Volex – general re-rating, Main Market entry and possible FTSE-250 inclusion boosted shares 51% to 710p before easing back to 585p – a bargain now?

Mark Watson-Mitchell - 24.06.2026

I featured the shares of £1.1bn-capitalised Volex (LON:VLX) on Monday, 10^th November last year, they were then 365p, since when they have risen 94% before profit-taking.

In early April, the specialist integrated manufacturer of critical power and data transmission products confirmed its intention to move its listing from AIM to the Main Market, targeting admission before Tuesday, 4^th August, which could make it eligible for the FTSE 250 Index.

It also launched a share buyback programme to return up to £40m to its shareholders.

Coupled with a subsequent Capital Markets Day, the overall effect was to basically re-rate the group’s shares.

In reaction, they climbed 51% from 470p in April to 710p by the end of May, before easing back to the current 585p.

Tomorrow morning, Thursday, 25^th June, the group will announce its Final Results to end-March, investors now ask will the share price return to its 710p peak?

The Business

Volex is a driving force in integrated manufacturing for mission-critical applications and a global leader in power and data connectivity solutions.

Its diverse operations support international blue-chip customers in five key end-markets: Electric Vehicles, Consumer Electricals, Medical, Complex Industrial Technology and Off-Highway.

Based in Basingstoke, it orchestrates operations across 23 advanced manufacturing facilities, uniting 13,000 dynamic individuals from 25 different nations.

Its products are marketed through localised sales teams and authorised distributor partners, supporting Original Equipment Manufacturers and Electronic Manufacturing Services companies across the globe.

In a world that grows more digitally complex by the day, Volex customers trust it to deliver power and connectivity that drives everything from household essentials to life-saving medical equipment.

The Equity

There are some 185.1m shares in issue.

The larger holders include NR Holdings Ltd. (25.6%),  Investec Wealth & Investment (4.73%), Rathbones Investment Management (4.19%), Interactive Investor Services (3.42%), Fidelity Management & Research (3.22%), Kabouter Management (3.06%), Herald Investment Management (3.03%), Aberdeen Investment Management (3.01%), Octopus Investments (2.91%), and Ruffer (2.11%).      

Broker Views

Six brokers follow the company, three of whom rate the shares as a Buy, the others as a Hold.

The average Target Price is for 664p, the Highest is 767p, the Lowest for 507p.

Analysts Henry Carver and Caroline de La Soujeole, at Singer Capital Markets, in late April increased their estimates for sales, profits and earnings, while their Target Price for the shares was set at 610p.

They are looking for the end-March 2026 results to show sales of $1,220.6m ($1,086.5m), with adjusted pre-tax profits of $103.1m ($83.4m), earnings of 42.0c (34.7c) and paying out a dividend per share of 7.75c (4.50c).

For the current year, they see $1,263.8m sales, $106.5m profits, 43.4c earnings and a dividend of 8.00c per share.

Leaping into end-March 2028 trading year, Singers goes for revenues of $1,343m, adjusted pre-tax profits of $114.4m, generating earnings of 46.6c, while paying out a dividend per share of 8.59c.

My View

To continue the recent re-rating momentum, tomorrow’s results statement will need to be very bullish about its current and future prospects.

In view of the excellent 94.5% six months performance from 365p to 710p, and the possibility of a smooth Main Market switch, with the add-on of a FTSE-250 Index inclusion – there really is still quite a buzz about this stock.

It will be more than interesting to see what the brokers decide after tomorrow’s results and prospects comment.

There may still be some further falling back on profit-taking, before good news takes the shares forward again above the current 585p.

(Profile 10.11.25 @ 365p set a Target Price of 450p*)

(Profile 07.04.26 @ 490p set a Target Price of 610p*)

Volex high speed data cabling