TIDMFAN
RNS Number : 6111J
Volution Group plc
14 December 2022
Embargoed to 07:00
Wednesday 14 December 2022
Volution Group plc
AGM Trading Update for 4 months to 30 November 2022
Volution Group plc ("Volution" or "the Group" or "the Company",
LSE: FAN), a leading international designer and manufacturer of
energy efficient indoor air quality solutions, today announces an
update on trading covering the four months to 30 November 2022.
Trading update
Group revenue for the four months to 30 November 2022 increased
by 7% year-on-year at constant currency ("cc") to c.GBP112 million
with organic growth of 5.5% (cc), delivered through a combination
of both volume and price increases. All three geographic regions
grew organically.
The UK delivered organic revenue growth of 3.8% (cc). Strong
growth in residential markets and good growth in our OEM revenue
stream, more than offset weaker revenues in commercial. In
Continental Europe, organic revenue growth was 6.4% (cc). Both
ClimaRad and ERI performed particularly strongly, demonstrating the
continued attractiveness and growth of our heat recovery solutions.
In Australasia, organic growth of 8.5% (cc) was driven by continued
market share gains in Australia, and good growth in New
Zealand.
Our excellent levels of customer service, focus on operational
excellence, strong brands, attractive product portfolio and pricing
power have all underpinned our ability to deliver on the Group's
operating margin target. Given the economic environment it is
pleasing that since the year end we have continued to see sales and
profits track ahead of the same period last year.
The Group retains a strong balance sheet, with leverage at
historically low levels, providing us with opportunity for
potential earnings enhancing acquisitions.
Regulatory drivers
We continue to see strong regulatory initiatives driven by the
need to decarbonise buildings, drive improvements in air quality,
and reduce damp and mould in residential homes.
In the UK, the Future Homes Hub has been running a task group to
help inform a planned formal consultation on the 2025 Future Homes
Standard. In addition, we have had a public consultation on the
Decent Home Standard for Private Rental properties, and the
Secretary of State for Housing has written to council leaders and
social housing providers calling for action on housing conditions,
including mould and condensation.
In Continental Europe, regulatory improvement from the Energy
Performance of Buildings Directive continues to drive sales of
energy efficient continuous ventilation systems, including heat
recovery. In Australia, recent changes to the National Construction
Code build on existing provisions to further decrease health risks
associated with condensation in new homes.
Commenting on the Outlook, Ronnie George, Chief Executive
Officer said:
"I am immensely proud of the excellent customer service we are
maintaining across all of our markets and the considerable focus
from our valued colleagues in delivering 'Healthy Air,
Sustainably'. Although the wider macro-economic backdrop remains
uncertain, the regulatory, energy efficiency and indoor air quality
drivers have never been stronger.
We are pleased with the start to the new financial year and in
our ability to achieve our margin targets in the face of inflation.
With our geographic and end-market diversity, our ongoing focus on
operational excellence, and our cash generation, we are well
positioned to continue to capitalise on the many structural growth
opportunities in the months ahead."
-Ends-
For further information:
Volution Group plc
Ronnie George, Chief Executive
Officer +44 (0) 1293 441501
Andy O'Brien, Chief Financial
Officer +44 (0) 1293 441536
+44 (0) 203 727
FTI Consulting 1340
Richard Mountain
Susanne Yule
Volution Group plc Legal Entity Identifier:
213800EPT84EQCDHO768.
Note to Editors:
Volution Group plc (LSE: FAN) is a leading international
designer and manufacturer of energy efficient indoor air quality
solutions. Volution Group comprises 19 key brands across three
regions:
UK: Vent-Axia, Manrose, Diffusion, National Ventilation,
Airtech, Breathing Buildings, Torin-Sifan.
Continental Europe: Fresh, PAX, VoltAir, Kair, Air Connection,
Rtek, inVENTer, Ventilair, ClimaRad, ERI Corporation.
Australasia: Simx, Ventair, Manrose.
For more information, please go to: www.volutiongroupplc.com
Cautionary statement regarding forward-looking statements
This document may contain forward-looking statements which are
made in good faith and are based on current expectations or
beliefs, as well as assumptions about future events. You can
sometimes, but not always, identify these statements by the use of
a date in the future or such words as "will", "anticipate",
"estimate", "expect", "project", "intend", "plan", "should", "may",
"assume" and other similar words. By their nature, forward-looking
statements are inherently predictive and speculative and involve
risk and uncertainty because they relate to events and depend on
circumstances that will occur in the future. You should not place
undue reliance on these forward-looking statements, which are not a
guarantee of future performance and are subject to factors that
could cause our actual results to differ materially from those
expressed or implied by these statements. The Company undertakes no
obligation to update any forward-looking statements contained in
this document, whether as a result of new information, future
events or otherwise.
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