TIDMFAN
RNS Number : 5575W
Volution Group plc
13 December 2023
Wednesday 13 December 2023
Volution Group plc
AGM Trading Update for 4 months ended 30 November 2023
Strong start to FY 2024
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 which ended 30 November
2023.
Trading update
Revenue for the four months which ended 30 November 2023 was c.
GBP121 million, up 8.0% versus the prior year. Organic growth at
constant currency was 2.9% and inorganic growth was 7.7%. The
foreign exchange translation impact was 2.6% adverse.
All three geographic regions grew earnings in the period with
the strongest performance coming from our UK residential
activities. Both public and private refurbishment in the UK has
been supported by greater customer awareness of indoor air quality,
and resolution of mould and condensation issues. Across the Group
over two-thirds of revenue is derived from the refurbishment
market. Despite the significant reduction in new build completions,
this market benefits from regulatory drivers moving demand towards
higher value energy efficient ventilation solutions.
Similar energy efficiency supportive trends have assisted us in
other markets, notably decentralised heat recovery in the
Netherlands and the move towards low energy consuming ceiling fans
in Australia. Where our exposure is more weighted towards new build
activity, notably in Germany and in our OEM activity, we have
experienced weaker performance as higher interest and mortgage
rates have led to subdued demand.
Gross and operating profit margins have improved compared to
FY23 due to strong pricing discipline, an ongoing focus on our
operational excellence programme, including material value
engineering initiatives, and the introduction of new products.
Our recent acquisitions in France, Slovenia and New Zealand are
progressing well.
Full year outlook ahead of expectations
Whilst new build market conditions remain challenging, our
refurbishment activities continue to benefit from strong regulatory
drivers and consumer focus on eliminating the damaging health
impacts of mould and condensation in buildings. Our strong start to
the financial year, together with the tailwind from the three
acquisitions completed in the calendar year, gives the Board
confidence in delivering earnings ahead of the current range of
market expectations for the financial year(1) .
-Ends-
Note:
1. The Board believes current market forecasts for the year
ending 31 July 2024 to be adjusted earnings per share in the range
of 25.3p to 26.3p
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) 203 727
FTI Consulting 1340
Richard Mountain
Susanne Yule
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 22 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.
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
TSTBCBDDIBBDGXD
(END) Dow Jones Newswires
December 13, 2023 02:00 ET (07:00 GMT)
Volution (LSE:FAN)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 5월(5) 2024
Volution (LSE:FAN)
과거 데이터 주식 차트
부터 5월(5) 2023 으로 5월(5) 2024