City File: High-wire act

Click to follow
The Independent Online
VOLEX Group, the specialist wiring and connections company that dominates the moulded plug business, has done well from bailing out Britain's DIY duffers. This week it will reveal pre-tax profits of pounds 7.3m, double last year's total. Howard Poulson, the chief executive who took over two years ago, put the spark back in its ailing portfolio with some smart acquisitions and even smarter sales. Earlier this year, Volex had a successful rights issue to fuel further growth, but news that Mr Poulson is shortly to leave knocked some 50p off the share price. Without him, the shares still look overvalued in the longer term.

Comments