Volution Group plc (LSE: FAN; "the Group"), a leading supplier of ventilation products to the residential construction market, today announced a trading update, following the completion of its financial year on 31st July, 2014.
Revenue in the 12 month period was £121 million, an 18.2% increase compared with the prior year. This comprised 3.3% organic growth (5.2% on a like for like currency basis), with 14.9% the result of acquisitions, notably the acquisition of Pax in Sweden which was completed in August 2013.
The more recent acquisition of InVENTer in Germany, in April 2014, is being integrated into the wider group; this integration is progressing well, in line with the anticipated timetable. Organic growth was helped by an increase in new build residential systems sales in the UK, where the Group enjoyed a 9.5% growth for new house applications.
The Group is enjoying strong demand for its products, especially newer, higher value add ventilation systems. Major new project wins include the contract for Volution's Vent-Axia division to supply Sentinel Kinetic Plus ventilation system units for the 414 flats in the Saffron Square development in Croydon, London.
Ronnie George, Chief Executive of Volution Group plc, said:
"This has been a year of great progress for the Group. As well as delivering both organic and acquisition led growth, we listed on the London Stock Exchange in June. Results for the year are anticipated to be in line with board expectations."
The Group expects to announce its full-year results on 23rd October 2014.
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
1. Volution Group plc is a leading supplier of ventilation products to the residential construction market in the UK, Sweden and Germany.
The Group sold approximately 20 million ventilation products and accessories in the financial year ended 31 July 2014. It consists of five key brands, focused primarily on the UK, Swedish and German ventilation markets - Vent-Axia, Manrose, Fresh, PAX and inVENTer - and operates through two divisions: the Ventilation Group, which principally supplies ventilation products for residential construction applications in the UK, Sweden and Germany and ventilation products for commercial construction applications in the UK; and Torin-Sifan, which 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/
2. Organic growth is a like-for-like measure of business performance (also calculated at constant currency to eliminate translation effects on consolidation). It includes the growth of recent acquisitions over the like-for-like performance of the acquired business in the corresponding period, irrespective of ownership, expressed as a percentage of prior year reported revenue.
3. Revenue for financial year ended 31st July 2014 of £121 million is unaudited.
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.