TIDMFAN
RNS Number : 0119V
Volution Group plc
09 December 2021
Embargoed to 07:00
Thursday 9(th) December 2021
Volution Group plc
AGM Trading Update for 4 months to 30(th) November 2021
Strong start to the new financial year
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(th) November
2021.
Trading update
Group revenues for the four months to 30(th) November 2021 were
GBP104.0 million, 14.6% ahead of the equivalent period in the prior
year (17.3% at constant currency ("cc")). The increase in revenue
was delivered through a combination of recent acquisitions and
organic growth of 7.1% when compared to the first four months of
the prior financial year, a period that also saw strong organic
revenue growth of 6.8% (cc). Early action in all three geographic
regions on implementing selling price rises has enabled us to
control the impact of significant cost inflation across all our
markets.
Industry wide there has been an unprecedented period of supply
chain disruption over the last twelve months. Our strategy of
intentionally building, and now holding higher levels of inventory
on key, long lead-time components, has enabled us to alleviate much
of this disruption and we are delivering good levels of customer
service in all three of our geographic regions.
In the UK, organic growth for the first four months was 6.6%
(cc). In Continental Europe revenue has grown by 35.0% (cc), of
which 4.7% (cc) was organic growth and in Australasia we have
delivered our strongest organic growth to date of 14.4% (cc),
benefiting from the roll out of the new retail account win in
Australia that was disclosed in our financial results for the year
ended 31 July 2021.
Summary
The Board is pleased with the start to the new financial year
and our ability to maintain operating margins in the face of
considerable cost inflation.
Whilst the Covid-19 pandemic continues to impact our markets,
Volution is well placed to capitalise on the growing awareness of
how indoor air quality impacts on health, and the changes to
regulations in each of our local markets resulting from the need to
reduce carbon emissions. One such example is the recently published
UK Government's Heat and Buildings Strategy which takes a holistic
approach and recognises the importance of reducing the build-up of
harmful levels of air pollution in homes and the need to improve
ventilation hand in hand with energy efficiency.
Ronnie George, Chief Executive Officer, commented:
"We are pleased to continue with the great progress we made in
the year ended 31 July 2021 with a strong start to the new
financial year. Our operating margins are being maintained in the
face of considerable cost inflation, and we continue to provide
good levels of customer service and product availability which is
something that I know our loyal and dedicated employees are very
much focussed on."
-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
Victoria Boxall
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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
TSTDZMGZFRDGMZM
(END) Dow Jones Newswires
December 09, 2021 01:59 ET (06:59 GMT)
Volution (LSE:FAN)
Historical Stock Chart
From Jul 2024 to Aug 2024
Volution (LSE:FAN)
Historical Stock Chart
From Aug 2023 to Aug 2024