31st Jul 2020 09:18
Volution Group PLC - Manchester-based international designer and manufacturer of energy efficient indoor air quality solutions - Says Thursday it expects to report a drop in group revenue for the full year ending July 31 of approximately 7% to GBP217 million from a year prior. Revenue for the second half was in the region of GBP98 million, down 19% from a year prior. UK revenue took the biggest knock over the second half, where trading was down 70% year on year in April. Volution however says trading levels have improved substantially and it should exit the year at approximately 19% behind the year prior. Despite the UK's poor performance, Volution's international diversity led to a resilient effort overall in the face of coronavirus, it says. "Whilst the reduced activity level has impacted our margins in the second half, we have continued to make good progress with the initiatives that will deliver medium term margin expansion, including plastics and electronics procurement, value engineering to reduce product costs and factory efficiencies in Reading and Swindon."
Current stock price: 174.62 pence
Year-to-date change: down 32%
By Greg Roxburgh; [email protected]
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