Volution Group plc Trading Update (7182N)
11 August 2017 - 4:00PM
UK Regulatory
TIDMFAN
RNS Number : 7182N
Volution Group plc
11 August 2017
Friday 11(th) August 2017
Volution Group plc
Trading Update
Strong revenue growth of 20%; two acquisitions completed
Volution Group plc (LSE: FAN; "the Group" or "Volution"), a
leading supplier of ventilation products to the residential and
commercial construction markets, today announces a Trading Update,
following the completion of its financial year on 31(st) July
2017.
The Group anticipates that results for the financial year 2017
will be in line with the Board's expectations.
Revenue in the 12 month period was GBP185 million, a 20%
increase (15% on a constant currency basis) compared with the prior
year. This comprised 7.6% organic growth (2.4% on a constant
currency basis), with 13% the result of new acquisitions.
Organic growth was helped by a strong performance in the Nordics
where revenue for the year grew by 5.1% on a constant currency
basis and in our UK Residential New Build sector where revenue grew
by 8.3%, along with continuing growth in the order book.
UK RMI trends improved compared to the first half of the year
with full year growth of 8.6% (an organic decline of 3.7%). We were
pleased with Private Residential RMI delivering organic growth of
1.6% in the second half of the year. UK Commercial revenue grew by
52% mainly as a result of acquisitions, with 1.1% organic growth.
Exports from the UK grew 31%, 21% on a constant currency basis,
helped by acquisitions and strong constant currency organic growth
of 11%, mostly resulting from strong sales of our market leading
heat recovery systems and fan coil units in Eire.
Revenue in Central Europe grew organically by 16% (1.7% on a
constant currency basis) and Torin-Sifan (our OEM segment) grew
organically during the year by 2.8% on a constant currency
basis.
Volution also completed two acquisitions during the period which
further broadened and strengthened our market and geographical
diversity: Breathing Buildings in the UK (December 2016) and
VoltAir System in Sweden (May 2017). Since acquisition, VoltAir
System has delivered a significant project order intake. The
integration of the acquisitions is progressing in line with our
expectations and both businesses will be earnings enhancing in FY
2018.
Ronnie George, Chief Executive Officer of Volution Group plc,
said:
"I am delighted with the progress that the Group has made during
the year. The challenges in UK Residential RMI, most notably in the
public sector, have continued in the year just ended but we have
delivered good organic growth in our other market sectors. Private
RMI returned to growth in the second half, underpinned by various
sales and product initiatives with further developments underway
for the 2018 financial year in both the public and private market
sectors.
Integration of the two acquisitions in the year is progressing
well, increasing our exposure to the new construction markets in
both the Nordics and in the UK. Whilst uncertainty continues in the
UK economy as a consequence of plans to leave the EU, our
increasing market and geographical diversity gives us confidence
for the year ahead."
The full year results for 2017 will be announced on 10(th)
October 2017.
-Ends-
Enquiries:
Volution Group plc
Ronnie George, Chief +44 (0) 1293
Executive Officer 441501
Ian Dew, Chief Financial +44 (0) 1293
Officer 441536
+44 (0) 207
Tulchan Communications 353 4200
James Macey White
Matt Low
Note to Editors:
Volution Group plc (LSE: FAN) is a leading supplier of
ventilation products to the residential and commercial construction
markets in the UK, the Nordics and Central Europe.
The Volution Group operates through two divisions: the
Ventilation Group and the OEM (Torin-Sifan) division. The
Ventilation Group consists of 13 key brands - Vent-Axia, Manrose,
Diffusion, National Ventilation, Airtech, Breathing Buildings,
Fresh, PAX, VoltAir, Welair, inVENTer, Brüggemann and Ventilair,
focused primarily on the UK, the Nordic and Central European
ventilation markets. The Ventilation Group principally supplies
ventilation products for residential and commercial ventilation
applications. The OEM (Torin-Sifan) division 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: 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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