Year in Review 2026
Download PDFIn a world where complexity is accelerating, we partner with category leaders to integrate the power and connectivity required to deliver the intelligent systems our customers demand.
Built for complexity...
We provide solutions for a more complex, connected world.
Integral to complex, mission-critical applications
Delivered by a singular, global manufacturing specialist
Positioned for growth
Our strategy is aligned to delivering against the significant growth opportunities ahead of us.
We outperformed our last five-year plan
The quality of the business has fundamentally changed
A clear financial framework for the next five years
Highlights
Dave Webster
Chairman
FY2026 has been a defining year for Volex. The five-year plan was delivered a year ahead of schedule, the Group has set out a new medium term plan to take revenue to $2 billion, and the Board has resolved to move the Company from AIM to the Main Market.”
Lord Rothschild
Chief Executive Officer
In FY2026 we delivered our five-year plan a year ahead of schedule. This is a significant demonstration of the quality and diversity of our customer relationships and global operations.”
Jon Boaden
Chief Financial Officer
Strong revenue growth, meaningful margin improvement and a further reduction in leverage reflect a year in which Volex executed well across every dimension of its financial framework.”
What we’ve delivered
A ten year track record of reliable performance, strengthened through transformation
Revenue Growth ($m)
~ 20%
Return on capital employed maintained
Underlying operating profit growth ($m)
2.8% to 10.2%
Margin progression
We outperformed our last five-year plan
Transformed from a component supplier into a diversified, complexity-led manufacturing partner, with materially improved revenue and margins.
Consistent organic growth through cycles
Delivered sustained growth despite supply chain disruption and end-market volatility, reflecting structural demand rather than cyclical recovery.
Enhanced profitability through complexity
As we scale with customers and deliver more complex programmes, margins improve alongside increasing technical and operational capability.
Improving quality of revenue
Revenue mix is shifting towards higher complexity, longer duration programmes with category-leading customers.
Visibility supports confidence
Embedded in customer design cycles with multi-year programme visibility and recurring revenue supported by engineering and regulatory lock-in.
Business model
Our business model is a distinctive value creation model, built on embedded relationships with customers and converting increasing complexity into scalable growth, margin expansion and strong returns.
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Building tailored solutions
We are embedded within our customers’ design and development processes, working at system level to ensure solutions are optimised for performance, manufacturability and scale. By combining engineering and production expertise, we develop high-specification, application-specific assemblies that integrate seamlessly into complex systems. This design-in relevance enables customers to accelerate innovation while ensuring solutions can be delivered reliably at scale.
The Volex platform
A single global organisation.
23 manufacturing locations.
Multiple continents.
One operating system.
Common platform
A shared framework of operational excellence applied consistently across every site, with aligned KPIs, common standards and best practice
Short chain of command
Decisions are made quickly, close to the customer, by experienced regional teams. Speed is driven by proximity to both the customer and the problem
Transferable systems
Consistency enables work to move seamlessly between sites. Capabilities are developed once and deployed across the network, supporting scale
Our strategy
The medium term strategic path to $2bn revenue and 12% operating margin
Target and scale with category leaders
Scale with customers in structurally growing markets
Move up the complexity curve in every market
Higher-specification solutions drive margin expansion
Scale capability across new markets and geographies
Best-in-class capabilities delivered consistently worldwide
Acquire capability that accelerates organic growth
Disciplined investment in M&A that enhances our margin
Group at a glance
Delivering essential connectivity across a broad range of end-uses, from everyday applications to performance-critical systems.
Keeping domestic appliances running
Delivering power cords and appliance harnesses for global consumer brands, protecting customer reputations while supporting everyday domestic use.
Powering electric vehicles
Providing EV charging solutions across applications, from private AC home charging to public DC fast charging.
Connecting hyperscale data flow
Delivering high-speed data centre cable solutions for leading hyperscalers and AI infrastructure providers.
Supporting life-saving diagnostics
Delivering complex wire harness assemblies for medical diagnostics and treatment systems, helping to improve patient outcomes.
Charging laptops
Delivering reliable power solutions supporting everyday computing and connectivity.
Embedding display technology
Delivering integrated display solutions across a range of technologies and end-products
Engineering advanced wire harnesses
Designing and manufacturing wire harness solutions across defence, industrial, medical, consumer and automotive applications.
Enabling data centre infrastructure
Enabling power delivery through cables and cords that meet demanding wattage, safety and design requirements for specialised servers and data centre systems.
Over 750
individual customers spanning five end-markets
Global workforce of
12,500
employees across 25 countries
Working with more than
3,400
suppliers
Net zero target for scope 1 and 2 emissions
by 2035
Revenue
$645.5m
(FY2025: $503.5m)
Our revenues in North America have demonstrated meaningful growth during the period, driven primarily by strong growth across two sub-sectors: data centre and defence. The ongoing expansion of hyperscale data centre infrastructure, fuelled by surging demand for AI and cloud services, has translated into increased revenue from our data centre customers. Elevated defence budgets and heightened geopolitical focus have driven revenue growth from our defence customer base. Together, these two sub-sectors reflect the strength of our positioning in mission-critical, high-growth end-markets. A small decline in EV sales to the region was experienced, with a shift toward our European market.
Revenue
$439.1m
(FY2025: $412.6m)
European revenues showed mixed performance across our end-markets. A one-off project with an Off-Highway defence customer provided a positive contribution, supported by a full year of revenue from our vertically integrated EV charging solution. These gains were partially offset by softer Consumer Electricals demand, driven by intensified competition from Chinese manufacturers resulting in modest market share losses. Medical revenues were weaker, reflecting lower overall spending in public healthcare and medical research and reduction in inventory in anticipation of lower run-rates.
Revenue
$158.0m
(FY2025: $170.4m)
Revenue in Asia declined over the period, largely driven by a regional mix shift in our Data Centre customer base, with increased activity redirected toward North American customers. This was partially offset by continued growth in inYantra, which benefited from strong momentum in the expanding Indian market.
Sustainability
We are committed to our ambitions to be a responsible designer and manufacturer.
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.
Our framework identifies three key pillars of activity that underpin our efforts to improve our performance on sustainability.
1. Data-led insight
Through the Volex Sustainability Reporting System
2. A bottom-up approach
Through the Volex Factory Sustainability Framework
Building ‘Excellence in Sustainability’ at a factory level
3. Group-wide action
Through use of our data and global scale to achieve maximum impact
Consistent policy deployment
Governance at a glance
FY2026 has been a year of governance change at Volex. The Board has separated the roles of Chair and Chief Executive, set the Company on the path to a Main Market listing, and committed to step up the governance framework to match the next phase of the Group’s growth.
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.
