Volution Group plc Trading Update (9933G)
August 12 2016 - 1:00AM
UK Regulatory
TIDMFAN
RNS Number : 9933G
Volution Group plc
12 August 2016
For immediate release: Friday 12 August 2016
Volution Group plc
Trading Update
Strong revenue growth of 18.6%; four 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,
2016.
Revenue in the 12 month period was GBP154 million, an 18.6%
increase compared with the prior year (18.4% on a constant currency
basis). This comprised 3.0% organic growth (2.8% on a constant
currency basis), with 15.6% the result of acquisitions completed in
the year.
Organic growth was helped by a very strong performance in the
Nordics where revenue for the year grew by 9.8% on a constant
currency basis. This was supported by several new product launches,
in particular the world's first "app" controlled extractor fan,
which we will be introducing progressively to our other geographic
markets.
In the UK, residential new build revenue grew organically by
7.2%, with the order intake growing more than revenue. RMI trends
improved slightly from the first half with a decline of 3.1% (an
organic decline of 4.5%); revenues will benefit further from the
recent acquisition of NVA Services in the UK.
Supplementing the good organic growth of the business in the
period, Volution also completed four acquisitions in the year, with
the most recent completing in May. The integration of each
acquisition is progressing well, in line with our expectations.
Each acquisition will be earnings accretive in the coming year.
The Group anticipates that its full-year results for the
financial year 2016 will be in line with the Board's
expectations.
Ronnie George, Chief Executive Officer of Volution Group plc,
said:
"This has been another exciting year of progress for the Group,
as we have again delivered both organic and acquisition led growth
in line with our strategy. The four acquisitions completed in the
year are progressing well and provide us with a wider geographic
and market exposure. Whilst there is obvious uncertainty in the UK
market post the EU referendum, our most recent acquisitions and
geographic diversity give us confidence for the year ahead."
The full year results for 2016 will be announced on 11(th)
October 2016. This announcement contains inside information.
-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
market in the UK and northern Europe.
The Group sold approximately 22 million ventilation products and
accessories in the twelve months ended 31 July 2016. The Volution
Group operates through two divisions: the Ventilation Group and the
OEM (Torin-Sifan) division. The Ventilation Group consists of 11
key brands - Vent-Axia, Manrose, Diffusion, National Ventilation,
Airtech, Fresh, PAX, Welair, inVENTer, Brüggemann and Ventilair,
focused primarily on the UK, 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:
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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