Volution hails good growth across geographies as FY profits rise

Volution posted a rise in full-year profit and revenue on Thursday, as it highlighted good growth across all geographies.

For the year to the end of July, the designer and manufacturer of energy efficient indoor air quality solutions reported a 14.5% jump in adjusted pre-tax profit to £60.9m and a 12.9% increase in revenues to £307.7m.

The company hailed good organic revenue growth across all three regions of the UK, Continental Europe and Australasia. This was delivered through both volume and price, it said.

Volution also said its geographic diversification strategy continues, with revenue from non-UK customers increasing from 58.7% to 61.6% in the year.

Chief executive Ronnie George said: "Our strategic investment in higher levels of component and finished goods inventory, a decision taken over one year ago, has helped underpin excellent service levels and we are delighted with the progress we have made in delivering ‘Healthy air, sustainably’. I am proud of the results our committed employees have delivered in the year.

"Progress with sustainability has been equally strong. Recycled plastics content in our facilities is now up to 67.2% and low carbon content of sales, additionally boosted by the acquisition of Energy Recovery Industries, is now at 66.1%. The energy crisis has focused customers' minds on the importance of heat recovery ventilation and this category now accounts for over 30% of group revenue.

"This desire to reduce heating bills, a tightening of regulations relating to carbon reduction in buildings, as well as heightened awareness of the importance of air quality to health, continues to drive demand for our innovative solutions."