18th Mar 2016 07:39
LONDON (Alliance News) - Ventilation products supplier Volution Group PLC on Friday said it is confident it will hit its expectations for its full financial year after profit and revenue rose in the first half.
Volution said pretax profit rose to GBP8.0 million in the six months to the end of January from GBP7.5 million a year earlier, with revenue increasing to GBP70.1 million from GBP64.3 million.
However, the revenue growth was driven entirely by acquisitions made in the half, as organic revenue declined 1.1% due to tough conditions in the UK repair, maintenance and improvement market, which slowed at the end of 2015. New-build residential sales increased, offsetting the RMI declines, while revenue growth in the Nordic region was robust.
Volution said it will pay an interim dividend of 1.20 pence per share, up 14% on the 1.05p paid in 2014.
The group said it is confident of meeting its expectations for the full year, with some encouraging signs emerging in the UK private RMI market.
"We have delivered results in line with our expectations and the level of our cash generation continues to support our ambition to also grow through acquisition," said Volution Chief Executive Ronnie George.
By Sam Unsted; [email protected]; @SamUAtAlliance
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