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Volex powers ahead with results expected to beat forecasts

Shares in Volex PLC (AIM:VLX) have powered ahead after the company said full year results were likely to beat market forecasts, helped by a strong performance from the electric vehicles sector. The supplier of integrated manufacturing services and power products said revenues were expected to rise from US$443mln to more than US$605mln. It said underlying operating profit was set to climb from US$42.9mln to more thatn US$55mln. The market was expecting revenues to be between US$575mln and US$586.3mln, with a consensus of US$581.2mln, and profits  to be in the range of US$53.8mln to US$54.6mln, with a consensus of US$54.2mln. Revenues from electric vehicles, an area which is seeing strong growth at the moment, more than doubled. Nat Rothschild, executive chairman said, “We have delivered an excellent performance in a challenging environment and are now well ahead of the five year plan we set out in October 2019….We continue to pursue a number of exciting organic growth opportunities, while successfully acquiring and integrating compelling acquisitions, leaving us well placed for the future.” Volex is up 12.96% or 32p to 279p. 8.54am: Itaconix sees its shares grow after positive trading update Itaconix PLC (LSE:ITX, OTCQB:ITXXF) is in demand after a positive trading update. The company, which specialises in plant-based polymers used as essential ingredients in everyday consumer products, said trading for the first three months of the year was well ahead of the same period in 2021. The performance so far underpinned expectations for the full year. Its cleaning business led the way, with increased orders for uses in dishwashing detergents. Elsewhere it recently filed a patent for new plant-based technology which it plans to develop  into a new ingredient for preventing or repairing damaged hair. It added that it continued to maintain sufficient raw material supplies and production capacity to meet customer needs. Its shares are up 12.27% to 5.55p. Also heading higher is Coral Products PLC (AIM:CRU). The plastic products specialist said sales and profits for the year would be materially above market expectations, helped by the disposal of land and building at Haydock. The update has lifted its shares by 12.5% to 15.75p.