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Trading statements

Volution revenues up 18.6%

12 August 2016 07:16

Volution Group - a leading supplier of ventilation products to the residential and commercial construction markets - saw strong revenue growth of 18.6% in the year to the end of July to £154 million (18.4% up on a constant currency basis).

This comprised 3.0% organic growth (2.8% on a constant currency basis), with 15.6% the result of acquisitions completed in the year.

The group said organic growth was helped by a very strong performance in the Nordics where revenue for the year grew by 9.8% on a constant currency basis.

This was supported by several new product launches, in particular the world's first "app" controlled extractor fan, which we will be introducing progressively to our other geographic markets. In the UK, residential new build revenue grew organically by 7.2%, with the order intake growing more than revenue. RMI trends improved slightly from the first half with a decline of 3.1% (an organic decline of 4.5%); revenues will benefit further from the recent acquisition of NVA Services in the UK. Supplementing the good organic growth of the business in the period, Volution also completed four acquisitions in the year, with the most recent completing in May. The integration of each acquisition is progressing well, in line with our expectations. Each acquisition will be earnings accretive in the coming year. The group anticipates that its full-year results for the financial year 2016 will be in line with the board's expectations.

Chief executive Ronnie George said: "This has been another exciting year of progress for the Group, as we have again delivered both organic and acquisition led growth in line with our strategy. The four acquisitions completed in the year are progressing well and provide us with a wider geographic and market exposure. Whilst there is obvious uncertainty in the UK market post the EU referendum, our most recent acquisitions and geographic diversity give us confidence for the year ahead." The full year results will be announced on 11 October.

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