operating profit and working capital 
targets for the period. 
Annual bonus for FY2024
We continue to prioritise financial metrics for our 
Executive Directors and to incentivise them to 
focus on generating shareholder value. We want 
Volex to be a sustainable and cash-generative 
Group that aims to pay regular dividends. Financial 
measures make up 80% of the total opportunity 
for Executive Directors. For FY2024, we retained 
the focus on maintaining profitability and kept 
the weighting of the underlying operating profit 
objective for Executives at 70%. It is our view that 
this maintains a relentless focus on delivering 
profitable growth within the business. To ensure 
alignment through the organisation on cash 
generation through effective management 
of our working capital, we maintained the 
measure of ‘working capital as a percentage of 
sales’ (weighted as 10%) within the Group bonus 
framework.
The FY2024 targets were challenging, and the 
strong underlying profit performance reflects 
the achievements of the Group over the year. 
The management team was able to achieve both 
targets during FY2024. 
 Read more 
about our 
staff costs 
on page 152 
105
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Financials
Governance
Strategic
Business Overview 

Having reviewed this performance, the Committee 
determined that bonuses of 98% of salary for the 
Executive Chairman and 98% of salary for the 
Chief Financial Officer were appropriate. Bonuses 
may be paid fully in shares or fully in cash in 
circumstances where an Executive Director meets 
the shareholding requirements.
Base salary review during FY2024
During FY2024, the Committee completed its 
annual review of the compensation levels for 
the top 40 senior roles. This review ensures that 
we maintain competitive and fair remuneration 
practices whilst providing a mechanism for us 
to reflect the increased size and complexity of 
the Group, as well as to reflect any changes in 
market practices. Base salaries are reviewed taking 
into consideration inflationary pressures in each 
country. In FY2024, the salaries of the Executive 
Directors were reviewed and increased by 6%, 
which was in line with the increase applied to our 
UK-based employees. Following these increases, 
which take effect for FY2025, their salaries remain 
at or below the lower quartile of similarly sized UK-
listed industrial businesses. During the year, the 
Committee reviewed the Remuneration Policy in 
order to ensure that it remains both appropriate in 
light of our strategy and effective in incentivising 
the delivery of our strategy and the retention of 
our senior talent. No significant changes were 
made to the remuneration policy.
Long Term Incentive Plan awards 
during FY2024
No new LTIP awards were made to our Executive 
Directors during FY2024. This is consistent with 
the Committee’s decision that we would align LTIP 
awards with the successful delivery of the five-year 
plan so as to secure the long-term retention of 
our strategic talent. On 21 December 2022, Lord 
Rothschild and Jon Boaden, together with seven 
other senior executives, were granted equity 
awards under the LTIP. As disclosed previously, 
the Committee decided in 2022 to aggregate the 
awards from FY2023, FY2024 and FY2025 into a 
single up-front five-year performance share award 
as an alternative to awarding shares annually 
under the LTIP. As a condition of participation in 
these awards, no further awards will be made to 
these nine executives before FY2026. 
In December 2023 the Committee approved 
an award of share options to 37 members of 
the senior management team. These awards 
are subject to a three-year vesting period and 
performance conditions.
 Our focus is to deliver 
fair and competitive 
remuneration aligned with 
both business performance 
and the interests of our 
shareholders.
Bonus Policy for FY2025
In FY2025, Executive Directors will continue to have 
the opportunity to earn up to 100% of annual salary 
under the annual bonus plan. We have maintained 
the emphasis on quantitative financial targets. 
The Remuneration Committee is continually aware 
and mindful of the risks associated with executive 
remuneration. With our remuneration policy 
we seek to provide a structure that encourages 
an acceptable level of risk-taking through 
key performance measures and an optimal 
remuneration mix. 
The Committee undertakes annual third-party 
evaluations to ensure our reward programmes 
achieve the correct balance, maintain 
competitiveness in the market and do not 
encourage excessive risk-taking. The Committee 
has considered the risk involved in the short and 
long-term incentive schemes and is satisfied that 
the governance procedures mitigate these risks 
appropriately. 
The Committee continues to welcome feedback 
from shareholders, and I hope that we can 
continue to receive your support in the future on 
the remuneration-related votes at our AGM. 
On behalf of the Remuneration Committee
Amelia Murillo
Chair of the Remuneration Committee
26 June 2024
Remuneration Committee Report  continued
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
106

Compliance statement
The Company is listed on the Alternative 
Investment Market and therefore provides 
these remuneration disclosures on a voluntary 
basis. As such, the charts and tables included 
here are unaudited. We have incorporated 
some additional information based on the 
remuneration reporting regulations for main 
market-listed companies where we believe it 
provides additional relevant information for the 
users of the financial statements. The Board is 
committed to maintaining high standards of 
corporate governance and the Directors intend, 
so far as is practicable given the Company’s size 
and constitution of the Board, to comply with 
the provisions of the Quoted Companies Alliance 
Corporate Governance Code (the ‘QCA Code’).
Introduction
The Company’s Remuneration Policy (‘Policy’) 
is designed to reinforce the Company’s goals, 
providing effective incentives for exceptional 
Group and individual performance. The 
Committee regularly reviews the remuneration 
structure in place at Volex to ensure it remains 
aligned with our business strategy, reinforces 
our success and aligns reward with the creation 
of shareholder value. The Committee strives to 
ensure that shareholders’ interests are served by 
creating an appropriate balance between fixed 
and performance-related pay. A considerable part 
of the reward package is linked to share-price 
performance and is delivered in shares.
Policy report
Volex’s Remuneration Policy for Executive Directors
The table below sets out our Remuneration Policy.
Purpose and link  
to strategy
Operation
Opportunity
Performance metrics
Base salary
To reflect market 
value of the role 
and individual’s 
performance and 
contribution.
Reviewed on an annual basis, 
with any adjustments taking 
effect from 1 April.
The Committee reviews base 
salaries which are payable in 
cash, with reference to:
•	 The individual’s 
performance, responsibility, 
skills and experience; 
•	 Company performance and 
market conditions;
•	 Salary levels for similar roles 
at relevant comparators, 
including companies 
of similar market 
capitalisation to Volex and 
companies in a similar 
sector; and
•	 Wider pay levels and salary 
increases across the Group.
Base salary increases are 
applied in line with the 
outcome of the review, as 
part of which the Committee 
also considers average salary 
increases across the Group.
In respect of existing 
Executive Directors, it is 
anticipated that salary 
increases will be applied 
consistently with the cost-
of-living increases applied 
to other salaried employees 
employed in the same 
country. 
In exceptional circumstances 
(including, but not limited 
to, a material increase in 
job size or complexity) the 
Committee has discretion 
to make appropriate 
adjustments to salary levels 
to ensure they remain market 
competitive. 
Company and individual 
performance are 
considerations in setting 
Executive Director base 
salaries
Pension
To provide a market 
competitive pension.
Executives participate in a 
money purchase scheme 
or other scheme as may be 
appropriate from time to 
time according to the country 
in which they are employed.
Executive Directors receive a 
contribution of up to 10% of 
salary.
Not performance-related.
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Business overview 

Purpose and link  
to strategy
Operation
Opportunity
Performance metrics
Benefits
To provide market 
competitive benefits.
Benefits may include fuel 
costs, travel allowances, 
private medical insurance, 
critical life and death-in-
service cover. 
Other benefits may be 
awarded as appropriate and 
include relocation and other 
expatriate benefits.
Benefits may vary by role and 
individual circumstances and 
are reviewed periodically.
Benefits are not anticipated 
to exceed 10% of salary over 
three financial years.
The Committee retains 
discretion to approve a 
higher cost in exceptional 
circumstances, to 
support a relocation, or in 
circumstances where factors 
outside of the Company’s 
control have materially 
changed, such as with an 
increase in medical insurance 
premiums.
Not performance-related.
Annual bonus
To incentivise delivery 
of the Group’s annual 
financial and strategic 
goals.
Performance is measured 
on an annual basis for each 
financial year.
KPIs are established at 
the start of the year that 
are directly related to and 
reinforce the business 
strategy. Stretch targets are 
set for each KPI; at the end 
of the year, the Committee 
determines the extent to 
which these were achieved.
Annual bonus awards may 
be delivered as a mix of 
cash and shares which are 
deferred for at least one year 
and subject to continued 
employment, with the extent 
of deferral depending on 
the extent to which the 
shareholding guidelines have 
been achieved. Executives 
who have not achieved the 
shareholding guideline will 
receive two-thirds of any 
bonus above 25% of annual 
salary as an award of deferred 
Volex shares. Executives 
who have achieved the 
shareholding requirements 
may be paid their bonus 
entirely in cash or in shares.
Annual bonus amounts 
paid and vested deferred 
bonus awards are subject 
to clawback. Malus may be 
applied to the in-year bonus, 
through either a reduction 
being applied or the 
withdrawal of the bonus, and 
to unvested deferred bonus 
awards.
The maximum bonus for 
Executive Directors is 100% of 
salary per annum.
For threshold performance, 
20% of the bonus is payable.
Threshold performance is set 
just below our budgeted level 
for each financial indicator.
For performance between 
threshold and maximum, the 
bonus payout will increase on 
a straight-line basis up to the 
maximum.
The KPIs selected and their 
respective weightings 
may vary from year to year 
depending on strategic 
priorities. Measures may 
include financial and non-
financial metrics.
Corporate measures will 
be weighted each year 
according to business 
priorities. These will include 
a metric for operating 
profit and other financial 
performance objectives that 
support our in-year goals. 
The range of performance 
required under each measure 
is calibrated with reference to 
Volex’s internal budgets. 
Financial measures will 
make up at least 80% of 
the total opportunity. The 
Committee has discretion to 
adjust the formulaic bonus 
outcome both upwards 
and downwards to ensure 
alignment of pay with the 
underlying performance 
of the business over the 
financial year, and to take 
into account personal 
performance over the course 
of the year.
Further details of 
performance conditions 
are provided in the Annual 
Report on Remuneration on 
pages 113 to 117.
Remuneration Committee Report  continued
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
108

Purpose and link  
to strategy
Operation
Opportunity
Performance metrics
LTIP
To drive performance, 
aid retention and 
align the interests of 
Executive Directors 
with shareholders.
The Committee may grant 
annual awards in the form 
of shares or nominal value 
options which vest after at 
least three years, subject 
to performance conditions. 
The award levels and 
performance conditions 
are reviewed in advance 
of grant to ensure they 
remain appropriate and the 
Committee has the discretion 
to apply additional measures.
Where relative TSR 
performance is used 
as a measure, then the 
Committee will review the 
comparator group annually 
to ensure it remains aligned 
with shareholder interests.
Unvested awards under the 
LTIP are subject to malus and 
vested awards are subject to 
clawback. LTIP awards will 
have a performance period 
of at least three years and a 
minimum vesting period of 
three years. If no entitlement 
has been earned at the end 
of the relevant performance 
period, the awards will lapse.
The LTIP provides for annual 
awards of performance 
shares of up to 680,000 
shares for the Executive 
Directors, or up to 750,000 
shares in exceptional 
circumstances. The normal 
annual grant will be up 
to 200% of salary. Under 
each measure, threshold 
performance will result in 
30% of maximum vesting 
for that element, rising on 
a straight-line basis to full 
vesting.
Awards vest subject to 
continued employment 
and Company performance. 
The performance measure 
applied to the LTIP awards 
granted in December 2022 
for the Executive Directors is 
EBIT and these are subject 
to a five-year performance 
period.
Prior year awards, and 
awards made to other 
senior employees in FY2024, 
continue to utilise a three-
year performance period 
and have relative Total 
Shareholder Return (‘TSR’) 
and cumulative adjusted 
operating profit as their 
performance metrics. 
Further details of 
performance conditions 
are provided in the Annual 
Report on Remuneration 
pages 113 to 117.
Notes to the policy table
Performance measurement selection
The aim of the annual bonus plan is to reward 
key executives over and above base salary for 
the achievement of critical business objectives. 
The bonus criteria are selected annually and are 
designed to encourage continuous performance 
improvement for the Group. Group financial 
performance targets relating to the annual bonus 
plan are set from the Company’s annual budget, 
which is reviewed and signed off by the Board 
prior to the start of each financial year. Underlying 
operating profit is used as a key performance 
indicator for the annual bonus plan because it 
is a clear measure of the underlying financial 
performance of the Group.
The long-term share-based incentive plan (‘LTIP’) 
is designed to align the interests of key executives 
with the longer-term interests of the Company’s 
shareholders by rewarding them for delivering 
sustained increases in shareholder value and 
financial growth. The vesting of share awards is 
linked to performance conditions, in particular 
to growth in the Company’s adjusted underlying 
operating profit and relative total shareholder 
returns. EBIT, defined as our underlying earnings 
before interest and taxes in any financial year, was 
selected as the sole metric for the FY2023 awards 
to Executive Directors as it is the key measure of 
successful delivery of the five-year plan announced 
in June 2022. The five-year total performance 
period and six-year total vesting period applied to 
the FY2023 award for our Executive Directors fully 
aligns with the five-year plan and is defined with 
multi-year targets that end with the financial year 
end March/April 2027. 
Typically awards made under the LTIP will contain 
performance measures and targets that are 
reviewed by the Committee ahead of each grant 
to ensure they are challenging but achievable. 
Targets are reviewed annually, based on a number 
of internal and external reference points and will 
take into consideration the strategic priorities and 
economic environment in any given year.
Shareholding guidelines
The Committee continues to recognise the 
importance of Executive Directors aligning their 
interests with shareholders through building 
up a significant shareholding in the Company. 
Shareholding guidelines are in place that require 
Executive Directors to acquire, over time, a 
holding equivalent to 100% of base salary. Other 
executive management are required to acquire a 
holding over time equivalent to 50% of base salary. 
Executives are expected to retain at least 50% of 
any LTIP shares acquired on vesting (net of tax) 
until the guideline level is achieved.
109
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Financials
Governance
Strategic
Business overview 

Remuneration policy for other 
employees
Volex’s approach to annual salary reviews is 
consistent across the Group, with consideration 
given to the levels of experience and responsibility, 
to individual performance and to salary levels in 
comparable companies. The Company takes into 
account inflationary changes in each country. 
The Company utilises a globally recognised 
job evaluation system and each year externally 
benchmarks the top 40 leadership positions. 
The Committee reviews the recommendations 
that arise.
Many of our employees (excluding those who 
are shopfloor-based within our factories) are 
eligible to participate in an annual bonus scheme. 
The top 180 managers participate in an annual 
cash bonus plan that is linked directly with the 
Group’s financial performance in the same way 
as it is for our Executive Directors. Typically all of 
these managers in the Company have a financial 
measure with at least a 50% weighting linked to 
the operating profit of either their factory or the 
Group. All bonuses are payable subject to the 
discretion of the Remuneration Committee and 
only become payable once the Group has achieved 
its underlying operating profit in any financial 
year. Bonus opportunity varies by organisational 
level, however all management bonus plans utilise 
a consistent framework of financial and personal 
objectives.
Volex’s Remuneration Policy for Non-
Executive Directors
The Board determines the Remuneration 
Policy and level of fees for the Non-Executive 
Directors within the limits set out in the Articles 
of Association. The Remuneration Committee 
recommends the Remuneration Policy and level 
of fees for the Non-Executive Directors. Non-
Executive Directors are not eligible to participate in 
the annual bonus, LTIP or pension schemes. 
The current policy for Non-Executive Directors is:
Purpose and link  
to strategy
Operation
Opportunity
Performance metrics
Fees
To reflect market 
competitive rates 
for the role, as 
well as individual 
performance and 
contribution.
Non-Executive Directors 
receive a basic fee for their 
respective roles.
Additional fees are paid to 
Non-Executive Directors for 
additional services, including 
chairing a Board Committee 
or supporting the Board 
on matters that require 
significant time commitment 
over and above that expected 
to fulfil their normal duties.
Fees are reviewed annually 
with reference to information 
provided by remuneration 
surveys; the extent of the 
duties performed; and the 
size and complexity of the 
Company.
Fee levels are benchmarked 
against sector comparators 
and FTSE-listed companies of 
similar size and complexity. 
Fees are payable in cash.
Fee increases are applied in 
line with the outcome of the 
annual review.
There is no prescribed 
maximum fee. It is expected 
that increases to Non-
Executive Director fee levels 
will be in line with salaried 
employees over the life of the 
policy. 
However, in the event 
that there is a material 
misalignment with the 
market or a change in the 
complexity, responsibility or 
time commitment required 
to fulfil a Non-Executive 
Director role, the Board 
has discretion to make an 
appropriate adjustment to 
the fee level.
Not applicable.
Remuneration Committee Report  continued
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
110

Pay scenario charts
The charts below provide estimates of the potential future 
reward opportunity for the current Executive Directors, 
and the potential split between the different elements of 
remuneration under three different performance scenarios: 
‘Minimum’, ‘On-target/Threshold’ and ‘Maximum’. 
Potential reward opportunities illustrated below are based 
on the Remuneration Policy, applied to the base salary as at 
1 April 2024. For the annual bonus, the amounts illustrated 
are those potentially receivable in respect of performance 
for FY2025. For the LTIP, the award opportunities are based 
on the annualised value of LTIP awards granted in FY2023 
which also replace the FY2024 and FY2025 awards. This 
approach is consistent with our remuneration policy and 
our rules around annual limits. It should also be noted that 
LTIP awards granted to the Executive Directors in FY2023 
vest on the fifth and sixth anniversary of the date of grant. 
Executive Chairman – Lord Rothschild
£0m
£0.5m
£1m
£1.5m
£2m
Minimum
Maximum + 50% share
price appreciation
Maximum
On-Target/Threshold
Chief Financial Officer – Jon Boaden
£0m
£0.4m
£0.8m
£1.2m
Minimum
Maximum + 50% share
price appreciation
Maximum
On-Target/Threshold
 Fixed 
 Annual Bonus   
 LTIP
External appointment
In the cases of hiring or appointing a new Executive Director from outside the Company, the Committee may make use of 
any or all of the existing components of remuneration, as follows:
Component
Approach
Maximum value
Base salary
The base salaries of new appointees will be determined 
by reference to the individual’s role and responsibilities, 
experience and skills, relevant market data, internal relativities 
and their current basic salary. Where new appointees have 
initial basic salaries set below market, any shortfall may be 
managed with phased increases over a period of one to two 
years, subject to their development in the role. 
Not applicable
Pension
New appointees will be eligible to participate in the Group’s 
defined contribution pension plan or to receive a cash 
allowance.
Benefits
New appointees will be eligible to receive benefits in line with 
the policy.
Annual bonus
The annual bonus described in the policy table will apply to 
new appointees with the relevant maximum being prorated to 
reflect the proportion of employment over the year. Targets for 
the individual element will be tailored to the Executive.
Up to 100% of salary p.a.
LTIP
New appointees will be eligible for awards under the LTIP 
which will normally be on the same terms as other Executive 
Directors, as described in the policy table.
Up to 200% of salary p.a.
In determining an appropriate remuneration package, the Remuneration Committee will take into consideration all 
relevant factors (including quantum, nature of remuneration and the jurisdiction from which the candidate was recruited) 
to ensure that arrangements are in the best interests of both Volex and its shareholders. In addition to the above elements 
of remuneration, the Committee may consider it appropriate to grant an award under a different structure in order to 
facilitate the recruitment of an individual, exercising the discretion available to replace incentive arrangements forfeited on 
leaving a previous employer. Such ‘buyout awards’ would have a fair value no higher than that of the awards forfeited. In 
doing so, the Committee will consider relevant factors, including any performance conditions attached to these awards, the 
likelihood of those conditions being met and the proportion of the vesting period remaining.
111
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Financials
Governance
Strategic
Business overview 

Internal promotion
In cases of appointing a new Executive Director by way of internal promotion, the Remuneration Committee will be 
consistent with the policy for external appointees detailed above. 
Non-Executive Directors
In the case of hiring or appointing a new Non-Executive Director, the Committee will follow the Policy as set out in the table 
on page 119. A base fee in line with the prevailing fee schedule would be payable for Board membership, with additional fees 
payable for additional services, such as chairing a Board Committee or acting as a Senior Independent Director. 
Service contracts
The QCA Code and guidelines issued by institutional investors recommend that notice periods of no more than one year 
be set for Executive Directors and that any payments to a departing Executive Director should be determined having full 
regard to the duty of mitigation. It is the Company’s intention to meet these guidelines, and the Company policy is that 
Executive Directors’ service contracts may be terminated by either party on not more than 12 months’ notice. 
The Executive Directors are employed under contracts of employment with Volex plc. The principal terms of the Executive 
Directors’ service contracts are as follows:
Notice period
Executive Director
Position
Effective date of contract
From Company
From Director
Lord Rothschild
Executive Chairman
1 December 2015
6 months
6 months
Jon Boaden
Chief Financial Officer
12 November 2020
3 months
3 months
Letters of appointment are provided to the Non-Executive Directors. Non-Executive Directors have letters of appointment 
effective for a period of three years. Non-Executive Directors’ letters of appointment are available to view at the Company’s 
registered office.
Directors’ letters of appointment and the unexpired period of their appointments (where appropriate, after extension by re-
election) are set out below:
Non-Executive Directors
Date of letter
Unexpired term as at 
31 March 2024
Date of appointment
Notice period
Dean Moore1
18 April 2017
–
19 April 2020
3 months
Jeffrey Jackson
30 July 2019
29 months
19 August 2022
3 months
Sir Peter Westmacott
12 November 2020
7 months
12 November 2020
3 months
Amelia Murillo 
26 January 2021
9 months
26 January 2021
3 months
John Wilson
19 October 2023
19 October 2023
3 months
1	
Dean Moore resigned from the Board effective 19 October 2023.
Payment policy on exit and/or change of control
The Company’s policy is to limit any payment made to a departing Director to contractual arrangements and to honour any 
pre-established commitments. As part of this process, the Committee will take into consideration the Executive Director’s 
duty to mitigate their loss.
If employment is terminated by the Company, the departing Executive Director may have a legal entitlement (under statute 
or otherwise) to certain payments, which would be met. In addition, the Committee retains discretion to settle any other 
amounts reasonably due to the Executive Director, for example to meet the legal fees incurred by the Executive Director 
in connection with the termination of employment, where the Company wishes to enter into a settlement agreement (as 
provided for below) and the individual must seek independent legal advice. 
In certain circumstances, the Committee may approve new contractual arrangements with departing Executive Directors 
including (but not limited to) settlement, confidentiality, restrictive covenants and/or consultancy arrangements. These will 
be used sparingly and only entered into where the Committee believes that it is in the best interests of the Company and its 
shareholders to do so.
In addition to the contractual provisions regarding payment on termination set out above, the table on page 113 
summarises how the awards under the annual and deferred bonus and LTIP are typically treated in different leaver 
scenarios and a change of control. Although the Committee retains overall discretion on determining ‘good leaver’ status, it 
typically defines a ‘good leaver’ in circumstances such as injury or disability, death, redundancy, retirement with the consent 
of the Company or any other reason as the Committee decides. Final treatment is subject to the Committee’s discretion.
Remuneration Committee Report  continued
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
112

Event
Timing of vesting/award
Calculation of vesting/payment
Annual bonus
‘Good leaver’
Paid at the same time as 
continuing employees.
Eligible for an award to the extent that performance targets 
are satisfied and the award is prorated for the proportion of 
the financial year served.
‘Bad leaver’
No annual bonus payable.
Not applicable.
Change of control
Generally paid immediately 
on the effective date of 
change of control, with the 
Committee’s discretion to 
treat otherwise.
Eligible for an award to the extent that performance 
targets are satisfied up to the change of control, subject 
to Remuneration Committee discretion, and the award is 
prorated for the proportion of the financial year served to the 
effective date of change of control.
Deferred bonus
‘Good leaver’
Continue until the normal 
vesting date or earlier, at the 
discretion of the Committee. 
In the event of the death of a 
participant, the award would 
vest immediately.
Outstanding awards vest in full.
‘Bad leaver’
Outstanding awards are 
forfeited.
Not applicable.
Change of control
Vest immediately on the 
effective date of change of 
control.
Outstanding awards vest in full.
LTIP
‘Good leaver’
Continue until the normal 
vesting date or earlier, at the 
discretion of the Committee. 
In the event of the death of a 
participant, the award would 
vest immediately.
Outstanding awards vest to the extent the performance 
conditions are satisfied at the time of vesting and the awards 
are prorated to reflect the length of the vesting period served, 
unless the Board decides otherwise. In the event of the death 
of a participant during the performance period, the award 
would vest in full.
‘Bad leaver’
Outstanding awards are 
forfeited.
Not applicable.
Change of control
Vest immediately on the 
effective date of change of 
control.
Outstanding awards vest subject to the satisfaction of 
performance conditions as at the effective date of change of 
control, subject to Remuneration Committee discretion, and 
the award is prorated for the proportion of the vesting period 
served to the effective date of change of control unless the 
Board decides otherwise.
External appointments
With the approval of the Board in each case, and subject to the overriding requirements of the Group, Executive Directors 
may act as Non-Executive Directors to other companies and retain any fees received.
113
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Financials
Governance
Strategic
Business overview 

Annual Report on Remuneration
The following section provides details of how the Remuneration Policy was implemented during the year.
Remuneration Committee membership in FY2024
The Committee met four times during the year under review. Attendance by individual Committee 
members at meetings is below.
Committee member
Member throughout FY2024
Number of meetings attended
Dean Moore1
No
1/1
Amelia Murillo
Yes
4/4
Jeffrey Jackson
Yes
4/4
1	
Dean Moore resigned from the Board effective 19 October 2023 and attended the maximum number of meetings possible while a 
director.
During the year, the Committee sought internal support from the Executive Chairman and Chief 
Financial Officer, who attended Committee meetings by invitation from the Chair to advise on specific 
questions raised by the Committee and on matters relating to the performance and remuneration 
of senior managers. No individuals are involved in decisions relating to their own remuneration. The 
Company Secretary attended each meeting as Secretary to the Committee.
Agenda during FY2024
The agenda during FY2024 included:
•	
Approval of the FY2023 Remuneration 
Committee Report;
•	
Review of the five-year aggregated LTIP award 
framework for our Executive Directors and 
key senior managers which is aligned with 
the achievement and outperformance of 
the Company’s five-year plan announced in 
June 2022;
•	
Evaluation of share award proposals for senior 
managers for FY2024;
•	
Review of Executive Directors’ shareholdings;
•	
Review and approval of the vesting in full for 
the LTIP FY2021 vesting;
•	
Annual employee and on-appointment LTIP 
awards;
•	
Severance packages;
•	
Consideration of advisory bodies’ and 
institutional investors’ current guidelines on 
executive compensation;
•	
Review and ratification of the Remuneration 
Policy and remuneration packages for 
Executive Directors and the fees payable 
to our Non-Executive Directors for FY2024, 
incorporating institutional investor feedback;
•	
Review and approval of modifications to the 
targets for the FY2024 annual bonus plan to 
take into consideration the impact of the Murat 
Ticaret acquisition;
•	
Evaluation of the proposal for the annual bonus 
plan for FY2025;
•	
Review of the succession planning status for 
the top 20 management positions; and
•	
Review and approval of updated Terms of 
Reference for the Remuneration Committee.
Advisers
In undertaking its responsibilities, the Committee 
seeks independent external advice as necessary. To 
this end, for the year under review, the Committee 
continued to retain the services of Mercer as the 
principal external advisers to the Committee. The 
Committee evaluates the support provided by 
its advisers annually and is comfortable that the 
Mercer team provides independent remuneration 
advice to the Committee and does not have any 
connections that may impair independence.
Fees of £89,690 (FY2023: £95,923) were paid to 
advisers in respect of work carried out for the year 
under review.
Summary of shareholder voting at the 
FY2023 AGM
It is the Remuneration Committee’s policy to 
consult with major shareholders prior to any major 
changes to its Executive Directors’ remuneration 
structure. The table below shows the results of the 
vote on the FY2023 Remuneration Report at the 
AGM on 27 July 2023.
FY2023 Remuneration Report
Total number of 
votes
% of 
votes cast
For (including 
discretionary)
102,705,873
95.72%
Against
4,597,213
4.28%
Total votes 
cast (excluding 
withheld 
votes)1
107,303,086
Votes withheld
24,964
Total votes 
cast (including 
withheld votes)
107,328,050
1	
A withheld vote is not a vote in law and is not counted in the 
calculation of the proportion of votes cast for and against a 
resolution.
Remuneration Committee Report  continued
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
114

Single figure of Executive Director remuneration
The table below sets out a single figure for the total remuneration received by each Executive Director for the year ended 31 
March 2024 and the prior year:
Name
Year
Salary
GBP
Benefits1
GBP
Pension2
GBP
Annual 
bonus3
GBP
LTIP
GBP
Total 
Variable 
Pay
GBP
Total Fixed 
Pay
GBP
Total
GBP
Lord Rothschild
2024
£390,000
£24,755
£39,000
£382,200
£1,315,764 £1,697,964
£453,755
£2,151,719
2023
£341,810
£2,973
£30,568
£341,810 £1,958,4004 £2,300,210
£375,351
£2,675,561
Jon Boaden
2024
£263,520
£3,162
£15,731
£258,250
£630,470
£888,720
£282,413
£1,171,133
2023
£244,157
£3,404
£16,996
£244,157
£202,5004
£446,657
£264,557
£711,214
1	
Taxable value of benefits received in the year by Executives includes healthcare and life assurance.
2	
Pension: Jon Boaden participates in a money purchase scheme and receives a contribution from the Company equivalent to 6% of salary. Since FY2021, Lord 
Rothschild has received an annual pension contribution equivalent to 10% of salary.
3	
Annual bonus: The FY2024 targets were met and 98% of maximum bonuses were awarded. For FY2024, no bonus deferral has been applied as both Executive 
Directors have comfortably met their shareholding requirement. Lord Rothschild has been paid in shares.
4	
The prior year’s LTIP values have been restated to reflect the gain on vesting of the FY2020 LTIP awards for Lord Rothschild and Jon Boaden which vested on 10 
September 2022 and 1 December 2022 respectively. The award for Lord Rothschild was calculated using a 288p share price. The calculation for Jon Boaden uses a 
270p share price.
Name
Year
Base fee
Committee fees
Additional Fee
Benefits
Total
Dean Moore1
2024
£32,084
£5,833
£5,8333
 –
£43,750
 
2023
£55,000
£10,000
£10,0002
–
£75,000
Jeffrey Jackson
2024
£55,000
£10,000
 –
 –
£65,000
 
2023
£55,000
£10,000
 –
 –
£65,000
Sir Peter 
Westmacott
2024
£55,000
£10,000
£4,5133
–
£69,513
 
2023
£55,000
£10,000
 –
 –
£65,000
Amelia Murillo 
2024
£55,000
£10,000
 –
 –
£65,000
2023
£55,000
£10,000
 –
 –
£65,000
John Wilson4
2024
£24,820
£4,513
 –
 –
£29,333
2023
 –
 –
 –
 –
 –
1	
Dean Moore resigned from the Board effective the 19 October 2023.
2	
As the Senior Independent Director, Dean Moore received this additional fee as per the fee table below. 
3	
With effect from 19 October 2023, Sir Peter Westmacott was appointed as the Senior Independent Director after the resignation of Dean Moore and receives this 
additional fee as per the fee table below.
4	
With effect from 19 October 2023, John Wilson was appointed to the Board.
The Non-Executive Directors are not eligible for bonuses or retirement benefits and cannot participate in any share plan 
operated by the Company. The base fees during the year and for FY2025 are:
Fee1
FY2025
FY2024
Non-Executive Director base fee
£55,000
£55,000
Senior Independent Director fee
£10,000
£10,000
Chair of Committee additional fee
£10,000
£10,000
1	
Remuneration comprises an annual fee for acting as a Non-Executive Director of the Company. Additional fees are paid to Non-Executive Directors in respect of 
their service as Chair of a Board Committee.
115
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Financials
Governance
Strategic
Business overview 

Incentive outcomes for the year ended 31 March 2024
Annual bonus in respect of FY2024 performance
For FY2024, the maximum bonus potential for the Executive Directors was set at 100% of basic annual salary with 70% 
based on achieving an operating profit target, 10% linked to a working capital target and 20% based on achieving personal 
objectives. Both the operating profit and working capital targets were defined to ensure the delivery of an operating 
margin of between 9 and 10% in line with the Group’s five-year strategy. The Company delivered an improved operating 
margin of 9.8%, achieving the level required for a 100% achievement and also reduced its working capital as a percentage of 
sales by 160 basis points compared to the target.
As a result of performance against the criteria, the Committee determined that bonuses of 98% for Lord Rothschild and 98% 
for Jon Boaden had been earned. Both Executive Directors are currently meeting the minimum shareholding requirement. 
The Committee has authorised that the bonus for Jon Boaden should be paid fully in cash for FY2024 and that the bonus for 
Lord Rothschild should be paid fully in immediately vested shares with no deferral period applied.
LTIPs 
The following LTIP awards vested on 18 December 2023.
Name
Date of grant
Number of 
shares granted
Performance 
conditions
Performance 
outcome
Multiplier 
performance 
condition
Performance 
outcome
Number of 
shares vesting
Share price on 
vesting
Value of awards 
on vesting date
Lord 
Rothschild
18 December 2023
240,000
50% cumulative 
operating profit
50% relative TSR
100%
Absolute 
TSR 167.4%
401,760
327.5p
£1,315,764
Jon Boaden 18 December 2023
115,000
50% cumulative 
operating profit
50% relative TSR
192,510
£630,470
These awards were granted in FY2021 and were subject to performance conditions measured over three financial years. 
Vesting of 50% of the award was subject to targets based on relative TSR performance and 50% based on cumulative 
operating profit. Performance of the Company exceeded the stretch targets for these metrics, with the Company ranked 
above the upper quartile in terms of relative TSR against its peers and cumulative operating profit of $166.4m compared 
to a stretch target of $160m. The awards were also subject to a potential multiplier based on absolute TSR performance 
whereby 100% growth in TSR over the three-year performance period would result in the awards being doubled, with the 
Company achieving a TSR of 83.7% over the three years. The Committee, having assessed the performance conditions, 
determined that a multiplier of 167.4% should be applied based on the TSR performance over the performance period. 
The resulting vested awards are subject to a two-year holding period.
Scheme interests awarded in FY2024
No awards were granted during the year under the LTIP 
for the Executive Directors as a result of the five-year 
performance share awards made in FY2023. 
Non-Executive Director fees
There was no increase in the Non-Executive Director fees 
during FY2024. This continues to be reviewed by the Board 
on an annual basis. The most recent increase to the Non-
Executive Director fees occurred in FY2021. 
Payments for loss of office
No Executive Director or PDMR lost their office during 
FY2024.
Payments to past Directors
No payments were made to past Directors during the year.
Remuneration Committee Report  continued
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
116

Eight-year TSR performance review and CEO single figure
The following graph charts the TSR of the Company and the FTSE All-Share, FTSE All-Share Electronic and Electrical 
Equipment and FTSE AIM All-Share indices over the eight-year period from March 2016 to March 2024. In the opinion of the 
Directors, these indices are the most appropriate against which the total shareholder return of Volex should be measured.
0
400
600
1000
1200
1400
1600
Volex
FTSE All-Share
FTSE All-Share Electronic & Electrical Equipment
FTSE AIM All-Share Index
Jan-16
Apr-17
Jul-17
Oct-17
Jan-18
Apr-18
Jul-18
Oct-18
Jan-19
Apr-19
Jul-19
Oct-19
Jan-20
Apr-20
Jul-20
Oct-20
Jan-21
Apr-21
Jul-21
Oct-21
Jan-22
Jan-23 
Apr-22
Jul-22
Oct-22
Total shareholder return (re-based to 100)
Jan-17
Jan-24
Apr-23
Jul-23
Oct-23
Apr-17
Jul-17
Oct-17
Jul-16
Oct-16
800
 Note: TSR is calculated on a common currency basis.
The table below details the single figure remuneration for the Executive Chairman over the same period.
2017
2018
2019
2020
2021
2022
2023
2024
Executive Chairman 
single figure of 
remuneration (£’000)
392
534
620
1,657
1,597
1,388
2,6761
2,152
Annual bonus payout 
(% of maximum)
50%
74%
97%
98%
98%
56%
100%
98%
PSP/LTIP vesting (% 
of maximum)
0%
0%
88%
100%
100%
100%
100%
100%
1	
The total annual remuneration figure FY2023 for our Executive Chairman has been restated in line with our single figure remuneration disclosures on page 115.
117
www.volex.com
Financials
Governance
Strategic
Business overview 

Implementation of Executive Director Remuneration 
Policy for FY2025
Base salary
Market positioning of base salary is approached on an individual basis, taking account of advice received 
from the Committee’s independent advisers on the rates of salary for similar roles in selected groups of 
comparable companies and the individual performance and experience of each Executive. Each role has 
been independently evaluated and this job evaluation reference provides the Committee with a more 
precise reference for assessing the competitiveness of Executive compensation, with consideration being 
given to base, total cash-based compensation and total direct compensation. The aim is for overall levels 
of remuneration to be at or around market median through base salary and bonus that is set around the 
lower quartile, but with long-term incentives set above median.
The Committee reviewed salaries during the year and agreed that salaries for Lord Rothschild and for Jon 
Boaden should be increased in line with the UK workforce average of 6%. As a result of these changes the 
current salaries remain at or below the lower quartile for similarly-sized engineering businesses.
Base salary in 
place prior to 
review
Base salary 
effective from 
1 April 2024
Percentage 
increase from 
1 April 2024
Lord Rothschild
£390,000
£413,400
6%
Jon Boaden
£263,520
£279,331
6%
Pension
The Chief Financial Officer receives a pension contribution of 6% of salary through a salary sacrifice 
arrangement and, in addition, the National Insurance savings for both the employee and the employer 
are reinvested into the employee’s monthly contribution. This is a standard arrangement for our UK-
based employees. The Executive Chairman receives a pension contribution of 10% of salary.
Annual bonus
The annual bonus for FY2025 will operate on the criteria set out in the Policy. The Committee has 
approved a maximum annual bonus opportunity of 100% of salary for the Executive Directors. Proposed 
target levels have been set to be challenging relative to the FY2025 business plan and will, as for FY2024, 
be weighted towards financial measures and will retain an element for the achievement of personal 
objectives. The Committee has decided not to publish performance targets prospectively due to the 
information being considered commercially sensitive. As in FY2024, subject to the Directors continuing to 
meet the share ownership guidelines, it is intended that these will be paid in cash or fully vested shares 
without deferral.
LTIP
In FY2023, the Committee determined that awards in FY2023, FY2024 and FY2025 should be combined 
into a single award that would align the Executive Directors and a small number of senior leaders to the 
achievement and out-performance of the Company’s five-year plan, announced in June 2022. Under this 
award framework, awards would vest over two successive years, commencing on the fifth anniversary 
of the award date, to ensure that participants remain exposed to share price movements following the 
vesting of awards and to support the retention of our most senior talent beyond FY2027. For our Executive 
Directors and other participating individuals, the performance conditions are linked solely to our EBIT 
performance over three measurement periods. The first measurement period runs to the financial year 
ending March 2025, the second measurement period runs to the financial year ending March 2026 and 
the third and final measurement period runs to the financial year ending March 2027, with the first 
vesting date being 6 December 2027 and the second vesting date being 6 December 2028.
Specific targets for future operating profit are deemed to be commercially sensitive and will not be 
published until such time that the Committee is confident there will be no adverse impact on the 
Company of such disclosure.
Remuneration Committee Report  continued
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
118

Non-Executive Director fees
The Board determined that there would be no change to Non-Executive Director fees for FY2025 after previously increasing 
them at the start of FY2022.
FY2024 
fees
FY2025 
fees
Base fees
Chairman
–
–
Non-Executive Director
£55,000
£55,000
Additional fees
Audit Committee Chair
£10,000
£10,000
Remuneration Committee Chair
£10,000
£10,000
Nominations Committee Chair
£10,000
£10,000
Safety, Environmental and Sustainability Committee Chair
£10,000
£10,000
Senior Independent Director
£10,000
£10,000
Directors’ interests
The table below shows the Directors’ interests in shares and the extent to which Volex’s shareholding guidelines are 
achieved.
Number 
of shares 
held as at 31 
March 2024 
(or date of 
resignation)
Current 
shareholding
(% salary/fees)
Shareholding1 
guideline
(as % of salary)
Guideline met
Lord Rothschild2
46,539,426
34,368%
100%
Yes
Jon Boaden3
34,061
37%
100%
Yes
Dean Moore4
18,636
n/a
n/a
n/a
Jeffrey Jackson
12,500
n/a
n/a
n/a
Sir Peter Westmacott
7,734
n/a
n/a
n/a
Amelia Murillo
55,776
n/a
n/a
n/a
John Wilson5
–
n/a
n/a
n/a
1	
The shareholding guidelines were approved by the Remuneration Committee in March 2014. The guidelines require the Executive Chairman and the Chief 
Financial Officer to acquire over time (to the extent they have not already done so) and maintain an ownership level of holdings of shares in Volex plc equal to 
gross basic salary. There is no time limit defined for achieving the target level. Senior Executives, as defined by the Remuneration Committee, must (unless a 
waiver is obtained from the Committee) retain a minimum of 50% of net shares (after statutory deductions) acquired under the relevant Employee Equity Plans 
until the relevant ownership level is met.
2	
Lord Rothschild’s shareholding is held directly and through NR Holdings Limited.
3	
Jon Boaden meets the guideline requirements based on the net of tax value of the vested but unexercised share options disclosed in the table below.
4	
Dean Moore resigned from the Board effective 19 October 2023.
5	
John Wilson was appointed to the Board effective 19 October 2023.
119
www.volex.com
Financials
Governance
Strategic
Business overview 

The table below shows the Executive and Non-Executive Directors’ interests in shares, which includes all shares owned 
beneficially together with those interests in shares which have vested and are no longer subject to deferral or performance 
conditions and may be included as an interest in shares under Volex’s shareholding guidelines, plus those shares and 
options over which future performance conditions remain.
Subject to performance
Shares held
Vested but 
unexercised
LTIP
Deferred 
bonus
Total
Lord Rothschild
46,539,426
–
1,092,500
–
47,631,926
Jon Boaden
34,061
417,5101
557,500
–
1,009,071
Jeffrey Jackson
12,500
–
–
–
Sir Peter Westmacott
7,734
–
–
–
–
Amelia Murillo
55,776
–
–
–
–
John Wilson
–
–
–
–
–
1	
The vested but unexercised column includes 192,510 shares for Jon Boaden that vested in December 2023 as a result of the FY2021 which included a multiplier 
mechanism linked to Absolute TSR. The methodology that determined these awards is set out above on page 116 of this Remuneration Report.
Directors’ interests in shares and options under Volex PSP and LTIP
Details of the Directors’ interests in long-term incentive schemes are set out below. Details, including an explanation of the 
movements during FY2024, are set out on page 116 of this Remuneration Report.
Directors’ interest in shares and options under the Volex Long Term Incentive Plan (LTIP).
Number 
of shares 
subject to 
options held 
at 2 April 2023
Number of 
shares subject 
to LTIP options 
granted 
during FY2024
Number of 
shares subject 
to LTIP options 
exercised 
during FY2024
Number of 
shares from 
multiplier 
FY2024
Number 
of shares 
subject to 
option held 
at 31 March 
2024
Exercise price 
of shares 
subject to 
LTIP options 
(£)
Lord Rothschild
1,672,500
–
(1,081,760)
501,760
1,092,500
–
Jon Boaden
897,500
 –
–
77,510
975,010
0–0.25
The Remuneration Committee Report was approved by the Board of Directors on 26 June 2024 and signed on its behalf by:
Amelia Murillo
Chair of the Remuneration Committee
Remuneration Committee Report  continued
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
120

Directors’ Report
The Directors of the Company present their Annual Report 
and audited consolidated financial statements for the year 
ended 31 March 2024 in accordance with section 415 of the 
Companies Act 2006.
As permitted by Paragraph 1A of Schedule 7 to the 
Large and Medium-sized Companies and Groups 
(Accounts and Reports) Regulations 2008 certain 
matters which are required to be disclosed in the 
Report of the Directors have been omitted as they 
are included in the Strategic Report on pages 18 
to 81. These matters relate to a full review of the 
performance of the Group for the year, current 
trading and future outlook. The statement by the 
Directors in performance of their statutory duties 
in accordance with section 172(1) Companies Act 
2006 is provided on pages 80 to 81.
Results and dividend
Results for the year ended 31 March 2024 are set 
out in the Consolidated Income Statement on 
page 134.
The Board is recommending payment of a final 
dividend of 2.8 pence per share for the 52 weeks 
ended 31 March 2024 (FY2023: 2.6 pence). Together 
with the interim dividend of 1.4 pence per share 
paid on 10 January 2024 (FY2023: 1.3 pence), this 
makes a total for the year of 4.2 pence (FY2023:  
3.9 pence).
Important events since the end 
of the financial year
In June 2024 the Group completed a refinancing 
of its banking facilities, with an eight-bank club. 
An enlarged $600 million facility replaced the 
Group’s existing $300 million multicurrency 
revolving credit facility. The new facility has an 
initial four-year term, with an extension option for 
one additional year. It comprises a $400 million 
revolving credit facility and an additional $200 
million uncommitted accordion. The new facility 
is unsecured, with improved interest margins 
and an improved net debt to underlying EBITDA 
covenant.
Directors
The Directors who were in office during the year 
and up to the date the financial statements were 
signed are as follows:
Executive Directors	
Lord Rothschild
Jon Boaden	
Non-Executive Directors	
Sir Peter Westmacott
Amelia Murillo	
Jeffrey Jackson	
John Wilson	
	
Dean Moore was also a Director of the Company 
during the financial year, until his resignation with 
effect from 19 October 2023.
Biographical details of the Directors currently 
serving on the Board and their dates of 
appointment are set out on pages 84 to 85.
Powers of Directors
The Directors may exercise all the powers of 
the Company, subject to any restrictions in the 
Company’s Articles of Association, any relevant 
legislation and any directions given by the 
Company, by passing a special resolution at a 
general meeting.
In particular, the Directors may exercise all the 
powers of the Company to borrow money, subject 
to the limitation that the aggregate amount of 
all money borrowed by the Group and owing to 
persons outside the Group shall not, without the 
sanction of an ordinary resolution of the Company, 
exceed an amount equal to three times the 
aggregate of the Group’s capital and reserves, 
calculated in the manner prescribed by the 
Company’s Articles of Association.
Appointment and replacement 
of Directors
The Company’s approach to the appointment and 
replacement of Directors is governed by its Articles 
of Association (together with relevant legislation).
The number of Directors should be no fewer than 
three and no more than 15. Directors may be 
appointed by the Company by ordinary resolution 
or by the Board of Directors.
At each Annual General Meeting, all Directors 
who (i) were appointed by the Board since the 
last Annual General Meeting, (ii) held office at 
the time of the two preceding Annual General 
Meetings and who did not retire at either of them, 
or (iii) have held office (other than employment or 
executive office) for a continuous period of nine 
years or more, shall automatically retire.
At the meeting at which the Director retires, 
the members may pass an ordinary resolution 
to fill the office being vacated by electing the 
retiring Director or some other person eligible for 
appointment to that office. In default, the retiring 
Director shall be deemed to have been elected 
or re-elected (as the case may be) unless (i) it is 
expressly resolved at the meeting not to fill the 
vacated office or the resolution of such election 
or re-election is put to the meeting and lost, or 
(ii) such Director has given notice that he or she 
is unwilling to be elected or re-elected, or (iii) the 
procedural requirements set out in the Company’s 
Articles of Association are contravened.
121
www.volex.com
Financials
Governance
Strategic
Business overview 

The Company may, by ordinary resolution, remove 
any Director before the expiration of his or her 
term of office.
As set out in the Company’s Articles of Association, 
there are also circumstances where a Director 
will immediately cease to hold office. These 
circumstances include where he or she is 
prohibited by law from being or acting as a Director 
or where he or she has been made bankrupt.
Directors’ indemnities and 
insurance
In accordance with the Companies Act 2006 
and the Company’s Articles of Association, 
the Company has purchased Directors’ and 
Officers’ Liability Insurance. This qualifying third 
party indemnity, in line with section 234 of the 
Companies Act, was in force throughout the last 
financial year and is currently in force at the date 
of this report. The Company reviews its insurance 
policies on an annual basis in order to satisfy itself 
that its level of cover remains adequate.
Directors’ share interests
The number of ordinary shares of the Company 
in which the Directors are beneficially interested 
at 31 March 2024 is set out in the Remuneration 
Committee Report on page 119.
Articles of Association
Any amendments to the Articles of Association of 
the Company may be made by special resolution 
of the shareholders.
Share capital
Details of the Company’s share capital are set 
out in note 23 to the financial statements. The 
Company’s share capital consists of one class of 
ordinary shares which do not carry rights to fixed 
income. As at 31 March 2024, there were 181,617,533 
ordinary shares of 25p each in issue.
A new authority to allot shares will be sought at 
the forthcoming Annual General Meeting.
Voting rights
Ordinary shareholders are entitled to receive 
notice of, and in normal circumstances to 
attend and speak at, general meetings. Each 
shareholder present in person or by proxy (or by 
duly authorised corporate representative) shall, 
on a show of hands, have one vote. On a poll, each 
shareholder present in person or by proxy shall 
have one vote for each share held.
Restrictions on transfer of shares
Other than the general provisions of the Articles of 
Association (and prevailing legislation) there are no 
specific restrictions on the size of a holding or on 
the transfer of the ordinary shares.
The Directors are not aware of any agreements 
between the Company’s shareholders that may 
result in the restriction of the transfer of securities 
or on voting rights. No shareholder holds securities 
carrying any special rights or control over the 
Company’s share capital.
Significant shareholders
The Company has been advised of the following notifiable direct and indirect interests in 3% or more of its 
issued share capital as at 31 May 2024.
Shareholder
Number of ordinary shares 
of 25p each
Percentage of total 
voting rights
NR Holdings Limited1
46,539,426
25.62
Investec Wealth & Investment
10,870,697
5.99
Hargreaves Lansdown, stockbrokers (EO)
9,351,580
5.15
Interactive Investor (EO)
6,547,084
3.60
abrdn 
6,142,285
3.38
Herald Investment Management
5,820,760
3.20
1	
The Executive Chairman, Lord Rothschild, is a beneficiary of NR Holdings Limited. The number of shares noted here also includes those he 
holds directly.
Directors’ Report  continued
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
122

Authority to purchase 
own shares
The Company was authorised by shareholder 
resolution at the 2023 Annual General Meeting 
to purchase up to 10% of its issued share capital. 
No shares were purchased pursuant to this 
authority during the year. A resolution to renew 
this authority will be proposed at the forthcoming 
Annual General Meeting. Under this authority, any 
shares purchased will either be cancelled, resulting 
in a reduction of the Company’s issued share 
capital, or held in treasury.
Employee share schemes
The Company does not have any employee share 
schemes with shares which have rights with 
regard to the control of the Company that are not 
exercisable directly by the employees. 
Significant agreements/change 
of control
The Company is a party to a revolving credit facility 
in which the counterparties can determine whether 
or not to cancel the agreement where there has 
been a change of control of the Company.
Details of the Directors’ service contracts can be 
found in the Remuneration Committee Report on 
pages 112 to 113.
Future developments
The development of the business is detailed in the 
Strategic Report on pages 18 to 81.
Research and development
The Company’s research and development 
activities are focused on driving innovation 
throughout the product portfolio, to enable it 
to deliver new or enhanced customer-specific 
connection solutions. We have continued to recruit 
design and development expertise and pursue the 
development of patents where relevant.
Employees
The Company’s disclosures on employee policies 
and involvement can be found in the Sustainability 
Report on pages 71 to 75.
The Company engages with its employees as a 
key stakeholder and employee involvement is 
encouraged by the Board, as common goals and 
awareness of the Company’s strategy play a major 
role in delivering its strategic objectives. 
The Company is an equal opportunity employer 
and provides training, performance evaluation 
and opportunities for advancement and career 
development. The Company recognises its 
responsibility to employ disabled persons in 
suitable employment and gives full and fair 
consideration to such persons, including any 
employee who becomes disabled, having regard 
to their particular aptitudes and abilities. Where 
practicable, disabled employees are treated 
equally with all other employees in respect of their 
eligibility for training, career development and 
promotion. Further details on how the Company 
communicates with its employees as a key 
stakeholder group and has regard to their interests 
can be found in the Section 172 statement on 
pages 80 to 81.
Relationships with suppliers, 
customers and other business 
partners
Information on the Company’s management of 
its business relationships can be found in the 
Strategic Report on pages 78 to 79.
Corporate governance
The Company follows and complies with, subject 
to some exceptions, the provisions of the Quoted 
Companies Alliance’s Corporate Governance Code. 
The Company’s corporate governance practice is 
outlined in the Corporate Governance Report on 
pages 88 to 95.
Political and charitable 
donations
The Group regularly contributes to local 
communities through fundraising and charity 
events. The Company did not make any political 
donations during the year.
Energy use and emissions
The disclosures on energy use and greenhouse 
gas emissions are made within the Sustainability 
Report on pages 71 to 72.
Financial risk management
The Company’s objectives and policies on financial 
risk management, including information on the 
exposure of the Company to strategic, operational, 
financial and compliance risks and in relation to 
the use of financial instruments, are set out in note 
31 to the financial statements and in the Group 
Risk Management section on pages 49 to 55.
Overseas branches
During the year, a branch of the Company was 
established in Italy. Other than this, no new or 
additional overseas branches were established.
123
www.volex.com
Financials
Governance
Strategic
Business overview 

Going concern statement
The Group’s financial statements have been 
prepared on the going concern basis, which 
contemplates the continuity of normal business 
activity with the realisation of assets and the 
settlement of liabilities in the normal course of 
business. When assessing the going concern 
status of the Group, the Directors have considered 
in particular its financial position, including its 
significant balance of cash and cash equivalents 
and the borrowing facility in place, including its 
terms, remaining duration and covenants.
The Directors have prepared a cash flow forecast 
for the period to end of September 2025, which 
is based on the FY2025 Board-approved budget. 
The Directors have performed sensitivity analysis 
on the cash flow forecast using a base case and 
downside scenario that take into account the 
principal risks and uncertainties set out on pages 
49 to 55 of the Annual Report. The Directors have 
considered the potential impact of climate-related 
physical and transition risks as part of the going 
concern assessment and do not believe there 
to be a significant impact in the going concern 
period. The severe but plausible downside scenario 
models a 15% reduction in year-on-year revenue, 
equivalent to the worst result in the last 20 years, 
and still provides significant covenant and liquidity 
headroom. Subsequent to the year end, the Group 
has taken advantage of favourable conditions to 
increase and extend its credit facilities, thereby 
further enhancing covenant compliance and 
liquidity headroom.
Based on their assessment and these sensitivity 
scenarios, the Directors are satisfied that there 
are no material uncertainties regarding the 
Group’s going concern status and that there is 
a reasonable expectation that the Group has 
adequate resources to continue in operational 
existence for at least twelve months from the 
date of approval of the financial statements. The 
Directors, therefore, consider it appropriate to 
adopt the going concern basis of accounting in 
preparing the financial statements.
Auditors and disclosure of 
information to auditors
Each of the persons who is a Director at the date of 
approval of this Annual Report confirms that:
•	
So far as the Director is aware, there is no 
relevant audit information of which the 
Company’s auditors are unaware; and
•	
The Director has taken all the steps that he 
or she ought to have taken as a Director in 
order to make himself or herself aware of any 
relevant audit information and to establish 
that the Company’s auditors are aware of that 
information.
The above confirmation is given and should be 
interpreted in accordance with the provisions of 
Section 418 of the Companies Act 2006.
PricewaterhouseCoopers LLP have expressed 
their willingness to continue in office as auditors 
and a resolution seeking to reappoint them will 
be proposed at the forthcoming Annual General 
Meeting.
Annual General Meeting
The Company’s Annual General Meeting will be 
held on 1 August 2024. Details of the arrangements 
and the resolutions to be proposed are set out in a 
separate Notice of Annual General Meeting. 
This report was approved by the Board of Directors 
of Volex plc and signed on its behalf by:
Jon Boaden
Chief Financial Officer
26 June 2024
Directors’ Report  continued
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
124

Statement of Directors’ Responsibilities   
in respect of the financial statements
The Directors are responsible for preparing the Annual 
Report and the financial statements in accordance with 
applicable law and regulation.
Company law requires the Directors to prepare 
financial statements for each financial year. Under 
that law the Directors have prepared the Group 
financial statements in accordance with UK-
adopted international accounting standards and 
the Company financial statements in accordance 
with United Kingdom Generally Accepted 
Accounting Practice (United Kingdom Accounting 
Standards, comprising FRS 101 “Reduced 
Disclosure Framework”, and applicable law).
Under company law, Directors must not approve 
the financial statements unless they are satisfied 
that they give a true and fair view of the state of 
affairs of the Group and Company and of the profit 
or loss of the Group for that period. In preparing 
the financial statements, the Directors are 
required to:
•	
Select suitable accounting policies and then 
apply them consistently;
•	
State whether applicable UK-adopted 
international accounting standards have been 
followed for the Group financial statements 
and United Kingdom Accounting Standards 
comprising FRS 101 have been followed for the 
company financial statements, subject to any 
material departures disclosed and explained in 
the financial statements;
•	
Make judgements and accounting estimates 
that are reasonable and prudent; and
•	
Prepare the financial statements on the going 
concern basis, unless it is inappropriate to 
presume that the Group and Company will 
continue in business.
The Directors are also responsible for safeguarding 
the assets of the Group and Company and hence 
for taking reasonable steps for the prevention and 
detection of fraud and other irregularities.
The Directors are responsible for keeping adequate 
accounting records that are sufficient to show and 
explain the Group’s and Company’s transactions 
and disclose with reasonable accuracy at any time 
the financial position of the Group and Company 
and enable them to ensure that the financial 
statements comply with the Companies Act 2006.
The Directors are responsible for the maintenance 
and integrity of the Company’s website. Legislation 
in the United Kingdom governing the preparation 
and dissemination of financial statements may 
differ from legislation in other jurisdictions.
On behalf of the Board
Rothschild	
Executive Chairman	
Jon Boaden
Chief Financial Officer
26 June 2024
125
www.volex.com
Financials
Governance
Strategic
Business overview 

Independent Auditors’ Report to the Members of 
Volex Plc
Report on the audit of the 
financial statements
Opinion
In our opinion:
•	
Volex plc’s Group financial statements and 
Company financial statements (the ‘financial 
statements’) give a true and fair view of the 
state of the Group’s and of the Company’s 
affairs as at 31 March 2024 and of the Group’s 
profit and the Group’s cash flows for the 52 
week period then ended;
•	
The Group financial statements have been 
properly prepared in accordance with UK-
adopted international accounting standards 
as applied in accordance with the provisions of 
the Companies Act 2006;
•	
The Company financial statements have been 
properly prepared in accordance with United 
Kingdom Generally Accepted Accounting 
Practice (United Kingdom Accounting 
Standards, including FRS 101 ‘Reduced 
Disclosure Framework’, and applicable 
law); and
•	
The financial statements have been prepared 
in accordance with the requirements of the 
Companies Act 2006.
We have audited the financial statements, 
included within the Annual Report and 
Accounts (the ‘Annual Report’), which comprise: 
the Consolidated and Company Statements 
of Financial Position as at 31 March 2024 ; 
the Consolidated Income Statement and 
Consolidated Statement of Comprehensive 
Income, the Consolidated and Company 
Statements of Changes in Equity, and the 
Consolidated Statement of Cash Flows for the 
period then ended; and the notes to the financial 
statements, which include a description of the 
significant accounting policies.
Basis for opinion
We conducted our audit in accordance with 
International Standards on Auditing (UK) (‘ISAs 
(UK)’) and applicable law. Our responsibilities 
under ISAs (UK) are further described in the 
Auditors’ responsibilities for the audit of the 
financial statements section of our report. We 
believe that the audit evidence we have obtained 
is sufficient and appropriate to provide a basis for 
our opinion.
Independence
We remained independent of the Group in 
accordance with the ethical requirements that are 
relevant to our audit of the financial statements 
in the UK, which includes the FRC’s Ethical 
Standard, as applicable to other listed entities of 
public interest, and we have fulfilled our other 
ethical responsibilities in accordance with these 
requirements.
Our audit approach
Overview
Audit scope
•	
We conducted a full scope audit of 9 
components which were selected due to their 
size and risk characteristics.
•	
We conducted an audit of financial statements 
line items (FSLIs) on 4 components and 
specified audit procedures were performed on 
certain FSLIs at a further 1 component.
•	
This enabled us to obtain 75% coverage of 
revenue, 74% of profit before tax, adjusting 
items and share based payments and 72% 
of net assets of the Group. Desktop review 
procedures were performed on the remaining 
components.
•	
To ensure sufficient oversight of our 
component audit teams, the Group team 
performed a number of procedures 
throughout the audit which included directing 
the audit approach and procedures, site visits, 
conducting file reviews and meetings with 
local management and the component teams 
both remotely and in-person.
Key audit matters
•	
Accounting for business combinations (Group).
•	
Accounting for uncertain tax provisions 
(Group).
•	
Carrying value of investments in subsidiaries 
(Company).
Materiality
•	
Overall Group materiality: $3,483,000 (2023: 
$2,900,000) based on 4.5% of profit before tax, 
adjusting items and share based payments.
•	
Overall Company materiality: £2,500,000 
(2023: £2,339,000) based on 1% of total assets 
capped at allocated component materiality.
•	
Performance materiality: $2,612,000 (2023: 
$2,175,000) (Group) and £1,875,000 (2023: 
£1,754,000) (Company).
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
126

The scope of our audit
As part of designing our audit, we determined 
materiality and assessed the risks of material 
misstatement in the financial statements.
Key audit matters
Key audit matters are those matters that, in 
the auditors’ professional judgement, were of 
most significance in the audit of the financial 
statements of the current period and include 
the most significant assessed risks of material 
misstatement (whether or not due to fraud) 
identified by the auditors, including those which 
had the greatest effect on: the overall audit 
strategy; the allocation of resources in the audit; 
and directing the efforts of the engagement 
team. These matters, and any comments we 
make on the results of our procedures thereon, 
were addressed in the context of our audit of the 
financial statements as a whole, and in forming 
our opinion thereon, and we do not provide a 
separate opinion on these matters.
This is not a complete list of all risks identified 
by our audit. The key audit matters below are 
consistent with last year.
Key audit matter
How our audit addressed the key audit matter
Accounting for business combinations (Group)
As disclosed in note 2 and note 35 to the 
financial statements, during the year the Group 
acquired 100% of the issued share capital of 
Murat Ticaret Kablo A.Ş. (‘Murat Ticaret’). The 
transaction is considered to be a business 
combination under IFRS 3.
The acquisition resulted in $101.9m increase 
in intangible assets comprising customer 
relationships and order backlog.
Management utilised their inhouse specialism 
to determine the fair value of the assets and 
liabilities acquired.
The valuation of intangible assets recognised 
particularly customer relationships required 
significant management judgements. 
Given the complexity around the judgements 
and estimates associated with valuation 
of intangible assets, there is a risk that the 
valuation may be incorrect and as such this is a 
key audit matter.
We focused on this area due to the complexity around judgements 
and estimates made in valuing these assets. We undertook the 
following procedures:
•	 We have obtained and read management’s fair value assessment 
paper.
•	 We obtained management’s fair value calculations and discounted 
cash flows and evaluated the key judgements and estimates made 
by management in determining the fair value of the identified 
intangible assets and the associated useful life. 
•	 We utilised our valuation specialists to evaluate the methodology 
as well as key assumptions such as the discount rate and terminal 
growth rates used in the discounted cash flow models. 
•	 We benchmarked these to external data and challenged the 
assumptions based on our knowledge of the Group and the 
industries within which the businesses operate.
Based on our procedures, we found no material exceptions and 
overall considered management’s key assumptions to be within an 
acceptable range.
Although not part of the significant risk; 
•	 We obtained and reviewed the sale and purchase agreement.
•	 We obtained management’s fair value calculations of the 
consideration, including consideration for any contingent 
consideration and deferred consideration elements, and assessed 
the appropriateness of the calculations.
•	 For the assets and liabilities acquired, we tested a selection to 
support documentation and recalculated estimates to gain comfort 
over the fair value at acquisition. There were no material differences.
•	 We also reviewed the related disclosures in the notes to the 
financial statements for compliance with accounting standards and 
consistency with the results of our work, with no matters arising.
127
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Financials
Governance
Strategic
Business overview 

Independent Auditors’ Report to the Members of 
Volex Plc  continued
Key audit matter
How our audit addressed the key audit matter
Accounting for uncertain tax positions (Group)
As disclosed in notes 2, 10 and 21 to the financial 
statements, the Group operates in a number of 
jurisdictions and has recognised provisions for 
potential tax exposures, such as transfer pricing 
arrangements and changing tax legislation 
in various individual jurisdictions within the 
financial statements. As at 31 March 2024, the 
provision for uncertain tax positions was $11.9m 
(2023: $10.4m).The valuation and completeness 
of tax positions in the financial statements 
requires management judgement.
Given the complexity around the judgement 
and estimates made in arriving at the provision, 
there is a risk that the accounting treatment 
may be incorrect and as such this is a key audit 
matter.
We obtained management’s uncertain tax provisions calculations and 
evaluated the key judgements and estimates made by management.
•	 We used our tax specialists to evaluate the key assumptions made 
by management.
•	 We reviewed management’s future cash flow forecasts used to 
support the recognition of any tax benefits.
•	 We engaged with our overseas component teams in assessing the 
completeness of uncertain tax positions.
•	 We also reviewed the related disclosures in the notes to the 
financial statements for compliance with accounting standards and 
consistency with the results of our work.
Based on our procedures, we found no material exceptions and 
overall considered management’s key assumptions supporting the 
uncertain tax position estimates and judgments to be reasonable.
Carrying value of investments in subsidiaries 
(Company)
Refer to note 2 and note 5 of the Company 
financial statements. The Company holds 
investments amounting to £310.6m (2023: 
£191.8m) at 31 March 2024. The investments 
consist of £238.3m (2023: £140.3m) of 
investments in shares and £72.3m (2023: 
£51.5m) of loans.
Investments in subsidiaries are all stated at cost 
less provision for impairment while loans are 
carried at amortised cost.
As required by IAS 36, management has 
assessed if there is any indication that the 
investments balance may be impaired at the 
reporting date. If any such indication exists, the 
entity shall estimate the recoverable amount 
of the asset. The assessment of potential 
impairment indicators involves management 
judgement. No impairment indicators were 
identified by management at the reporting 
date and no impairment charge on investments 
has been recorded in the period ended 
31 March 2024.
We obtained management’s impairment assessment of the 
investment at the period end. 
We challenged management on the completeness of their 
assessment by comparing the items assessed with those required to 
be considered per the requirements of IAS 36 and our knowledge of 
the business.
We compared the carrying value of the investments to the net assets 
of the underlying subsidiaries to evaluate whether the carrying values 
are recoverable through the underlying assets.
We corroborated management’s assessment to the results of the 
goodwill impairment review at a Group level. No inconsistencies 
were noted.
We assessed the model used by management to calculate the 
impairment risk of intercompany receivables in line with IFRS 9 
Financial Instruments principles.
Based on the procedures performed, we noted no material issues 
arising from our work.
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
128

How we tailored the audit scope
We tailored the scope of our audit to ensure that 
we performed enough work to be able to give an 
opinion on the financial statements as a whole, 
taking into account the structure of the Group 
and the company, the accounting processes and 
controls, and the industry in which they operate.
In establishing the overall approach to the Group 
audit, we determined the type of work that 
needed to be performed by us, as the Group 
audit team, or through involvement of our 
component auditors. The Group operates across 
multiple countries in Asia, Europe and America. 
Our approach gives us sufficient coverage on all 
segments.
Where work was performed by component 
auditors, we determined the level of involvement 
we needed to have in the audit work for each 
reporting unit to be able to conclude whether 
sufficient appropriate audit evidence had been 
obtained as a basis for our opinion on the Group 
financial statements as a whole. We were able 
to perform site visits to Murat Ticaret and DE-
KA (Turkey), Volex Inc (Mexico), Volex (Asia) Pte 
(Singapore), PT Volex Indonesia and Suzhou 
(China). For all the other components, we 
conducted our oversight of the component teams 
through video conferencing and remote working 
paper reviews and other forms of communication 
as considered necessary to satisfy ourselves as to 
the appropriateness of audit work performed by 
our component teams.
The Group audit team performed the work over 
Servatron and the head office branch of the 
Company, with our component auditors in Poland 
performing the work in respect of the significant 
branches of the Company for which the books 
and records are located in that territory. The 
Group audit team performed the audit of the 
consolidation.
We identified 9 components which, in our view, 
required an audit of their complete financial 
information, either due to their size or risk 
characteristics. This included the operating 
subsidiaries in Turkey, Republic of Ireland, 
Indonesia, Mexico, and Poland. An audit of 
certain financial statements line items (FSLIs) 
was performed at a further 4 components while 
specified audit procedures were performed 
on certain financial statement line items at 1 
component. The above gave us coverage of 75% of 
revenue, 74% of profit before tax, adjusting items 
and share based payments, and 72% of net assets 
of the Group. Desktop review procedures were 
performed on all other components. As a whole, 
these procedures gave us the evidence we needed 
for our opinion on the Group financial statements.
The impact of climate risk on our audit
In planning our audit, we considered the potential 
impacts of climate change on the Group’s business 
and financial statements. We;
•	
made enquiries of management to understand 
the extent of the potential impact of climate 
risk on the Group’s and Company’s financial 
statements.
•	
reviewed management’s risk assessment and 
governance processes in place to address 
climate risk impacts.
•	
evaluated management’s assessment of 
the impact of climate risk on the financial 
statements, including the potential impact on 
the underlying assumptions and estimates.
•	
obtained an understanding of the carbon 
reduction commitments made by the Group 
and the potential implications of these for the 
financial statements.
•	
remained alert when performing our audit 
procedures for any indicators of the impact of 
climate risk.
Our procedures did not identify any material 
impact as a result of climate risk on the Group’s 
and Company’s financial statements.
Materiality
The scope of our audit was influenced by 
our application of materiality. We set certain 
quantitative thresholds for materiality. These, 
together with qualitative considerations, helped 
us to determine the scope of our audit and the 
nature, timing and extent of our audit procedures 
on the individual financial statement line items 
and disclosures and in evaluating the effect of 
misstatements, both individually and in aggregate 
on the financial statements as a whole.
129
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Financials
Governance
Strategic
Business overview 

Based on our professional judgement, we determined materiality for the financial statements as a whole 
as follows:
Financial statements – Group
Financial statements – Company
Overall 
materiality
$3,483,000 (2023: $2,900,000).
£2,500,000 (2023: £2,339,000).
How we 
determined it
4.5% (2023: 5%) of profit before tax, 
adjusting items and share based 
payments
1% (2023: 1%) of total assets capped at 
allocated component materiality.
Rationale for 
benchmark 
applied
We consider profit before tax, 
adjusting items and share-based 
payments to provide an accurate 
depiction of the underlying 
profitability of the business and 
to be the primary measure used 
by shareholders in assessing the 
performance of the Group.
Total assets was considered an 
appropriate benchmark to use due to 
the Company’s status primarily as an 
investment holding company. However, 
this would have given a materiality level 
in excess of the materiality allocated to 
the component determined through 
our Group scoping exercise. Accordingly, 
Company materiality was capped at the 
Group component materiality allocation.
Independent Auditors’ Report to the Members of 
Volex Plc  continued
For each component in the scope of our Group 
audit, we allocated a materiality that is less 
than our overall Group materiality. The range of 
materiality allocated across components was 
between $400,000 and $2,000,000. Certain 
components were audited to a local statutory 
audit materiality that was also less than our overall 
Group materiality.
We use performance materiality to reduce to 
an appropriately low level the probability that 
the aggregate of uncorrected and undetected 
misstatements exceeds overall materiality. 
Specifically, we use performance materiality 
in determining the scope of our audit and the 
nature and extent of our testing of account 
balances, classes of transactions and disclosures, 
for example in determining sample sizes. Our 
performance materiality was 75% (2023: 75%) of 
overall materiality, amounting to $2,612,000 (2023: 
$2,175,000) for the Group financial statements 
and £1,875,000 (202: £1,754,000) for the company 
financial statements.
In determining the performance materiality, we 
considered a number of factors – the history of 
misstatements, risk assessment and aggregation 
risk and the effectiveness of controls – and 
concluded that an amount at the upper end of our 
normal range was appropriate.
We agreed with those charged with governance 
that we would report to them misstatements 
identified during our audit above $162,500 (Group 
audit) (2023: $145,000) and £125,000 (company 
audit) (2023: £110,000) as well as misstatements 
below those amounts that, in our view, warranted 
reporting for qualitative reasons.
Conclusions relating to going concern
Our evaluation of the directors’ assessment of the 
Group’s and the company’s ability to continue 
to adopt the going concern basis of accounting 
included:
•	
Obtaining and reviewing the Group and 
Company cash flow forecasts for the going 
concern period, challenging the Directors’ 
assumptions used and verifying that these 
were consistent with our existing knowledge 
and understanding of the business, as well as 
with the Board-approved budget.
•	
Reviewing the Group and Company cash flow 
forecasts for both the base case and a severe 
but plausible downside scenario, evaluating 
the assumptions used, and verifying the 
Group’s and Company’s ability to maintain 
liquidity within the going concern period under 
these scenarios.
•	
Testing the model for mathematical accuracy 
and assessing the reasonableness of 
sensitivities performed by management.
•	
We read and understood the key terms of its 
committed debt facilities to understand the 
terms and tested compliance with the loan 
covenants.
•	
Assessing the adequacy of the disclosure 
provided in note 2 ‘Going Concern’ of the 
Group and Company financial statements.
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
130

Based on the work we have performed, we 
have not identified any material uncertainties 
relating to events or conditions that, individually 
or collectively, may cast significant doubt on the 
Group’s and the company’s ability to continue 
as a going concern for a period of at least twelve 
months from when the financial statements are 
authorised for issue.
In auditing the financial statements, we have 
concluded that the directors’ use of the going 
concern basis of accounting in the preparation of 
the financial statements is appropriate.
However, because not all future events or 
conditions can be predicted, this conclusion is not 
a guarantee as to the Group’s and the company’s 
ability to continue as a going concern.
Our responsibilities and the responsibilities of 
the directors with respect to going concern are 
described in the relevant sections of this report.
Reporting on other information
The other information comprises all of the 
information in the Annual Report other than the 
financial statements and our auditors’ report 
thereon. The directors are responsible for the 
other information, which includes reporting based 
on the Task Force on Climate-related Financial 
Disclosures (TCFD) recommendations. Our opinion 
on the financial statements does not cover the 
other information and, accordingly, we do not 
express an audit opinion or, except to the extent 
otherwise explicitly stated in this report, any form 
of assurance thereon.
In connection with our audit of the financial 
statements, our responsibility is to read the other 
information and, in doing so, consider whether 
the other information is materially inconsistent 
with the financial statements or our knowledge 
obtained in the audit, or otherwise appears to be 
materially misstated. If we identify an apparent 
material inconsistency or material misstatement, 
we are required to perform procedures to conclude 
whether there is a material misstatement of the 
financial statements or a material misstatement 
of the other information. If, based on the work 
we have performed, we conclude that there is a 
material misstatement of this other information, 
we are required to report that fact. We have 
nothing to report based on these responsibilities.
With respect to the Strategic Report and 
Directors’ Report, we also considered whether the 
disclosures required by the UK Companies Act 
2006 have been included.
Based on our work undertaken in the course of 
the audit, the Companies Act 2006 requires us 
also to report certain opinions and matters as 
described below.
Strategic Report and Directors’ Report
In our opinion, based on the work undertaken 
in the course of the audit, the information given 
in the Strategic Report and Directors’ Report for 
the period ended  is consistent with the financial 
statements and has been prepared in accordance 
with applicable legal requirements.
In light of the knowledge and understanding of 
the Group and company and their environment 
obtained in the course of the audit, we did not 
identify any material misstatements in the 
Strategic Report and Directors’ Report.
Responsibilities for the financial 
statements and the audit
Responsibilities of the directors for the 
financial statements
As explained more fully in the Statement of 
Directors’ Responsibilities, the directors are 
responsible for the preparation of the financial 
statements in accordance with the applicable 
framework and for being satisfied that they 
give a true and fair view. The directors are also 
responsible for such internal control as they 
determine is necessary to enable the preparation 
of financial statements that are free from material 
misstatement, whether due to fraud or error.
In preparing the financial statements, the directors 
are responsible for assessing the Group’s and the 
company’s ability to continue as a going concern, 
disclosing, as applicable, matters related to going 
concern and using the going concern basis of 
accounting unless the directors either intend to 
liquidate the Group or the company or to cease 
operations, or have no realistic alternative but to 
do so. 
Auditors’ responsibilities for the audit 
of the financial statements
Our objectives are to obtain reasonable assurance 
about whether the financial statements as a whole 
are free from material misstatement, whether due 
to fraud or error, and to issue an auditors’ report 
that includes our opinion. Reasonable assurance 
is a high level of assurance, but is not a guarantee 
that an audit conducted in accordance with ISAs 
(UK) will always detect a material misstatement 
when it exists. Misstatements can arise from fraud 
or error and are considered material if, individually 
or in the aggregate, they could reasonably be 
expected to influence the economic decisions 
of users taken on the basis of these financial 
statements.
Irregularities, including fraud, are instances of 
non-compliance with laws and regulations. We 
design procedures in line with our responsibilities, 
outlined above, to detect material misstatements 
in respect of irregularities, including fraud. The 
extent to which our procedures are capable 
of detecting irregularities, including fraud, is 
detailed below.
131
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Financials
Governance
Strategic
Business overview 

Based on our understanding of the Group and 
industry, we identified the principal risks of non-
compliance with laws and regulations related 
to compliance with corporate tax legislation in 
jurisdictions in which the Group operates, and we 
considered the extent to which non-compliance 
might have a material effect on the financial 
statements. We also considered those laws and 
regulations that have a direct impact on the 
financial statements such as the Companies Act 
2006. We evaluated management’s incentives and 
opportunities for fraudulent manipulation of the 
financial statements (including the risk of override 
of controls), and determined that the principal 
risks were related to posting inappropriate journal 
entries to manipulate financial results, risk of fraud 
in revenue recognition and potential management 
bias in accounting estimates. The Group 
engagement team shared this risk assessment 
with the component auditors so that they could 
include appropriate audit procedures in response 
to such risks in their work. Audit procedures 
performed by the Group engagement team and/or 
component auditors included:
•	
Enquiry of Directors, management and the 
Company’s in-house legal and compliance 
team around actual and potential non-
compliance with laws and regulations 
and fraud;
•	
Inspection of supporting documentation 
where appropriate.
•	
Reviewing minutes of meetings of the Board 
of Directors
•	
Identifying and testing journal entries, in 
particular any journal entries posted with 
unusual account combinations.
•	
Challenging assumptions and judgements 
made by management in relation to their 
significant accounting judgements and 
estimates.
•	
Review of related work performed by the 
component audit teams, including their 
responses to risks related to management 
override of controls and to the risk of fraud 
in revenue recognition.
There are inherent limitations in the audit 
procedures described above. We are less likely to 
become aware of instances of non-compliance 
with laws and regulations that are not closely 
related to events and transactions reflected in 
the financial statements. Also, the risk of not 
detecting a material misstatement due to fraud is 
higher than the risk of not detecting one resulting 
from error, as fraud may involve deliberate 
concealment by, for example, forgery or intentional 
misrepresentations, or through collusion.
Our audit testing might include testing complete 
populations of certain transactions and balances, 
possibly using data auditing techniques. However, 
it typically involves selecting a limited number of 
items for testing, rather than testing complete 
populations. We will often seek to target particular 
items for testing based on their size or risk 
characteristics. In other cases, we will use audit 
sampling to enable us to draw a conclusion about 
the population from which the sample is selected.
A further description of our responsibilities 
for the audit of the financial statements is 
located on the FRC’s website at: www.frc.org.uk/
auditorsresponsibilities. This description forms part 
of our auditors’ report.
Use of this report
This report, including the opinions, has been 
prepared for and only for the company’s members 
as a body in accordance with Chapter 3 of Part 
16 of the Companies Act 2006 and for no other 
purpose. We do not, in giving these opinions, 
accept or assume responsibility for any other 
purpose or to any other person to whom this 
report is shown or into whose hands it may come 
save where expressly agreed by our prior consent 
in writing.
Other required reporting
Companies Act 2006 exception 
reporting
Under the Companies Act 2006 we are required to 
report to you if, in our opinion:
•	
We have not obtained all the information and 
explanations we require for our audit.
•	
Adequate accounting records have not been 
kept by the company, or returns adequate 
for our audit have not been received from 
branches not visited by us.
•	
Certain disclosures of directors’ remuneration 
specified by law are not made.
•	
The company financial statements are not in 
agreement with the accounting records and 
returns.
We have no exceptions to report arising from this 
responsibility.
Richard Porter (Senior Statutory Auditor)
for and on behalf of 
PricewaterhouseCoopers LLP
Chartered Accountants and Statutory Auditors
London
26 June 2024
Independent Auditors’ Report to the Members of 
Volex Plc  continued
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
132

Financials 
Report
 Contents
Consolidated Income Statement
134
Consolidated Statement of 
Comprehensive Income
135
Consolidated Statement of  
Financial Position
136
Consolidated Statement of  
Changes in Equity
137
Consolidated Statement of 
Cash Flows
138
Notes to the Consolidated Financial 
Statements
139
Company Statement of  
Financial Position
182
Company Statement of  
Changes in Equity
183
Notes to the Company 
Financial Statements
184
Alternative Performance Measures
197
Five Year Summary
199
Shareholder Information
200
133
www.volex.com
Financials
Governance
Strategic
Business overview 

2024
2023
 
Notes
Before 
adjusting
items and 
share-based 
payments 
$’m
Adjusting
items and 
share-based 
payments 
 (Note 4)
$’m
Total
 $’m
Before
 adjusting
items and 
share-based 
payments 
$’m
Adjusting
items and 
share-based 
payments 
 (Note 4) 
$’m
Total 
$’m
Revenue
3
912.8
–
912.8
722.8
–
722.8
Cost of sales
(710.0)
–
(710.0)
(565.8)
–
(565.8)
Gross profit
202.8
–
202.8
157.0
–
157.0
Operating expenses
(113.1)
(25.8)
(138.9)
(89.7)
(13.5)
(103.2)
Operating profit
7
89.7
(25.8)
63.9
67.3
(13.5)
53.8
Share of net profit from 
associates
16
3.2
–
3.2
1.1
–
1.1
Finance income
5
1.3
–
1.3
0.4
–
0.4
Finance costs
6
(16.8)
–
(16.8)
(9.5)
–
(9.5)
Profit before taxation
77.4
(25.8)
51.6
59.3
(13.5)
45.8
Taxation
10
(15.9)
4.5
(11.4)
(10.7)
2.3
(8.4)
Profit for the period
61.5
(21.3)
40.2
48.6
(11.2)
37.4
Profit is attributable to:
Owners of the parent
60.5
(21.2)
39.3
48.0
(11.2)
36.8
Non-controlling interests
1.0
(0.1)
0.9
0.6
–
0.6
61.5
(21.3)
40.2
48.6
(11.2)
37.4
Earnings per share (cents)
Basic 
11
33.7
21.8
30.2
23.2
Diluted
11
33.0
21.4
28.8
22.1
All activities were in respect of continuing operations. 
The notes on pages 139 to 181 are an integral part of these financial statements.
Consolidated Income Statement
For the 52 weeks ended 31 March 2024 (52 weeks ended 2 April 2023)
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
134

Consolidated Statement of Comprehensive Income
For the 52 weeks ended 31 March 2024 (52 weeks ended 2 April 2023)
Notes
2024
$’m 
2023
$’m 
Profit for the period
40.2
37.4
Items that will not be reclassified subsequently to profit or loss
Actuarial loss on defined benefit pension schemes
30
(0.2)
(0.5) 
Tax relating to items that will not be reclassified
0.1
0.1
(0.1)
(0.4)
Items that may be reclassified subsequently to profit or loss
Gain arising on cash flow hedges during the period
0.1
1.4
Exchange gain/(loss) on translation of foreign operations
0.7
(7.0)
Tax relating to items that may be reclassified
(0.2)
0.2
0.6
(5.4)
Other comprehensive income/(expense) for the period
0.5
(5.8)
Total comprehensive income for the period attributable to:
Owners of the parent
39.9
31.6
Non-controlling interests
0.8
–
40.7
31.6
The notes on pages 139 to 181 are an integral part of these financial statements.
135
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Financials
Governance
Strategic
Business overview 

Consolidated Statement of Financial Position
As at 31 March 2024 (2 April 2023)
Notes
2024
$’m 
2023
$’m 
Non-current assets
Goodwill
12
121.4
82.3
Other intangible assets
13
131.7
41.8
Property, plant and equipment
14
91.8
50.1
Right-of-use assets
15
38.4
34.5
Interests in associates
16
8.1
2.6
Other receivables
18
2.0
1.8
Derivative financial instruments
31
1.5
0.9
Retirement benefit asset
30
0.4
–
Deferred tax assets
21
25.9
24.6
421.2
238.6
Current assets
Inventories
17
174.3
120.5
Trade receivables
18
187.6
136.2
Other receivables
18
23.4
15.7
Current tax assets
1.8
0.8
Derivative financial instruments
31
1.0
0.9
Cash and bank balances
28
29.8
22.5
417.9
296.6
Total assets
839.1
535.2
Current liabilities
Borrowings
19
3.3
1.8
Lease liabilities
19
21.3
15.6
Trade payables
20
133.1
84.4
Other payables
20
101.4
65.2
Current tax liabilities
18.3
14.5
Retirement benefit obligations
30
–
0.3
Provisions
22
2.9
0.9
Derivative financial instruments
31
0.4
–
280.7
182.7
Net current assets
137.2
113.9
Non-current liabilities
Borrowings
19
143.1
89.6
Lease liabilities
19
16.1
19.2
Other payables
20
26.9
1.4
Deferred tax liabilities
21
28.2
6.9
Retirement benefit obligations
30
7.5
2.3
Provisions
22
1.0
0.4
222.8
119.8
Total liabilities
503.5
302.5
Net assets
335.6
232.7
Equity
Share capital
23
69.6
62.7
Share premium account
23
62.0
60.7
Non-distributable reserve
24
2.5
2.5
Hedging and translation reserve
(13.9)
(14.6)
Own shares
24
(4.3)
(1.0)
Retained earnings
211.3
115.0
Total attributable to owners of the parent
327.2
225.3
Non-controlling interests
25
8.4
7.4
Total equity
335.6
232.7
The notes on pages 139 to 181 are an integral part of these financial statements. The consolidated financial statements of 
Volex plc (company number: 158956) were approved by the Board of Directors and authorised for issue on 26 June 2024 and 
signed on its behalf by:
	 Rothschild	
	
	
Jon Boaden
	
	
	
Executive Chairman	
	
	
	
      Chief Financial Officer
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
136

Consolidated Statement of Changes in Equity
For the 52 weeks ended 31 March 2024 (52 weeks ended 2 April 2023)
Notes
Share 
capital 
$’m
Share 
premium 
account
 $’m
Non-
distributable 
reserves 
$’m
Hedging 
and 
translation 
reserve 
$’m
Own 
shares 
$’m
Retained 
earnings
 $’m
Equity 
attributable 
to owners 
 $’m
Non-
controlling 
interests 
 $’m
Total 
equity 
$’m
Balance at 
3 April 2022
62.5
60.9
2.5
(9.8)
(0.2)
85.2
201.1
7.4
208.5
Profit for the period
–
–
–
–
–
36.8
36.8
0.6
37. 4
Other comprehensive 
expense for the period
–
–
–
(4.8)
–
(0.4)
(5.2)
(0.6)
(5.8)
Total comprehensive 
income for the period
–
–
–
(4.8)
–
36.4
31.6
–
31.6
Own shares sold/
(utilised) in the period
24
–
–
–
–
4.2
(4.2)
–
–
–
Own shares purchased 
in the period
24
–
–
–
–
(5.0)
–
(5.0)
–
(5.0)
Dividend paid
26
–
–
–
–
–
(7.1)
(7.1)
–
(7.1)
Scrip dividend related 
share issue
26
0.2
 (0.2)
–
–
–
1.4
1.4
–
1.4
Credit to equity 
for equity-settled share-
based payments
–
–
–
–
–
3.7
3.7
–
3.7
Tax effect of share 
options
–
–
–
–
–
(0.4)
(0.4)
–
(0.4)
Balance at 
2 April 2023
62.7
60.7
2.5
(14.6)
(1.0)
115.0
225.3
7.4
232.7
Profit for the period
–
–
–
–
–
39.3
39.3
0.9
40.2
Other comprehensive 
income for the period
–
–
–
0.7
–
(0.1)
0.6
(0.1)
0.5
Total comprehensive 
income for the period
–
–
–
0.7
–
39.2
39.9
0.8
40.7
Equity raise
23
6.7
1.5
–
–
–
64.1
72.3
–
72.3
Business combination
35
–
–
–
–
–
–
–
0.2
0.2
Own shares sold/
(utilised) in the period
24
–
–
–
–
5.8
(5.8)
–
–
–
Own shares purchased 
in the period
24
–
–
–
–
(9.1)
–
(9.1)
–
(9.1)
Dividend paid
26
–
–
–
–
–
(9.3)
(9.3)
–
(9.3)
Scrip dividend related 
share issue
26
0.2
 (0.2)
–
–
–
2.6
2.6
–
2.6
Credit to equity 
for equity-settled share-
based payments
–
–
–
–
–
4.7
4.7
–
4.7
Tax effect of share 
options
–
–
–
–
–
0.8
0.8
–
0.8
Balance at 
31 March 2024
69.6
62.0
2.5
(13.9)
(4.3)
211.3
327.2
8.4
335.6
The notes on pages 139 to 181 are an integral part of these financial statements.
137
www.volex.com
Financials
Governance
Strategic
Business overview 

Consolidated Statement of Cash Flows
For the 52 weeks ended 31 March 2024 (52 weeks ended 2 April 2023)
Notes
2024
$’m 
2023
$’m 
Net cash generated from operating activities 
28
78.3
55.7
Cash flow used in investing activities 
Interest received
1.8
0.3
Acquisition of businesses, net of cash acquired
35
(134.3)
(5.1)
Deferred and contingent consideration for businesses acquired
35
(2.2)
(7.1)
Proceeds on disposal of intangible assets, property, plant and equipment 
0.4
0.1
Purchases of property, plant and equipment 
(27.5)
(14.4)
Purchases of intangible assets 
(4.1)
(3.9)
Purchase of shares in associate
33
(2.3)
–
Proceeds from the repayment of preference shares
16
0.9
0.3
Net cash used in investing activities 
(167.3)
(29.8)
Cash flows before financing activities 
(89.0)
25.9
Cash (used)/generated before adjusting items
(82.0)
28.1
Cash used in respect of adjusting items
(7.0)
(2.2)
Cash flow generated from financing activities 
Dividend paid
26
(6.7)
(5.7)
Net purchase of shares for share schemes
(9.3)
(7.2)
Refinancing costs paid
27
(0.3)
(0.5)
Proceeds on issue of shares
23
72.3
–
New bank loans raised
27
129.9
25.0
Repayment of borrowings 
27
(79.0)
(35.3)
Outflow from factoring
27
–
(0.7)
Interest element of lease payments
27
(2.7)
(1.7)
Receipt from lease debtor
0.2
0.5
Capital element of lease payments
27
(8.9)
(5.8)
Net cash generated/(used in) from financing activities 
95.5
(31.4)
Net increase/(decrease) in cash and cash equivalents 
6.5
(5.5)
Cash and cash equivalents at beginning of period 
28
20.7
25.9
Effect of foreign exchange rate changes 
27
1.6
0.3
Cash and cash equivalents at end of period 
28
28.8
20.7
The notes on pages 139 to 181 are an integral part of these financial statements.
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
138

1. Presentation of financial statements
Volex plc (the ‘Company’ and together with its subsidiaries 
the ‘Group’) is a company domiciled and incorporated in 
the United Kingdom under the Companies Act 2006 and 
is listed on AIM, a market on the London Stock Exchange. 
The Company is a public company limited by shares and 
is registered in England and Wales. The address of the 
registered office is given on page 200. The nature of the 
Group’s operations and its principal activities are set out in 
the Strategic Report on pages 02 to 81.
Financial statements are prepared for the period ending 
on the Sunday following the Friday that falls closest to the 
accounting reference date of 31 March each year.
These financial statements are presented in US dollars (‘$’). 
The individual financial results of each Group subsidiary are 
maintained in its functional currency, which is determined 
by reference to the primary economic environment in 
which the subsidiary operates.
2.a) Significant accounting policies
The significant accounting policies applied in the 
preparation of these consolidated financial statements are 
set out below. These policies have been consistently applied 
to all the periods presented, unless otherwise stated.
Basis of accounting
The financial statements have been prepared in 
accordance with UK-adopted International Accounting 
Standards and with the requirements of the Companies 
Act 2006 as applicable to companies reporting under those 
standards.
The financial statements have been prepared under the 
historical cost convention except for the revaluation of 
financial instruments that are measured at fair values 
at the end of each reporting period, as explained in the 
accounting policies below. Historical cost is generally based 
on the fair value of the consideration given in exchange for 
goods and services. 
Going concern
The Group’s financial statements have been prepared 
on the going concern basis, which contemplates the 
continuity of normal business activity with the realisation of 
assets and the settlement of liabilities in the normal course 
of business. When assessing the going concern status of 
the Group, the Directors have considered in particular its 
financial position, including its significant balance of cash 
and cash equivalents and the borrowing facility in place, 
including its terms, remaining duration and covenants.
The Directors have prepared a cash flow forecast for the 
period to the end of September 2025, which is based on 
the FY2025 Board-approved budget. The Directors have 
performed sensitivity analysis on the cash flow forecast 
using a base case and downside scenario that take into 
account the principal risks and uncertainties set out 
on pages 49 to 55 of the Annual Report. The Directors 
have considered the potential impact of climate-related 
physical and transition risks as part of the going concern 
assessment and do not believe there to be a significant 
impact in the going concern period. The severe but 
plausible downside scenario models a 15% reduction in 
year-on-year revenue, equivalent to the worst result in the 
last 20 years, and still provides significant covenant and 
liquidity headroom. Subsequent to the year end, the Group 
has taken advantage of favourable conditions to increase 
and extend its credit facilities, thereby further enhancing 
covenant compliance and liquidity headroom. See note 34 
for more details.
Based on their assessment and these sensitivity scenarios, 
the Directors are satisfied that there are no material 
uncertainties regarding the Group’s going concern 
status and that there is a reasonable expectation that the 
Group has adequate resources to continue in operational 
existence for at least twelve months from the date of 
approval of the financial statements. The Directors 
therefore consider it appropriate to adopt the going 
concern basis of accounting in preparing the financial 
statements.
Adoption of new and revised International 
Financial Reporting Standards (‘IFRSs’)
No new standards and interpretations issued by the IASB 
had a significant impact on the consolidated financial 
statements. 
New standards, amendments and interpretations 
issued but not yet effective for the financial year 
beginning 1 April 2024 and not early adopted
The Group does not consider that any standard, 
amendment or interpretation issued by the IASB, but 
not yet applicable, will have a significant impact on the 
financial statements. Standards and interpretations issued 
by the IASB are only applicable if endorsed by the UK 
Endorsement Board.
Basis of consolidation
The consolidated financial statements of Volex plc 
incorporate the financial statements of the Company and 
entities which it controls (its subsidiaries, together ‘the 
Group’) and are drawn up to the relevant period end date. 
Control is achieved where the Company has the power 
to govern the financial and operating policies so as to be 
able to obtain benefits from its activities. Where necessary, 
adjustments are made to the financial statements of 
subsidiaries to bring the accounting policies used into line 
with those used by the Group. All intra-group assets and 
liabilities, equity, income, expenses and cash flows relating 
to transactions between the members of the Group are 
eliminated in full on consolidation.
Non-controlling interests in the net assets of consolidated 
subsidiaries are identified separately from the Group’s 
equity therein. Non-controlling interests consist 
of the amount of those interests at the date of the 
original business combination and the non-controlling 
shareholder’s share of changes in equity since the date of 
the combination.
Business combinations
Acquisitions of subsidiaries and businesses are accounted 
for using the acquisition method. The consideration 
transferred in a business combination is measured at fair 
value, which is calculated as the sum of acquisition-date fair 
values of assets transferred by the Group, liabilities incurred 
by the Group to the former owners of the acquiree and the 
equity interest issued by the Group in exchange for control 
of the acquiree. All acquisition-related costs are recognised 
in profit or loss within adjusting items as incurred.
Notes to the Consolidated Financial Statements
For the 52 weeks ended 31 March 2024 (52 weeks ended 2 April 2023)
139
www.volex.com
Financials
Governance
Strategic
Business overview 

Notes to the Consolidated Financial Statements  continued
For the 52 weeks ended 31 March 2024 (52 weeks ended 2 April 2023)
2.a) Significant accounting policies continued
Business combination continued
Goodwill is measured as the excess of the sum of the 
consideration transferred and the amount of any non-
controlling interests in the acquiree over the net of the 
acquisition-date amounts of the identifiable assets 
acquired and liabilities assumed. The interest of the non-
controlling shareholders in the acquiree may initially be 
measured either at fair value or at the non-controlling 
shareholders’ proportion of the net fair value of the 
identifiable assets acquired, liabilities and contingent 
liabilities assumed. The choice of measurement basis is 
made on an acquisition-by-acquisition basis.
Where the consideration for the acquisition includes any 
asset or liability resulting from a contingent consideration 
arrangement, it is measured at its acquisition date 
fair value and included as part of the consideration 
transferred. Subsequent changes in the fair value of 
contingent consideration that qualify as measurement 
period adjustments are adjusted retrospectively, 
with corresponding adjustments against goodwill. 
Measurement period adjustments are adjustments that 
arise from additional information obtained during the 
‘measurement period’ (which cannot exceed one year from 
the acquisition date) about facts and circumstances that 
existed at the acquisition date. Any adjustments outside 
of the measurement period are taken to the income 
statement.
Goodwill
Goodwill is initially recognised and measured as set 
out above.
Goodwill is not amortised but is tested annually for 
impairment. For the purpose of impairment testing, 
goodwill is allocated to cash-generating units. The 
allocation is made to those cash-generating units or groups 
of cash-generating units that are expected to benefit from 
the business combination in which the goodwill arose. 
If the recoverable amount of the cash-generating unit is 
less than the carrying amount of the unit, the impairment 
loss is allocated first to reduce the carrying amount of any 
goodwill allocated to the unit and then to the other assets 
of the unit pro rata on the basis of the carrying amount of 
each asset in the unit. The impairment loss is recognised 
immediately in profit and loss and is not reversed in 
subsequent periods.
On disposal of a subsidiary, the attributable amount of 
goodwill is included in the determination of the profit or 
loss on disposal.
Goodwill arising on acquisitions before the date of 
transition to IFRS has been retained at the previous UK 
GAAP amounts. Goodwill arising on acquisitions prior to 
31 March 1998 has been written off to reserves and has not 
been reinstated in the statement of financial position and 
will not be included in determining any subsequent profit 
or loss on disposal.
Interests in associates
Associates are all entities over which the Group 
has significant influence but not control, generally 
accompanying a shareholding of between 20% and 
50% of the voting rights. Investments in associates are 
accounted for using the equity method of accounting. 
Under the equity method, the investment is initially 
recognised at cost, and the carrying amount is increased or 
decreased to recognise the investor’s share of the change 
in net assets of the investee after the date of acquisition. 
The Group’s share of post-acquisition profit or loss is 
recognised in the income statement, and its share of 
post-acquisition movements in other comprehensive 
income is recognised in other comprehensive income, 
with a corresponding adjustment to the carrying amount 
of the investment. Where the Group’s share of losses in an 
associate equals or exceeds its interest in the associate, 
including any other unsecured receivables, the Group does 
not recognise further losses, unless it has incurred legal 
or constructive obligations or made payments on behalf 
of the associate. Distributions received from an associate 
reduce the carrying amount of the investment.
The Group determines, at each reporting date, whether 
there is any objective evidence that the investment in the 
associate is impaired. If this is the case, the Group calculates 
the amount of impairment as the difference between the 
recoverable amount of the associate and its carrying value, 
and it recognises the amount adjacent to ‘share of profit/
(loss) of associates’ in the income statement.
Foreign currencies
The individual financial statements of each Group company 
are prepared in the currency of the primary economic 
environment in which it operates (its functional currency). 
For the purpose of the consolidated financial statements, 
the results and financial position of each Group company 
are expressed in US dollars, which is the presentation 
currency for the consolidated financial statements.
In preparing the financial statements of the individual 
companies, transactions in currencies other than the 
entity’s functional currency (foreign currencies), are 
recognised at the rates of exchange prevailing on the dates 
of the transactions. At each reporting date, monetary assets 
and liabilities that are denominated in foreign currencies 
are retranslated at the rates prevailing at that date. Non-
monetary items carried at fair value that are denominated 
in foreign currencies are translated at the rates prevailing 
at the date when the fair value was determined. Non-
monetary items that are measured in terms of historical 
cost in a foreign currency are not retranslated. Exchange 
differences are recognised in profit or loss in the period in 
which they arise except for:
•	
Exchange differences on transactions entered into 
to hedge certain foreign currency risks (see financial 
instruments/hedge accounting); and
•	
Exchange differences on monetary items receivable 
from or payable to a foreign operation for which 
settlement is neither planned nor likely to occur in 
the foreseeable future (therefore forming part of the 
net investment in the foreign operation), which are 
recognised initially in other comprehensive income and 
reclassified from equity to profit or loss on disposal or 
partial disposal of the net investment. 
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
140

2.a) Significant accounting policies continued
Foreign currencies continued
For the purpose of presenting consolidated financial 
statements, the assets and liabilities of the Group’s foreign 
operations are translated at exchange rates prevailing 
on the reporting date. Income and expense items are 
translated at the average exchange rates for the period, 
unless exchange rates fluctuate significantly during that 
period, in which case the exchange rates at the date of 
transactions are used. Exchange differences arising, if 
any, are recognised in other comprehensive income and 
accumulated in equity.
Revenue recognition
Revenue is recognised in accordance with the satisfaction 
of performance obligations of contracts. The majority of the 
Group’s contracts have just one performance obligation, 
which is the delivery of goods, which under IFRS 15 
‘Revenue from contracts with customers’ is recognised 
as a single point, on delivery or pick-up depending on the 
agreed terms with the customer. This is normally when 
control of the goods or services are transferred to the 
customer at an amount that reflects the consideration to 
which the Group expects to be entitled in exchange for 
those goods or services. The Group has concluded that it is 
the principal in its revenue arrangements.
Where bill-and-hold arrangements exist, control of the 
goods is transferred to the customer when the following 
conditions are met, indicating that the customer has 
gained control based on the surrounding facts and 
circumstances: (i) there is a substantive reason for the 
arrangement; (ii) the product is specifically identified as the 
customer’s property; (iii) the product is prepared for delivery 
as per the arrangement’s terms; and (iv) the Group is no 
longer able to use or sell the product to another customer. 
Revenue is measured at the fair value of the consideration 
received or receivable for goods and services provided in 
the normal course of business, net of discounts, VAT and 
other sales-related taxes. For sales to customers where a 
right to return an item is granted, revenue is recognised 
to the extent of the consideration to which the Group 
ultimately expects to be entitled.
The Group considers whether there are additional 
commitments in contracts that have separate performance 
obligations to which a portion of the transaction price 
needs to be allocated. In addition, most customer contracts 
include a warranty clause for general repairs of defects that 
existed at the time of sale. Warranties cannot be purchased 
separately. These assurance-type warranties are accounted 
for under IAS 37 ‘Provisions, Contingent Liabilities and 
Contingent Assets’. 
In determining the transaction price for the sale of 
equipment, the Group also considers the effects of the 
following:
•	
The existence of significant financing components. 
There are contracts where the Group receives short-
term advances from its customers. Using the practical 
expedient in IFRS 15, the Group does not adjust the 
promised amount of consideration for the effects of 
a significant financing component if it expects, at 
contract inception, that the period between the transfer 
of the promised goods or services to the customer and 
when the customer pays for those goods or services will 
be one year or less. The normal credit term is 60 to 90 
days upon delivery;
•	
Consideration payable to the customer – in certain 
instances the Group purchases raw materials from 
the customer. This consideration is not treated as a 
reduction to revenue since the payments made are in 
exchange for a distinct good (the raw material) that the 
customer transfers to the Group; and
•	
Variable consideration and non-cash consideration – 
both of these are deemed to be immaterial for the Group. 
Finance income
Interest income is accrued on a timely basis by reference 
to the principal outstanding and the effective interest rate 
applicable.
Dividend income from investments is recognised when 
the shareholder’s right to receive payment has been 
established.
Finance costs
Finance costs comprise lease interest payable, amortised 
debt issue costs, interest expense on borrowings which are 
not capitalised and the interest expense on the defined 
benefit obligation. Interest on borrowings is shown within 
operating activities in the statement of cash flows. The 
interest element of lease payments is presented within 
financial activities.
Taxation
The tax expense for the period comprises current and 
deferred tax. Tax is recognised in the income statement, 
except to the extent that it relates to items recognised in 
other comprehensive income or directly in equity. In this 
case, the tax is recognised in other comprehensive income 
or directly in equity, respectively.
The tax currently payable is based on taxable profit for the 
period. Taxable profit differs from profit as reported in the 
income statement because it excludes items of income 
or expense that are taxable or deductible in other periods 
and it further excludes items that are never taxable or 
deductible. The Group’s liability for current tax is calculated 
using tax rates and laws that have been enacted, or 
substantively enacted, by the reporting date.
The Group evaluates positions taken in tax returns for 
transactions where the ultimate tax determination is 
uncertain and considers whether it is probable that a tax 
authority will accept the position. The group measures its 
tax balances either based on the most likely amount or the 
expected value, depending on which method provides a 
better prediction of the resolution of the uncertainty.
Deferred tax is the tax expected to be payable or 
recoverable on differences between the carrying amounts 
of assets and liabilities in the financial statements and 
the corresponding tax bases used in the computation 
of taxable profit and is accounted for using the liability 
method. Deferred tax liabilities are generally recognised for 
all taxable temporary differences and deferred tax assets 
are recognised to the extent that it is probable that taxable 
profits will be available against which deductible temporary 
differences can be utilised. Such assets and liabilities are 
not recognised if the temporary differences arise from 
goodwill or from the initial recognition (other than in a 
business combination) of other assets and liabilities in a 
transaction that affects neither the taxable profit nor the 
accounting profit.
141
www.volex.com
Financials
Governance
Strategic
Business overview 

Notes to the Consolidated Financial Statements  continued
For the 52 weeks ended 31 March 2024 (52 weeks ended 2 April 2023)
2.a) Significant accounting policies continued
Taxation continued
Deferred tax liabilities are recognised for taxable temporary 
differences arising on investments in subsidiaries and 
associates, except where the Group is able to control the 
reversal of the temporary difference and it is probable that 
the temporary difference will not reverse in the foreseeable 
future.
The carrying amount of deferred tax assets is reviewed at 
each reporting date and reduced to the extent that it is 
no longer probable that sufficient taxable profits will be 
available to allow all or part of the asset to be recovered.
Deferred tax is calculated at the tax rates that are expected 
to apply in the period when the liability is settled or the 
asset is realised based on tax rates and laws that have been 
enacted, or substantively enacted, by the reporting date. 
Deferred tax is charged or credited in the income statement, 
except when it relates to items charged or credited in other 
comprehensive income, in which case the deferred tax is 
also dealt with in other comprehensive income.
Deferred tax assets and liabilities are offset when there 
is a legally enforceable right to set off current tax assets 
against current liabilities and when they relate to income 
taxes levied by the same taxation authority and the Group 
intends to settle its current tax assets and liabilities on a 
net basis.
Property, plant and equipment
Property, plant and equipment are stated at cost less 
accumulated depreciation and any recognised impairment 
loss. Cost includes the original purchase price of the asset 
and any further costs attributable to bringing the asset to 
its working condition for its intended use.
Depreciation is recognised so as to write off the cost or 
valuation of assets (other than freehold land, which is not 
depreciated) less their residual values over their useful lives, 
using the straight-line method, on the following basis: 
Freehold buildings and 
leasehold improvements
Up to 50 years or period of 
lease, if shorter
Plant and machinery
3 to 15 years
Assets under construction
Depreciation commences 
once an asset is ready for its 
intended use
An item of property, plant and equipment is derecognised 
upon disposal or when no future economic benefits are 
expected to arise from the continued use of the asset. 
The gain or loss arising on the disposal of an asset is 
determined as the difference between the sale proceeds 
and the carrying amount of the asset and is recognised in 
the income statement.
Intangible assets – computer software and 
licences
Computer software is stated at cost less accumulated 
depreciation and any recognised impairment loss. Acquired 
computer software licences are capitalised on the basis of 
the costs incurred to acquire and use the specific software. 
These costs are included in the statement of financial 
position within intangible assets and are amortised 
straight-line over their estimated useful lives, not exceeding 
seven years. Costs associated with maintaining computer 
software are recognised as an expense as incurred.
Intangible assets – patents and customer 
contracts and relationships
Patents are stated at cost less accumulated amortisation. 
Customer contracts and relationships acquired in a 
business combination are recognised at fair value at the 
acquisition date. These intangible assets are amortised 
on a straight-line basis over their estimated useful lives as 
follows:
Customer contracts
Up to 3 years
Customer relationships
5 to 15 years
Intangible assets – internally generated intangible 
assets – research and development expenditure
Expenditure on research activities is recognised as an 
expense in the period in which it is incurred.
The Group is engaged in development activities, which 
include both general product development and specific 
customer development projects. An internally generated 
intangible asset arising from these development activities 
is recognised only if all of the following conditions are met:
•	
An asset is created that can be identified;
•	
It is probable that the asset created will generate future 
economic benefits; and
•	
The development cost of the asset can be measured 
reliably.
Internally generated intangible assets are amortised on 
a straight-line basis over their useful lives (up to 3 years). 
Where no internally generated intangible asset can be 
recognised, development expenditure is recognised as an 
expense in the period in which it is incurred.
Impairment of property, plant and equipment and 
intangible assets excluding goodwill
At each reporting date, the Group reviews the carrying 
amounts of its property, plant and equipment and 
intangible assets to determine whether there is any 
indication that those assets have suffered an impairment 
loss. If any such indication exists, the recoverable amount 
of the asset is estimated in order to determine the extent 
of the impairment loss. Where the asset does not generate 
cash flows that are independent from other assets, the 
Group estimates the recoverable amount of the cash-
generating unit (‘CGU’) to which the asset belongs.
Recoverable amount is the higher of fair value less costs 
to sell and value in use. In assessing value in use, the 
estimated future cash flows are discounted to their present 
value using a pre-tax discount rate that reflects current 
market assessments of the time value of money and the 
risks specific to the asset for which the estimates of future 
cash flows have not been adjusted.
If the recoverable amount of an asset (or CGU) is estimated 
to be less than its carrying amount, the carrying amount of 
the asset (or CGU) is reduced to its recoverable amount. An 
impairment loss is recognised as an expense immediately, 
unless the relevant asset is carried at a revalued amount, in 
which case, the impairment loss is treated as a revaluation 
decrease.
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
142

2.a) Significant accounting policies continued
Impairment of property, plant and equipment and 
intangible assets excluding goodwill continued
Where an impairment loss subsequently reverses, the 
carrying amount of the asset (or CGU) is increased to 
the revised estimate of its recoverable amount, but so 
that the increased carrying amount does not exceed the 
carrying amount that would have been determined had no 
impairment loss been recognised for the asset (or CGU) in 
prior periods. A reversal of an impairment loss is recognised 
as a credit to the income statement immediately, unless 
the relevant asset is carried at a revalued amount, in which 
case the reversal of the impairment loss is treated as a 
revaluation increase.
Leases
The Group leases various offices, buildings, vehicles and 
other equipment. Rental contracts are, typically, made for a 
period of up to five years, but may have extension options. 
Contracts may contain both lease and non-lease 
components. The Company allocates the consideration in 
the contract to the lease and non-lease components based 
on their relative stand-alone prices. However, for leases of 
real estate for which the Company is a lessee, and for which 
it has major leases, it has elected not to separate lease and 
non-lease components and instead accounts for these as a 
single lease component.
Assets and liabilities arising from a lease are initially 
measured on a present-value basis. Lease liabilities include 
the net present value of the following lease payments: 
•	
Fixed payments less any lease incentive receivable; 
•	
Variable lease payments that are based on an index or 
a rate; 
•	
Amounts expected to be payable by the Group under 
residual value guarantees; 
•	
The exercise price of a purchase option if the Group is 
reasonably certain to exercise that option; and 
•	
Payments of penalties for termination of the lease, if the 
lease term reflects the Group exercising that option. 
The Company is exposed to potential future increases in 
variable lease payments based on an index or rate, which 
are not included in the lease liability until they take effect. 
When adjustments to lease payments based on an index or 
rate take effect, the lease liability is reassessed and adjusted 
against the right-of-use asset.
Lease payments are allocated between principal and 
finance cost. The finance cost is charged to profit or loss 
over the lease period so as to produce a constant periodic 
rate of interest on the remaining balance of the liability for 
each period.
Right-of-use assets 
Right-of-use assets are measured at cost comprising the 
following: 
•	
The amount of the initial measurement of the lease 
liability or a revaluation of the liability; 
•	
Any lease payments made at or before the 
commencement date less any lease incentives received; 
•	
Any initial direct costs; and 
•	
Restoration costs. 
Each right-of-use asset is depreciated over the shorter of its 
useful economic life and the lease term on a straight-line 
basis, unless the lease is expected to transfer ownership 
of the underlying asset to the Group, in which case the 
asset is depreciated to the end of the useful life of the 
asset. Payments associated with the short-term leases are 
recognised on a straight-line basis as an expense in the 
income statement. Short-term leases are leases with a lease 
term of 12 months or less.
Where a vacant office is sub-leased for the remainder of 
the lease, the head lease and sublease are recorded as two 
separate contracts, applying both the lessee and lessor 
accounting requirements. 
Inventories
Inventories are stated at the lower of cost and net 
realisable value. Cost is determined using a standard cost 
methodology and adjusted for material variances such 
that the adjusted figure represents direct materials, direct 
labour and an attributable proportion of manufacturing 
overheads based on normal levels of activity. Net realisable 
value is based on estimated selling price, less all estimated 
costs of completion and costs to be incurred in marketing, 
selling and distribution. A provision is made for obsolete, 
slow-moving or defective items, where appropriate. 
Provisions will be adjusted, where appropriate, to align with 
specific contractual terms. Supplier inventory held under 
consignment arrangements at manufacturing locations 
is recognised as inventory once the risks and rewards are 
transferred.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and 
on demand deposits and other short-term highly liquid 
investments that are readily convertible to a known amount 
of cash and are subject to an insignificant risk of change 
in value less bank overdrafts. Where a cashpool facility is 
operated, the right-of-offset is considered.
Borrowings
Interest-bearing bank loans and overdrafts are recorded 
at the proceeds received, net of direct issue costs. Finance 
charges, including premiums on settlement or redemption 
and direct issue costs, are accounted for on an accruals 
basis in the consolidated income statement using the 
effective interest rate method and are added to the 
carrying amount of the instrument to the extent that they 
are not settled in the period in which they arise.
Provisions
Provisions are recognised when the Group has a present 
obligation (legal or constructive) as a result of a past event, 
it is probable that the Group will be required to settle the 
obligation, and a reliable estimate can be made of the 
amount of the obligation. 
The amount recognised as a provision is the best estimate 
of the consideration required to settle the present 
obligation at the reporting date, taking into account the 
risks and uncertainties surrounding the obligation. Where 
a provision is measured using the cash flows estimated 
to settle the present obligation, its carrying value is the 
present value of those cash flows (when the effect of the 
time value of money is material).
143
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Financials
Governance
Strategic
Business overview 

Notes to the Consolidated Financial Statements  continued
For the 52 weeks ended 31 March 2024 (52 weeks ended 2 April 2023)
2.a) Significant accounting policies continued
Provisions continued
A restructuring provision is recognised when the Group has 
developed a detailed formal plan for restructuring and has 
raised a valid expectation to those affected that it will carry 
out the restructuring by starting to implement the plan or 
announcing its main features to those affected by it. The 
measurement of a restructuring provision includes only the 
direct expenditures arising from the restructuring, which 
are those amounts that are both necessarily entailed by the 
restructuring and not associated with ongoing activities of 
the entity.
Provisions for the expected cost of warranty obligations 
under local sales of goods legislation are recognised at the 
date of sale of the relevant products, at the Directors’ best 
estimate of the expenditure required to settle the Group’s 
obligation.
Retirement benefits
The Group has both defined benefit and defined 
contribution retirement benefit schemes, including a 
defined benefit scheme in the UK, which is now closed to 
new entrants, and unfunded defined benefit schemes in 
Indonesia, India, Mexico and Türkiye, which provide a lump 
sum payment to individuals on retirement. The retirement 
benefit obligations recognised in the consolidated 
statement of financial position represents the deficit or 
surplus in the Group’s defined benefit scheme. 
For defined benefit schemes, the cost of providing benefits 
is determined using the Projected Unit Credit Method, with 
actuarial valuations carried out at the end of each reporting 
period. 
Defined benefit costs are split into three categories: 
remeasurement; net interest expense or income; and past 
service cost and gains and losses on curtailments and 
settlements.
Remeasurement comprises actuarial gains and losses, 
the effect of the asset ceiling (where applicable) and 
the return on scheme assets (excluding interest). These 
costs are recognised immediately in the statement of 
financial position with a charge or credit to the statement 
of comprehensive income in the period in which they 
occur. Remeasurement recorded in the statement of 
comprehensive income is not recycled. Net interest is 
calculated by applying a discount rate to the net defined 
benefit liability or asset and is recognised within finance 
costs (see note 6). 
Payments to defined contribution retirement benefit 
schemes are recognised as an expense when employees 
have rendered service entitling them to the contributions. 
Payments to state-managed schemes are treated as 
payments to defined contribution schemes where the 
Group’s obligations under the schemes are equivalent to 
those arising in a defined contribution scheme. 
Share-based payments
Certain senior employees (including executives) receive 
remuneration in the form of share-based payment 
transactions where the individuals are compensated for 
services they provide with consideration in the form of 
equity instruments. 
The cost of equity-settled transactions with employees 
is measured with reference to the fair value of the equity 
instrument at the date they are granted and is recognised as 
an expense over the period in which the performance and/or 
service conditions are fulfilled, ending on the date on which 
the employee becomes fully entitled to the award. 
No expense is recognised for awards that do not, ultimately, 
vest as a result of not meeting performance or service 
conditions. Where all service and performance vesting 
conditions have been met, the awards are treated as 
vesting, irrespective of whether or not the market condition 
is satisfied, as market conditions have been reflected in the 
fair value of the equity instruments.
The fair value determined at the date of grant of the equity-
settled share-based payments is expensed to the income 
statement on a straight-line basis over the vesting period, 
based on the estimate of the number of options that will 
eventually vest. At each reporting date, the Group revises 
its estimate of the number of equity instruments expected 
to vest as a result of the effect of non-market-based vesting 
conditions. The movement in cumulative expense since the 
previous balance sheet date is recognised in the income 
statement with a corresponding entry in equity. Within 
the income statement the share-based payment charge 
is presented separately to assist in understanding the 
underlying performance of the Group.
Adjusting items
Adjusting items include costs and income that are 
one-off in nature and significant (such as restructuring 
costs, impairment charges or acquisition-related costs) 
but also include the non-cash amortisation charge of 
intangible assets, which have arisen under IFRS 3 ‘Business 
Combinations’. Only those restructuring costs that result in 
a permanent reduction in capabilities, either to a particular 
geography or line of business, are treated as adjusting items. 
Adjusting items are included under the statutory 
classification appropriate to their nature but are separately 
disclosed on the face of the income statement within 
adjusting items to assist in understanding the underlying 
performance of the Group.
Share capital
Ordinary shares are classified as equity. Incremental costs 
directly attributable to the issue of new shares or options 
are shown in equity as a deduction from the proceeds, net 
of tax.
Investments and other financial  
assets – classification
Financial assets within the scope of IFRS 9 ‘Financial 
Instruments’ are classified as financial assets at fair value 
through profit or loss (‘FVTPL’), financial assets at fair 
value through other comprehensive income (‘FVOCI’) and 
financial assets at amortised cost.
The classification of financial assets is determined on 
initial recognition. This takes account of the nature of the 
financial asset and the purpose for which it was acquired. 
Where an asset is classified as fair value through profit 
or loss (‘FVTPL’) it is measured at fair value. Any net gains 
and losses, including dividend income or interest, are 
recognised in finance income or finance cost in the income 
statement.
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
144

2.a) Significant accounting policies continued
Investments and other financial assets – 
classification continued
Financial assets classified as at fair value through other 
comprehensive income (‘FVOCI’) are measured at fair 
value. Derivatives are classed as FVOCI where the derivative 
is designated and effective as a hedging instrument. 
For investments in equity instruments, dividends are 
recognised when the entity’s right to receive payment is 
established, the amount can be measured reliably and 
it is probable that the economic benefits will flow to the 
entity. Dividends are recognised in the income statement 
unless they represent the recovery of part of the cost of 
the investment, in which case they are included in other 
comprehensive income. 
Changes in the fair value of the financial asset are 
recognised in other comprehensive income and are not 
recycled to the income statement.
Financial assets that are held with the objective of 
collecting contractual cash flows and, where the 
contractual terms of the financial asset give rise to cash 
flows on specified dates that represent the repayment 
of principal and interest, are measured, subsequently, at 
amortised cost.
Investments and other financial  
assets – recognition and measurement
Where an entity holds an investment in an equity 
instrument that is actively traded in an organised financial 
market, the fair value is determined with reference to 
quoted closing market bid prices at the balance sheet 
date. Where there is no such active market, fair value 
is determined using valuation techniques and models 
appropriate to the instrument.
Loans and receivables are measured at amortised 
cost using the effective interest method and taking 
into consideration any allowance for impairment. 
The calculation includes any premium or discount on 
acquisition and includes transaction costs and fees that are 
an integral part of the effective interest rate.
Trade and other receivables are recognised initially at fair 
value and, subsequently, measured at amortised cost 
using the effective interest method less any provision for 
impairment.
At each balance sheet date the Group undertakes an 
assessment as to whether a financial asset or group of 
financial assets is impaired.
Trade and other receivables
For trade receivables, the Group applies the simplified 
approach permitted by IFRS 9, resulting in trade receivables 
recognised and carried at original invoice amount less 
an allowance for any uncollectible amounts based on 
expected credit losses. The Group assesses on a forward-
looking basis the expected credit losses associated with 
its receivables carried at amortised cost. The impairment 
methodology applied depends on whether there has been 
a significant increase in credit risk.
The carrying amounts of the trade receivables include 
receivables which are subject to a factoring arrangement. 
Under this arrangement, the Group has transferred the 
relevant receivables to the factor in exchange for cash 
and is prevented from selling or pledging the receivables. 
However, the Group has retained late payment and credit 
risk. The Group, therefore, continues to recognise the 
transferred assets in their entirety in its balance sheet. 
The amount repayable under the factoring agreement is 
presented as secured borrowing.
Financial liabilities and equity 
Debt and equity instruments are classified as either 
financial liabilities or as equity in accordance with the 
substance of the contractual arrangement.
Trade payables
Trade payables are obligations to pay for goods or services 
that have been acquired in the ordinary course of business 
from suppliers. Accounts payable are classified as current 
liabilities if payment is due within one year or less. If not, 
they are presented as non-current liabilities.
Trade payables are recognised initially at fair value and 
subsequently measured at amortised cost using the 
effective interest method.
Government grants
Government grants relating to costs are deferred and 
recognised in profit or loss over the period necessary 
to match them with the costs that they are intended to 
compensate. 
Government grants relating to the purchase of property, 
plant and equipment are included in non-current liabilities 
as deferred income and they are credited to profit or loss 
on a straight-line basis over the expected lives of the related 
assets.
Derivative financial instruments
The Group’s activities expose it to the financial risks of 
changes in foreign exchange rates, interest rates and 
commodity prices. The Group enters into a variety of 
derivative financial instruments to manage its exposure 
to these risks. The use of financial derivatives is governed 
by a Group policy approved by the Board of Directors, 
which provides written principles on the use of financial 
derivatives to hedge certain risk exposures. The Group does 
not use derivative financial instruments for speculative 
purposes. Further details of derivative financial instruments 
are disclosed in note 31 to the financial statements.
Derivatives are initially recognised at fair value on the date 
a derivative contract is entered into and are, subsequently, 
remeasured to their fair value at each reporting date. 
The resulting gain or loss is recognised in profit or loss 
immediately unless the derivative is designated and 
effective as a hedging instrument, in which event, the 
timing of the recognition in profit or loss depends on the 
nature of the hedge relationship. The Group designates 
certain derivatives as either fair value hedges, cash flow 
hedges or hedges of net investments in foreign operations.
A derivative is classified as a non-current asset or a non-
current liability if the remaining maturity of the instrument 
is more than 12 months and it is not expected to be realised 
or settled within 12 months. Other derivatives are presented 
as current assets or current liabilities.
145
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Financials
Governance
Strategic
Business overview 

Notes to the Consolidated Financial Statements  continued
For the 52 weeks ended 31 March 2024 (52 weeks ended 2 April 2023)
2.a) Significant accounting policies continued
Hedge accounting continued
The Group designates certain hedging instruments, which 
include derivatives and non-derivatives in respect of foreign 
currency, interest rate and commodity risk, as either cash 
flow hedges or hedges of net investments in foreign 
operations. 
At the inception of the hedge relationship the entity 
documents the relationship between the hedging 
instrument and hedged item, along with its risk 
management objectives and its strategy for undertaking 
various hedge transactions. Furthermore, at the inception 
of the hedge and on an ongoing basis, the Group 
documents whether the hedging instruments that 
are used in hedging transactions are highly effective 
in offsetting changes in fair values or cash flows of 
hedged items.
Cash flow hedge
Hedges of foreign exchange or interest rate risks on firm 
commitments are accounted for as cash flow hedges. 
Similarly, commodity derivative contracts, which are 
entered into to mitigate commodity price fluctuations on 
firm purchasing commitments, are accounted for as cash 
flow hedges.
The effective portion of changes in the fair value of 
derivatives that are designated and qualify as cash flow 
hedges is recognised in other comprehensive income. The 
gain or loss relating to the ineffective portion is recognised 
immediately in profit or loss.
Hedges of net investments in foreign operations
Any gain or loss on the hedging instrument relating to 
the effective portion of the hedge is recognised in other 
comprehensive income and accumulated in the hedging 
and translation reserve. The gain or loss relating to the 
ineffective portion is recognised immediately in profit 
or loss.
Gains and losses deferred in the hedging and translation 
reserve are recognised immediately in profit or loss when 
the foreign operation is disposed of.
2.b) Critical accounting judgements and key 
sources of estimation uncertainty
The preparation of financial statements in conformity 
with IFRS requires the use of certain critical accounting 
estimates. It also requires management to exercise 
its judgement in the process of applying the Group’s 
accounting policies. The Directors consider the following 
to be the key judgements and estimates that have the 
most significant effect on the amounts recognised in the 
financial statements.
2.b.i) Critical judgements in applying the Group’s 
accounting policies
In applying the Group’s accounting policies, management 
has made the following judgements, which have the most 
significant effect on the consolidated financial statements.
Business combinations
Acquisitions are accounted for using the acquisition 
method as described in the business combinations 
accounting policy. Management exercises judgement in 
the determination of fair values for assets and liabilities 
acquired, including the separate identification of intangible 
assets, which use assumptions and estimates. The Group 
has developed a process to meet the requirements of 
IFRS 3, including the separate identification of customer 
relationship intangible assets based on estimated future 
performance, discount rates and customer attrition rates.
As part of the acquisition contingent consideration of 
$39.8m was recognised. The payments are dependent 
upon certain EBITDA targets being met post-acquisition 
over two one-year measurement periods. The fair value 
above has been based on the probable outcome of each 
based upon the information available at 31 March 2024. This 
requires estimates and judgements around both the range 
of potential outcomes and the probability of each potential 
outcome arising.
As part of the acquisition, a deferred consideration of $6.0 
million was recognised. The payment, due in 2029, is tied 
to the fair value of two properties owned by Murat Ticaret 
at the time of acquisition. The Group has the option to sell 
these properties back to the former owners at this price in 
2029. Currently, the Group is maintaining the properties 
at their recoverable value, anticipating their sale in 2029. A 
judgement has been made that the properties will be sold 
and not retained by the business.
Adjusting items 
The Directors believe that presenting adjusting items 
separately provides a clearer understanding of the business 
performance and facilitates comparison of trading 
performance year on year. In determining the classification 
of items, management exercises significant judgement. 
During the period, the adjusting items identified total 
$19.5m (2023: $9.8m). These, primarily, comprise acquisition-
related costs and amortisation of intangibles arising from 
business combinations. See note 4 for further details. 
Management sees this as a key judgement as a decision 
has to be made as to which income statement items 
fall within the criteria and, therefore, should be shown 
separately.
Uncertain tax provisions
As a multinational group operating in a large number 
of territories, there are many transactions for which the 
ultimate tax treatment may be uncertain. The Directors are 
therefore required to exercise judgement in this respect, 
particularly in areas such as transfer pricing and the 
consequences of acquisitions or restructuring. Judgements 
made are based on management’s interpretation of 
country-specific tax law, guided by external experts where 
appropriate. The Group is subject to periodic tax audits and 
the final agreed tax liabilities may vary from the amounts 
provided. The Group typically has limited control over the 
timing of resolution of uncertain tax positions with tax 
authorities.
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
146

Inventory provisions
In determining the inventory provision, on at least a 
quarterly basis and at the financial year end, management 
applies their judgement to review provisions held against 
damaged, obsolete and slow-moving inventory.
Lease term
In determining the lease term, management considers all 
facts and circumstances that create an economic incentive 
to exercise an extension option, or not utilise a break clause. 
Extension options (or periods after break clauses) are only 
included in the lease term if the lease is reasonably certain 
to be extended (or break clause not utilised).
2.b.ii) Key sources of estimation uncertainty
The key areas where estimates and assumptions are 
significant to the financial statements are described below. 
Acquired intangible assets
As part of the acquisition of Murat Ticaret, the Group 
recognised intangible assets in relation to customer 
relationships and order backlog, valued at $101.6 
million. The key inputs to the valuation model are the 
revenue growth rates, customer margins, discount rate 
and customer retention periods, which are inherently 
subjective. Changes to these estimates could result in the 
value of the asset recognised being higher or lower, with 
an offsetting movement in the goodwill recognised on 
acquisition. The fair value adjustments are provisional and 
will be finalised within 12 months of the acquisition date.
Inventory provisions
Inventories are carried at the lower of cost and net 
realisable value, which is calculated as the estimated 
sales proceeds less costs of sale. Factors considered in 
the determination of net realisable value are the ageing, 
category and condition of inventories, recent inventory 
utilisation and forecasts of projected inventory utilisation. 
Changes to these estimates could result in changes to the 
net valuation of inventory. At 31 March 2024, the Group had 
net inventories of $174.3m (2023: $120.5m).
Goodwill
The carrying amount of goodwill has been tested for 
impairment by estimating the value in use of the cash-
generating units to which it has been allocated. Note 12 
outlines the significant assumptions made in performing 
the impairment tests.
Recognition of deferred tax assets
The Group has significant amounts of unused tax losses as 
set out in note 21, as well as various deductible temporary 
differences across several major jurisdictions. These give 
rise to recognised deferred tax assets (after jurisdictional 
offsetting) of $25.9m (2023: $24.6m). In determining the 
appropriate amount of deferred tax assets to recognise, the 
Directors first consider the reversal of deferred tax liabilities 
and then estimated forecast future profits. The assessment 
of future profits in each territory takes into account factors 
such as historical performance, one-off events and risk-
weighted modelling. The Group uses recognition models 
that are based on the same underlying five-year cash 
flow forecasts used for goodwill impairment testing. 
While management are confident that full recovery of the 
amounts recognised is probable, the deferred tax assets 
in the UK of $13.5m (2023: $16.3m) are considered the most 
sensitive to underperformance against expectation.
Uncertain tax provisions
In measuring uncertain tax provisions, the Directors 
are required to estimate the effect of the uncertainty in 
determining the taxable profit or loss in each affected 
jurisdiction. Where there are a range of potential outcomes, 
the expected value method is used. This requires estimates 
and judgements around both the range of potential 
outcomes and the probability of each potential outcome 
arising. At 31 March 2024 the Group has $10.8m (2023: 
$10.4m) included in current tax liabilities, $1.1m (2023: 
$nil) included in other payables, and $2.8m (2023: $2.6m) 
included in deferred tax assets in respect of the estimated 
impact on tax liabilities and the related accrued interest, 
as well as recognised tax losses, giving a total net liability 
of $9.1m (2023: $7.8m) recognised for uncertain tax 
positions. To the extent that the ultimate outcome of a tax 
uncertainty differs from the tax that has been provided, a 
material adjustment could arise in a future period.
3. Segment information
Segment information is based on the information provided 
to the chief operating decision makers, being the Executive 
members of the Company’s Board and the Chief Operating 
Officer. This is the basis on which the Group reports its 
primary segmental information for the period ended 
31 March 2024. These segments are discussed in the 
Performance Review on page 38. 
The accounting policies of the operating segments are the 
same as those described in the summary of significant 
accounting policies on pages 139 to 147 of the Group 
accounts. The Group evaluates segmental information on 
the basis of profit or loss from operations before adjusting 
items, share-based payments, interest and income tax 
expense. The segmental results that are reported to the 
Executive members of the Company’s Board and Chief 
Operating Officer include items directly attributable to 
a segment, as well as those that can be allocated on a 
reasonable basis.
The internal reporting provided to the Executive members 
of the Company’s Board and the Chief Operating Officer 
for the purpose of resource allocation and assessment 
of Group performance is based upon the regional 
performance of where the customer is based and where 
the products are delivered. In addition to the operating 
divisions, a Central division exists to capture all of the 
corporate costs incurred in supporting the operations.
Unallocated central costs represent corporate costs that 
are not directly attributable to the manufacture and sale 
of the Group’s products, but which support the Group in 
its operations. Included within this division are the costs 
incurred by the Executive management team and the 
corporate head office.
147
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Financials
Governance
Strategic
Business overview 

Notes to the Consolidated Financial Statements  continued
For the 52 weeks ended 31 March 2024 (52 weeks ended 2 April 2023)
3. Segment information continued
The following is an analysis of the Group’s revenues and results by reportable segment. 
52 weeks to 31 March 2024
52 weeks to 2 April 2023
Revenue
 $’m
Profit/(loss) 
$’m 
Revenue
 $’m
Profit/(loss) 
$’m 
North America
372.3
32.8
339.8
30.9
Asia 
185.1
13.9
171.4
12.5
Europe
355.4
52.9
211.6
31.5
Unallocated Central costs
–
(9.9)
–
(7.6)
Divisional results before share-based payments and adjusting 
items
912.8
89.7
722.8
67.3
Adjusting items (see note 4)
(19.5)
(9.8)
Share-based payment charge (see note 29)
(6.3)
(3.7)
Operating profit 
63.9
53.8
Share of net profit from associates
3.2
1.1
Finance income (see note 5)
1.3
0.4
Finance costs (see note 6) 
(16.8)
(9.5)
Profit before taxation 
51.6
45.8
Taxation (see note 10)
(11.4)
(8.4)
Profit after taxation 
40.2
37.4
The adjusting items charge of $19.5m (2023: $9.8m) was split $2.8m (2023: $4.8m) to North America, $14.5m (2023: $3.7m) to 
Europe, a $0.2m in Asia (2023: $0.3m) and $2.0m (2023: $1.0m) to Central.
The segmental profit represents the profit earned from customers based in each region before the allocation of central 
operating expenses, adjusting items, share-based payments, finance income, finance costs and income tax expense. This is 
the measure reported to the Executive members of the Company’s Board and the Chief Operating Officer for the purpose 
of resource allocation and assessment of performance. The divisional profits above are shown after the following charges for 
depreciation and amortisation of non-acquired intangibles:
Depreciation and amortisation
2024
$’m 
2023
$’m 
North America
8.9
6.7
Asia 
4.4
3.4
Europe
8.5
4.2
Central 
0.1
–
21.9
14.3
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
148

3. Segment information continued
Information about major customers
One (2023: one) of the Group’s customers individually accounts for more than 10% of total Group revenue. Revenue from this 
customer is reported in North America, is within the Electric Vehicle sector, and accounts for 11.4% (2023: 15.8%).
Geographical information
The Group’s revenue from external customers and information about its non-current assets (excluding deferred tax assets) 
by geographical location are provided below: 
Revenue
Non-current assets
2024
$’m 
2023
$’m 
2024
$’m 
2023
$’m 
North America
372.3
339.8
53.0
51.4
Asia
185.1
171.4
72.3
59.0
Europe 
355.4
211.6
270.0
103.6
912.8
722.8
395.3
214.0
Revenue is attributed to countries on the basis of the geographical location of the customer and delivery of the product. 
Revenue and non-current assets attributable to the United Kingdom was $145.3m (2023: $133.0m) and $18.3m (2023: $18.8m) 
respectively.
4. Adjusting items and share-based payments
2024
$’m 
2023
$’m 
Acquisition-related costs
3.8
1.3
Acquisition-related remuneration
1.6
0.9
Adjustment to fair value of contingent consideration
(1.3)
(1.3)
Cyber incident costs
2.0
–
Amortisation of acquired intangibles
13.4
8.9
Total adjusting items
19.5
9.8
Share-based payments (see note 29)
6.3
3.7
Total adjusting items and share-based payments before tax
25.8
13.5
Tax effect of adjusting items and share-based payments (see note 10)
(4.5)
(2.3)
Total adjusting items and share-based payments after tax
21.3
11.2
Adjusting items include costs that are one-off in nature and significant as well as the non-cash amortisation of acquired 
intangible assets. The adjusting items and share-based payments are included under the statutory classification 
appropriate to their nature but are separately disclosed on the face of the income statement to assist in understanding the 
underlying financial performance of the Group.
Acquisition-related costs of $3.8m (2022: $1.3m) consist of legal and professional fees relating to potential and completed 
acquisitions. The acquisition-related costs associated with acquisitions completed during the year relate to the acquisition 
of Murat Ticaret Kablo Sanayi A.Ş. (‘Murat Ticaret’) ($3.7m). The remaining acquisition costs relate to other potential 
acquisitions that have been, or are being, pursued. 
During the prior year, the $1.3m of acquisition-related costs consisted of legal and professional fees associated with the 
acquisitions of Review Display Systems (‘RDS’) ($0.2m), Murat Ticaret ($0.6m) and inYantra Technologies Pvt Ltd (‘inYantra’) 
($0.1m), with the remainder relating to other potential acquisitions that have been, or are being, pursued.
The adjustment to the fair value of contingent consideration relates to the final remeasurement of contingent 
consideration on the acquisition of De-Ka Elektroteknik Sanayi ve Ticaret Anonim Şirketi (‘DE-KA’).
Associated with the acquisitions, the Group has recognised certain intangible assets, including customer relationships 
and customer order backlogs. The amortisation of these intangibles is non-cash and totals $13.4m (2023: $8.9m) for the 
period. The increase from the prior year is primarily caused by the amortisation of the intangibles recognised as a result of 
the Murat Ticaret acquisition. This was partially offset by previously acquired customer relationships and customer order 
backlogs being fully amortised during the period. 
In October 2023, the Group experienced a cyber incident. Costs associated with the recovery and remediation of 
systems were $2.0m.
Acquisition-related remuneration consists of additional payments due in relation to post-acquisition performance, to meet 
ongoing service conditions associated with the acquisitions of RDS and Murat Ticaret. For both acquisitions, the post-
acquisition performance period is up to two years.
149
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Business overview 

Notes to the Consolidated Financial Statements  continued
For the 52 weeks ended 31 March 2024 (52 weeks ended 2 April 2023)
5. Finance income
2024
$’m 
2023
$’m 
Lease interest income
–
0.1
Interest on bank deposits
1.3
0.1
Interest on preference shares
–
0.2
1.3
0.4
Finance income earned on financial assets was derived from preference shares, bank deposits and the sublease of a 
property. No other gains or losses have been recognised in respect of receivables held at amortised cost other than those 
disclosed above, and impairment losses recognised in respect of trade receivables (see note 18). 
6. Finance costs
Notes
2024
$’m 
2023
$’m 
Interest on bank overdrafts and loans
11.2
6.4
Lease interest payable
27
2.7
1.7
Net interest expense on defined benefit obligations
30
0.7
0.3
Unwinding of deferred consideration
1.4
0.4
Other finance costs
0.1
–
Total interest costs
16.1
8.8
Amortisation of debt issue costs
27
0.7
0.7
Total finance costs
16.8
9.5
No gains or losses have been recognised on financial liabilities measured at amortised cost (including bank overdrafts and 
loans) other than those disclosed above. 
In February 2023, the Group exercised the first of two one-year extension options. The debt issue costs being amortised in 
the year relate to that facility agreement.
7. Profit for the period
Profit for the period has been arrived at after (crediting)/charging:
Notes
2024
$’m 
2023
$’m 
Net foreign exchange loss/(gain)
2.3
(0.6)
Research and development costs
7
4.4
5.2
Depreciation of property, plant and equipment 
14
12.3
8.2
Depreciation of right-of-use assets
15
7.4
4.8
Amortisation of intangible assets 
13
15.6
10.2
Cost of inventories recognised as an expense
515.9
436.3
Write-down of inventories recognised as an expense
8.4
2.9
Reversal of write-downs of inventories recognised in the period
(1.6)
–
Staff costs 
9
199.2
140.9
Impairment loss recognised on trade receivables
18
1.2
0.6
Reversal of impairment losses recognised on trade receivables
18
–
(0.1)
Loss on disposal of property, plant and equipment
–
0.1
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
150

7. Profit for the period continued
Research and development costs disclosed above comprise the following:
2024
$’m 
2023
$’m 
Employment costs
2.5
2.4
Raw materials and consultancy
1.7
2.7
Other 
0.2
0.1
4.4
5.2
In addition to the above, during the current period, $3.3m development costs were capitalised (2023: $3.7m). 
Reconciliation of operating profit to underlying EBITDA (earnings before interest, tax, depreciation and amortisation, 
adjusting items and share-based payment charge):
2024
$’m 
2023
$’m 
Operating profit
63.9
53.8
Add back:
Adjusting items (note 4)
19.5
9.8
Share-based payment charge (note 4)
6.3
3.7
Underlying operating profit
89.7
67.3
Depreciation of property, plant and equipment (note 14)
12.3
8.2
Depreciation of right-of-use assets (note 15)
7.4
4.8
Amortisation of intangible assets not acquired in a business combination (note 13)
2.2
1.3
Underlying EBITDA
111.6
81.6
8. Auditors’ remuneration
The analysis of auditors’ remuneration is as follows:
2024
$’m 
2023
$’m 
Fees payable to the Company’s auditors for the audit of the Company’s annual financial 
statements
0.8
0.6
Fees payable to the Company’s auditors and their associates for other audit services to the Group 
– the audit of the Company’s subsidiaries pursuant to legislation
0.6
0.5
Total audit fees
1.4
1.1
Other non-audit services
–
–
Total non-audit fees
–
–
151
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Notes to the Consolidated Financial Statements  continued
For the 52 weeks ended 31 March 2024 (52 weeks ended 2 April 2023)
9. Staff costs
The average monthly number of employees (including Executive Directors) was:
2024
No.
2023
No.
Production
9,286
6,271
Sales and distribution
693
626
Administration
841
536
10,820
7,433
Their aggregate remuneration comprised:
2024
$’m 
2023
$’m 
Wages and salaries
167.7
119.8
Social security costs
23.1
16.9
Share-based payment charge (note 29)
6.3
3.7
Other pension costs (note 30)
2.1
0.5
199.2
140.9
Remuneration of key management – Directors of the parent Company
2024
$’m 
2023
$’m 
Short-term employee benefits
2.3
1.9
Social security costs
0.9
0.2
Post-employment benefits
0.1
0.1
Share-based payment charge
2.9
2.6
6.2
4.8
10. Taxation
2024
2023
Before 
adjusting
items 
$’m
Adjusting
items and 
share-based 
payments 
$’m
Total
 $’m
Before
 adjusting
items 
$’m
Adjusting
items and 
share-based 
payments 
$’m
Total 
$’m
Current tax – expense for the period
(18.3)
1.3 
(17.0)
(14.7)
0.2 
(14.5)
Current tax – adjustment in respect of 
previous periods
(0.1)
–
(0.1)
0.1
–
0.1
Total current tax expense
(18.4)
1.3 
(17.1)
(14.6)
0.2 
(14.4)
Deferred tax – credit for the period
2.5
3.2 
5.7
4.5 
2.1 
6.6 
Deferred tax – adjustment in respect 
of previous periods
–
–
– 
(0.6) 
–
(0.6) 
Total deferred tax credit (note 21)
2.5 
3.2
5.7 
3.9 
2.1 
6.0 
Income tax expense
(15.9)
4.5 
(11.4)
(10.7)
2.3 
(8.4)
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
152

10. Taxation continued
UK corporation tax is calculated at the standard rate of 25% (2023: 19%) of the estimated assessable profit for the period. 
Taxation for other jurisdictions is calculated at the rates prevailing in the respective jurisdictions. 
The Group’s effective tax rate for the period of 22.1% (2023: 18.3%) is lower (2023: lower) than the standard rate of corporation 
tax in the UK and can be reconciled to the profit before tax per the income statement as follows:
2024
2023
Before 
adjusting
items 
$’m
Adjusting
items and 
share-based 
payments 
$’m
Total
 $’m
Before
 adjusting
items 
$’m
Adjusting
items and 
share-based 
payments 
$’m
Total 
$’m
Profit before tax
77.4
(25.8)
51.6
59.3
(13.5)
45.8
Tax at the UK corporation tax rate
(19.4)
6.5
(12.9)
(11.3)
2.6
(8.7)
Tax effect of:
Expenses that are not deductible 
and income that is not taxable in 
determining taxable profit
(1.7)
(0.6)
(2.3)
(1.0)
(0.8)
(1.8)
Incentives and reduced rate regimes
3.4
–
3.4
0.9
–
0.9
Foreign exchange and inflation 
on entities with different tax and 
functional currencies
0.1
–
0.1
(1.9)
–
(1.9)
Adjustment in respect of previous 
periods
(0.1)
–
(0.1)
(0.5)
–
(0.5)
Changes to tax rates
(0.2)
(1.2)
(1.4)
(0.4)
0.1
(0.3)
Overseas tax rate differences
1.6
(0.2)
1.4
(0.7)
0.2
(0.5)
Current year tax losses and other  
items not recognised
(0.2)
–
(0.2)
(1.5)
–
(1.5)
Recognition of previously 
unrecognised deferred tax assets
0.7
–
0.7
5.8
0.2
6.0
Derecognition of previously 
recognised deferred tax assets
(0.1)
–
(0.1)
(0.1)
–
(0.1)
Income tax expense
(15.9)
4.5
(11.4)
(10.7)
2.3
(8.4)
Included in the non-deductible tax items is a net increase to the Group’s estimated exposure arising from uncertain tax 
positions of $0.7m (2023: decrease of $0.6m). 
The benefits from incentives and reduced rate regimes primarily arise from R&D and investment incentives and corporate 
tax rate reductions in respect of export activities.
A deferred tax credit of $0.7m (2023: $6.0m) arose due to the recognition of additional deferred tax assets, primarily relating 
to historical tax losses, following management’s updated assessment of the probability of future taxable profits arising in 
certain jurisdictions (see note 21). 
The income tax credit reported directly in equity of $0.8m (2023: expense of $0.4m) relates to share-based payments and 
consists of a current tax credit of $0.7m (2023: $0.7m) and a deferred tax credit of $0.1m (2023: expense of $1.1m).
On 20 June 2023, Finance (No.2) Act 2023 was substantively enacted in the UK, implementing the OECD’s Pillar Two model 
rules and introducing a global minimum effective tax rate of 15% for large groups for financial years beginning on or after 
31 December 2023. Taxation balances are adjusted for a change in tax law if the change has been substantively enacted by 
the balance sheet date. However, the amendments to IAS 12 ‘Income Taxes’ issued by the IASB provide an exemption from 
the requirement to recognise and disclose deferred taxes arising from enacted or substantively enacted tax law relating to 
Pillar Two taxes.
Based on an initial analysis of the current year financial data, most territories in which the Group operates are expected to 
qualify for one of the safe harbour exemptions such that top-up taxes should not apply. In territories where this is not the 
case there is the potential for Pillar Two taxes to apply, but these are not expected to be material. The Group continues to 
refine this assessment and analyse the future consequences of these rules.
153
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Notes to the Consolidated Financial Statements  continued
For the 52 weeks ended 31 March 2024 (52 weeks ended 2 April 2023)
11. Earnings per ordinary share
The calculation of the basic and diluted earnings per share is based on the following data:
Notes
2024
$’m 
2023
$’m 
Profit for the purpose of basic and diluted earnings per share being net profit 
attributable to owners of the parent
39.3
36.8
Adjustments for:
Adjusting items
4
19.5
9.8
Share-based payment charge
29
6.3
3.7
Tax effect of adjusting items and share-based payments
10
(4.5)
(2.3)
Underlying earnings
60.6
48.0
2024
No. shares
2023
No. shares
Weighted average number of ordinary shares for the purpose of basic earnings per share
179,909,482
158,681,078
Effect of dilutive potential ordinary shares/share options
3,421,442
7,896,423
Weighted average number of ordinary shares for the purpose of diluted earnings per share
183,330,924
166,577,501
Basic earnings per share
2024
cents
2023
cents
Basic earnings per share
21.8
23.2
Adjustments for:
Adjusting items
10.9
6.1
Share-based payment charge
3.5
2.3
Tax effect of adjusting items and share-based payments
(2.5)
(1.4)
Underlying basic earnings per share
33.7
30.2
Diluted earnings per share
2024
cents
2023
cents
Diluted earnings per share
21.4
22.1
Adjustments for:
Adjusting items
10.6
5.9
Share-based payment charge
3.4
2.2
Tax effect of adjusting items and share-based payments
(2.4)
(1.4)
Underlying diluted earnings per share
33.0
28.8
The underlying earnings per share has been calculated on the basis of profit before adjusting items and share-based 
payments, net of tax. The Directors consider that this calculation gives a better understanding of the Group’s earnings per 
share in the current and prior periods.
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
154

12. Goodwill
2024
$’m 
2023
$’m 
Cost
At the beginning of the period
84.6
85.4
Business combinations (note 35)
39.3
1.5
Exchange differences
(0.1)
(2.3)
At the end of the period
123.8
84.6
Accumulated impairment losses
At the beginning of the period
2.3
2.5
Exchange differences
0.1
(0.2)
At the end of the period
2.4
2.3
Carrying amount at the end of the period
121.4
82.3
Carrying amount at the beginning of the period
82.3
82.9
Goodwill acquired in a business combination is allocated, at acquisition, to the business units that are expected to benefit 
from that business combination. After recognition of impairment losses and exchange differences, the carrying amount of 
goodwill has been allocated to the following CGUs:
2024
$’m 
2023
$’m 
DE-KA
37.0
37.2
GTK
9.7
9.5
Irvine
3.8
3.8
inYantra
9.0
9.1
Prodamex 
2.9
2.9
Terminal & Cable (‘TC’)
1.5
1.5
Servatron
7.6
7.6
Silcotec
4.0
4.0
Murat Ticaret
39.3
–
MC Electronics
1.0
1.0
Volex Asia
1.6
1.6
Volex North America
1.9
1.9
Volex Europe
0.4
0.5
RDS
1.7
1.7
121.4
82.3
Goodwill is stated at cost less any accumulated impairment losses. Goodwill is allocated to individual cash-generating units 
or aggregated cash-generating units (together ‘CGU’), which are deemed to be the smallest identifiable group of assets 
generating independent cash flows. Goodwill is not amortised and is retranslated each year at the prevailing rate. The 
Group annually tests goodwill for impairment, or more frequently, if there are indications that goodwill might be impaired. 
The recoverable amount of goodwill is determined from value-in-use calculations. 
The key assumptions used in the value-in-use calculations are those regarding the discount rates, forecast revenue, costs 
growth. Management estimates discount rates using pre-tax rates based on the weighted average cost of capital for a 
market participant and the risks specific to the business unit. Forecast revenue is based upon forecast customer sales 
initiatives, new product development, marketing strategy and industry growth rates. Management has considered the 
impact of climate change on goodwill impairment, including the increased costs of delivering on our ESG strategy and 
the increased opportunity for green products, such as Electric Vehicles. Based on the information currently available, 
management do not believe climate change to have a material impact on the assessment of goodwill impairment.
155
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Notes to the Consolidated Financial Statements  continued
For the 52 weeks ended 31 March 2024 (52 weeks ended 2 April 2023)
12. Goodwill continued
The Group prepared a cash flow forecast derived from the most recently approved annual budget, which has been 
extrapolated over a five-year period. This assumes levels of revenue and profits based on both past performance and 
expectations for future market development for the CGU. Cash flows beyond the five-year period are extrapolated in 
perpetuity using growth rates specific to each CGU, which were within a range of 2–8% (2023: 3%) in line with long-term 
market expectations. 
The rates used to discount the forecast cash flows for the CGUs were within a range of a pre-tax discount rate of 7.2–17.4% 
(2023: 10.9–13.6%). On a post-tax basis, a discount rate of 6.0–15.0% would have been applied.
There has been no goodwill impairment charge recognised in 2024 (2023: nil).
For any CGU with limited headroom, management has performed a sensitivity analysis on each key assumption (revenue 
growth, pre-tax discount rate and long-term growth rate), keeping all other assumptions constant. One CGU, TC, has been 
considered as part of the sensitivity analysis. We have disclosed the sensitivity analysis below. The results in the table show 
the amounts by which the related assumptions would have to vary such that the carrying value of the CGU equals their 
recoverable amount.
Carrying 
value of 
CGU
Headroom
Revenue growth
Pre-tax discount rate
Long-term growth rate
$’m
$’m
Assumption
Sensitivity
Assumption
Sensitivity
Assumption
Sensitivity
TC
8.6
3.9
11.6%
(31.1%)
9.7%
+2.4%
2.1%
(3.4%)
Whilst management believes the assumptions are realistic, it is possible that an impairment charge would be identified if 
the key assumptions above changed significantly.
13. Other intangible assets
Group
Patents 
$’m
Capitalised 
development 
costs 
$’m
Software and 
licences 
$’m
Customer 
contracts 
and 
relationships 
$’m
Total 
$’m
Cost
At 3 April 2022
1.2
5.9
4.9
65.3
77.3
Business combinations
–
–
–
1.8
1.8
Additions
–
3.7
0.2
–
3.9
Disposals
–
–
(0.2)
–
(0.2)
Exchange differences
(0.1)
(0.1)
(0.1)
(1.1)
(1.4)
At 2 April 2023
1.1
9.5
4.8
66.0
81.4
Business combinations (note 35)
–
–
0.3
101.6
101.9
Additions
–
3.3
0.8
–
4.1
Exchange differences
0.1
–
–
(0.5)
(0.4)
At 31 March 2024
1.2
12.8
5.9
167.1
187.0
Accumulated amortisation and impairment
At 3 April 2022
1.2
3.2
3.3
22.6
30.3
Amortisation charge for the period
–
0.9
0.4
8.9
10.2
Disposals
–
–
(0.2)
–
(0.2)
Exchange differences
(0.1)
(0.1)
(0.1)
(0.4)
(0.7)
At 2 April 2023
1.1
4.0
3.4
31.1
39.6
Amortisation charge for the period
–
1.6
0.6
13.4
15.6
Exchange differences
0.1
–
–
–
0.1
At 31 March 2024
1.2
5.6
4.0
44.5
55.3
Carrying amount
At 31 March 2024
–
7.2
1.9
122.6
131.7
At 2 April 2023
–
5.5
1.4
34.9
41.8
At 3 April 2022
–
2.7
1.6
42.7
47.0
Computer software is amortised over the estimated useful life, not exceeding five years. The amortisation charge for the 
period is fully expensed within operating expenses.
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
156

13. Other intangible assets  continued
Customer contracts and relationships relate to customer-related intangible assets acquired as part of a business 
combination. They are recognised at their fair value at the date of acquisition and are subsequently amortised on a straight-
line basis on the timing of projected cash flows of the contracts and relationships over their estimated useful lives. More 
details on business combinations are included in note 35.
Customer contracts and relationships include individually significant customer-related assets. The carrying value of these as 
at 31 March 2024 are: 
Acquisition
Region
Customer 
Relationship 
($’m) 
Remaining 
Useful 
life (years)
DE-KA
Europe
17.9
11.9
Irvine
North America
4.2
7.0
Murat Ticaret
Europe
93.9
15.0
At the prior period end, the significant customer-related assets related to DE-KA ($19.5m), with a remaining useful economic 
life of 12.9 years. The net book value of customer relationships in Irvine was $4.8m with a remaining useful economic life of 
8.0 years. Murat Ticaret was acquired in this period.
14. Property, plant and equipment
Group
Freehold land 
and buildings 
$’m
Leasehold 
improvements
 $’m
Plant and 
machinery 
$’m
Assets under 
construction 
$’m
Total 
$’m
Cost
At 3 April 2022
8.2
15.6
60.5
4.0
88.3
Additions
0.4
1.6
7.4
6.2
15.6
Business combination 
–
–
0.1
–
0.1
Disposals
–
–
(2.5)
–
(2.5)
Transferred to completed assets
–
–
4.8
(4.8)
–
Exchange differences
(0.3)
(0.1)
(0.7)
–
(1.1)
At 2 April 2023
8.3
17.1
69.6
5.4
100.4
Additions
0.3
0.6
10.9
16.2
28.0
Business combination (note 35)
9.9
0.1
14.7
1.6
26.3
Disposals
–
–
(5.4)
–
(5.4)
Transferred to completed assets
0.9
(0.2)
5.3
(6.0)
–
Exchange differences
(0.1)
0.2
(0.1)
0.2
0.2
At 31 March 2024
19.3
17.8
95.0
17.4
149.5
Accumulated depreciation and impairment
At 3 April 2022
0.9
5.9
38.1
–
44.9
Depreciation charge for the period
0.3
1.1
6.8
–
8.2
Disposals
–
–
(2.4)
–
(2.4)
Exchange differences
–
–
(0.4)
–
(0.4)
At 2 April 2023
1.2
7.0
42.1
–
50.3
Depreciation charge for the period
0.4
1.7
10.2
–
12.3
Disposals
–
–
(5.0)
–
(5.0)
Exchange differences
–
–
0.1
–
0.1
At 31 March 2024
1.6
8.7
47.4
–
57.7
Carrying amount
At 31 March 2024
17.7
9.1
47.6
17.4
 91.8
At 2 April 2023
7.1
10.1
27.5
5.4
50.1
At 3 April 2022
7.3
9.7
22.4
4.0
43.4
At 31 March 2024, the Group had $2.6m (2023: $3.7m) contractual commitments for the acquisition of property, plant and 
equipment.
157
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Financials
Governance
Strategic
Business overview 

Notes to the Consolidated Financial Statements  continued
For the 52 weeks ended 31 March 2024 (52 weeks ended 2 April 2023)
14. Property, plant and equipment  continued
Of the $12.3m (2023: $8.2m) depreciation charge for the period, $11.0m (2023: $7.3m) was expensed through cost of sales and 
$1.3m (2023: $0.9m) was expensed through operating expenses. Depreciation of property, plant and equipment that is used 
in production activities is expensed through cost of sales.
15. Right-of-use assets
Buildings 
$’m
Equipment
$’m
Vehicles 
$’m
Total 
$’m
Cost
At 3 April 2022
25.3
1.3
0.9
27.5
Additions
8.9
8.7
0.2
17.8
Business combination
2.0
–
0.1
2.1
Disposals and remeasurements
(0.6)
–
–
(0.6)
Exchange differences
0.1
0.1
–
0.2
At 2 April 2023
35.7
10.1
1.2
47.0
Additions
5.4
–
1.2
6.6
Business combination (note 35)
6.3
0.1
0.2
6.6
Disposals and remeasurements
(1.9)
(1.1)
(0.3)
(3.3)
Exchange differences
1.0
–
(0.3)
0.7
At 31 March 2024
46.5
9.1
2.0
57.6
Accumulated depreciation and impairment
At 3 April 2022
6.9
0.8
0.4
8.1
Depreciation charge for the period
4.1
0.5
0.2
4.8
Disposals and remeasurements
(0.6)
–
–
(0.6)
Exchange differences
0.2
–
–
0.2
At 2 April 2023
10.6
1.3
0.6
12.5
Depreciation charge for the period
5.6
1.3
0.5
7.4
Disposals and remeasurements
(0.3)
(0.7)
(0.2)
(1.2)
Exchange differences
0.6
–
(0.1)
0.5
At 31 March 2024
16.5
1.9
0.8
19.2
Carrying amount
At 31 March 2024
30.0
7.2
1.2
38.4
At 2 April 2023
25.1
8.8
0.6
34.5
At 3 April 2022
18.4
0.5
0.5
19.4
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
158

16. Interests in associates
Where the Group has the power to participate in (but not control) the financial and operating policy decisions of another 
entity, it is classified as an associate. The Group uses the equity method, where the Group’s share of post-acquisition profits 
and losses are recognised in the consolidated statement of comprehensive income (except for losses in excess of the 
Group’s investment in the associate unless there is an obligation to make good those losses).
2024
$’m 
2023
$’m 
Investment in associates:
Kepler SignalTek Ltd
8.1
2.6
8.1
2.6
Kepler SignalTek Ltd
In April 2023, the Group increased its shareholding in Kepler SignalTek Ltd (a company incorporated in Hong Kong) to 35.7%. 
The Group paid $2.3m for the additional 8.3% of shares acquired. The company is focused on developing interconnect and 
finished device solutions for medical OEM customers and also provides high-performance data transmission and industrial 
cable assemblies from their facilities in China and Indonesia. As part of the shareholder agreement, Volex is entitled to 
appoint one of the three directors to the company. 
Summarised financial information in respect of Kepler SignalTek Ltd is set out below. The summarised information below 
represents amounts before intra-group eliminations. 
Summarised statement of financial position
2024
$’m
2023
$’m
Current assets
22.9
12.9
Non-current assets
2.6
2.3
Current liabilities
(7.5)
(6.0)
Non-current liabilities
–
–
Net assets
18.0
9.2
A reconciliation of the above summarised financial information to the carrying amount of the interests in the consolidated 
financial statements is set out below:
Reconciliation to the carrying amounts
2024
$’m
2023
$’m
Net assets of the associate
18.0
9.2
Proportion of the Group 
35.7%
27.4%
Carrying amount of the Group’s interest in Kepler SignalTek Ltd
6.4
2.5
Goodwill
1.7
0.1
Carrying amount
8.1
2.6
During the period, Kepler SignalTek Ltd redeemed $0.9m (2023: $0.4m) of the preference shares owned by Volex (see 
note 18). 
Summarised statement of comprehensive income
2024
$’m
2023 
$’m
Revenue
38.7
20.7
Profit for the period
9.0
4.1
Other comprehensive income for the period
(0.1)
0.1
Total comprehensive income for the period
8.9
4.2
159
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Financials
Governance
Strategic
Business overview 

Notes to the Consolidated Financial Statements  continued
For the 52 weeks ended 31 March 2024 (52 weeks ended 2 April 2023)
17. Inventories
2024
$’m 
2023
$’m 
Raw materials
102.1
71.1
Work in progress
17.7
7.7
Finished goods
54.5
41.7
174.3
120.5
18. Trade and other receivables
Trade receivables
2024
$’m 
2023
$’m 
Amounts receivable for the sale of goods
193.7
139.2
Loss allowance
(6.1)
(3.0)
187.6
136.2
Other receivables
Other receivables
20.6
11.8
Net investment in sublease
–
0.5
Preference shares due from related parties
0.3
1.7
Prepayments
4.5
3.5
25.4
17.5
Due for settlement within 12 months
23.4
15.7
Due for settlement after 12 months
2.0
1.8
25.4
17.5
The carrying amounts of the trade receivables include certain receivables which are subject to a factoring arrangement. 
Under this arrangement, Volex has transferred the relevant receivables to the factor in exchange for cash and is prevented 
from selling or pledging the receivables. However, Volex has retained late payment and credit risk. Where there is recourse, 
the Group continues to recognise the transferred assets in their entirety in its balance sheet. The amount repayable 
under the factoring agreement is presented as secured borrowing. The Group considers that the held-to-collect business 
model remains appropriate for these receivables and, hence, continues measuring them at amortised cost. Where there is 
non-recourse, the receivable is de-recognised upon receipt of the cash. 
The Directors consider that the carrying amount of trade and other receivables approximates their fair value.
Other receivables comprises recoverable sales taxes, supplier deposits and other operating debtors.
One (2023: one) of the Group’s customers individually accounts for more than 10% of total Group revenue. The largest 
customer operates in the Electric Vehicles sector and accounts for 11.4% (2023: 15.8%) of total Group revenue. Other than 
this customer, the Group has no significant concentration of credit risk, with exposure spread over a large number of 
counterparties and customers. At 31 March 2024, the largest customer represented 12% of the net trade receivables 
(2023: 17%).
The average credit period taken on sales of goods is 72 days (2023: 73 days). An allowance has been made for estimated 
irrecoverable amounts from the sale of goods. This allowance has been determined by reference to the expected credit loss, 
which includes consideration of past default experience, an analysis of the counterparty’s current financial position, the 
current economic environment and potential losses.
Included in trade receivables are receivables with a carrying value of $15.9m (2023: $16.5m) for the Group, which are past due 
at the reporting date for which no provision has been made as there has not been a significant change in credit quality and 
the amounts are still considered recoverable. The Group does not hold any collateral over these balances.
Ageing of past due but not impaired receivables
2024
$’m 
2023
$’m 
0–60 days
13.1
14.4
60–90 days
1.8
1.1
90–120 days
0.6
0.7
120+ days
0.4
0.3
15.9
16.5
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
160

18. Trade and other receivables continued
Movement in the allowance for doubtful debts
2024
$’m 
2023
$’m 
Balance at the beginning of the period
3.0
2.4
Amounts acquired on business combination
2.0
0.1
Amounts written off during the period
(0.1)
(0.6)
Amounts recovered during the period
–
(0.1)
Increase in allowance recognised in profit or loss
1.3
1.2
Exchange differences
(0.1)
–
Balance at the end of the period
6.1
3.0
In determining the recoverability of trade receivables, the Group considers any change in the credit quality of the trade 
receivable from the date credit was initially granted up to the reporting date. With the exception of the one customer noted 
above (2023: one customer), the concentration of credit risk is limited due to the customer base being large and unrelated. 
Given the current economic uncertainty associated with various global events, the Directors have considered the impact 
upon IFRS 9 and the Group’s provision matrix. After consideration of historical loss rates, organic growth rates, the 
acquisition and the movement in credit scores observed for a range of customers, the expected credit loss provision has 
been adjusted to $6.1m (2023: $3.0m).
Ageing of impaired trade receivables
2024
$’m 
2023
$’m 
Current
1.3
1.1
0–60 days
0.4
0.6
60–90 days
0.1
–
90–120 days
1.2
0.2
120+ days
3.1
1.1
6.1
3.0
19. Borrowings and lease liabilities
2024
$’m 
2023
$’m 
Secured borrowings at amortised cost
Bank overdrafts
1.0
1.8
Bank loans
145.4
89.6
Lease liabilities
37.4
34.8
Total borrowings at amortised cost
183.8
126.2
Amount due for settlement within 12 months
24.6
17.4
Amount due for settlement after 12 months
159.2
108.8
183.8
126.2
The bank loans are secured by a floating charge over the assets of key subsidiaries of Volex plc. The overdraft is secured by a 
floating charge over the assets of the relevant business unit. 
At 31 March 2024, unamortised debt issue costs of $1.5m (2023: $1.9m) are included within bank loans. 
Lease liabilities are effectively secured as the rights to the leased assets recognised in the financial statements (see note 15) 
revert to the lessor in the event of default.
The total cash outflow for leases is $11.6m (2023: $7.5m) comprising lease repayments of $8.9m (2023: $5.8m) and $2.7m 
(2023: $1.7m) of interest on leases. Interest on lease liabilities is shown in note 6 and the maturity of lease liabilities is shown 
in note 31. 
161
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Financials
Governance
Strategic
Business overview 

Notes to the Consolidated Financial Statements  continued
For the 52 weeks ended 31 March 2024 (52 weeks ended 2 April 2023)
19. Borrowings and lease liabilities continued
The Group has outstanding commitments under short-term and low-value leases, which fall due as follows:
2024
$’m
2023
$’m
In less than one year
0.7
0.5
The weighted average interest rates paid on the Group’s borrowings during the period were as follows:
2024
%
2023
%
Bank loans and overdrafts
5.8
5.2
At the year end, the Group has a $240m committed facility (the ‘facility’) together with an additional $60m uncommitted 
accordion (the ‘accordion’). This financing arrangement is supported by a consortium that comprises HSBC UK Bank plc, 
Citibank, N.A. London branch, Barclays Bank PLC, Fifth Third Bank, National Association and UniCredit Bank AG, London 
branch. Within the framework of the Group’s banking structure, floating charges are placed on certain subsidiaries and 
their assets. The accordion feature provides further capacity for potential future acquisitions. This facility comprises a $165m 
revolving credit facility and a $75m term loan. The borrowing is secured by fixed and floating charges over the assets of 
certain Group companies. As at the year end, these totalled $251.0m (2023: $226.5m). 
The terms of the facility require the Group to perform quarterly financial covenant calculations with respect to leverage 
(adjusted total debt to adjusted rolling 12-month EBITDA) and interest cover (adjusted rolling 12-month EBITDA to adjusted 
rolling 12-month interest). A breach of these covenants could result in cancellation of the facility. The Group was compliant 
with these covenants during the period and remains compliant in the period subsequent to the period end.
During the period, $0.3m of professional fees were incurred due to the exercise of $40m of the accordion, raising the 
committed facility from $200m to $240m. All $0.3m of this was paid to the syndicate. During the prior period, $0.5m was 
capitalised in relation to the exercising of the first of two one-year options. These professional fees are being charged to the 
income statement on a straight-line basis over the facility term. 
At 31 March 2024, the facility incurred interest at a margin of 2.1% (2023: 2.1%) above the applicable rate, typically SOFR.
Also, drawn under the facilities, and not included above, are guarantees and letters of credit amounts to $0.1m (2023: $0.7m). 
Drawings under the facilities were made in various currencies. Total borrowings for the Group at 31 March 2024 can be 
analysed by currency as follows:
2024
$’m 
2023
$’m 
USD
122.0
91.5
EUR
21.6
–
TRY
2.0
–
MKD
1.3
–
146.9
91.5
Less: debt issue costs (note 27)
(1.5)
(1.9)
145.4
89.6
Undrawn borrowing facilities
At 31 March 2024, the Group had undrawn committed borrowing facilities available of $96.4m (2023: $107.8m).
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
162

20. Trade and other payables
Trade payables
2024
$’m 
2023
$’m 
Trade payables
133.1
84.4
Other payables
Other taxes and social security
7.9
5.4
Other payables, accruals and deferred income
120.4
61.2
128.3
66.6
Due for settlement within 12 months
101.4
65.2
Due for settlement after 12 months
26.9
1.4
128.3
66.6
Trade payables and accruals principally comprise amounts outstanding for trade purchases and ongoing costs. The 
Directors consider that the carrying amount of trade and other payables approximates to their fair value.
Included in accruals and deferred income is $47.6m (2023: $3.5m) relating to deferred and contingent consideration for 
acquisitions. 
21. Deferred tax
The following are the major deferred tax assets and liabilities recognised by the Group and movements thereon during the 
current and prior reporting periods.
Tax 
losses 
$’m
Intangible 
assets 
$’m
Property, 
plant and 
equipment
$’m
Share-based 
payments
$’m
Unremitted 
earnings 
$’m
Other 
temporary 
differences1 
$’m
Total 
$’m
At 3 April 2022
10.2
(7.1)
0.9
2.9
(0.9)
7.6
13.6
Acquisitions
–
(0.4)
–
–
–
–
(0.4)
Credit/(expense) to 
income statement
5.1
1.5
(1.0)
(0.1)
(0.7)
1.2
6.0
Expense to other 
comprehensive income
–
–
–
–
–
(0.1)
(0.1)
Expense directly to 
equity
–
–
–
(1.1)
–
–
(1.1)
Exchange differences
(0.4)
0.2
–
(0.1)
–
–
(0.3)
At 2 April 2023
14.9
(5.8)
(0.1)
1.6
(1.6)
8.7
17.7
Acquisitions (note 35)
–
(25.5)
(2.3)
–
(0.2)
1.9
(26.1)
(Expense)/credit to 
income statement
(1.8)
2.2
0.7
0.8
0.1
3.7
5.7
Expense to other 
comprehensive income
–
–
–
–
–
(0.1)
(0.1)
Credit directly to equity
–
–
–
0.1
–
–
0.1
Exchange differences
0.3
0.1
–
–
–
–
0.4
At 31 March 2024
13.4
(29.0)
(1.7)
2.5
(1.7)
14.2
(2.3)
1	
Other temporary differences includes deferred tax assets on lease liabilities of $7.8m (2023: $6.1m) and accruals, provisions and other payables of $6.3m  
(2023: $3.9m), offset by deferred tax liabilities on right-of-use assets of $7.5m (2023: $6.1m). The remaining $7.6m (2023: $4.8m) includes individually immaterial 
amounts relating to derivative financial instruments, retirement benefit obligations, inventories, trade receivables and finance costs.
Certain deferred tax assets and liabilities have been offset. The following is the analysis of the deferred tax balances (after 
offset) for financial reporting purposes:
2024
$’m 
2023
$’m 
Deferred tax assets
25.9
24.6
Deferred tax liabilities
(28.2)
(6.9)
(2.3)
17.7
163
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Financials
Governance
Strategic
Business overview 

Notes to the Consolidated Financial Statements  continued
For the 52 weeks ended 31 March 2024 (52 weeks ended 2 April 2023)
21. Deferred tax continued
At the balance sheet date, the Group had unused tax losses of $84.0m (2023: $89.2m) available for offset against future 
profits. No deferred tax asset has been recognised in respect of $27.4m (2023: $28.8m) of these losses. 
Included in the unrecognised tax losses are losses of $11.4m (2023: $17.3m) that cannot be carried forward indefinitely. Of this 
amount, $7.3m (2023: $7.5m) expires during the next five accounting periods.
The carrying amount of deferred tax assets is reviewed at each reporting date and recognised to the extent that it is 
probable that there are sufficient taxable profits to allow all or part to be recovered. In assessing the probability of recovery, 
the five-year cash flow forecast that has been used for goodwill impairment testing was used as a basis for determining the 
probable taxable profits arising in each relevant jurisdiction. Refer to note 2.c) for the key sources of estimation uncertainty 
in making this assessment.
At the reporting date, a deferred tax liability of $1.7m (2023: $1.6m) has been recognised relating to the unremitted earnings 
of overseas subsidiaries. The temporary differences represent only the unremitted earnings of those overseas subsidiaries 
where remittance to the UK of those earnings may still result in a tax liability, principally as a result of dividend withholding 
taxes levied by the overseas tax jurisdictions in which those subsidiaries operate. No deferred tax liability is recognised on 
temporary differences of $88.2m (2023: $64.2m) on unremitted earnings of subsidiaries as the Group is able to control the 
reversal of these temporary differences and it is probable that they will not reverse in the foreseeable future. 
Deferred tax assets and liabilities are measured at the tax rate expected to apply in the period in which the asset is realised 
or the liability is settled.
22. Provisions
Property 
$’m
Restructuring 
$’m
Other 
$’m 
Total 
$’m
At 3 April 2022
0.3
0.6
1.6
2.5
Credit in the period
–
–
(0.6)
(0.6)
Utilisation of provision
–
(0.6)
(0.1)
(0.7)
Amounts acquired on business combination
0.1
–
–
0.1
Exchange differences
–
–
–
–
At 3 April 2023
0.4
–
0.9
1.3
Additional provisions in the period
0.2
–
–
0.2
Utilisation of provision
–
–
–
–
Amounts acquired on business combination (see note 35)
0.5
–
1.9
2.4
Exchange differences
–
–
–
–
At 31 March 2024
1.1
–
2.8
3.9
Current liabilities
0.1
–
2.8
2.9
Non-current liabilities
1.0
–
–
1.0
Property
As part of the acquisition of Murat Ticaret, the Group recognised a dilapidations provision of $0.6m associated with the 
acquired manufacturing sites.
Restructuring
During March 2022, the Group commenced the closure of its Ta Hsing factory in China with production being transferred 
to other sites within the Group. Following the communication to all those involved, a restructuring provision of $0.5m 
was made to cover the redundancy and other associated exit costs. The closure was completed in the prior year and the 
provision was fully utilised.
Other
The Group has a provision of $1.0m (2023: $0.9m) to cover potential costs of recall or warranty claims for products which are 
in the field but where a specific issue has not been reported. Other provisions include the Directors’ best estimate, based 
upon past experience, of the Group’s liability under specific product warranties and legal claims. The timing of the cash 
outflows with respect to these claims is uncertain. As part of the acquisition of Murat Ticaret, the Group recognised a $1.9m 
liability associated with employment and other claims. 
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
164

23. Share capital and share premium account
Ordinary 
shares of 
£0.25 each 
Number
Par 
value
$’m
Share 
premium 
$’m
Total 
$’m
Allotted, called up and fully paid:
At 3 April 2022
158,718,709
62.5
60.9
123.4
Issue of new shares – Scrip dividend1
388,376
0.2
(0.2)
–
At 2 April 2023
159,107,085
62.7
60.7
123.4
Issue of new shares – Scrip dividend1
692,267
0.2
(0.2)
–
Equity raise
21,818,181
6.7
1.5
8.2
At 31 March 2024
181,617,533
69.6
62.0
131.6
1	
Shareholders were able to elect to receive ordinary shares in place of the final dividend of 2.6p per ordinary share (in relation to year ended 2 April 2023) and the 
interim dividend of 1.4p (in relation to the current year) under the terms of the Company’s scrip dividend scheme. This resulted in the issue of 478,491 and 213,776 
new fully paid ordinary shares respectively (2023: 377,615 and 10,761).
On 22 June 2023, the Group completed an equity raise to raise finances for the completion of the acquisition of Murat 
Ticaret. The Group issued 21,818,181 new ordinary shares of 25 pence each, comprising the ‘Placing Shares’ and the ‘Retail 
Offer Shares’ (together, the ‘equity raise’). The shares were issued at a price of 275 pence per share, representing a discount 
of 3.8% to the closing share price of 286 pence per share on 21 June 2023. In aggregate, the equity raise represented gross 
proceeds of £60.0m ($74.0m) and net proceeds of £58.6m ($72.3m).
The 21,304,186 Placing Shares were issued for non-cash consideration by way of a ‘cash box’ structure. This involved a newly 
incorporated subsidiary of the company (‘Cash Box’). This structure involved the issue of ordinary and preference shares by 
Cash Box to one of the brokers advising the company in respect of the equity raise. These preference and ordinary shares 
were subsequently acquired by the company and the preference shares were redeemed by Cash Box. The acquisition by 
the company of the ordinary shares in Cash Box held by the broker resulted in the company securing over 90% of the equity 
share capital of Cash Box. The company was therefore able to rely on Section 612 of the Companies Act 2006, which provides 
relief from the requirements under Section 610 of the Companies Act 2006 to create a share premium account. Therefore, 
no share premium was recorded in relation to the Placing Shares.
The premium over the nominal value of the Placing Shares was recognised in retained earnings. Certain Directors of the 
company participated in the equity raise via the Placing Shares, subscribing for (in aggregate) 5,461,088 Placing Shares.
Retail investors were able to participate in the equity raise on the same terms as institutional investors via the retail offer, 
which was available through a number of intermediaries. A total of 513,995 Retail Offer Shares were issued and share 
premium of $1.5m was recognised.
The holders of ordinary shares are entitled to receive dividends as declared and are entitled to one vote per share at 
meetings of the Company. The Company does not have any other authorised share capital.
165
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Financials
Governance
Strategic
Business overview 

Notes to the Consolidated Financial Statements  continued
For the 52 weeks ended 31 March 2024 (52 weeks ended 2 April 2023)
23. Share capital and share premium account continued
Under the terms of the Group’s various share schemes, the following rights to subscribe for ordinary shares are outstanding:
Number of shares
Date of grant
Option price (p)
Exercise period
2024
2023
Performance Share Plan
31 March 2016
25
March 2019 – March 2026
140,737
140,737
1 December 2016
25
December 2019 – December 2026
223,505
223,505
1 December 2017
25
December 2020 – December 2027
200,000
200,000
11 December 2018
25
December 2021 – December 2028
395,000
545,000
24 March 2019
25
March 2022 – March 2029
150,000
150,000
Long Term Incentive Plan
10 September 2019
–
September 2022 – September 2029
1,580,000
1,920,000
1 December 2019
–
December 2022 – December 2029
270,000
305,000
11 December 2020
–
December 2023 – December 2030
566,000
941,000
7 December 2021
–
December 2024 – December 2031
922,925
941,925
21 December 2022
–
December 2027 – December 2032
1,852,500
1,852,500
21 December 2022
–
December 2028 – December 2032
1,852,500
1,852,500
2 January 2023
–
December 2025 – December 2032
414,500
424,500
5 December 2023
–
December 2027 – December 2033
50,000
–
5 December 2023
–
December 2028 – December 2033
100,000
–
5 December 2023
–
December 2026 – December 2033
398,400
–
Deferred Bonus Plan
26 August 2022
–
August 2023
–
68,678
9,116,067
9,565,345
For further details of the Group’s share option schemes, see note 29.
Under the FY2024 deferred share bonus plan, shares may be awarded to the executive management team in lieu of a cash 
bonus. These will be issued in accordance with the terms of the deferred share bonus plan. 
24. Own shares and non-distributable reserves
Own shares
2024
$’m 
2023
$’m 
At the beginning of the period
1.0
0.2
Purchase of shares
9.1
5.0
Sale of shares
(5.8)
(4.2)
At end of the period
4.3
1.0
The own shares reserve represents both the cost of shares in the Company purchased in the market and the nominal 
share capital of shares in the Company issued to The Volex Group PLC Employees’ Share Trust to satisfy future share option 
exercises under the Group’s share option schemes (see note 29). 
The number of ordinary shares held by The Volex Group PLC Employees’ Share Trust at 31 March 2024 was 1,047,529  
(2023: 233,978). The market value of the shares as at 31 March 2024 was $3.8m (2023: $0.6m).
Unless, and until, the Company notifies a trustee of The Volex Group PLC Employees’ Share Trust, in respect to shares held 
in the Trust in which a beneficial interest has not vested, rights to dividends in respect to the shares held in the Trust are 
waived.
During the year, 1,524,813 (2023: 1,242,155) shares were utilised on the exercise of share awards. During the year, the Company 
purchased 2,338,364 shares (2023: 1,422,928) at a cost of $9.1m (2023: $5.0m) and issued zero new shares to the Trust 
(2023: nil).
In December 2013, The Volex Group PLC Employees’ Share Trust sold 3,378,582 shares at £1.16 per share to the open market. 
The average price of shares held by the Trust at the time was £0.70 with a number of the shares having been issued by Volex 
plc to the Trust at nominal value. In accordance with the Accounting Standards, the difference between the sales price of 
£1.16 and the average share price of £0.70 was recorded as a non-distributable reserve, giving rise to the $2.5m  
non-distributable reserve balance.
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
166

25. Non-controlling interest
The Group has non-controlling interests due to 51% ownership of inYantra and minority interests in certain subsidiaries 
of Murat Ticaret. inYantra is a company incorporated in India. A 51% equity stake was acquired on 30 March 2022. 
Non-controlling interests hold a 49% interest. Summarised financial information in respect of inYantra is set out below. 
The summarised information below represents amounts before intra-group eliminations. 
Summarised statement of financial position 
2024
$’m
2023
$’m
Current assets
14.3
7.6
Non-current assets
14.0
13.4
Current liabilities
(9.7)
(4.6)
Non-current liabilities
(1.4)
(0.7)
Net assets
17.2
15.7
Equity attributable to non-controlling interests
8.1
7.4
Summarised statement of comprehensive income
2024
$’m
2023
$’m
Revenue
36.8
28.2
Profit for the period
1.7
1.1
Other comprehensive expense for the period
(0.1)
(1.2)
Total comprehensive expense for the period
1.6
(0.1)
Summarised cash flow
2024
$’m
2023
$’m
Net cash generated/(used) in operating activities
1.6
(1.7)
Net cash used in investing activities
(1.2)
(1.3)
Net cash generated from financing activities
0.6
–
Net increase/(decrease) in cash and cash equivalents
1.0
(3.0)
A number of subsidiaries of Murat Ticaret have non-controlling interests and their share of net assets is $0.3m, with less 
than $0.1m of profit for the period.
26. Dividends
Dividends
2024
Total
$’m 
Settled 
via scrip
$’m
Dividend 
per ordinary 
share
(p)
2023
Total
$’m 
Settled 
via scrip
$’m
Dividend 
per ordinary 
share
(p)
Declared during the financial period: 
Final – period ended 2 April 2023
6.1
1.8
2.6p
–
–
–
Interim – period ended 31 March 2024
3.2
0.8
1.4p
–
–
–
Final – period ended 3 April 2022
–
–
–
4.6
1.4
2.4p
Interim – period ended 2 April 2023
–
–
–
2.5
–
1.3p
9.3
2.6
7.1
1.4
The proposed final dividend of 2.8p per ordinary share based on the number of issued ordinary shares at 31 March 2024 is 
subject to approval by shareholders at the Annual General Meeting and has not been included as a liability in these financial 
statements. Based on shares in issue at 31 March 2024, this would equate to a final dividend of $6.4m.
167
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Financials
Governance
Strategic
Business overview 

Notes to the Consolidated Financial Statements  continued
For the 52 weeks ended 31 March 2024 (52 weeks ended 2 April 2023)
27. Analysis of net debt
Cash 
 and cash 
equivalents 
$’m
Bank 
loans 
$’m
Factoring 
$’m
Lease 
liabilities 
$’m
Debt issue 
costs 
$’m
Total 
$’m
At 3 April 2022
25.9
(101.8)
(0.7)
(20.9)
2.2
(95.3)
Business combination
0.4
(0.7)
–
(2.1)
–
(2.4)
Cash flow
(5.9)
10.3
0.7
7.5
0.5
13.1
New leases and remeasurements
–
–
–
(17.8)
–
(17.8)
Interest
–
–
–
(1.7)
–
(1.7)
Exchange differences
0.3
0.7
–
0.2
(0.1)
1.1
Amortisation of debt issue costs
–
–
–
–
(0.7)
 (0.7)
At 2 April 2023
20.7
(91.5)
–
(34.8)
1.9
(103.7)
Business combination (note 35)
15.8
(4.1)
–
(6.6)
–
5.1
Cash flow
(9.3)
(50.9)
–
11.6
0.3
(48.3)
New leases and remeasurements
–
–
–
(5.1)
–
(5.1)
Interest
–
(0.2)
–
(2.7)
–
(2.9)
Exchange differences
1.6
(0.2)
–
0.2
–
1.6
Amortisation of debt issue costs
–
–
–
–
(0.7)
 (0.7)
At 31 March 2024
28.8
(146.9)
–
(37.4)
1.5
(154.0)
Debt issue costs relate to bank facility arrangement fees. In August 2023 the Group extended the facility by $40m, thereby 
increasing the facility to $240m. The $0.3m of costs associated with the extension request were capitalised. During the prior 
year, $0.5m of costs associated with a one-year extension request was capitalised. 
The Group recognised a lease liability of $6.6m on the acquisition of Murat Ticaret. During the period, the Group also 
expanded or renewed a number of factory leases across Asia and Europe. New leases entered into during the prior period 
primarily relate to expansions and renewals of factory leases across multiple sites ($8.8m), and investment in surface mount 
technology in North America ($8.7m).
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
168

28. Notes to the statement of cash flows
2024
$’m 
2023
$’m 
Profit for the period
40.2
37.4
Adjustments for:
Finance income (note 5)
(1.3)
(0.4)
Finance costs (note 6)
16.8
9.5
Income tax expense (note 10)
11.4
8.4
Share of net profit from associates 
(3.2)
(1.1)
Depreciation of property, plant and equipment (note 14)
12.3
8.2
Depreciation of right-of-use assets (note 15)
7.4
4.8
Amortisation of intangible assets (note 13)
15.6
10.2
Loss on disposal of property, plant and equipment
–
0.1
Share-based payment charge (note 29)
6.3
3.7
Contingent consideration adjustments (note 4)
(1.3)
(1.3)
Decrease in provisions
(1.5)
(1.1)
Operating cash flow before movement in working capital
102.7
78.4
Increase in inventories
(5.6)
(0.2)
Increase in receivables
(17.4)
(15.4)
Increase in payables
24.9
7.0
Movement in working capital
1.9
(8.6)
Cash generated from operations
104.6
69.8
Cash generated from operations before adjusting operating items
111.6
72.0
Cash used by adjusting operating items
(7.0)
(2.2)
Taxation paid
(14.9)
(7.9)
Interest paid
(11.4)
(6.2)
Net cash generated from operating activities
78.3
55.7
Cash and cash equivalents
2024
$’m 
2023
$’m 
Cash and bank balances
29.8
22.5
Bank overdrafts
(1.0)
(1.8)
28.8
20.7
Cash and cash equivalents comprise cash held by the Group and bank overdrafts. The carrying amount of these assets 
approximates their fair value. Included within cash and cash equivalents is $nil (2023: $0.1m) held in trust, which can only be 
used for Volex employees.
169
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Financials
Governance
Strategic
Business overview 

Notes to the Consolidated Financial Statements  continued
For the 52 weeks ended 31 March 2024 (52 weeks ended 2 April 2023)
29. Share-based payments
The Group has four equity-settled share-based payment arrangements in operation.
Long Term Incentive Plan (‘LTIP’)
The LTIP is a discretionary long-term incentive scheme for Executive Directors and senior managers. It provides for the 
award of nominal value options, which vest after at least three years, subject to performance conditions. Options issued 
under the LTIP are exercisable between three and ten years from the date of grant, subject to the continued employment 
of the participant and achievement of performance targets. All awards under the LTIP are nil cost. Full details of how the 
scheme operates are explained on page 116 of the Remuneration Committee Report.
Performance Share Plan (‘PSP’)
The PSP scheme was replaced by the Long Term Incentive Plan (‘LTIP’) during 2020. The PSP is a discretionary long-term 
incentive scheme for Executive Directors and senior managers. It provides for the award of nominal value options which 
vest after at least three years, subject to performance conditions. Options issued under the PSP are exercisable between 
three and ten years from the date of grant, subject to the continued employment of the participant and achievement of 
performance targets. All awards under the PSP have an exercise price of 25p, which is equivalent to the nominal value of the 
underlying ordinary shares.
Deferred Bonus Plan (‘DBP’)
The DBP was for the executive management team. A percentage of any cash bonus was deferred to shares and held in trust 
for a period, which was determined by the Remuneration Committee. The percentage of any cash bonus to be deferred was 
at the discretion of the Remuneration Committee. The only vesting condition was continuing employment.
Acquisition Retention Awards (‘ARA’)
The ARA were used to incentivise and retain key employees in acquired businesses who are deemed to deliver a significant 
contribution to the integration of the acquired business into the Group and have an important role in the continuing 
success of the acquired business. These awards have vesting periods that are determined by the specific circumstances of 
the acquisition and vest based on continued employment as well as performance measures that relate to the performance 
of the Group or the acquired business. Awards consist of shares or the right to acquire shares for a nominal value. 
Details of the share awards outstanding and the weighted average exercise price of those awards are as follows:
PSP
Number
LTIP
Number
DBP
Number
ARA
Number
Total
Number
Weighted 
average 
exercise
price (p)
Outstanding at 3 April 2022
2,065,103
4,712,925
97,011
966,666
7,841,705
6
Exercisable at the 3 April 2022
2,065,103
–
–
–
2,065,103
25
Outstanding at 4 April 2022
2,065,103
4,712,925
97,011
966,666
7,841,705
6
Granted during the period
–
4,395,361
68,678
–
4,464,039
–
Exercised during the period
(555,000)
(833,361)
(97,011)
–
(1,485,372)
(9)
Lapsed during the period
(250,861)
(37,500)
–
(966,666)
(1,255,027)
–
Outstanding at 2 April 2023
1,259,242
8,237,425
68,678
–
9,565,345
3
Exercisable at the 2 April 2023
1,259,242
2,225,000
–
–
3,484,242
9
Outstanding at 3 April 2023
1,259,242
8,237,425
68,678
–
9,565,345
3
Granted during the period
–
548,400
147,581
–
695,981
–
Exercised during the period
(150,000)
(730,000)
(216,259)
–
(1,096,259)
(3)
Lapsed during the period
–
(49,000)
–
–
(49,000)
–
Outstanding at 31 March 2024
1,109,242
8,006,825
–
–
9,116,067
3
Exercisable at the 31 March 2024
1,109,242
2,416,000
–
–
3,525,242
8
Included within the LTIP awards are 1,947,420 (2023: 3,097,500) options awarded to Directors and senior leadership, which 
are subject to an additional multiplier effect, whereby the awards can double depending upon the performance of the 
Volex share price relative to peers. Full details of how the scheme operates are explained on page 116 of the Remuneration 
Committee Report. Of the share awards that lapsed during the period, 49,000 (2023: 288,361) lapsed in respect of leavers 
and nil (2023: 966,666) lapsed due to failure to meet performance conditions.
The weighted average share price at the date of exercise of options exercised during the period was £3.10 (2023: £2.16).
The awards outstanding at 31 March 2024 had a weighted average remaining contractual life of seven years  
(2023: seven years).
Of the 9,116,067 awards outstanding at 31 March 2024, 1,109,242 had an exercise price of £0.25 and 8,006,825 had an exercise 
price of £nil.
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
170

29. Share-based payments continued
Of the 9,565,345 awards outstanding at 2 April 2023, 1,259,242 had an exercise price of £0.25 and 8,306,103 had an exercise 
price of £nil.
The aggregate of the estimated fair values of the options granted during the period was $2.5m (2023: $11.5m).
Of the awards granted during the period, 147,581 were deferred bonus plan awards with an exercise price of £nil, a service 
period of one year and no performance conditions. The remaining 548,400 awards were LTIP awards with a £nil exercise 
price with a service period of three, five or six years with performance conditions based on the business performance linked 
and total shareholder return. 
The fair value of awards granted in the period was calculated at the date of grant using a Monte Carlo binomial model or a 
Black–Scholes model, depending on the vesting criteria of each award. Market-based performance conditions are taken into 
account in the calculation of the fair values. Valuation model inputs were as follows:
2024
LTIP
2023
LTIP
Weighted average share price
£2.79
£2.60
Weighted average exercise price
£nil
£nil
Expected volatility
46%
49%
Expected life (years)
3.7
5
Risk-free rate
4.2%
3.2%
Expected dividends
1.3%
1.4%
Expected volatility was determined with reference to the historical volatility of the Group’s share price over the previous 
three years. The expected life used in the model has been adjusted, based on management’s best estimate, for the effects of 
non-transferability, exercise restrictions and behavioural considerations.
During the period, the total expense recognised for share-based payment arrangements was as follows:
2024
$’m 
2023
$’m 
LTIP
5.0
4.2
DBP
0.5
0.4
ARA
–
(0.9)
Share-based payment charge
5.5
3.7
Employers’ tax charge in relation to share awards
0.8
–
6.3
3.7
171
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Financials
Governance
Strategic
Business overview 

Notes to the Consolidated Financial Statements  continued
For the 52 weeks ended 31 March 2024 (52 weeks ended 2 April 2023)
30. Retirement benefit obligations
Defined contribution schemes
The Group operates a number of defined contribution pension schemes. Contributions to the defined contribution 
schemes are charged to the income statement as they fall due. The Group has no further obligations once the contributions 
have been made.
The total cost charged to the Group’s income statement in the period was $1.1m (2023: $0.5m).
Defined benefit schemes
The Group operates defined benefit pension plans in a number of countries. The majority of benefit payments are from 
trustee-administered funds; however, there are also a number of unfunded plans where the group meets the benefit 
payment obligation as it falls due.
Amounts recognised in statement of financial position
Present value 
of obligation 
$’m
Fair value 
of scheme 
assets 
$’m 
Total 
$’m
At 3 April 2022
(20.9)
17.5
(3.4)
Current service cost
(0.3)
–
(0.3)
Past service cost
0.2
–
0.2
Interest (expense)/income
(0.8)
0.5
(0.3)
Total amount recognised in income statement
(0.9)
0.5
(0.4)
Losses on assets in excess of interest 
–
(4.0)
(4.0)
Experience gains on liabilities
(0.3)
–
(0.3)
Losses due to changes in financial assumptions
3.8
–
3.8
Total amount recognised in other comprehensive income
3.5
(4.0)
(0.5)
Exchange differences 
1.2
(1.2)
–
Contributions from the sponsoring company
–
1.0
1.0
Benefits paid
1.1
(1.0)
0.1
At 2 April 2023
(16.0)
12.8
(3.2)
Current service cost
(0.8)
–
(0.8)
Termination cost
(0.2)
–
(0.2)
Interest (expense)/income
(1.4)
0.7
(0.7)
Total amount recognised in income statement
(2.4)
0.7
(1.7)
Losses on assets in excess of interest 
–
(0.5)
(0.5)
Experience gains on liabilities
(1.6)
–
(1.6)
Losses due to changes in financial assumptions
1.6
–
1.6
Losses due to changes in demographic assumptions
0.3
–
0.3
Total amount recognised in other comprehensive income
0.3
(0.5)
(0.2)
Exchange differences 
0.9
0.2
1.1
Contributions from the sponsoring company
Benefits paid 
–
1.6
1.0
(0.9)
1.0
0.7
Acquired in business combination (see note 35)
(4.8)
–
(4.8)
At 31 March 2024
(20.4)
13.3
(7.1)
Volex Executive Pension Scheme 
Volex plc (the ‘Company’) operates a defined benefit pension arrangement called the Volex Executive Pension Scheme (the 
‘Scheme’). The Scheme provides benefits based on final salary and length of service on retirement, leaving service or death.
The Scheme is subject to the Statutory Funding Objective under the Pensions Act 2004. A valuation of the Scheme is 
carried out at least once every three years to determine whether the Statutory Funding Objective is met. As part of the 
process, the Company must agree with the Trustees of the Scheme the contributions to be paid to meet the Statutory 
Funding Objective. The future contributions required to meet the Statutory Funding Objective do not currently affect the 
balance sheet of the Scheme in these financial statements.
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
172

30. Retirement benefit obligations continued
The most recent comprehensive actuarial valuation of the Scheme was carried out as at 31 July 2022 and the next valuation 
of the Scheme is due as at 31 July 2025. In the event that the valuation reveals a larger deficit than expected, the Company 
may be required to increase contributions above those set out in the existing Schedule of Contributions. Conversely, if the 
position is better than expected, it is possible that contributions may be reduced.
In accordance with the Schedule of Contributions dated September 2020 the Company has agreed to pay contributions of 
£0.8m p.a. (payable in quarterly instalments) over the period to 31 January 2026.
At the period end, the Scheme was in surplus. The Group has an unconditional right to any surplus arising in the Scheme, 
hence that surplus has been recognised in full. The Scheme does not have an asset ceiling.
The Scheme is managed by a Trustee Company, the Board of which is appointed in part by the Company and in part from 
elections by members of the Scheme. The Trustees have responsibility for obtaining valuations of the fund, administering 
benefit payments and investing the Scheme’s assets. The Trustee delegates some of these functions to their professional 
advisers where appropriate.
The Scheme exposes the Company to a number of risks:
•	
Investment risk. The Scheme holds investments in asset classes, such as equities, which have volatile market values 
and while these assets are expected to provide the real returns over the long-term, the short-term volatility can cause 
additional funding to be required if the deficit increases.
•	
Interest rate risk. The Scheme’s liabilities are assessed using market yields on high quality corporate bonds to discount 
the liabilities. As the Scheme holds assets such as equities, the value of the assets and liabilities may not move in the 
same way.
•	
Inflation risk. A significant proportion of the benefits under the Scheme are linked to inflation. Although the Scheme’s 
assets are expected to provide a good hedge against inflation over the long term, movements over the short term could 
lead to deficits emerging.
•	
Mortality risk. In the event that members live longer than assumed deficits may emerge in the Scheme.
There were no plan amendments, curtailments or settlements during the period. 
The key assumptions utilised are:
Valuation at
2024
2023
Discount rate
4.8%
4.7%
Future pension increases
2.9%
3.0%
Inflation assumption (RPI)
3.6%
3.6%
Inflation assumption (CPI)
3.1%
3.1%
The following mortality assumptions have been made:
2024
Years
2023
Years
Future life expectancy for a pensioner currently aged 65 
– Male
22.1
22.6
– Female
23.8
24.2
Future life expectancy at age 65 for a non-pensioner currently aged 55 
– Male
22.5
23.1
– Female
24.4
24.9
173
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Financials
Governance
Strategic
Business overview 

Notes to the Consolidated Financial Statements  continued
For the 52 weeks ended 31 March 2024 (52 weeks ended 2 April 2023)
30. Retirement benefit obligations continued
Significant actuarial assumptions for the determination of the defined benefit obligations are the discount rate, inflation 
and life expectancy. The sensitivity analysis below has been determined based on reasonably possible changes of the 
assumptions occurring at the end of the reporting period, assuming that all other assumptions are held constant:
Assumption
Change in assumption
Impact on scheme liabilities
Discount rate
Increase/decrease by 0.5%
($0.6m)/$0.6m
Inflation
Increase/decrease by 0.5%
$0.3m/($0.3m)
Life expectancy
Increase/decrease by 1 year
$0.5m/($0.4m)
In reality, one might expect interrelationships between the assumptions, especially between discount rate and inflation. The 
above analysis does not take the effect of these interrelationships into account.
The Group has contributed $1.0m to the UK-defined benefit pension plan in the period ended 31 March 2024 (2023: $1.0m). 
The average duration of the Scheme’s defined benefit obligation is approximately 10 years (2023: 10 years). The actual return 
on scheme assets for the period was a gain of $0.2m (2023: loss of $3.5m).
The estimated amount of contributions expected to be paid to the Scheme during the 52 weeks to 30 March 2025 is $1.0m 
(2023: $1.0m).
Assets
Asset category
2024
$’m 
2023
$’m 
Target return assets1
7.3
7.5
Corporate Bonds2
1.5
0.7
Liability Driven Investments1
4.0
3.9
Cash
0.5
0.7
Total
13.3
12.8
1	
Targeted return and LDI – Dynamic Diversified Growth Fund and the Liability Driven Investment fund are pooled investment vehicles whereby the Scheme 
purchases units in that fund, which are not quoted. The funds invest in a variety of assets including quoted/listed stocks and shares and bonds, which are valued 
by the investment manager using the latest available prices. The Scheme itself is not directly the owner of these underlying assets.
2	
Corporate bonds – This is also a pooled investment vehicle whereby the Scheme purchases units of the fund, which are not quoted. The fund invests in UK 
investment grade corporate bonds with maturities in excess of 10 years. The fund is valued by the investment manager using the latest available prices and is 
benchmarked against the iBoxx Sterling Non-Gilts Over 10 Year Index. The Scheme itself is not directly the owner of these underlying assets.
None of the fair values of the assets shown above include any of the Company’s own financial instruments or any property 
occupied, or other assets used by the Company (2023: nil).
Pension schemes
The following table shows a breakdown of the defined benefit obligation and plan assets by country:
2024
2023
UK
$’m
Türkiye 
$’m
Indonesia 
$’m
Other 
$’m
Total
$’m
UK
$’m
Türkiye 
$’m
Indonesia 
$’m
Other 
$’m
Total
$’m
Fair value of scheme assets
13.3
–
–
–
13.3
12.8
–
–
–
12.8
Present value of defined 
benefit obligations
(12.9)
(5.3)
(0.9)
(1.3)
(20.4)
(13.1)
(1.3)
(0.8)
(0.8)
(16.0)
0.4
(5.3)
(0.9)
(1.3)
(7.1)
(0.3)
(1.3)
(0.8)
(0.8)
(3.2)
Current liabilities
–
–
–
–
–
(0.3)
–
–
–
(0.3)
Non-current asset/(liabilities)
0.4
(5.3)
(0.9)
(1.3)
(7.1)
–
(1.3)
(0.8)
(0.8)
(2.9)
The Group operates unfunded defined benefit schemes in Türkiye, Indonesia, Mexico and India. During the prior year, $0.6m 
of liability associated with Mexican operations was presented within other creditors.
Following the acquisition of Murat Ticaret in the period, an additional liability of $4.8m was recognised.
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
174

31. Financial instruments
Capital risk management
The Group manages its capital to ensure that entities in the Group will be able to continue as going concerns while 
maximising the return to shareholders through the optimisation of the debt and equity balance. 
The capital structure of the Group consists of debt, which includes the borrowings disclosed in note 19, cash and cash 
equivalents and equity attributable to the owners of the parent, comprising issued capital, reserves and retained earnings 
as contained in the statement of changes in equity.
The Board reviews the capital structure on a regular basis, including facility headroom, forecast working capital and capital 
expenditure requirements. 
The Group has a $240 million committed facility, together with an additional $60 million uncommitted accordion. The 
facility comprises a $165 million revolving credit facility (‘RCF’) and a $75 million term loan. As at 31 March 2024, the term 
loans of $75m were fully drawn and $68.6m (2023: $16.5m) was also utilised under the revolving credit facility. The Group also 
operates a cashpool facility, which is denominated in a variety of currencies. As at 31 March 2024, there was a $1.0m overdraft 
(2023: $1.7m). The average combined utilisation of the cashpool during the period was $0.3m (2023: $2.5m). 
Included in note 19 is a description of undrawn facilities as at the reporting date. 
The terms of the RCF require the Group to perform quarterly financial covenant calculations with respect to leverage 
(adjusted total debt to adjusted rolling 12-month EBITDA) and interest cover (adjusted rolling 12-month EBITDA to adjusted 
rolling 12-month interest). Breach of these covenants could result in cancellation of the facility. The Group was compliant 
with these covenants during the year and has continued to operate within these covenants in the period from 31 March 
2024 to the date of issue of these financial statements.
The Board is, therefore, confident that the combination of the above facility and the cash on hand at the end of the year 
provides adequate liquidity headroom for the successful execution of the Group’s operations.
The Group is not subject to externally imposed capital requirements.
Financial instruments
The Group’s principal financial instruments comprise bank borrowings and overdrafts, cash and short-term deposits, trade 
and other receivables and trade and other payables. The Group also enters into derivative transactions, principally forward 
copper contracts to manage the commodity price risk arising from its operations and forward currency contracts to 
manage the currency risks. Set out below is a comparison by category of carrying amounts and fair values of all the Group’s 
financial instruments that are carried in the financial statements. Except as detailed below, the Directors consider that the 
carrying amounts of the financial assets and financial liabilities recorded at amortised cost approximate their fair values.
Book value 
2024 
$’m
Book value 
2023 
$’m
Fair value 
2024 
$’m
Fair value 
2023 
$’m
Financial assets – loans and receivables
Cash
29.8
22.5
29.8
22.5
Trade and other receivables
193.8
136.2
193.8
136.2
Financial liabilities – amortised cost
Interest-bearing loans and borrowings
(146.4)
(91.4)
(147.9)
(93.3)
Lease liabilities
(37.4)
(34.8)
(37.4)
(34.8)
Trade and other payables
(222.1)
(107.6)
(222.1)
(107.6)
Financial derivatives for which hedge accounting  
has been applied
Derivative financial instruments
2.1
1.8
2.1
1.8
Financial derivatives for which hedge accounting  
has not been applied
Derivative financial instruments
–
–
–
–
The fair values of the financial derivatives above are categorised within Level 2 of the fair value hierarchy on the basis that 
their fair value has been calculated by management using inputs that are observable in active markets that are related to 
the individual asset or liability. Included within trade and other payables is contingent consideration, which is categorised as 
Level 3 using inputs that are not based on observable market data. 
175
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Financials
Governance
Strategic
Business overview 

Notes to the Consolidated Financial Statements  continued
For the 52 weeks ended 31 March 2024 (52 weeks ended 2 April 2023)
31. Financial instruments continued
Financial risk management
Activities related to financing, monitoring and managing the financial risks relating to the operations of the Group are 
co-ordinated centrally. These risks include market risk (interest rate risk, currency risk and commodity price risk), credit risk 
and liquidity risk.
The Group seeks to minimise these risks by using derivative financial instruments to hedge these risk exposures and 
external borrowings denominated in currencies that match the net asset currency profile of the Group. The Board reviews 
and agrees policies for managing these risks and they are summarised below. The Group also monitors the market price risk 
arising from all financial instruments. It is, and has been throughout the periods under review, the Group’s policy that no 
trading in financial instruments shall be undertaken.
Market risk
The Group’s activities expose it, primarily, to the financial risks of changes in interest rates, foreign currency exchange rates 
and copper commodity prices.
Interest rate risk
The Group’s interest rate risk arises, principally, from borrowings issued at variable rates, which expose the Group to cash 
flow interest rate risk. The Group holds 10% cumulative preference shares with its associate, Kepler SignalTek Ltd. The 
following table sets out the carrying amount, by maturity, of the Group’s financial instruments that are exposed to interest 
rate risk:
2024
Within 
1 year
$’m
1–2 
years 
$’m
2–3 
years 
$’m
3–4 
years 
$’m
4–5 
years 
$’m
More than 
5 years 
$’m
Total 
$’m
Fixed rate
Trade and other 
receivables
0.3
–
–
–
–
–
0.3
Bank loans and 
borrowings
(2.3)
(0.8)
(50.2)1
–
–
–
(53.3)
Floating rate
Cash assets
29.8
–
–
–
–
–
29.8
Bank loans and 
borrowings
(1.0)
–
(93.6)
–
–
–
(94.6)
1	
The Group facility expires in February 2026. The $50m interest rate swap expires in September 2025.
2023
Within 
1 year
$’m
1–2 
years 
$’m
2–3 
years 
$’m
3–4 
years 
$’m
4–5 
years 
$’m
More than 
5 years 
$’m
Total 
$’m
Fixed rate
Trade and other 
receivables
1.7
–
–
–
–
–
1.7
Bank loans and 
borrowings
–
–
(50.0)
–
–
–
(50.0)
Floating rate
Cash assets
22.5
–
–
–
–
–
22.5
Bank loans and 
borrowings
(1.8)
–
(41.5)
–
–
–
(43.3)
Interest rate and sensitivity
The Group manages its exposure to interest rate risk by maintaining an appropriate mix between fixed and floating rate 
borrowings. Hedging activities are evaluated regularly to align with interest rate views and defined risk appetite, ensuring 
the most cost-effective hedging strategies are applied. 
Management regularly reviews the interest rate risk exposure. The Group is exposed to floating rate interest on its RCF 
borrowings at a margin of 2.1% (2023: 2.1%) above SOFR (2023: SOFR). In September 2022, an interest rate swap was entered 
into following market evaluation, which has enabled the Group to fix the interest rate paid on a notional value of $50m.
Had interest rates moved 1% in the period, and all other variables were held constant, including the impact of the interest 
rate swap, Group profit before tax would have moved by $1.1m (2023: $0.8m). A 1% interest rate sensitivity test has been 
performed since this represents the Directors’ assessment of a reasonably possible change in interest rates.
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
176

31. Financial instruments continued
Foreign currency risk
The Group operates internationally and is exposed to foreign exchange risk arising from various currency exposures, 
primarily with respect to the euro, Chinese renminbi and pound sterling. Foreign exchange risk arises from future 
commercial transactions, recognised assets and liabilities and net investments in foreign operations. 
The Group has certain investments in foreign operations, whose net assets are exposed to foreign currency translation risk. 
The Group’s policy is to hedge its related translation exposures through the designation of certain amounts of its foreign 
currency denominated debt as a hedging instrument.
The carrying amounts of the Group’s foreign currency denominated monetary assets and monetary liabilities at the 
reporting date are as follows:
Liabilities
Assets
2024
$’m
2023
$’m
2024
$’m
2023
$’m
US dollar
202.8
136.3
101.9
93.0
Euro
61.5
25.5
57.3
35.6
Chinese renminbi
33.2
19.7
17.6
19.9
Pound sterling
53.8
4.5
7.9
6.3
Indian rupee
7.6
5.1
7.9
3.2
Turkish Lira
3.1
0.2
29.4
4.9
Other
8.9
9.8
4.7
11.5
Foreign currency sensitivity
The following table details the Group’s sensitivity to a 10% increase and decrease in US dollar against the relevant foreign 
currencies. The 10% rate used represents management’s assessment of the reasonably possible change in foreign exchange 
rates. The sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their 
translation at the period end for a 10% change in foreign currency rates. The sensitivity analysis includes both external 
loans and loans to foreign operations within the Group where the denomination of the loan is in a currency other than the 
currency of the lender or the borrower. A 10% change in foreign exchange rate sensitivity test has been performed since this 
represents the Directors’ assessment of a reasonably possible change in foreign exchange rates.
Pound sterling impact
Euro impact
Chinese renminbi impact
2024
$’m
2023
$’m
2024
$’m
2023
$’m
2024
$’m
2023
$’m
10% depreciation of US dollar against 
foreign currency
(i) Profit before tax
(4.5)
(2.0)
(0.2)
(0.3)
(2.1)
(1.1)
(ii) Equity*
13.6
2.8
5.9
1.0
–
–
10% appreciation of US dollar against 
foreign currency
(i) Profit before tax
3.7
1.6
0.2
0.2
1.7
1.0
(ii) Equity*
(11.1)
(2.3)
(4.8)
(0.8)
–
–
(i)	 The main exposure impacting profit before tax is on pound sterling monetary liabilities in the Group at the 
reporting date.
(ii)	 This is mainly attributable to changes in the carrying value of intercompany loans for which settlement is not planned 
and external borrowing designated as a hedging instrument.
*	
Excludes any deferred tax impact.
177
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Financials
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Strategic
Business overview 

Notes to the Consolidated Financial Statements  continued
For the 52 weeks ended 31 March 2024 (52 weeks ended 2 April 2023)
31. Financial instruments continued
Copper commodity price risk
Copper price volatility is the single largest commodity price exposure facing the Group. Many of the Group’s products, in 
particular power cords used to manufacture the Group’s power products, are manufactured from components that contain 
significant amounts of copper. Where possible, the Group will pass on copper price movements to its customers. In order 
to mitigate the remaining volatility associated with copper, the Group has entered into arrangements with its key suppliers 
to purchase copper. Coupled with these purchases, the Group has entered into a number of contracts with financial 
institutions, which are linked to the average copper price as published by the London Metal Exchange (‘LME’). These 
contracts have been deemed cash flow hedges of forecast future copper purchases. At the reporting date, the open copper 
contracts are as follows:
Copper cash flow hedges 
Contracted copper price
2024
2023
Contracted 
volume 
(MT)
Fair value 
$’m
Contracted 
volume 
(MT)
Fair value 
$’m
$7,000–$7,500
–
–
125
0.1
$7,500–$8,000
315
0.1
40
–
$8,000–$8,500
19
–
392
–
$8,500–$9,000
55
–
–
–
$9,000–$9,500
–
–
100
–
389
0.1
657
0.1
All contracts expire within 12 months of 31 March 2024.
Liquidity risk
The Group manages liquidity risk by maintaining adequate banking facilities, regular monitoring of forecast and actual cash 
flows and matching the maturity profiles of financial assets and liabilities. Included in note 19 is a description of undrawn 
facilities as at the reporting date.
The following table analyses the Group’s financial liabilities into relevant maturity groupings to show the timing of cash 
flows associated with the financial liabilities from the reporting date to the contracted maturity date. The amounts 
disclosed represent the contracted undiscounted cash flows (based on the earliest date on which the Group may be 
required to pay).
2024
Carrying 
amount 
$’m
Contractual 
cash flows 
$’m
Within 
1 year 
$’m
1–2 
years 
$’m
2–5 
years 
$’m
More than 
5 years 
$’m
Non-derivative financial liabilities
Trade and other payables
(222.1)
(222.1)
(195.3)
(20.4)
(0.3)
(6.1)
Bank overdrafts and loans
(146.4)
(147.9)
(3.6)
(0.5)
(143.8)
–
Lease liabilities
(37.4)
(50.3)
(20.5)
(13.9)
(12.4)
(3.5)
Derivative financial liabilities
Derivative financial instruments
(0.4)
(0.4)
(0.4)
–
–
–
2023
Carrying 
amount 
$’m
Contractual 
cash flows 
$’m
Within 
1 year 
$’m
1–2 
years 
$’m
2–5 
years 
$’m
More than 
5 years 
$’m
Non-derivative financial liabilities
Trade and other payables
(107.6)
(107.6)
(107.1)
(0.3)
(0.1)
(0.1)
Bank overdrafts and loans
(91.4)
(93.3)
(1.8)
–
(91.5)
–
Lease liabilities
(34.8)
(37.6)
(16.7)
(6.6)
(10.8)
(3.5)
Derivative financial liabilities
Derivative financial instruments
–
–
–
–
–
–
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
178

31. Financial instruments continued
Credit risk
The Group’s principal financial assets are bank balances and cash, trade and other receivables. Credit risk refers to the risk 
that a counterparty will default on its contractual obligations resulting in financial loss to the Group.
Bank and cash balances comprise cash held by the Group and short-term bank deposits with an original maturity of three 
months or less. The carrying amount of these assets approximates to their fair value. The credit risk on these assets is 
limited because the counterparties are predominantly financial institutions with investment-grade credit ratings assigned 
by international credit rating agencies.
The Group’s credit risk is, therefore, primarily attributable to its trade receivables. The Group’s customers are predominantly 
large blue-chip OEMs, contract equipment manufacturers and distributors. The Group regularly reviews the 
creditworthiness of significant customers and credit references are sought for major new customers where relevant. The 
Board recognises that credit risk is a feature of all businesses, especially international businesses. However, it believes that 
all reasonable steps to mitigate any loss are taken.
The net amount of trade receivables reflects the maximum credit exposure to the Group. No other guarantees or security 
have been given. For further information on the credit risk associated with trade and other receivables, see note 18.
32. Contingent liabilities
As a global Group, subsidiary companies, in the normal course of business, engage in significant levels of cross-border 
trading. The customs, duties and sales tax regulations associated with these transactions are complex and often subject to 
interpretation. While the Group places considerable emphasis on compliance with such regulations, including appropriate 
use of external legal advisers, full compliance with all customs, duty and sales, tax regulations cannot be guaranteed.
Through the normal course of business, the Group provides manufacturing warranties to its customers and assurances 
that its products meet the required safety and testing standards. When the Group is notified that there is a fault with one 
of its products, the Group will provide a rigorous review of the defective product and its associated manufacturing process 
and, if found at fault and contractually liable, will provide for costs associated with recall and repair as well as rectify the 
manufacturing process or seek recompense from its supplier. The Group holds a provision to cover potential costs of recall 
or warranty claims for products which are in the field but where a specific issue has not been reported. 
Where the Company enters into financial guarantee contracts to guarantee the indebtedness of other Group companies, 
the Company considers these to be insurance arrangements and treats the guarantee contract as a contingent liability 
until such time as it becomes probable that the Company will be required to make a payment under the guarantee. At the 
period end, there were no outstanding guarantees (2023: none). 
33. Related party transactions
Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation 
and are not disclosed in this section of the note.
The Group’s other related party transactions were the remuneration of key management personnel (refer to note 9). Details 
of Directors’ remuneration for the period are provided in the Remuneration Committee Report on page 115. As explained 
in note 16, during the period, the Group paid $2.3m for an additional 8.3% of equity in Kepler SignalTek Ltd, increasing 
the shareholding to 35.7%. During the period, $0.9m of preference shares were repaid (2023: $0.4m). The Group accrued 
financial income of $nil on the preference shares (2023: $0.2m), with $0.5m cash received (2023: nil). The balance due from 
the associate as at the period end date was $0.3m (2023: $1.7m).
The Group also has a 43% interest in Volex-Jem Co. Ltd. The Group did not transact with the entity during the current or 
prior periods. The balance due to the associate as at the period end date was $0.1m (2023: $0.1m).
34. Events after the balance sheet date
In June 2024 the Group completed a refinancing of its banking facilities, with an eight-bank club. An enlarged $600 million 
facility replaced the Group’s existing $300 million multicurrency revolving credit facility. The new facility has an initial 
four-year term, with an extension option for one additional year. It comprises a $400 million revolving credit facility and 
an additional $200 million uncommitted accordion. The new facility is unsecured, with improved interest margins and an 
improved net debt to underlying EBITDA covenant.
179
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Financials
Governance
Strategic
Business overview 

Notes to the Consolidated Financial Statements  continued
For the 52 weeks ended 31 March 2024 (52 weeks ended 2 April 2023)
35. Business combinations
Murat Ticaret Kablo A.Ş. 
On 31 August 2023, the Group completed the acquisition of 100% of the share capital of Murat Ticaret Kablo A.Ş. (‘Murat 
Ticaret’) a leading manufacturer of complex wire harnesses, headquartered in Türkiye. Murat Ticaret has a number of 
subsidiaries which have minority interests. The acquisition expands the Group presence in the off-highway sector with 
operations on three continents and nine manufacturing sites.
The purchase has been accounted for as a business combination. Details of the purchase consideration, the net assets 
acquired and goodwill are as follows:
Provisional fair value of consideration transferred
$’m
Initial consideration
150.2
Deferred consideration
6.0
Contingent consideration
39.8
Total purchase consideration 
196.0
Initial consideration includes initial cash of $150.1m and an estimated working capital adjustment payable of $0.1m. Deferred 
consideration is the fair value of a €7.5m payment due in 2029.
The contingent consideration is dependent upon certain EBITDA targets being met post-acquisition over two one-year 
measurement periods. The fair value above has been based on the probable outcome of each based upon the information 
available at 31 March 2024. The maximum undiscounted contingent consideration payment across the two periods is 
$43.1m (€40m).
In addition to these payments, a further $2.0m is payable upon certain service conditions being met over a two year period. 
In accordance with IFRS 3, this is accounted for as remuneration rather than deferred or contingent considerations due to 
the ongoing service conditions. An expense of $0.7m has been recorded in adjusting items related to this post-acquisition 
performance.
An exercise has been conducted to assess the provisional fair values of assets acquired and liabilities assumed. This exercise 
identified customer relationships and order backlog intangible assets. Property, plant and equipment were uplifted 
following an external valuation. The provisional fair value amounts recognised in respect of the identifiable assets acquired 
and liabilities assumed are set out in the table below:
Provisional 
Fair Value
$’m
Identifiable intangible assets
101.9
Property, plant and equipment
26.3
Right-of-use asset
6.6
Inventories
47.4
Trade receivables
39.7
Cash
15.8
Other debtors and creditors
(9.3)
Trade payables
(27.5)
Provisions
(2.4)
Retirement benefit obligations
(4.8)
Loans
(4.1)
Lease liabilities
(6.6)
Deferred taxes
(26.1)
Total identifiable assets
156.9
Less non-controlling interest
(0.2)
Goodwill
39.3
Consideration
196.0
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
180

35. Business combinations continued
The fair value adjustments are provisional and will be finalised within 12 months of the acquisition date. Any resulting 
changes in the fair values will have an impact on the acquisition accounting and will result in a reallocation between assets 
and goodwill and a possible adjustment to the amortisation charge shown in the income statement. The non-controlling 
interest has been initially measured at fair value. 
The provisional goodwill balance recognised above includes certain intangible assets that cannot be separately identified 
and measured due to their nature. This includes control over the acquired business, the skills and experience of the 
assembled workforce and the anticipated synergies arising on integration. None of the goodwill recognised is expected to 
be deductible for income tax purposes.
In FY2024, the Murat Ticaret businesses contributed $132.4m to Group revenue, $20.6m to adjusted operating profit and 
$10.5m to operating profit. Associated acquisition-related costs of $3.7m, acquisition-related remuneration of $0.7m and 
intangible asset amortisation of $7.4m have all been expensed as adjusting items in the period.
If these entities had been acquired at the beginning of the year, they would have contributed revenues of $216.7m and 
operating profit of $24.6m to the results of the Group.
Net cash outflows in respect of acquisitions comprises:
Net cash outflow on acquisitions
$’m
Cash consideration
– Murat Ticaret
150.1
Total cash consideration
150.1
Less: cash and cash equivalents acquired
– Murat Ticaret
(15.8)
Net cash outflow for Murat Ticaret
134.3
Payment of deferred consideration
– DE-KA
2.2
Total cash outflow
136.5
181
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Financials
Governance
Strategic
Business overview 

Company Statement of Financial Position
As at 31 March 2024 (2 April 2023)
Company
Notes
2024
£’m 
2023
£’m 
Non-current assets
Other intangible assets
4
0.2
0.1
Right-of-use assets
–
0.1
Investments
5
310.6
191.8
Derivative financial instruments
1.2
0.7
Retirement benefit asset
11
0.3
–
Deferred tax asset
10
8.0
10.2
320.3
202.9
Current assets
Inventories
6
3.1
4.5
Trade receivables
7
11.4
14.8
Other receivables
7
45.9
11.0
Derivative financial instruments
1.2
0.7
Cash and bank balances
1.1
0.1
62.7
31.1
Total assets
383.0
234.0
Current liabilities
Borrowings
–
1.7
Trade payables
9
0.2
0.3
Other payables
9
50.5
24.0
Lease liability
–
0.1
Derivative financial instruments
0.9
–
Retirement benefit obligation
11
–
0.3
51.6
26.4
Net current assets
11.1
4.7
Non-current liabilities
Borrowings
8
112.5
72.5
Other payables
9
26.9
2.8
139.4
75.3
Total liabilities
191.0
101.7
Net assets
192.0
132.3
Equity attributable to owners of the parent
Share capital
13
45.4
39.8
Share premium account
13
45.2
44.2
Hedging and translation reserve
(2.7)
(2.7)
Merger reserve
8.2
8.2
Retained earnings
95.9
42.8
Total equity
192.0
132.3
The notes on pages 184 to 196 are an integral part of these financial statements. The profit after tax for the period of 
the Company amounted to £2.0m (2023: £9.8m). The financial statements of Volex plc (company number: 158956) were 
approved by the Board of Directors and authorised for issue on 26 June 2024. They were signed on its behalf by:
	 Rothschild	
	
	
Jon Boaden
	
	
	
Executive Chairman	
	
	
	
      Chief Financial Officer
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
182

Company Statement of Changes in Equity
For the 52 weeks ended 31 March 2024 (52 weeks ended 2 April 2023)
Notes
Share 
capital 
£’m
Share 
premium 
account
 £’m
Hedging and 
translation 
reserve 
£’m
Merger
reserve 
£’m
Retained 
earnings
£’m
Total 
equity 
£’m
Balance at 3 April 2022
39.7
44.3
(3.4)
8.2
35.9
124.7
Profit for the period
–
–
–
–
9.8
9.8
Other comprehensive income 
for the period
–
–
0.7
–
–
0.7
Total comprehensive income 
for the period
–
–
0.7
–
9.8
10.5
Dividend paid
14
–
–
–
–
(5.9)
(5.9)
Scrip dividend related share 
issue
14
0.1
(0.1)
–
–
1.2
1.2
Credit to equity for equity-
settled share-based payments
–
–
–
–
1.9
1.9
Tax effect of share options
–
–
–
–
(0.1)
(0.1)
Balance at 2 April 2023
39.8
44.2
(2.7)
8.2
42.8
132.3
Profit for the period
–
–
–
–
2.0
2.0
Other comprehensive expense 
for the period
–
–
–
–
(0.2)
(0.2)
Total comprehensive income 
for the period
–
–
–
–
1.8
1.8
Equity raise
13
5.4
1.2
–
–
51.9
58.5
Dividend paid
14
–
–
–
–
(7.2)
(7.2)
Scrip dividend related share 
issue
14
0.2
(0.2)
–
–
2.0
2.0
Credit to equity for equity-
settled share-based payments
–
–
–
–
4.0
4.0
Tax effect of share options
–
–
–
–
0.6
0.6
Balance at 31 March 2024
45.4
45.2
(2.7)
8.2
95.9
192.0
183
www.volex.com
Financials
Governance
Strategic
Business overview 

Notes to the Company Financial Statements
For the 52 weeks ended 31 March 2024 (52 weeks ended 2 April 2023)
1. General information
Volex plc (the ‘Company’) is a company domiciled and 
incorporated in the United Kingdom under the Companies 
Act 2006 and is listed on AIM, a market on the London 
Stock Exchange. The Company is a public company limited 
by shares and is registered in England and Wales. The 
address of the registered office is given on page 200. 
The principal activities of the Company are the 
manufacture and sale of power and data cables, and to act 
as the ultimate holding company of the Volex Group.
2. Significant accounting policies
2.1 Basis of preparation
The significant accounting policies applied in the 
presentation of these individual financial statements are 
set out below. These policies have been applied consistently 
to all the periods presented, unless otherwise stated.
The parent company financial statements are presented in 
pound sterling, which is also the functional currency of the 
Company.
The separate financial statements of the Company are 
drawn up in accordance with the Companies Act 2006 
and Financial Reporting Standard 101 ‘Reduced Disclosure 
Framework’ (‘FRS 101’). The Company will continue to 
prepare its financial statements in accordance with FRS 
101 on an ongoing basis until such time as it notifies 
shareholders of any change to its chosen accounting 
framework. 
The Company financial statements have been prepared 
using the historical cost convention, as modified by the 
revaluation of certain financial assets and financial liabilities 
and in accordance with the UK Companies Act 2006.
The following exemptions available under FRS 101 have 
been applied:
•	
Paragraphs 45(b) and 46 to 52 of IFRS 2, ‘Share-based 
Payment’ (details of the number and weighted-average 
exercise prices of share options, and how the fair value 
of goods or services received was determined); 
•	
IFRS 7 ‘Financial Instruments: Disclosures’;
•	
Paragraph 91 to 99 of IFRS 13, ‘Fair value measurement’ 
(disclosure of valuation techniques and inputs used for 
fair value measurement of assets and liabilities); 
•	
Paragraph 38 of IAS 1 ‘Presentation of financial 
statements’ comparative information requirements in 
respect of paragraph 79(a)(iv) of IAS 1; 
•	
Paragraph 118(e) of IAS 38, ‘Intangible assets’ 
(reconciliations between the carrying amount at the 
beginning and end of the period).
The following paragraphs of IAS 1 ‘Presentation of financial 
statements’: 
–	
10(d) (statement of cash flows); 
–	
16 (statement of compliance with all IFRS); 
–	
38A (requirement for minimum of two primary 
statements, including cash flow statements); 
–	
38B–D (additional comparative information); 
–	
111 (cash flow statement information); and 
–	
	134–136 (capital management disclosures). 
•	
IAS 7 ‘Statement of cash flows’; 
•	
Paragraph 30 and 31 of IAS 8 ‘Accounting policies, 
changes in accounting estimates and errors’ 
(requirement for the disclosure of information when an 
entity has not applied a new IFRS that has been issued 
but is not yet effective); 
•	
The requirements in IAS 24 ‘Related party disclosures’ 
to disclose related party transactions entered into 
between two or more members of a group; and 
•	
Paragraph 52, the second sentence of paragraph 89, 
and paragraphs 90, 91 and 93 of IFRS 16 Leases.
The Company has elected to take the exemption under 
section 408 of the Companies Act 2006 to not present the 
parent Company statement of comprehensive income 
(and separate income statement). The profit for the parent 
Company for the period was £2.0m (2023: £9.8m). 
There have been no new or amended accounting standards 
or interpretations adopted during the year that have a 
significant impact on the financial statements.
2.2 Going concern
The Company’s financial statements have been prepared 
on the going concern basis, which contemplates the 
continuity of normal business activity and the realisation 
of assets and the settlement of liabilities in the normal 
course of business. Refer to note 2 of the Group financial 
statements on page 139 for further information on the 
going concern assessment.
2.3 Revenue recognition
Revenue is recognised in accordance with the satisfaction 
of performance obligations of contracts. The majority 
of the Company’s contracts have just one performance 
obligation, which is the delivery of goods, which under IFRS 
15 ‘Revenue from contracts with customers’ is recognised 
at a single point, on delivery or pick-up depending on the 
agreed terms with the customer.
This is normally when control of the goods or services are 
transferred to the customer at an amount that reflects the 
consideration to which the Company expects to be entitled 
in exchange for those goods or services.
The Company has concluded that it is the principal in its 
revenue arrangements. Revenue is measured at the fair 
value of the consideration received or receivable for goods 
and services provided in the normal course of business, 
net of discounts, VAT and other sales-related taxes. The 
Company’s revenues are derived from Europe. 
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
184

2. Significant accounting policies continued
2.4 Investments
Investments are stated at cost and reviewed for impairment 
if there are indicators that the carrying value may not be 
recoverable. An impairment loss is recognised to the extent 
that the carrying amount cannot be recovered, either by 
selling the asset or by continuing to hold the asset and 
benefiting from the net present value of the future cash 
flows of the investment. Where subsidiary undertakings 
incur charges for share-based payments in respect of 
share options and awards granted by the Company, a 
capital contribution in the same amount is recognised 
as an investment in subsidiary undertakings with a 
corresponding credit to shareholders’ equity.
2.5 Property, plant and equipment
Property, plant and equipment are stated at cost less 
accumulated depreciation and any recognised impairment 
loss. Cost includes the original purchase price of the asset 
and any further costs attributable to bringing the asset to 
its working condition for its intended use. 
Depreciation is recognised so as to write off the cost or 
valuation of assets (other than freehold land, which is not 
depreciated) less their residual values over their useful lives, 
using the straight-line method on the following basis:
Freehold and long  
leasehold buildings
Up to 50 years or period  
of lease, if shorter
Plant and machinery
3 to 15 years
An item of property, plant and equipment is derecognised 
upon disposal or when no future economic benefits are 
expected to arise from the continued use of the asset. 
The gain or loss arising on the disposal of an asset is 
determined as the difference between the sales proceeds 
and the carrying amount of the asset and is recognised in 
income.
2.6 Intangible assets – computer software  
and licences 
Computer software is stated at cost less accumulated 
depreciation and any recognised impairment loss. Acquired 
computer software licences are capitalised on the basis of 
the costs incurred to acquire and use the specific software. 
These costs are included in the statement of financial 
position within intangible assets and are amortised 
straight-line over their estimated useful lives of between 
three and seven years. Costs associated with maintaining 
computer software are recognised as an expense as 
incurred.
2.7 Leases
Upon commencement of a lease, a right-of-use asset 
and corresponding liability are recognised. The liability 
is, initially, measured at the present value of the future 
lease payments for the lease term. The depreciation of the 
right-of-use asset and interest on the lease liability will be 
recognised in the income statement over the lease term. 
Leases with terms less than 12 months or deemed low value 
are not capitalised.
2.8 Inventories
Inventories are stated at the lower of cost and net 
realisable value. Cost is determined using a standard cost 
methodology and adjusted for material variances such 
that the adjusted figure represents direct materials, direct 
labour and an attributable proportion of manufacturing 
overheads based on normal levels of activity. Net realisable 
value is based on estimated selling price, less all estimated 
costs of completion and costs to be incurred in marketing, 
selling and distribution. A provision is made for obsolete, 
slow moving or defective items where appropriate.
2.9 Trade and other receivables
For trade receivables, the Company applies the simplified 
approach permitted by IFRS 9, resulting in trade receivables 
recognised and carried at original invoice amount less an 
allowance for any uncollectible amounts based on expected 
credit losses. The Company assesses, on a forward-
looking basis, the expected credit losses associated with 
its receivables carried at amortised cost. The impairment 
methodology applied depends on whether there has been 
a significant increase in credit risk.
2.10 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits 
held at call with banks with original maturities of three 
months or less, and bank overdrafts. In the balance sheet, 
bank overdrafts are shown within borrowings in current 
liabilities. Where a cashpool facility is operated, the right-of-
offset is considered.
2.11 Borrowings 
Interest-bearing loans and overdrafts are recognised, 
initially, at fair value, net of transaction costs incurred. 
Subsequent to initial recognition, borrowings are measured 
at amortised cost, using the effective interest rate method.
2.12 Trade payables 
Trade payables are obligations to pay for goods or services 
that have been acquired in the ordinary course of business 
from suppliers. Accounts payable are classified as current 
liabilities if payment is due within one year or less. If not, 
they are presented as non-current liabilities. Trade payables 
are recognised, initially, at fair value and, subsequently, 
measured at amortised cost using the effective interest 
method.
2.13 Derivative financial instruments
Derivatives are, initially, recognised at fair value on the date 
a derivative contract is entered into and are, subsequently, 
remeasured to their fair value at each reporting date. 
The resulting gain or loss is recognised in profit or loss 
immediately. 
A derivative is classified as a non-current asset or a non-
current liability if the remaining maturity of the instrument 
is more than 12 months and it is not expected to be realised 
or settled within 12 months. Other derivatives are presented 
as current assets or current liabilities.
Further details of derivative financial instruments 
are disclosed in note 31 to the consolidated financial 
statements.
185
www.volex.com
Financials
Governance
Strategic
Business overview 

Notes to the Company Financial Statements  continued
For the 52 weeks ended 31 March 2024 (52 weeks ended 2 April 2023)
2. Significant accounting policies continued
2.14 Taxation
The tax expense for the period comprises current and 
deferred tax. Tax is recognised in the income statement, 
except to the extent that it relates to items recognised in 
other comprehensive income or directly in equity. In this 
case, the tax is recognised in other comprehensive income 
or directly in equity, respectively. 
The tax currently payable is based on taxable profit for 
the period. Taxable profit differs from profit as reported 
in the income statement because it excludes items of 
income or expense that are taxable or deductible in other 
periods and it further excludes items that are never taxable 
or deductible. The Company’s liability for current tax is 
calculated using tax rates and laws that have been enacted 
or substantively enacted, by the reporting date. 
Deferred tax is the tax expected to be payable or 
recoverable on differences between the carrying amounts 
of assets and liabilities in the financial statements and 
the corresponding tax bases used in the computation 
of taxable profit and is accounted for using the liability 
method. 
Deferred tax liabilities are, generally, recognised for all 
taxable temporary differences and deferred tax assets are 
recognised to the extent that it is probable that taxable 
profits will be available against which deductible temporary 
differences can be utilised. Such assets and liabilities are 
not recognised if the temporary differences arise from 
goodwill or from the initial recognition (other than in a 
business combination) of other assets and liabilities in a 
transaction that affects neither the taxable profit nor the 
accounting profit. 
Deferred tax liabilities are recognised for taxable temporary 
differences arising on investments in subsidiaries and 
associates and interests in joint ventures, except where the 
Company is able to control the reversal of the temporary 
difference and it is probable that the temporary difference 
will not reverse in the foreseeable future. The carrying 
amount of deferred tax assets is reviewed at each reporting 
date and reduced to the extent that it is no longer probable 
that sufficient taxable profits will be available to allow all, or 
part, of the asset to be recovered. 
Deferred tax is calculated at the tax rates that are expected 
to apply in the period when the liability is settled, or the 
asset is realised based on tax rates and laws that have 
been enacted or substantively enacted by the reporting 
date. Deferred tax is charged or credited in the income 
statement, except when it relates to items charged or 
credited in other comprehensive income, in which case 
the deferred tax is also dealt with in other comprehensive 
income. 
Deferred tax assets and liabilities are offset when there 
is a legally enforceable right to set off current tax assets 
against current liabilities and when they relate to income 
taxes levied by the same taxation authority and the Group 
intends to settle its current tax assets and liabilities on a 
net basis.
2.15 Share-based payment transactions
Certain senior employees within the Group (including 
Executives) receive remuneration in the form of share-
based payment transactions where the individuals are 
compensated for services they provide with consideration 
in the form of equity instruments. The parent Company 
settles the award by delivering its own equity instruments 
to the employees of the subsidiary.
The cost of equity-settled transactions with employees 
is measured with reference to the fair value of the equity 
instrument at the date they are granted and for employees 
of the Company is recognised as an expense over the 
period in which the performance and/or service conditions 
are fulfilled, ending on the date on which the employee 
becomes fully entitled to the award. 
No expense is recognised for awards that do not ultimately 
vest as a result of not meeting performance or service 
conditions. Where all service and performance vesting 
conditions have been met, the awards are treated as 
vesting, irrespective of whether or not the market condition 
is satisfied, as market conditions have been reflected in the 
fair value of the equity instruments. 
The fair value determined at the date of grant of the equity-
settled share-based payments is expensed to the income 
statement on a straight-line basis over the vesting period, 
based on the estimate of the number of options that will 
eventually vest. At each reporting date, the Group revises 
its estimate of the number of equity instruments expected 
to vest as a result of the effect of non-market-based vesting 
conditions. The movement in cumulative expense since the 
previous balance sheet date is recognised in the income 
statement, with a corresponding entry in equity.
The fair value of the Company’s employee services received 
in exchange for the grant of the options is recognised as an 
expense. The fair value of share-based payments in respect 
of employees of Group subsidiaries is recharged to those 
subsidiary undertakings on exercise of the awards. In the 
Company financial statements, the amount recoverable 
from subsidiaries is reported as a capital contribution 
increasing the Company’s investment in the employing 
subsidiary. A credit is recognised directly in shareholders’ 
funds for both Company and subsidiary employees. 
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
186

2. Significant accounting policies continued
2.16 Retirement benefits
The Company has both defined benefit and defined 
contribution retirement benefit schemes, the former 
of which is now closed to new entrants. The retirement 
benefit obligation recognised in the Company statement 
of financial position represents the deficit or surplus in the 
Company’s defined benefit scheme. For defined benefit 
schemes, the cost of providing benefits is determined using 
the Projected Unit Credit Method, with actuarial valuations 
carried out at the end of each reporting period.
Defined benefit costs are split into three categories: 
•	
Remeasurement; 
•	
Net interest expense or income; and 
•	
Past service cost and gains and losses on  
curtailments and settlements. 
Remeasurement comprises actuarial gains and losses, 
the effect of the asset ceiling (where applicable) and 
the return on scheme assets (excluding interest). These 
costs are recognised immediately in the statement of 
financial position with a charge or credit to the statement 
of comprehensive income in the period in which they 
occur. Remeasurement recorded in the statement of 
comprehensive income is not recycled. Net interest is 
calculated by applying a discount rate to the net defined 
benefit liability or asset and is recognised within finance 
costs. As the defined benefit scheme is now closed, no 
service cost is incurred. 
Payments to defined contribution retirement benefit 
schemes are recognised as an expense when employees 
have rendered service entitling them to the contributions. 
2.17 Share capital
Ordinary shares are classified as equity. Incremental costs 
directly attributable to the issue of new shares or options 
are shown in equity as a deduction from the proceeds, net 
of tax.
2.18 Merger reserve
The merger reserve was derived from acquisitions made 
under old UK GAAP prior to the transition to IFRS.
2.19 Dividend distribution
Dividend distributions to the Company’s shareholders 
are recognised as a liability in the Company’s financial 
statements in the period in which the dividends are 
approved by the Company’s shareholders.
2.20 Critical accounting judgements and key 
sources of estimation uncertainty
The preparation of Company financial statements in 
conformity with FRS 101 requires management to make 
estimates and assumptions that affect the reported 
amounts of assets and liabilities and disclosure of 
contingent assets and liabilities at the date of the Company 
financial statements and the reported amounts of revenue 
and expenses during the reporting period. Actual results 
could differ from those estimates. The estimates and 
underlying assumptions are reviewed on an ongoing 
basis. Revisions to accounting estimates are recognised in 
the period in which the estimate is revised if the revision 
affects only that period or in the period of the revision 
and future periods if the revision affects both current 
and future periods. The key area of judgement that has 
the most significant effect on the amounts recognised 
in the financial statements is the review for impairment 
of the carrying amount of investments in the Company’s 
subsidiaries.
187
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Financials
Governance
Strategic
Business overview 

Notes to the Company Financial Statements  continued
For the 52 weeks ended 31 March 2024 (52 weeks ended 2 April 2023)
3. Staff costs
The average monthly number of employees (including Executive Directors) was: 
2024
Number
2023
Number
Sales and distribution
3
3
Administration
18
17
21
20
Their aggregate remuneration comprised:
2024
£’m 
2023
£’m 
Wages and salaries
4.3
4.1
Social security costs
0.5
0.4
Other pension costs (note 11)
0.2
0.1
5.0
4.6
Directors’ remuneration for the year totalled £5.1m (2023: £1.5m). The remuneration of the highest paid Director is £4.3m 
(2023: £0.7m). Employer contributions of £0.1m (2023: £0.1m) were made to defined contribution personal pension schemes 
in respect of the Directors. Further details of Directors’ remuneration, share options, pension contributions, pension 
entitlements, fees for consulting services and interests for the period are provided in the Remuneration Committee Report 
on page 115 and form part of the financial statements.
4. Other intangible assets
Software 
and licences 
2024
£’m 
Software 
and licences
2023
£’m 
Cost
At the beginning of the period
1.8
1.7
Additions
0.1
0.1
At the end of the period
1.9
1.8
Accumulated amortisation
At the beginning of the period
1.7
1.7
Amortisation charge for the period
–
–
At the end of the period
1.7
1.7
Carrying amount at the end of the period
0.2
0.1
Carrying amount at the beginning of the period
0.1
–
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
188

5. Investments
The Company’s fixed asset investments comprise investments in wholly owned subsidiary undertakings and long-term 
loans as follows:
Shares 
£’m
Loans
 £’m
Total 
£’m
Cost
At 3 April 2022
146.1
63.6
209.7
Additions
10.0
17.0
27.0
Capital contribution
0.9
–
0.9
Repayment
(0.4)
(30.0)
(30.4)
Exchange differences
–
2.9
2.9
At 2 April 2023
156.6
53.5
210.1
Additions
253.4
33.7
287.1
Capital contribution
1.6
–
1.6
Repayment
(0.3)
(11.5)
(11.8)
Disposal
(156.7)
(0.2)
(156.9)
Exchange differences
–
(1.2)
(1.2)
At 31 March 2024
254.6
74.3
328.9
Accumulated depreciation and impairment
At 3 April 2022
16.3
2.1
18.4
Exchange differences
–
(0.1)
(0.1)
At 2 April 2023
16.3
2.0
18.3
Disposal
–
(0.2)
(0.2)
Exchange differences
–
0.2
0.2
At 31 March 2024
16.3
2.0
18.3
Carrying amount
At 31 March 2024
238.3
72.3
310.6
At 2 April 2023
140.3
51.5
191.8
At 3 April 2022
129.8
61.5
191.3
In the United Kingdom, the Company includes two operational branches, Volex Powercords Europe and Volex Europe Cable 
Assemblies. Details of the Company’s subsidiary undertakings are set out in note 17 ‘Related undertakings’. Investments in 
subsidiaries are all stated at cost less provision for impairment.
During the period, the Company subscribed to £96.7m of share capital in a newly incorporated entity, Volex Kablo Ticaret 
Anonim Sirketi (‘Volex Kablo’). On 31 August 2023, the Company acquired Murat Ticaret Kablo A.Ş. (‘Murat Ticaret’) for 
consideration of £156.7m. On the 25 September 2023, Murat Ticaret was sold to Volex Kablo, which was subsequently 
merged with Murat Ticaret.
During the prior period, the Group subscribed to share capital in Volex Group Holdings Ltd (£10.0m) to support the 
subsidiary’s acquisition of inYantra, which completed in March 2022.
The capital contribution of £1.6m (2023: £0.9m) is in respect of the fair value of equity-settled share-based payment 
transactions during the period with employees of Group subsidiary companies which will be recharged to the employing 
subsidiaries when the awards are exercised. A corresponding increase to shareholders’ funds was recognised.
All loans are carried at amortised cost. Interest is charged at either a fixed rate or linked to publicly available benchmarks. 
In the 52 weeks to 31 March 2024, the Company’s loans receivable accrued interest. Repayments were received from GTK 
(Holdco) Ltd, Volex Holdings Inc, Volex Inc and Volex Group Holdings during the period. 
During the period, the Company received no dividends (2023: £2.3m from GTK (Holdco) Ltd).
189
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Financials
Governance
Strategic
Business overview 

Notes to the Company Financial Statements  continued
For the 52 weeks ended 31 March 2024 (52 weeks ended 2 April 2023)
6. Inventories
2024
£’m 
2023
£’m 
Finished goods
3.1
4.5
3.1
4.5
7. Trade and other receivables
Trade receivables
2024
£’m 
2023
£’m 
Amounts receivable for the sale of goods
11.5
14.9
Loss allowance
(0.1)
(0.1)
11.4
14.8
Other receivables
Amounts due from Group undertakings
44.8
10.4
Other debtors
0.6
0.1
Prepayments
0.5
0.5
45.9
11.0
Due for settlement within 12 months
45.9
11.0
Due for settlement after 12 months
–
–
45.9
11.0
Amounts due from Group undertakings are unsecured, non-interest bearing and repayable on demand. 
8. Borrowings and lease liability
2024
£’m 
2023
£’m 
Secured borrowings at amortised cost
Bank loans
112.5
72.5
Lease liability
–
0.1
Total borrowings at amortised cost
112.5
72.6
Amount due for settlement within 12 months
–
0.1
Amount due for settlement after 12 months
112.5
72.5
112.5
72.6
At 31 March 2024, debt issue costs of £1.2m were included within the total bank loan balance shown above (2023: £1.5m). Full 
details of the bank loans are disclosed in note 19 ‘Borrowings and lease liabilities’ of the consolidated financial statements.
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
190

9. Trade and other payables
2024
£’m 
2023
£’m 
Trade payables
0.2
0.3
Other payables
Amounts owed to Group undertakings
36.0
17.3
Other taxes and social security
0.2
0.1
Other payables, accruals and deferred income
41.2
9.4
77.4
26.8
Due for settlement within 12 months
50.5
24.0
Due for settlement after 12 months
26.9
2.8
77.4
26.8
Amounts owed to Group undertakings are unsecured and repayable on demand. Interest linked to a margin and publicly 
available benchmarks is charged on certain amounts owed to Group undertakings. The Directors consider that the carrying 
amount of trade and other payables approximates to their fair value.
Included in accruals and deferred income is £37.3m relating to contingent consideration for acquisitions. Included 
in accruals and deferred income in the prior period was £2.8m relating to deferred and contingent consideration for 
acquisitions.
10. Deferred tax
The following are the major deferred tax assets and liabilities recognised by the Company and movements thereon during 
the reporting period. 
Tax 
losses 
£’m
Property, 
plant and 
equipment 
£’m
Share-based 
payments
£’m 
Other 
temporary 
differences1 
£’m 
Total 
£’m
At 3 April 2022
5.6
1.0
1.0
0.4
8.0
Credit/(expense) to income statement
2.4
0.3
0.2
(0.3)
2.6
Expense to other comprehensive income
–
–
–
(0.2)
(0.2)
Expense directly to equity
–
–
(0.2)
–
(0.2)
At 2 April 2023
8.0
1.3
1.0
(0.1)
10.2
(Expense)/credit to income statement
(2.2)
(0.3)
0.4
(0.2)
(2.3)
Credit directly to equity
–
–
0.1
–
0.1
At 31 March 2024
5.8
1.0
1.5
(0.3)
8.0
1	
Other temporary differences includes deferred tax liabilities on derivative financial instruments (£0.3m) and retirement benefit assets (£0.1m), offset by deferred 
tax assets on accruals and other payables (£0.1m) (2023: £0.2m liability, £0.1m asset and £nil, respectively).
At the reporting date, the Company had unused tax losses of £23.3m (2023: £32.0m) available for offset against future 
profits. The losses may be carried forward indefinitely.
The carrying amount of deferred tax assets is reviewed at each reporting date and recognised to the extent that it is 
probable that there are sufficient taxable profits to allow all, or part, to be recovered. Deferred tax assets have been 
recognised based on future forecast taxable profits. Deferred tax assets and liabilities are measured at the tax rate expected 
to apply in the period in which the asset is realised or the liability is settled.
191
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Financials
Governance
Strategic
Business overview 

Notes to the Company Financial Statements  continued
For the 52 weeks ended 31 March 2024 (52 weeks ended 2 April 2023)
11. Retirement benefit obligation
Defined benefit scheme
The Company operates a defined benefit pension arrangement called the Volex Executive Pension Scheme (the ‘Scheme’). 
The Scheme provides benefits based on final salary and length of service upon retirement, leaving service or death.
The Scheme is subject to the Statutory Funding Objective under the Pensions Act 2004. A valuation of the Scheme is 
carried out at least once every three years to determine whether the Statutory Funding Objective is met. As part of the 
process, the Company must agree, with the Trustees of the Scheme, the contributions to be paid to meet the Statutory 
Funding Objective. The future contributions required to meet the Statutory Funding Objective do not currently affect the 
balance sheet of the Scheme in these financial statements. 
The most recent comprehensive actuarial valuation of the Scheme was carried out as at 31 July 2022 and the next valuation 
of the Scheme is due as at 31 July 2025. In the event that the valuation reveals a larger deficit than expected, the Company 
may be required to increase contributions above those set out in the existing Schedule of Contributions. Conversely, if the 
position is better than expected, it is possible that contributions may be reduced. 
In accordance with the Schedule of Contributions dated September 2020, the Company has agreed to pay contributions of 
£0.8m p.a. (payable in quarterly instalments) until 31 January 2026.
Further details of the Scheme and assumptions associated with the actuarial valuation are provided in note 30 to the Group 
financial statements.
Defined contribution scheme
The Company operates a Group personal pension plan for employees and pays contributions to administered pension 
insurance plans. Contributions to the defined contribution schemes are charged to the income statement as they fall due. 
The Group has no further obligations once the contributions have been made. The total cost charged to the Company’s 
income statement in the period was £0.2m (2023: £0.1m).
12. Share-based payments
The Company currently uses a number of equity-settled share plans to grant options and shares to the Directors and 
employees of its subsidiaries. Full details of share-based payments, share option schemes and share plans are disclosed in 
note 29 ‘Share-based payments’ to the consolidated financial statements.
13. Share capital
Ordinary 
shares of 
£0.25 each 
Number
Par 
value 
£’m
Share 
premium 
£’m
Total 
£’m
Allotted, called up and fully paid:
At 3 April 2022
158,718,709
39.7
44.3
84.0
Issue of new shares – Scrip dividend (i)
388,376
0.1
(0.1)
–
At 2 April 2023
159,107,085
39.8
44.2
84.0
Issue of new shares – Scrip dividend (i)
692,267
0.2
(0.2)
–
Equity raise
21,818,181
5.4
1.2
6.6
At 31 March 2024
181,617,533
45.4
45.2
90.6
(i)	 Shareholders were able to elect to receive ordinary shares in place of the final dividend of 2.6p per ordinary share (in relation to year ended 2 April 2023) and the 
interim dividend of 1.4p (in relation to the current year) under the terms of the Company’s scrip dividend scheme. This resulted in the issue of 478,491 and 213,776 
new fully paid ordinary shares respectively (2023: 377,615 and 10,761).
Details of the equity raise are set out in note 23 of the Group consolidated financial statements. The holders of ordinary 
shares are entitled to receive dividends as declared and are entitled to one vote per share at meetings of the Company. 
The Company does not have any other authorised share capital.
Under the FY2024 deferred share bonus plan, shares may be awarded to the executive management team in lieu of a cash 
bonus. These will be issued in accordance with the terms of the deferred share bonus plan. 
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
192

14. Equity dividend
Dividends paid and received are included in the Company financial statements in the period in which the related dividends 
are actually paid or received, or, in respect of the Company’s final dividend for the period, approved by shareholders.
Dividends
2024
Total
£’m 
Settled 
via 
scrip
£’m
Dividend 
per ordinary 
share
(p)
2023
Total
£’m 
Settled 
via 
scrip
£’m
Dividend 
per ordinary 
share
(p)
Declared during the financial period: 
Final – period ended 2 April 2023
4.7
1.4
2.6p
–
–
–
Interim – period ended 31 March 2024
2.5
0.6
1.4p
–
–
–
Final – period ended 3 April 2022
–
–
–
3.8
1.2
2.4p
Interim – period ended 2 April 2023
–
–
–
2.1
–
1.3p
7.2
2.0
5.9
1.2
The proposed final dividend of 2.8p per ordinary share based on the number of issued ordinary shares at 31 March 2024 is 
subject to approval by shareholders at the Annual General Meeting and has not been included as a liability in these financial 
statements. Based on shares in issue at 31 March 2024, this would equate to a final dividend of £5.1m.
The Group’s consolidated reserves set out on page 137 do not reflect the profits available for distribution in the Group.
15. Other matters
The auditors’ remuneration for the current period in respect of audit services was £0.6m (2023: £0.5m) and £nil for non-audit 
services performed (2023: £nil). 
16. Related party transactions
For full details of transactions and arrangements with key management personnel (Directors of the Company), see note 9 of 
the consolidated financial statements.
17. Related undertakings 
Volex Powercords Europe, Volex Europe Cable Assemblies and Volex plc Italian branch are trading divisions of Volex plc. 
In accordance with Section 409 of the Companies Act 2006, the subsidiaries owned at 31 March 2024 are disclosed below. 
Unless otherwise stated the following subsidiary entities are either wholly, or partly, owned directly by the plc and/or 
through other Group companies. For the two associates, ownership is shared between a local Volex subsidiary and the 
relevant partner. 
Name of entity
Footnote
Country of 
incorporation
Address
Percentage
owned by plc
Directly held
Volex Pte Ltd
2
Singapore
37A Tampines Street 92, #08–01, Singapore 
528886
100%
Volex Holdings Inc
2
USA
511 E San Ysidro Blvd # 509, San Ysidro CA 92173, 
USA
100%
Terminal & Cable TC Inc
1
Canada
300 – 50 O’Connor Street, Ottawa ON K1P 6L2, 
Canada
100%
Volex Group Holdings Ltd
2
UK
Unit C1 Antura, Bond Close, Basingstoke, 
Hampshire, RG24 8PZ, England
100%
GTK (Holdco) Ltd
2
UK
Unit C1 Antura, Bond Close, Basingstoke, 
Hampshire, RG24 8PZ, England
100%
Volex Poland Sp z.o.o.
1
Poland
Przemyslowa 8, 85–758, Bydgoszcz, Kuyavian–
Pomeranian Voivodeship, Poland
99%
Volex Germany GmbH
3
Germany
Zu den Mühlen 19, 35390 Gießen, Germany
100%
Volex Sweden AB
3
Sweden
C/O Servando Bolag AB, Johan Fredrik Stahl, 
Box 5814, 102 48 Stockholm, Sweden
100%
Volex International Korea LLC
3
South Korea
6th Floor, 100 Toegye-ro, Hoehyun-dong 2-ga, 
State Tower Namsan, Jung-gu, Seoul, South 
Korea
100%
Volex do Brasil Ltda
3
Brazil
Rod. Geraldo Scavone 2.080, Unidade 13 A 16, 
Jacarei, 12305–490, Brazil
99%
Volex (No.4) Ltd
3
UK
Unit C1 Antura, Bond Close, Basingstoke, 
Hampshire, RG24 8PZ, England
99%
193
www.volex.com
Financials
Governance
Strategic
Business overview 

Notes to the Company Financial Statements  continued
For the 52 weeks ended 31 March 2024 (52 weeks ended 2 April 2023)
Name of entity
Footnote
Country of 
incorporation
Address
Percentage
owned by plc
Volex (No.3) Ltd
3
UK
Unit C1 Antura, Bond Close, Basingstoke, 
Hampshire, RG24 8PZ, England
50%
Volex (No.2) Ltd
3
UK
Unit C1 Antura, Bond Close, Basingstoke, 
Hampshire, RG24 8PZ, England
50%
Volex (No.1) Ltd
3
UK
Unit C1 Antura, Bond Close, Basingstoke, 
Hampshire, RG24 8PZ, England
99%
Cable Products Ltd
3
UK
Unit C1 Antura, Bond Close, Basingstoke, 
Hampshire, RG24 8PZ, England
50%
Pencon Ltd
3
UK
Unit C1 Antura, Bond Close, Basingstoke, 
Hampshire, RG24 8PZ, England
50%
Volex Executive Pension Scheme 
Trustee Ltd
3
UK
Unit C1 Antura, Bond Close, Basingstoke, 
Hampshire, RG24 8PZ, England
67%
Volex Electrical Products Ltd
3
UK
Unit C1 Antura, Bond Close, Basingstoke, 
Hampshire, RG24 8PZ, England
90%
Volex Group Pension Scheme 
Trustee Ltd
3
UK
Unit C1 Antura, Bond Close, Basingstoke, 
Hampshire, RG24 8PZ, England
99%
Ward and Goldstone Ltd
3
UK
Unit C1 Antura, Bond Close, Basingstoke, 
Hampshire, RG24 8PZ, England
99%
Volex Interconnect Products Ltd
3
UK
Unit C1 Antura, Bond Close, Basingstoke, 
Hampshire, RG24 8PZ, England
99%
Volex Electronics Ltd
3
UK
Unit C1 Antura, Bond Close, Basingstoke, 
Hampshire, RG24 8PZ, England
99%
Ionix Development Company Ltd
3
UK
Unit C1 Antura, Bond Close, Basingstoke, 
Hampshire, RG24 8PZ, England
99%
Pendle Connectors Ltd
3
UK
Unit C1 Antura, Bond Close, Basingstoke, 
Hampshire, RG24 8PZ, England
99%
Mayor (UK) Ltd
3
UK
Unit C1 Antura, Bond Close, Basingstoke, 
Hampshire, RG24 8PZ, England
99%
Volex Interconnect Systems Ltd
3
UK
Unit C1 Antura, Bond Close, Basingstoke, 
Hampshire, RG24 8PZ, England
99%
Volex Europe (No.1) Ltd
3
Ireland
Carraroe Industrial Estate, Carraroe, Co Galway, 
H91WR82, Ireland
100%
Murat Ticaret Kablo Sanayi A.Ş. 
1
Türkiye
Kocasinan Merkez Mah. Mimarsinan Cad. Oto 
San.Sitesi, A Blok No:14/3 Bahçelievler İstanbul, 
Türkiye
100%
1	
Manufacture and/or sale of power and data cables.
2	
Holding company.
3	
Dormant company.
17. Related undertakings continued
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
194

17. Related undertakings continued
Name of entity
Footnote
Country of 
incorporation
Address
Percentage 
owned 
by Group 
companies
Indirectly held
G.T.K. (U.K.) Ltd
1
UK
Unit C2 Antura, Bond Close, Basingstoke, 
Hampshire, RG24 8PZ. England
100%
GTK Ltd
3
UK
Unit C2 Antura, Bond Close, Basingstoke, 
Hampshire, RG24 8PZ. England
100%
GSRG Holdings Limited
2
UK
Unit C1 Antura, Bond Close, Basingstoke, 
Hampshire, RG24 8PZ. England
100%
Review Display Systems Limited
1
UK
Unit C1 Antura, Bond Close, Basingstoke, 
Hampshire, RG24 8PZ. England
100%
Review Display Systems Inc
1
USA
790 N Milwaukee Street, Suite 300 Milwaukee, 
WI 53202-3712 USA
100%
IQRF UK Limited
1
UK
Unit C1 Antura, Bond Close, Basingstoke, 
Hampshire, RG24 8PZ. England
100%
De-Ka Elektroteknik Sanayi  
ve Ticaret Anonim Şirketi
1
Türkiye
Akse Mah. Fevzi Çakmak Cad. No: 140 Çayırova, 
Kocaeli, Türkiye
100%
Volex (No.5) Ltd
3
UK
Unit C1 Antura, Bond Close, Basingstoke, 
Hampshire, RG24 8PZ. England
100%
GTK Electronics GmbH
1
Germany
Romberg 25b, 51381 Leverkusen, Germany
100%
GTK RO S.r.l
1
Romania
Str. Fantana Popova, Nr. 36, Et.1, Cod Postal, 
200319, Craiova, Dolj, Romania 
100%
Silcotec Europe (SK) s.r.o
1
Slovakia
Družstevná 14, Komárno, 945 05, Slovakia
100%
Silcotec Europe Ltd
1
Ireland
Carraroe Industrial Estate, Carraroe, Co Galway, 
H91WR82, Ireland
100%
Volex Inc
1
USA
511 E San Ysidro Blvd # 509, San Ysidro CA 92173, 
USA
100%
MC Electronics LLC
1
USA
9571 Pan American Drive, El Paso, TX 79927, USA
100%
Servatron Inc.
1
USA
12825 Mirabeau Parkway, Suite 104, Spokane 
Valley, WA 99216–1617, USA
100%
Irvine Electronics LLC
1
USA
1601 Alton Parkway, Suite A, Irvine CA 92606, 
USA
100%
Volex (Asia) Pte Ltd
1
Singapore
37A Tampines Street 92, #08–01, Singapore 
528886
100%
PT Volex Indonesia
1
Indonesia
Kawasan Industri Sekupang, Batam, Kepulauan 
Riau, Indonesia 29428
100%
PT Volex Cable Assembly
3
Indonesia
EJIP Industrial Park, Plot 8M-1, A-B 
Lemahabang, Bekasi 17550, Jakarta, Indonesia
100%
Volex Cable Assemblies  
(Phils) Inc
1
Philippines
Galaxy Building km 60.7 Maharlika Highway, Sto 
Thomas Batangas, Philippines
100%
Volex Japan KK
1
Japan
9th floor Kannai Tosei Building II, Sumiyoshi–
cho 4–45–1, Naka–Ku, Yokohama–shi, Kangawa, 
Japan
100%
Volex (Taiwan) Co. Ltd
1
Taiwan
4F, No 1223, Zhongzheng Road, Taoyuan 
District, Taoyuan City 330, Taiwan
100%
Volex (Thailand) Co. Ltd
1
Thailand
No. 99/349, Chaengwattana Road, 
Thungsong–Hong, Laksi, Bangkok 10210, 
Thailand
100%
Volex Cable Assembly (Vietnam) 
Co Ltd
1
Vietnam
Plot D–5B, Thanglong Industrial Park, Vong La 
Commune, Dong Anh District, Hanoi, Vietnam
100%
Volex Cable Assemblies Sdn Bhd
1
Malaysia
B–03–13A, Empire Soho, Empire Subang, Jalan 
SS16/1, SS16, 47500, Subang Jaya, Selangor, 
Malaysia
100%
195
www.volex.com
Financials
Governance
Strategic
Business overview 

Name of entity
Footnote
Country of 
incorporation
Address
Percentage 
owned 
by Group 
companies
inYantra Technologies Pvt Ltd
1
India
GAT NO. 208-210, 221, 224 & Others, Shindewadi, 
Shirval – 412801, India
51%
Volex Interconnect (India)  
Pvt Ltd
1
India
Level 9, Olympia Teknos Park, No. 28 Sidco 
Industrial Estate, Guindy, Chennai, Tamil Nadu, 
600 032, India
100%
Volex Cables (HK) Ltd
1
Hong Kong
Unit 5805, 58/F., Two International Finance 
Centre, 8 Finance Street, Central, Hong Kong
100%
Ta Hsing Industries Ltd
1
Hong Kong
Unit 5805, 58/F., Two International Finance 
Centre, 8 Finance Street, Central, Hong Kong
100%
Shenzhen Ta Hsing Wire and Cable 
Ltd
1
China
5 Horizontal Lane, Yuan Hu Road, Zhang Bei 
Community, Long Cheng Street, Long Gang 
District, Shenzhen City, Guang Dong, China
100%
Volex Interconnect Systems 
(Suzhou) Co. Ltd
1
China
Building 3, Fumin Phase 3, No.818 Wushong 
Road, Guoxiang Street, Wuzhong Economic 
Development Zone, Suzhou, Jiangsu Province 
215124, China
100%
Volex Cable Assembly (Shenzhen) 
Co. Ltd
1
China
No. 6279, Longgang Avenue, Longgang District, 
Shenzhen City, China
100%
Volex Cable Assembly (Zhongshan) 
Co. Ltd
1
China
2 Xingda Street, Torch High–tech Ind Dvpt Zone, 
Zhongshan, 528437, China
100%
Prodamex SA de CV
1
Mexico
Carretera a Zacatecas Km 12.5 Nave 5, Parque 
Industrial Pueblo Viejo, Mexquitic de Carmona, 
SLP CP 78480, Mexico 
100%
Volex de Mexico SA de CV
1
Mexico
Av 32 Sur, No 8950 Interior G/1,D,E,F, Parque 
Industrial La Mesa, Fraccionamiento Rubio, 
Tijuana; Baja California Mexico, CP 22116, Mexico
100%
The Volex Group PLC Employees’ 
Share Trust
4
Guernsey
St. Peter’s House, Le Bordage, St. Peter Port, GY1 
1BR, Guernsey
100%
Kablo Ucu Sanayi ve Ticaret A.Ş.
1
Türkiye
Kocasinan Belediye Sanayi Sitesi, Bahçelievler 
İstanbul, Türkiye
93%
Akü Başi Sanayi ve Ticaret Ltd. Şti.
1
Türkiye
Kocasinan Belediye Sanayi Sitesi, Bahçelievler/
İstanbul, Türkiye
55%
Murat Wiring Systems North 
America Inc
1
USA
2277 Devon Avenue, Elk Grove Village, IL 60007 
USA
95%
Murat Wiring Systems GmbH
1
Germany
Kampstraße 4 38442 Wolfsburg, Germany
100%
Murat Wiring Systems Makedonija 
Dooel Skopje
1
North 
Macedonia
Technological Industrial Development Zone 
Skopje 2 1041 Ilinden, North Macedonia
100%
Componentes, Cables, Arneses Y 
Servicios Industriales, S.A. de C.V.
1
Mexico
Av. Estados Unidos No.10, Int. 9, 10, 11 y 12 El 
Paraiso El Marques, Queretaro, 76248 Mexico
99%
Murat Wiring Systems De Mexico, 
S. de R.L. de C.V.
1
Mexico
Carretera Agua Fria #499 AF2 AMB Agua Fria 
Industrial Park Apodaca, Nuevo Leon, C.P.66620 
RFC, Mexico
100%
Interests in associates
Kepler SignalTek Ltd
1
Hong Kong
Unit 912 9/F Two Harbourfront 22 Tak Fung 
Street Hunghom KL, Hong Kong
36%
Volex-Jem Co Ltd
2
Taiwan
19F.-13, No. 79, Sec. 1, Xintai 5th Rd., Xizhi Dist., 
New Taipei City 22101, Taiwan
43%
1	
Manufacture and/or sale of power and data cables.
2	
Holding company.
3	
Dormant company.
4	
Employees’ Share Trust
Notes to the Company Financial Statements  continued
For the 52 weeks ended 31 March 2024 (52 weeks ended 2 April 2023)
17. Related undertakings continued
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
196

Alternative Performance Measures
The Group makes use of underlying and other alternative performance measures in addition to the measures set out in 
International Financial Reporting Standards.
Underlying operating profit and underlying EBITDA
Underlying operating profit is defined as operating profit excluding adjusting items and share-based payments. Underlying 
EBITDA is defined as underlying operating profit adjusted for depreciation and amortisation. The Group uses underlying 
operating profit and underlying EBITDA to present meaningful year-on-year comparisons. The reconciliation between 
operating profit and underlying operating profit and underlying EBITDA is presented in note 7.
Underlying basic earnings per share and underlying diluted earnings per share
Underlying basic earnings per share is defined by the profit attributable to the owners of the parent company, excluding 
adjusting items, divided by the weighted average number of shares in issue during the year. Underlying diluted earnings 
per share adjusts the basic earnings per share by the effect of dilutive potential share options as at the period end date. 
Both metrics are reconciled to statutory measures in note 11.
Organic growth
As the group has undertaken twelve acquisitions in the past six years, management uses organic revenue growth so that 
meaningful year-on-year comparisons can be made.
Organic revenue growth is calculated using constant exchange rates by taking the total reported revenue (excluding the 
impact of acquisitions and disposals) divided by the preceding financial year’s revenue at the current year’s exchange rates.
Electric 
Vehicles
$’m
Consumer 
Electricals
$’m
Medical
$’m
Complex 
Industrial 
Technology
$’m
Off-Highway
$’m
Total
$’m
2023 revenue
138.3
261.8
145.0
177.7
–
722.8
Restatement*
–
(2.2)
–
(20.0)
22.2
–
2023 revenue restated
138.3
259.6
145.0
157.7
22.2
722.8
FX impact
(1.4)
(5.0)
3.7
0.8
(0.4)
(2.3)
2023 revenue at 2024 FX rates
136.9
254.6
148.7
158.5
21.8
720.5
Organic growth
(13.2)
(19.3)
22.7
50.5
8.7
49.4
Organic growth %
(9.6)%
(7.6)%
15.3%
31.9%
39.9%
6.9%
Acquisitions
–
–
6.1
4.4
132.4
142.9
2024 revenue
123.7
235.3
177.5
213.4
162.9
912.8
* Upon acquisition of Murat Ticaret we gained scale in the Off-Highway market, allowing us to launch a new fifth market 
sector. Previously, we reported sales to Off-Highway customers from our sites in North America and Asia within Consumer 
Electricals and Complex Industrial Technology. This has been restated to ensure comparability going forwards.
197
www.volex.com
Financials
Governance
Strategic
Business overview 

Leverage and interest cover covenants
At the year end, the Group had a $240m committed facility together with an additional $60m uncommitted accordion, 
which has since been refinanced to an increased $400m committed facility, with an additional $200m uncommitted 
accordion.
The terms of the RCF require the Group to perform quarterly financial covenant calculations with respect to leverage (net 
debt (before operating leases) to covenant EBITDA) and interest cover (covenant EBITDA to covenant interest). Breach of 
these covenants could result in cancellation of the facility. Net debt (before operating leases) in the financial statements 
is defined as net debt excluding lease liabilities but including pre-IFRS 16 finance leases. Covenant EBITDA is defined as 
underlying EBITDA adjusted for depreciation of right-of-use assets. 
Note
2024
$’m
2023
$’m
Net debt
27
(154.0)
(103.7)
Lease liabilities
27
37.4
34.8
Finance leases
(4.5)
(7.5)
Net debt (before operating lease liabilities)
(121.1)
(76.4)
Underlying EBITDA
7
111.6
81.6
Depreciation of right-of-use assets
7
(7.4)
(4.8)
Prorated acquired EBITDA
15.5
–
Covenant EBITDA
119.7
76.8
Interest on bank overdrafts and loans
6
11.2
6.4
Interest on finance leases
0.4
0.4
Covenant interest
11.6
6.8
Leverage
1.0x
1.0x
Interest cover
10.3
11.0
Free cash flow and underlying free cash flow
Free cash flow and underlying free cash flow are used where they allow for year-on-year comparisons to be made by 
excluding cost of acquisitions and adjusting items which vary year-to-year.
Free cash flow is defined as the net cash flow before financing activities excluding the net outflow from the acquisition of 
subsidiaries.
Underlying free cash flow is the net cash before financing activities and excluding costs of acquisition, adjusting items and 
share-based payments.
Note
2024
$’m
2023
$’m
Cash flow before financing activities
(89.0)
25.9 
Less: Acquisition of businesses, net of cash acquired
35
134.3
5.1
Less: Contingent consideration for businesses acquired
2.2
7.1
Less: Purchase of shares in associate
33
2.3
–
Free cash flow
49.8
38.1
Less: Cash utilised in respect of adjusting items
7.0
2.2
Underlying free cash flow
56.8
40.3
Alternative Performance Measures continued
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
198

Five Year Summary
Results
Unaudited 
IFRS 
2024
$’m
Unaudited 
IFRS 
2023
$’m
Unaudited 
IFRS 
2022
$’m
Unaudited 
IFRS
2021
$’m
Unaudited 
IFRS
2020
$’m
Revenue – total Group
912.8
722.8
614.6
443.3
391.4
Gross profit – total Group
202.8
157.0
125.8
103.9
90.7
Operating expenses – total Group
(138.9)
(103.2)
(84.8)
(73.2)
(73.6)
Underlying operating profit(i) – total Group
89.7
67.3
56.2
42.9
31.6
Adjusting items
(19.5)
(9.8)
(10.8)
(5.6)
(5.8)
Share-based payment charge
(6.3)
(3.7)
(4.4)
(6.6)
(8.7)
Profit on ordinary activities before taxation
51.6
45.8
36.2
29.4
15.9
Depreciation and amortisation (excluding intangible 
assets acquired in a business combination)
21.9
14.3
9.9
7.9
6.5
Cents
Cents
Cents
Cents
Cents
Basic underlying earnings per share – total Group(ii)
33.7
30.2
26.9
32.1
18.2
Basic earnings per share – total Group
21.8
23.2
19.3
25.5
9.9
Statement of financial position
$’m
$’m
$’m
$’m
$’m
Non-current assets 
421.2
238.6
216.9
185.3
84.7
Net debt (before operating lease liabilities)(iii)
(121.1)
(76.4)
(74.4)
(7.3)
31.6
Other assets and liabilities
35.5
70.5
66.0
6.0
14.2 
Net assets
335.6
232.7
208.5
184.0
130.5
Gearing
36%
33%
36%
4%
 – 
(i)	 Defined as operating profit before adjusting items and share-based payments.
(ii)	 Defined as earnings per share before share-based payments and adjusting items, net of tax.
(iii)	 Following the adoption of IFRS 16 on 1 April 2019 this calculation excludes the lease liability.
199
www.volex.com
Financials
Governance
Strategic
Business overview 

Shareholder Information
Provisional Financial Calendar
FY2025
Interim Results announced w/c 11 November 2024
Period end 30 March 2025
Final Results announced w/c 16 June 2025
Registered Office and Advisers
Registered Office
Unit C1 Antura, Bond Close 
Basingstoke, Hampshire 
RG24 8PZ
www.volex.com
Registered number
158956 (Registered in England and Wales)
Registrars
Link Group 
Central Square 
29 Wellington Street 
Leeds 
LS1 4DL
www.linkgroup.eu
Independent Auditors
PricewaterhouseCoopers LLP 
1 Embankment Place 
London 
WC2N 6RH
Bankers
HSBC Bank plc
Citibank, N.A. London branch
Barclays Bank plc
Fifth Third Bank, National Association
UniCredit Bank AG, London Branch
Nominated Adviser and Joint Broker
Peel Hunt LLP
Joint Broker 
HSBC Bank plc
Solicitors
Travers Smith LLP
stock code: VLX
Volex plc  Annual Report and Accounts for the year ended 2024
200

The production of this report supports the work of the 
Woodland Trust, the UK’s leading woodland conservation 
charity. Each tree planted will grow into a vital carbon store, 
helping to reduce environmental impact as well as creating 
natural havens for wildlife and people.

Volex plc
Unit C1 Antura
Bond Close
Basingstoke
Hampshire
RG24 8PZ
United Kingdom
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