Admission to Trading on the London Stock Exchange 23 June 2014

Volution Group plc is a leading supplier of ventilation products with primary markets in the UK and Northern Europe. We aim for our products to enhance customers' experience of ventilation by reducing energy, improving design and making them easier to use.
We operate through two divisions: the Ventilation Group, which primarily supplies ventilation products for residential construction applications in the UK, Sweden, Norway and Germany and ventilation products for commercial construction applications in the UK; and Torin-Sifan, which supplies motors, fans and blowers to OEMs of heating and ventilation products for both residential and commercial construction applications in Europe.

http://www.volutiongroupplc.com/home

19 Dec
Canaccord...
205.00
Buy
19 Dec
Liberum Capital
206.00
Buy

Interim results

Financial highlights

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Revenue growth of 11.6% (10.3% at constant currency):
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Organic revenue growth of 6.3% (5.1% at constant currency),
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Inorganic revenue growth of 5.3% (5.2% at constant currency).
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Adjusted operating profit increased by 6.7% to £18.3 million (6.4% at constant currency).
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As anticipated, adjusted operating profit margin declined by 0.9 percentage points, partly as a consequence of the effect of acquired businesses with lower margins than the Group.
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Reported profit before tax of £10.1 million (H1 2017: £8.8 million), benefiting from the release of contingent consideration on the acquisition of VoltAir System which will not be paid.
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Adjusted operating cash inflow was £11.8 million (H1 2017: £16.4 million).
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Refinancing of banking facilities. The Group now has in place a £120 million multicurrency revolving credit facility together with an accordion of up to £30 million, maturing December 2021.
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Interim dividend of 1.46 pence per share, up 8.1% (H1 2017: 1.35 pence).




Strategic highlights

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The process of consolidating our existing Slough and Reading facilities in to a single new, purpose built injection moulding and fan assembly facility at Suttons Business Park in Reading, has commenced. We expect to complete the relocation by the end of the financial year.
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Further progress in our German business with the launch of our new Xenion decentralised heat recovery ventilation system, with improved air flow performance and low noise, enhancing our position as a leading supplier to both the new and refurbishment market for residential homes in Germany.
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Further extension of our public housing range of ventilation equipment for the refurbishment market in the UK is helping us gain new customers in spite of the current funding cutbacks in this sector.
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OEM (Torin-Sifan) has seen an excellent take up of its new high-efficiency Revolution 360 range of EC fans, more commonly known as EC3, with further capacity investment underway to support the growth in sales.