Volution Group plc Trading Update (8457O)
12 August 2014 - 4:00PM
UK Regulatory
TIDMFAN
RNS Number : 8457O
Volution Group plc
12 August 2014
For immediate release: Tuesday 12 August 2014
Volution Group plc
Trading Update
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 GBP121 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 23(rd)
October 2014.
Ends
Enquiries:
Volution Group plc
Ronnie George - Chief Executive Officer +44 (0) 1293 441501
Ian Dew - Chief Financial Officer +44 (0) 1293 441536
Brunswick +44 (0) 20 7404 5959
Craig Breheny
Simone Selzer
Chris Buscombe
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 GBP121 million is unaudited.
Cautionary statement
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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