Volex did everything right in FY20 with the prelims in-line with our upgraded forecasts. Adj. EBIT margins increased from 5.8% to 8.1%, adj. PBT growth was 51%, net cash increased from US$20.6m to US$31.6m, customer concentration was further reduced, two acquisitions were successfully integrated and it re-instated the dividend at 3p. Even during the lockdown period of Feb–May 2020, Volex proved its resilience with revenues up 4% YoY and we understand an improvement in profit margin thou ....