02.03.20

Volution Group plc ("Volution" or "the Group" or "the Company", LSE: FAN), a leading supplier of ventilation products to the residential and commercial construction markets in the UK, Continental Europe and Australasia, today announces a change to its reportable operating segments.

On listing in June 2014, Volution was present in three countries (UK, Sweden and Germany) and generated 77% of its revenue from the UK.  Our subsequent growth strategy has seen us acquire ten market leading brands across eight countries since listing, providing greater geographic diversity and moving the Group to one which now generates 52% of its revenue outside of the UK.

We have therefore decided to move to a reporting structure based around our three core geographies of the UK, Continental Europe and Australasia, commencing with our interim results for the six months ended 31st January 2020, which we will be announcing on 16th March. Included below are the previously reported interim results for the six months ended 31st January 2019 and the full year ended 31st July 2019 under the new geographic segmental structure.

We believe this new segmental reporting will improve performance visibility across the Group, as we continue to focus on delivering our strategy.

 

UK

Continental Europe

Australasia

Central / Eliminations

Consolidated

6 months ended 31 January 2019

£000

£000

£000

£000

£000

Revenue

         

External customers

66,660

39,955

8,232

-

114,847

Inter-segment

6,226

5,085

-

(11,311)

-                              

Total Revenue

72,886

45,040

8,232

(11,311)

114,847

Gross profit

28,633

20,136

4,572

-

53,341

Results

         

Adjusted segment EBITDA

12,732

9,108

1,376

(799)

22,417

Depreciation and amortisation of development costs, software & patents

(1,120)

(685)

(67)

(311)

(2,183)

Adjusted operating profit/(loss)

11,612

8,423

1,309

(1,110)

20,234

Amortisation of intangibles acquired

(5,379)

(1,971)

(382)

-

(7,732)

Exceptional items

-

-

-

(1,216)

(1,216)

Operating profit/(loss)

6,233

6,452

927

(2,326)

11,286

Unallocated expenses

         

Net finance cost

-

-

-

(1,058)

(1,058)

Profit/(loss) before tax

6,233

6,452

927

(3,384)

10,228

           

Operating Profit Margin

17.4%

21.1%

15.9%

 

17.6%

 

 

UK

Continental Europe

Australasia

Central / Eliminations

Consolidated

Year ended 31 July 2019

£000

£000

£000

£000

£000

Revenue

         

External customers

135,536

77,985

22,177

-

235,698

Inter-segment

13,924

9,983

-

(23,907)

-

Total Revenue

149,460

87,968

22,177

(23,907)

235,698

Gross profit

58,529

40,592

11,958

-

111,079

Results

         

Adjusted segment EBITDA

26,373

18,040

4,119

(2,053)

46,479

Depreciation and amortisation of development costs, software & patents

(2,245)

(1,386)

(199)

(597)

(4,427)

Adjusted operating profit/(loss)

24,128

16,654

3,920

(2,650)

42,052

Amortisation of intangibles acquired

(10,759)

(3,750)

(931)

-

(15,439)

Exceptional items

(1,171)

(546)

(84)

-

(1,801)

CFO succession costs

-

-

-

(150)

(150)

Operating profit/(loss)

12,198

12,358

2,905

(2,800)

24,662

Unallocated expenses

         

Net finance cost

-

-

-

(1,522)

(1,522)

Profit/(loss) before tax

12,198

12,358

2,905

(4,322)

23,140

           

Operating Profit Margin

17.8%

21.4%

17.7%

 

17.8%

-Ends-

For further information:

Enquiries:

Volution Group plc
Ronnie George, Chief Executive Officer
+44 (0) 1293 441501

Andy O’Brien, Chief Financial Officer
+44 (0) 1293 441536

Liberum Capital Limited
Neil Patel
Richard Bootle
Edward Phillips
+44 (0) 203 100 2222

Tulchan Communications
James Macey White
David Allchurch
Giles Kernick
+44 (0) 207 353 4200

Legal Entity Identifier: 213800EPT84EQCDHO768.

Note to Editors:

Volution Group plc (LSE: FAN) is a leading supplier of ventilation systems and products to both the residential and commercial construction markets in the UK, Continental Europe and Australasia. 

Volution Group comprises 16 key brands across the three regions:

UK: Vent-Axia, Manrose, Diffusion, National Ventilation, Airtech, Breathing Buildings, Torin-Sifan.
Continental Europe: Fresh, PAX, VoltAir, Kair, Air Connection, inVENTer, Ventilair.
Australasia: Simx, Ventair.

For more information, please go to: www.volutiongroupplc.com

Download