Strong top line growth, in line with expectations
Volution Group plc (LSE: FAN; “the Group”), a leading supplier of ventilation products to the residential and commercial construction market, today announces a trading update, following the completion of its financial year on 31st July, 2015.
Revenue in the 12 month period was £130 million a 7.9% increase compared with the prior year (12.4% on a constant currency basis). This comprised 1.0% organic growth (4.9% on a constant currency basis), with 7.5% the result of acquisitions (on a constant currency basis), including the acquisition of Brüggemann Energiekonzepte, completed in April 2015 and the full year effect of the acquisition of inVENTer in April 2014.
Organic growth was helped by an increase in new build residential systems sales in the UK where the Group enjoyed a 17.7% growth in sales for new house applications. The acquisition of Brüggemann in Germany, is being integrated into the wider Group; this integration is progressing well, in line with the anticipated timetable.
The Group continues to enjoy strong demand for its products, especially newer, higher value-add ventilation systems and quieter, more energy efficient fans, with several new products launched towards the end of the financial year 2015.
The full year results for 2015 will be announced on 16th October 2015.
Ronnie George, Chief Executive Officer of Volution Group plc, said:
“This has been another year of strong progress for the Group. In our first full financial year since listing on the London Stock Exchange in June 2014, we have delivered both organic and acquisition led growth. We are also delighted to have completed the acquisition of the Ventilair Group on the 5th of August 2015 and the process of integration and optimisation is progressing well.
In spite of the significant impact of largely translational currency headwinds, mitigated by revenue growth and further margin expansion, the Group expects its full-year results to be in line with the Board’s expectations.”
Volution Group plc
Ronnie George, Chief Executive Officer
+44 (0) 1293 441501
Ian Dew, Chief Financial Officer
+44 (0) 1293 441536
+44 (0) 20 7404 5959
Notes to Editors
Volution Group plc (LSE: FAN) is a leading supplier of ventilation products to the residential and commercial construction market in the UK, the Nordics, Germany and Benelux countries.
The Group sold approximately 21 million ventilation products and accessories in the twelve months ended 31 July 2015. The Volution Group operates through two divisions: the Ventilation Group and the OEM (Torin –Sifan) division. The Ventilation Group consists of 7 key brands - Vent-Axia, Manrose, Fresh, PAX, inVENTer, Brüggemann and Ventilair focused primarily on the UK, Nordic, German and Benelux ventilation markets. The Ventilation Group principally supplies ventilation products for residential and commercial ventilation applications. The OEM division (Torin-Sifan), supplies motors, fans and blowers to OEMs of heating and ventilation products for both residential and commercial construction applications in Europe.
For more information, please go to: http://www.volutiongroupplc.com/
Cautionary statement regarding forward-looking statements
Certain statements made in this announcement may be forward-looking statements. Such statements are based on current expectations and assumptions and are subject to a number of known and unknown risks and uncertainties that may cause actual events or results to differ materially from any expected future events or results expressed or implied in these forward-looking statements. Persons receiving this announcement should not place undue reliance on forward-looking statements. Unless otherwise required by applicable law, regulation or accounting standard, the Group does not undertake to update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise.