- Cable assembly and power product provider Volex has reported a 12% increase in revenue, yielding an operating profit margin ahead of expectations.

In a trading update ahead of its annual generating meeting, executive chairman Nat Rothschild said the company's global footprint has allowed it to mitigate the effects of the US China trade tariffs.

He added: 'We have secured a number of new major contract wins in our PVC power business as our strategy to invest in automation, vertical integration and standardised products improves our competitiveness in the market.'

Volex's board has recommended an interim dividend in respect of the year ending 5 April 2020 of 1p per share, which will be paid following the announcement of its interim results in November 2019.

Rothschild added that Volex is 'well positioned to make further progress this year' and that the board remains confident about the firm's outlook.

At 10:00am: [LON:VLX] Volex Group PLC share price was +3.2p at 89.5p

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