Wednesday 11 December 2024

Volution Group plc

AGM Trading Update for 4 months ended 30 November 2024

  Positive start to FY 2025

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, is pleased to announce an update on trading covering the four months ended 30 November 2024, ahead of its Annual General Meeting which is being held later today.

Revenue for the four months ended 30 November 2024 was c. £123 million, up 1.3% versus the prior year.  Organic growth at constant currency was 2.5%. There was no inorganic growth in the period. The Group adjusted operating margin has again improved compared to FY 2024, underpinned by our operational excellence programme, the introduction of new products to the market and our ongoing focus on value engineering and input cost initiatives. Free cash flow has remained consistent driven by good trading and continued focus on working capital.

Similar to the prior financial year, revenue performance has been strongest in UK residential, where our product solutions introduced over recent years to address the 2021 Building Regulations continue to gain share with housebuilder customers.   We have also seen an improvement in revenue in Continental Europe with ClimaRad in the Netherlands performing strongly, whilst the introduction of Group products is contributing to growth in France.  In Australasia the year has started well in Australia, though as previously reported the New Zealand market remains challenging and trading activity levels have been weak.

We continue to make good progress with our ESG initiatives, most notably utilisation of recycled plastics in our production facilities with the already strong performance in the UK being complemented by a major step up in recycled plastic usage in the Nordics.

With positive organic growth momentum and margin expansion in the first four months of the year, together with the recently announced completion of the Fantech acquisition, we expect to deliver another year of good growth in both revenue and operating profit.

-Ends-

For further information: 

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 29 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, VMI, I-Vent.

Australasia: Simx, Ventair, Manrose, DVS, Fantech, Ideal Air, NCS Acoustics, Air Design, Major Air, Systemaire, Burra Steel.

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.