Volution circulates much improved revenue and earnings

Ventilation product supplier Volution Group posted its unaudited interim financial results for the six months to 31 January on Monday, with revenue up 26.1% to £88.4m, or up 19.3% at constant currencies.

The London-listed firm reported adjusted operating profit of £17.13m, up 12.7% or 7.7% at constant exchange rates, while adjusted profit before tax was £16.54m, a rise of 13.3% or 8% at constant currencies.

Reported profit before tax rose 9.6% to £8.82m.

Adjusted basic and diluted earnings per share were up 14.1% at 6.54p, or up 7.4% at constant exchange rates, while reported basic and diluted earnings per share were off 0.8% at 3.61p.

The company said adjusted operating cash flow improved 43.5% year-on-year, at £16.41m, and it declared a 12.5% rise in the interim dividend to 1.35p per share.

Net debt was slightly wider at £40.62m, compared to £38.99m a year earlier.

“We have delivered another strong set of results with excellent cash generation continuing to support our strategy to grow organically and by acquisitions,” said chief executive officer Ronnie George.

“Nordic and Central Europe sector organic growth was very pleasing and the integration of our recent acquisition of Breathing Buildings is proceeding well.

“We continue to focus on developing our wide product portfolio across our increasing market reach; including our application software-controlled fan now being sold successfully in the Nordics, UK and Central Europe, and our ‘Sentinel Kinetic Advance’ heat recovery unit is selling in both the UK and Central Europe,” George explained.