Slide 1: 2015 H1 Results
2015 H1 Results Half year results to 31 January 2015
Slide 2: Agenda
Introduction Agenda Financial Highlights Financial Review Business Review, Strategy and Outlook Q&A Presentation
Slide 3: 2015 H1 Financial Highlights
2015 H1 Financial Highlights Results are in line with our expectations and ahead on a constant currency basis. Revenue in the 6 months was £64.3 million, a 10.6% increase (14.7% at constant currency). Revenue growth comprised of 0.5% organic revenue growth (3.8% at constant currency), with ino
Slide 4: Financial Review
Financial Review Ian Dew – Chief Financial Officer
Slide 5: Financial Highlights
Financial Highlights Currency: Despite significant adverse movements in foreign exchange rates our first half result was in line with our expectations 6 months to 6 months to Change Jan 2015 Jan 2014 Movement Movement Constant % currency Revenue (£m) 64.3 58.2 6.1 10.6% 14.7% Adjusted EBITDA (£m) 2
Slide 6: Income Statement Summary
Income Statement Summary At Constant Currency: Revenue growth of 14.7% Organic Growth of 3.8% Inorganic growth of 10.9% (Mainly inVENTer, acquired 6 months 6 months Constant Change April 2014) to Jan 2015 to Jan 2014 Movement Movement currency Constant £m £m £m % £m currency Gross Margin of
Slide 7: Exceptional Items and Adjusted PBT
Exceptional Items and Adjusted PBT Adjusted Profit before Tax reconciled to Reported Profit/(Loss) before Tax The following costs are excluded from the calculation of Adjusted profit before Tax: Exceptional items: Exceptional costs relate primarily to acquisitions H1 2015 H1 2014 Movement and
Slide 8: Consolidated Statement of Financial Position Summary
Consolidated Statement of Financial Position Summary 31/01/2015 31/07/2014 £m £m Non Current Assets decrease Property, plant and equipment 16.1 15.9 Intangible assets – goodwill 49.9 50.1 Amortisation of the fair value of acquired intangible assets: customer Intangible assets – others 107.2 113.
Slide 9: Cash Flow Summary and Net Debt Bridge
Cash Flow Summary and Net Debt Bridge 6 months 6 months Net Debt reduced from £42.9m to £31.4m in the 6 months to Jan to Jan 2015 2014 Adjusted Operational Cash Flow of £11.8m remains strong and £m £m represented a cash conversion of 84.1%, after movements in working capital and capital expendit
Slide 10: Business update, Strategy and Outlook
Business update, Strategy and Outlook Ronnie George - CEO
Slide 11: Market Sector Review – UK Residential RMI
Market Sector Review – UK Residential RMI 2015/H1 2014/H1 UK Residential RMI % change £m £m Revenue 17.91 17.75 0.9% Private RMI Strong revenue growth Ongoing upselling and high growth of silent and quiet ventilation in both trade and retail channels. Specialised distribution sales force inc
Slide 12: Market Sector Review – UK Residential New Build
Market Sector Review – UK Residential New Build 2015/H1 2014/H1 UK Residential New Build % change £m £m Revenue 7.8 6.7 16.6% Growth in central systems underpinned by increased house completions and further technology penetration. 9.9% CAGR 2012 - 2014 Further development of the sales team and i
Slide 13: Market Sector Review - Commercial RMI and New build
Market Sector Review - Commercial RMI and New build 2015/H1 2014/H1 UK Commercial % change £m £m Revenue 8.0 7.9 0.8% Commercial RMI and New build Specialist sales team targeting distribution and specification Sales of new, low carbon and specified products growing offsetting decline of older
Slide 14: Market Sector Review – UK Exports
Market Sector Review – UK Exports 2015/H1 2014/H1 UK Exports % change £m £m Revenue (*constant currency) 4.0* 3.5 15.7% Strong growth in central systems in Europe – Kinetic product family Recovery in Irish construction market with a number of large project orders for new build residential system
Slide 15: Market Sector Review - Nordics
Market Sector Review - Nordics 2015/H1 2014/H1 Nordics % change £m £m Revenue (*constant currency) 13.0* 11.7 11.5% Pax integration completed and synergies delivered. Strong growth in Sweden and Norway. Launch of new “app” controlled EC extract fan “Calima” at Elfack 5-8 May 2015 Launch of n
Slide 16: Market Sector Review - Germany
Market Sector Review - Germany 2015/H1 2014/H1 Germany % change £m £m Revenue (*constant currency) 5.6* N/A • Continued hiring of new sales agents in Germany to extend our sales reach. • Launched Pax Eos at the “BAU” in January. Sales orders already received. • Introduction of new multi zone control
Slide 17: Market Sector Review – OEM (Torin-Sifan)
Market Sector Review – OEM (Torin-Sifan) 2015/H1 2014/H1 OEM (Torin-Sifan) % change £m £m Revenue (*constant currency) 10.4* 10.7 -2.5% Boilers spares end market very difficult Investment in new 3ph EC/DC motorised impellor nearing completion – internal sales in H2/15. New factory opened to th
Slide 18: Strategy
Strategy 1 Organic growth through our core markets • UK, Nordics and Germany are our core markets • Favourable regulations especially in new construction • Consumer choice and increasing awareness of indoor air quality issues 2 Growth through a disciplined and value-adding acquisition strategy • Pri
Slide 19: Summary and Outlook
Summary and Outlook Results are in line with our expectations and ahead on a constant currency basis. Despite current foreign exchange challenge, we remain confident of making continued progress in the second half. The full year benefit of InVENTer will contribute to sales and profit growth in
Slide 20: Appendices
@volution group Appendices P\X eS aetorin-sifan einfachgenia'liften .-«-« The Partner of Choice VenI-Axia.
Slide 21: Disclaimer
Disclaimer 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