Volution revenue and earnings surge in final results

Residential and commercial construction ventilation company Volution posted its audited results for the year to 31 July on Tuesday, with revenue up 18.7% to £154.5m, or 18.6% at constant currencies.

The London-listed firm’s adjusted operating profit was up 10.4% to £32.5m, with adjusted profit before tax rising 13.9% to £31.3m.

At constant currencies, those increases were 10.3% and 13.8%, respectively.

Its reported profit before tax moved 18.3% higher to £18.4m, with basic and diluted earnings per share up 32.5% to 7.8p.

Adjusted earnings per share were up 14.5%, or 14% at constant currencies, to 12.6p.

Volution’s adjusted operating cash flow improved 12.6% during the year to £31.1m, while its net debt also widened to £36.1m from £21.2m a year earlier.

The company’s full year dividend was up 15.2% year-on-year, to 3.8p per share.

“In our second full financial year since listing, we continued to deliver strong revenue and earnings growth, assisted by the completion of four acquisitions,” said CEO Ronnie George.

“Total revenue was £154.5m … with the organic highlights being growth in the Nordics of 11.3% and 8.8% in the OEM (Torin-Sifan) segment.

“The four acquisitions completed in the year are substantially integrated into the group and are opening up access to new markets, with significant product cross selling and swap-out opportunities, all of which will underpin our future growth,” George explained.