TIDMFAN
RNS Number : 7819N
Volution Group plc
03 February 2021
Wednesday 3 February 2021
Volution Group plc
Acquisition of Nordiska Klimatfabriken and Trading Update
Vo lution Group plc ("Volution" or "the Group" or "the Company",
LSE: FAN), a leading international designer and manufacturer of
energy efficient indoor air quality solutions, is pleased to
announce that it has signed an agreement for the acquisition of
Nordiska Klimatfabriken AB ("Klimatfabriken") in Sweden.
Klimatfabriken specialises in the provision of premium low
carbon ventilation equipment for the residential refurbishment
market in Sweden, which the business designs and manufactures at
its facility in Solö just outside Strängnäs in Sweden. Revenue in
the year ended 31(st) December 2020 was approximately SEK 12
million. The acquisition will be completed on a debt free, cash
free basis for cash consideration of SEK 40 million (approximately
GBP3.5 million), to be funded from the Group's existing cash and
our recently announced Sustainability Linked Revolving Credit
Facility.
The Klimatfabriken business complements our existing
market-leading residential refurbishment ventilation position in
the Nordics, and integration into our existing infrastructure in
the Nordics will be complete by the end of this financial year.
Ronnie George, Volution Chief Executive Officer, commented:
"As a strategically important acquisition, the additional
product portfolio from Klimatfabriken provides new cross-selling
opportunities for our existing Group companies, and strengthens our
market position within the Nordics. Concentrating exclusively on
low carbon, energy saving ventilation solutions, they are very well
aligned with our strategy of delivering healthy air,
sustainably."
Trading Update
The Board continues to be pleased with the strong trading
performance of the Group and expects revenue for the half-year to
31(st) January 2021 to be around 8.5% ahead of the comparative
period, on a constant currency basis. Whilst COVID-19 disruption
and the well-publicised issues around imports and exports through
UK ports have created some input material supply challenges, our
order intake remains strong, and our asset light and flexible
operating model continues to be resilient in servicing demand. The
Board is very pleased with our growth in the first half of the
financial year and that we will have achieved our operating margin
target of 20%.
A more detailed update on the half-year performance will be
provided with our interim results.
-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) 207 353
Tulchan Communications 4200
James Macey White
David Allchurch
Giles Kernick
Certain information contained in this announcement would have
constituted inside information (as defined by Article 7 of
Regulation (EU) No 596/2014 as amended by The Market Abuse
(Amendment) (EU Exit) Regulations 2019) prior to its release as
part of this announcement.
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 17 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,
inVENTer, Ventilair, ClimaRad.
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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END
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