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Interim Results

Volution ahead of forecasts

20 March 2017 08:24

Volution Group's revenues rose to £88.5m in the six months to the end of January - up 26.1% on last time and 19.3% in constant currencies.

The group said its results for were ahead of expectations with both organic and inorganic growth in revenue and the additional benefit of currency tailwinds.

Adjusted operating profit increased by 12.7% to £17.1 million (up 7.7% at constant currency) and reported profit before tax rose to £8.8 million (H1 2016: £8.0 million).

The group said the acquisition of Breathing Buildings was completed in December and its integration was going very well and progressing to plan.

Next steps included an extension of its product range now that it could access the wider Volution product portfolio.

Chief executive Ronnie George said: "We have delivered another strong set of results with excellent cash generation continuing to support our strategy to grow organically and by acquisitions.

"Nordic and Central Europe sectors' organic growth was very pleasing and the integration of our recent acquisition of Breathing Buildings is proceeding well.

"We continue to focus on developing our wide product portfolio across our increasing market reach; including our application software-controlled fan now being sold successfully in the Nordics, UK and Central Europe, and our 'Sentinel Kinetic Advance' heat recovery unit is selling in both the UK and Central Europe."

At 8:24am: (LON:FAN) Volution Group Plc share price was +4p at 186.5p

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