Interim Results

Volex Group PLC
8 November 2000


                        Volex Group p.l.c.
                                 
  Unaudited interim results for the half year ended 30 September
                               2000

Volex  Group  p.l.c., the world's leading independent producer  of
electronic cable assemblies and electrical power cords,  announces
its unaudited results for the half-year ended 30 September 2000:

Highlights

Six months ended 30 September          2000        1999
Turnover                             £217.2m     £143.8m     + 51%
Operating profit*                     £18.1m      £10.4m     + 74%
Pre-tax profit*                       £16.1m       £9.2m     + 76%
Earnings per share ( headline)         40.7p       21.0p     + 94%
Dividend per share                      9.4p        8.7p      + 8%

Strong sales growth in the Americas, Asia and Europe

Data/telecommunication markets now account for 71% of  Group
sales

First half activities reflected strong order books at end of
last year

Pre-tax profits up 76% and earnings nearly doubled

  *  pre goodwill amortisation

Commenting on results and prospects, Mr Bill Goodall, Chairman  of
Volex, said:


'This half year saw a significant increase in business, with sales
up  51%  over  the  same period last year.  This has  resulted  in
profit before tax rising by 76% and earnings have nearly doubled -
our best half year ever.'


'We  envisage average annual growth of sales and operating  profit
of  15%  to  20% and have set a target of achieving £1 billion  in
sales  within five years.  Subject to no unforeseen major downturn
in  our markets, we anticipate a strong result for the year  as  a
whole.'


For further information, please contact:

Volex  Group p.l.c. Today:  020 7601 1000  Thereafter: 01925 830101
Bill Goodall, Chairman
Dom Molloy, Group Chief Executive
Ken Hooper, Group Finance Director

Square Mile Communications Ltd                       020 7601 1000
Chris Lynch / Graham Herring

REPORT OF THE DIRECTORS

on the results for the half year to 30 September 2000

The  results  for  the half year to 30 September  2000  were  very
strong and built on the high activity levels and order books  with
which  the Group closed the previous year.  The Group saw a  major
increase  in  its  global  activities  and  confirmation  of   its
successful  strategy of a focussed yet global approach  to  market
opportunities.

The  first  half  produced  a  51% increase  in  world-wide  sales
revenues  to £217.2m, which in turn enabled the Group to  increase
its   operating   profit  by  74%  to  £18.1m,   before   goodwill
amortisation of £0.4m.  With interest charges of £2.0m,  the  pre-
tax profits rose 76% to £16.1m on the same basis.

The  Group's  composite tax rate fell to 29% due  to  the  mix  of
profits in the various parts of the world.  The net effect was  to
increase headline earnings per share by 94% to 40.7p for this half
year over the comparative period.

OPERATIONS

The Group has achieved significant growth in activities during the
first  half.    The  established strategy of bringing  a  focussed
targeted approach to global market opportunities, keeping ahead of
technology developments and increasing our world-wide presence and
product  range, has proved successful.  The culture of  continuous
improvement has now positioned the Group as an innovative  service
and  solutions provider for interconnect devices on a global scale
and this is driving our current and future growth prospects.

Our  focus  is centred on market areas where a global presence  is
required.   Annual  projections  for  the  data/telecommunications
industry  are exciting and the Group believes that these  business
areas  will  provide strong growth opportunities over  the  longer
term.

Key  contributors to our success have been the constant  drive  to
reduce time to market and time to customer and the development  of
capabilities in newer technologies, particularly fibre  optic  and
radio frequency (RF) products.  This has been made possible by the
expansion of the Group's engineering resources, both in  terms  of
our  design  capability  and in the newer technology  areas,where
we have expanded fibre  optic and  RF  capabilities  in  facilities
in the  Americas,  Asia  and Europe.

The  Group has continued to develop its partnership with a  number
of  the  leading telecommunication, data and electrical/electronic
consumer product customers.  At the same time, a targeted approach
to  new  business  opportunities has led  to  further  success  in
opening  new  accounts,  both at original equipment  manufacturers
(OEM) and major electronic manufacturing services providers (EMS).

The emergence of these  subcontractors is symptomatic of the drive
to  outsource  non  core  activities by  the  large  multinational
companies.  The Group has built on its successful track record  of
working  in partnership with the OEM and EMS industries to  manage
these outsourced activities.

Whilst sales of power cords have dropped as a percentage of  Group
sales,  we  have increased  sales  and remain the world's No.1 power
cord producer.

Further  strengthening of the Group's regional  network  of  sales
engineers,  coupled with improving levels of global  co-ordination
on the Group's multinational accounts, have been and will continue
to  be major drivers of growth.  The Group has invested heavily in
manufacturing  capacity  throughout the world  to  meet  increased
demand and, with a target capacity utilisation of 75% to 80%, will
continue  to  invest  sufficient resources  so  as  to  take  full
advantage of all market opportunities.

In   the  Americas  growth  was  particularly  impressive  in  the
data/telecommunications  area  and  the  customer  base  has  been
broadened.   We continue to expand our capacities in Canada,  USA,
Mexico and Brazil and have consolidated our position in the  power
cords   market   following  last  year's  major  acquisition.    A
significant investment has been made in the establishment  of  the
RF centre of excellence in Wilmington, Massachusetts.  This centre
will  assist  all  facilities world-wide with the  development  of
state  of  the  art  process controls and will  provide  increased
technical support for global customers.

During  the last six months Volex Asia has experienced significant
growth  in  the  demand for products both from  customers  in  the
region  and also from across the Group.  In addition to  expanding
capacity considerably for its traditional power cord products,  it
has   also   developed  a  significant  data/telco   manufacturing
capability,  centred on its Suzhou facility near Shanghai,  China:
here  the  Group  has invested in fibre optic, RF and  high  speed
miniature coax technologies to meet future market demand  in  this
region.  The Group has relocated one of its two plants in southern
China  to  a  new  plant  established at  Zhongshan  in  Guangdong
Province  to support the exciting growth in the telecommunications
markets in that area as well as its traditional products.  Further
capacity  has been put in place elsewhere in the region for  power
cords  production  and this has boosted the  region's  ability  to
support both its own growing customer base and other parts of  the
Group.

In  Europe  the  Group  has now established itself  as  a  leading
producer  of  data/telcoecommunications  cable  assemblies.    The
expansion  of  our engineering resources and the  time  to  market
capability, already referred to, have been particularly evident in
this   region.   These  features  and  a  flexible   approach   to
manufacturing have enabled excellent growth levels to be achieved,
particularly  in  telecommunication  products.   The  power   cord
division  is  well advanced with its restructuring  programme  and
market  share  is being maintained.  The wiring harness  divisions
progressed well and recorded a satisfactory result.

The  Group's web site www.volex.com continues to be developed  and
is regularly updated with news items on the Group's achievements.


FINANCIAL REVIEW

Turnover  for  the  half year increased by 51%  to  £217.2m.   The
strongest  sales growth was achieved in Asia where sales increased
by approximately 80%: sales to European customers increased by 55%
with  sales to customers in the Americas being up by some 40% over
the comparative period last year.  Increases in the Group's output
by  region  using selling values, including transfers  of  product
between  operating units, rose by almost 55% over the same  period
last  year with Asia achieving a 76% increase and Europe 57%,  due
to  considerable expansion in Ireland and its feeder factories  in
mainland Europe.  Trading between divisions increased by 90%.

The  data/telecommunications side of the business grew at a higher
rate   than  the  remaining  parts.  Analysing  sales  by  product
category,   data/telco  products  (including  medical  assemblies)
doubled in sales value over the comparative period resulting in  a
shift  in  the  balance  of  the  business.   Data/telco  products
represented  61%  of the business (up from 46% in 1999/00),  power
cord products 32% (down from 45%) and harnesses 7% (down from 9%).
As   a  result,  sales  into  the  data/telecommunications  market
(including  power cords) rose 3% to 71% of Group sales with  sales
into  the appliance markets accounting for 22% (last year - 243%).
Sales  into  the  vehicle  and aerospace markets,  whilst  growing
satisfactorily, accounted for 7% of the total.

The Group operating profit, before goodwill amortisation of £0.4m,
rose  by  74%  to £18.1m, giving a margin on sales  of  8.3  %  as
compared  with  7.3%  in  the first  half  of  last  year  net  of
acquisitions:  this increase in margin was largely volume  driven.
After  goodwill  amortisation, the operating profit  increased  by
73%.

Interest  payable in the half year of £2m (last year - £1.2m)  was
8.8  times  covered, the increased charge reflecting  both  higher
average borrowings and also interest rate rises.

The  Group's  pre-tax profit for this half year  (before  goodwill
amortisation) was £16.1m, an increase of 76% over the  comparative
period.  With the composite tax charge falling 3% compared to last
year's first half to 29% due to the geographic mix of profits  and
to  the tax rates applying to acquisitions made at the end of last
year,  total  earnings  were up by 95%  to  £11.2m  with  headline
earnings per share increasing to 40.7p.

The  impacts  of  changes in currency translation rates  were  not
material,  with  sales  and  profits  benefiting  by  2%  and   3%
respectively whilst the net interest charge was adversely impacted
by £0.1m.

During  the  half  year,  net borrowings increased  by  £12.7m  to
£56.6m,  so increasing the gearing to 83% from 74% at the  end  of
last  year. Capital expenditure totalled £6.7m, up £0.5m over  the
same   period   last  year:  this  represents  a   multiple   over
depreciation  of 1.7 times and reflects investment  in  additional
capacity  and technology.  Working capital increased  by  £18m  to
support the higher activities in the first half year.

INTERIM DIVIDEND

The  Board  has declared an interim dividend of 9.4p per  ordinary
share, an increase of 8%.  This will be paid on 22 January 2001 to
shareholders on the register on 22 December 2000.

THE FUTURE

The Group strategy remains unchanged.  We remain focussed on those
market  opportunities world-wide where our global  operations  can
provide  full support to the Group's multinational customer  base.
The markets we serve, particularly in data and telecommunications,
continue  to provide exciting opportunities as new market entrants
emerge   as   our   customers  and  global   rationalisation   and
consolidation  progresses.  We are concentrating  particularly  on
expansion in the areas of fibre optic and RF technology.

We envisage average annual growth of sales and operating profit of
15%  to 20% and have set a target of achieving £1 billion in sales
within five years.  Subject to no unforeseen major downturn in our
markets, we anticipate a strong result for the year as a whole



R.W. Goodall
Chairman
8th November 2000


GROUP PROFIT AND LOSS ACCOUNT
(unaudited)

                            Six months to  Six months to     Year to
                             30 September   30 September    31 March
                                     2000           1999        2000
                                    £'000          £'000       £'000
Turnover
  Continuing operations           217,189        143,784     319,807
                                  =======        =======     =======

Operating profit
  Continuing operations            18,121         10,431      26,395
Goodwill amortisation               (409)           (197)       (419)
                                  ------------------------------------
Operating profit on continuing 
operations after goodwill          17,712         10,234      25,976
Costs of a fundamental 
restructuring ofcontinuing
operations (see note 3)                 -              -      (1,900)
Profit on sale of tangible
fixed asset ofcontinuing 
operations (see note 3)                 -              -       1,920
                                 ------------ ----------- -----------
Profit  on ordinary activities 
before finance charges             17,712         10,234      25,996
Interest payable (net)             (2,003)        (1,249)     (2,872)
                                 ------------ ------------ ----------
Profit  on ordinary activities
before taxation                    15,709          8,985      23,124
Tax on profit on ordinary 
activities                         (4,555)        (2,875)     (7,010)
                                ------------ -------------   ---------
Profit  on ordinary activities 
after taxation                     11,154          6,110      16,114
Minority Interests                      -           (380)       (819)
                              ------------      ----------------------
Profit attributable to 
shareholders                       11,154          5,730      15,295
Dividends paid and proposed        (2,710)        (2,471)     (7,299)
                                 ----------- ------------   ----------
Retained profit for the period      8,444          3,259       7,996
                                  =======         =======     =======

Basic  earnings per ordinary 
share (pence)                        39.2p          20.3p       54.0p
Headline  earnings per 
ordinary share* (pence)              40.7p          21.0p       55.5p
Diluted earnings per ordinary 
share (pence)                        38.8p          20.1p       53.5p
Dividend per ordinary share (pence)   9.4p           8.7p       25.7p

*  pre goodwill amortisation


INTERIM DIVIDEND

The  Directors have declared an interim dividend in respect of the
year  ending 31 March 2001 of 9.4p (2000 - 8.7p) net per  ordinary
share.   This  dividend  will  be  paid  on  22  January  2001  to
shareholders on the register on 22 December 2000 and  will  absorb
£2,681,047 (2000 - £2,466,223).






STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES

                            Six months to  Six months to     Year to
                            30  September   30 September    31 March
                                     1999           2000        2000 
                                    £'000          £'000       £'000

Profit for the period              11,154          5,730      15,295
Currency variations                   106           (808)     (1,590)
                                   ----------- ----------------------
Total recognised gains for 
the period                         11,260          4,922      13,705
                                   ======         ======      ======

GROUP BALANCE SHEET
(abridged and unaudited)
                                    As at          As at       As at
                             30 September   30 September    31 March
                                     2000           1999        2000
                                    £'000          £'000       £'000
Fixed assets
  Intangible                       14,409          7,789      14,817
  Tangible                         46,369         44,783      42,731
                              -----------     ----------------------
                                   60,778         52,572      57,548
                                  =======        =======     =======
Current assets
Stocks                             58,537         37,946      48,201
Debtors                            79,194         55,677      67,645
Current asset investments             445            504         445
Cash at bank and in hand           11,432          9,206      12,691
                               -----------     ----------------------
                                  149,608        103,333     128,982          
               
                                -----------    ----------------------
Creditors:
Amounts falling due within one year:
Borrowings and finance 
liabilities                        (8,252)        (6,641)    (15,310)
Trade creditors and provisions    (71,634)       (52,436)    (68,523)
                                 -----------    ----------------------
                                  (79,886)       (59,077)    (83,833)
                                 -----------    ----------------------
Net current assets                 69,722         44,256      45,149
                                -----------     ----------------------
Total assets less current 
liabilities                       130,500         96,828     102,697

Creditors:
Amounts falling due after one year:
Borrowings and finance 
liabilities                       (59,725)       (40,018)    (41,185)
Other liabilities                  (2,339)          (824)     (2,238)
                                -----------    -----------  -----------
Net assets                         68,436         55,986      59,274
                                   ======         ======      ======
Represented by:
Share capital                       7,210          7,156       7,170
Reserves                           61,226         47,809      52,104
                               -----------     ----------------------
Shareholders' funds                68,436         54,965      59,274
Minority Interest                       -          1,021           -
                              -----------      ----------------------
Total capital employed             68,436         55,986      59,274
                                   ======         ======      ======
Gearing                             82.6%          68.1%       73.9%

MOVEMENTS IN SHAREHOLDERS' FUNDS

                                    As at          As at       As at
                             30 September   30 September    31 March
                                     2000           1999        2000
                                    £'000          £'000       £'000

Profit for the period              11,154          5,730      15,295
Dividends                          (2,710)        (2,471)     (7,299)
                               -----------     ----------------------
                                    8,444          3,259       7,996
Currency variations                   106           (808)     (1,590)
New share capital subscribed          612            162         516
                              -----------      ----------------------
Net increase                        9,162          2,613       6,922
Opening shareholders' funds        59,274         52,352      52,352
                               -----------     ----------------------
Closing shareholders' funds        68,436         54,965      59,274
                                   ======         ======      ======

GROUP CASH FLOW STATEMENT
(abridged and unaudited)
                            Six months to  Six months to     Year to
                             30 September   30 September    31 March
                                     2000           1999        2000
                                    £'000          £'000       £'000
Net cash inflow from 
operating activities
Operating profit                   17,712         10,234      25,976
Depreciation                        3,828          3,376       7,102
Goodwill amortised                    409            197         419
Other items - working capital 
and movements in provisions       (17,474)        (5,494)    (18,058)
                                 -----------   ----------------------
                                    4,475          8,313      15,439
                                   =======       =======     =======
Returns on investments and 
servicing of finance
Interest received/(paid)           (1,887)          (461)     (2,180)
Preference dividends paid               -             (3)         (6)
                                  -----------  ----------------------
Net cash outflow from returns
on investments and 
servicing of finance               (1,887)          (464)     (2,186)
                                   =======        =======     =======
Taxation paid                      (3,518)        (4,037)     (6,225)
                                   =======        =======     =======

Capital expenditure
Purchase of tangible fixed 
assets                             (6,645)        (6,162)    (10,467)
Sale of tangible fixed assets 
and current asset investments         256              91      7,210
                                   -----------   --------------------

Net cash outflow from capital 
expenditure                        (6,389)        (6,071)     (3,257)
                                   ======          ======      ======
Acquisitions
Purchase of businesses                  -        (17,048)    (23,018)
Deferred consideration paid        (1,726)          (636)       (802)
Net cash balances on acquisition        -             10       1,095
                                  -----------   ----------------------
Net cash outflow from acquisitions (1,726)       (17,674)    (22,725)
                                   ======         ======      ======
Equity dividends paid                   -         (2,316)     (9,253)
                                   ======         ======      ======
Cash outflow before use of liquid
resources and financing            (9,045)       (22,249)    (28,207)
                                   ======         ======      ======
Net cash inflow from management 
of liquid resources                     -           2,000      2,000
                                   ======          ======     ======
Financing
Issue of ordinary share capital       612             162        516
Increase in short term borrowings  15,355          15,337     14,936
                                  -----------  ----------------------
Net cash inflow from financing     15,967          15,499     15,452
                                   ======          ======     ======
Increase/(Decrease) in cash 
in period                           6,922          (4,750)   (10,755)
                                   ======          ======     ======

NOTES TO GROUP RESULTS

1. The summarised results for the half year to 30 September 2000
   have been prepared under the historical cost convention modified
   to include, where considered appropriate, the revaluation of land
   and  buildings  and in accordance with the accounting  policies
   adopted in the accounts for the year to 31 March 2000. These and
   the comparative results for the half year to 30 September 1999 are
   non-statutory accounts within the meaning of Section 240 of the
   Companies Act 1985 and have not been reported upon by the auditors
   under Section 235 of the Companies Act 1985.
   
2. SEGMENTAL INFORMATION
   
     Turnover by Geographical Area
                            Six months to    Six months to   Year to
                             30 September    30 September   31 March
                                     2000            1999       2000
                                    £'000           £'000      £'000
   By destination:
    United Kingdom                 32,780          30,212     60,405
    Republic of Ireland             1,624           1,903      3,783
    Other Europe                   51,391          23,371     64,782
                                ----------      --------------------
    Total Europe                   85,795          55,486    128,970
    Americas                       94,160          67,783    148,183
    Asia                           37,234          20,515     42,654
                                ----------      --------------------
    Total                         217,189         143,784    319,807
                                 ========        ========    =======
   By source:
    United Kingdom                 36,556          34,098     73,383
    Republic of Ireland            43,260          22,572     57,614
    Other Europe                   11,198           1,430      4,644
                                ----------        --------------------
    Total Europe                   91,014          58,100    135,641
    Americas                       98,543          69,090    150,037
    Asia                           51,135          28,982     65,485
                                ----------       --------------------
                                  240,692         156,172    351,163
    Less:  Intra Group            (23,503)        (12,388)   (31,356)
                                ----------       --------------------
    Total                         217,189         143,784    319,807
                                   ======        ========    =======

   Operating   profit,  profit  before  tax  and  net  assets   by
   geographical area and by type of business are not given as such
   disclosure  is  considered  by the directors  to  be  seriously
   prejudicial  to the interests of the Group.  All  activity  has
   arisen from continuing operations.

3. (i)Costs   of   a   fundamental  restructuring  of   continuing
      operations

      The  costs  of a fundamental restructuring of the  continuing
      operations   of  the  Group's  UK  power  cord  manufacturing
      activities amounted to £1,900,000 in 1999/2000.

      The taxation treatment of these costs resulted in a reduction
      of £511,000.

  (ii)Profit  on  sale of a tangible fixed asset  of  continuing
      operations

      The  profit  on  the  sale of a factory  in  the  UK  during
      1999/2000 amounted to £1,920,000.

      The  tax  effect of this exceptional item was  an  increased
      charge of £220,000.

4. The  figures  for  the year ended 31 March  2000  have  been
   extracted from the statutory accounts which have been filed with
   the Registrar of Companies.  The audit report was unqualified and
   did not contain any statement under section 237(2) and (3) of the
   Companies Act 1985.

5. The Group tax charge for the period is based on anticipated tax
   rates  for the year as a whole and has been influenced  by  the
   differing  tax  rates  in the UK and in  the  various  overseas
   countries in which the Group operates.

6. The  calculation  of earnings per share  are  based  on  the
   following profits and numbers of shares:

                                              Basic and diluted
                          Six  months to  Six months to      Year to          
                           30  September  30  September     31 March
                                    2000           1999         2000

Pre-tax  profit  
(before  goodwill 
 amortisation)                    16,118          9,182       23,543
Taxation                          (4,555)        (2,875)      (7,010)
                                ---------        --------------------
Profit  for  the  period 
(before goodwill  amortisation)   11,563          6,307       16,533
Preference dividends                  (3)            (3)          (6)
Minority interests                     -           (380)        (819)
                                 --------         --------   --------
Headline earnings                 11,560          5,924       15,708
Goodwill amortisation               (409)          (197)        (419)
                                 --------         --------   --------
Net profit for the 
financial year                    11,151          5,727       15,289
                                   =====          =====       =====


                            No. of shares  No. of shares  No. of shares

For basic earnings per 
share                          28,430,964     28,274,245     28,307,204
Exercise of share options        313,277         197,710        288,640
                             -----------------------------------------
For diluted earnings per 
share                           28,744,241    28,471,955     28,595,844
                               ===========    ==========     ==========


Basic earnings per share (full)       39.2p         20.3p          54.0p
Headline earnings per share (full)    40.7p         21.0p          55.5p
Diluted earnings per share (full)     38.8p         20.1p          53.5p

   

7.CASH FLOW
   (i)     Analyses of net debt
                           1 April   Cash flow   Exchange   30 September
                              2000               movement           2000
                             £'000       £'000      £'000          £'000

Cash at bank and in hand    12,691      (1,327)        68         11,432
Overdraft                  (15,310)      8,249     (1,191)        (8,252)
                                         6,922

Loans                      (41,185)    (15,355)    (3,185)       (59,725)
                           --------    --------   --------        --------
Net debt                   (43,804)     (8,433)    (4,308)       (56,545)
                           --------    --------   --------        --------
 (ii)   Reconciliation of net cash flow to movement in net debt

                            Six months to  Six months to     Year to
                             30 September   30 September    31 March
                                     2000           1999        2000
                                    £'000          £'000       £'000

Increase/(Decrease) in
cash in the period                  6,922         (4,750)    (10,755)
Cash inflow from increase 
in debt and lease financing       (15,355)       (15,337)    (14,936)
Cash inflow from decrease in 
liquid resources                        -         (2,000)     (2,000)
                                 ----------     -----------  ---------
Change in net debt resulting 
from cash flows                    (8,433)       (22,087)    (27,691)
Translation difference             (4,308)           986         239
                                 ------------   ----------   --------
Movement in net debt in 
the period                        (12,741)       (21,101)    (27,452)
Net  debt at beginning of year    (43,804)       (16,352)    (16,352)
                                  -----------   ----------  ---------
Net  debt at the end of the
period                            (56,545)       (37,453)    (43,804)
                                   ======         ======      ======



Note:

Copies  of this interim report are being sent to all shareholders.
Copies  can  also  be obtained from the Company  Secretary,  Volex
Group p.l.c., Dornoch House, Kelvin Close, Birchwood Science Park,
Warrington WA3 7JX.