Business
Trading Update for year ended 31 July 2019
Trading Update for year ended 31 July 2019.
About this update from Volution Group Plc
[{"type":"text","content":"\n \nRNS Number : 7946I Volution Group plc 13 August 2019 \n\n \nEmbargoed until 07:00\nTuesday 13 August 2019\n \nVolution Group plc\nTrading Update for the Financial Year ended 31 July 2019\nRevenue growth of 14.6%. Reading facility upgrade and\nacquisition of Ventair both complete. \n \nVolution Group plc (LSE: FAN; \"the Group\" or \"Volution\"), a leading supplier of ventilation products to the residential and commercial construction markets, today announces a Trading Update, following the completion of its financial year on 31 July 2019.\n\nThe Group anticipates that results for the financial year 2019, will be in line with expectations.\n \nRevenue in the year was £236 million, a 14.6% increase (15.7% on a constant currency basis) of which 12.0% was the result of acquisitions. Organic growth was 2.6% (3.6% on a constant currency basis) with an improving trend through the year (first half 3.2%, second half 3.9%).\n\nIn the UK, we benefitted from a return to growth in Public Residential RMI of 5.3%, partly as a result of the significant enhancement we have made to our product portfolio and sales processes in the last two years. Private Residential RMI grew by 1.7% for the year with accelerating growth in the second half of 3.8%. Residential New Build Systems grew by 8.6%, supported by regulatory drivers relating to carbon efficient residential dwellings. Commercial revenue grew by 4.1% supported by our new product introductions for natural and hybrid ventilation. Overall we delivered growth for the year in the UK of 3.3%.\n \nOur project in the UK to rationalise two older facilities in to one new purpose-built facility in Reading is now complete. Service levels have returned to normal leaving us with substantial capacity headroom to support future growth.\n \nRevenue in the Nordics grew by 28.1% (32.6% on a constant currency basis) primarily as a result of acquisitions completed in July 2018. The new build construction market in Sweden has been weak for over twelve months and, whilst our exposure in Sweden is primarily to the refurbishment market, this has also continued to slow, resulting in an organic decline of 6.6% (decline of 2.3% on a constant currency basis). Our Kair brand in Finland, acquired in July 2018, has delivered strong revenue growth during the year under our ownership.\n...