10th Aug 2018 08:12
LONDON (Alliance News) - Volution Group PLC said Friday that annual results will be in line with management expectations, aided by acquisitions and an 11% rise in revenue.
The company, which manufactures extractor fans and heated towel rails, estimates revenue for the 12 month period to July 31 totalled GBP206 million, up from GBP185.1 million a year ago, driven by 2.9% organic growth and 8.4% contribution from acquisitions.
Organic growth benefited from a stronger performance in UK, notably in residential new build, as well as growth in exports. Revenue in the Nordics grew by 19% and Central Europe revenue by 3.7%. Revenue in Australasia contributed 4.4% to growth.
Volution completed four acquisitions during the year: Simx in New Zealand, Oy Pamon Ab in Finland, Air Connection ApS in Denmark and AirFan BV in the Netherlands.
"Whilst there is continuing uncertainty in the UK economy as a consequence of plans to leave the EU, our increasing market and geographical diversity, together with significant investment in new product innovation, gives us confidence for the year ahead," said Chief Executive Ronnie George.
Volution will release its results for 2018 financial year on October 11. Shares in the company were untraded on Friday at market open, last quoted at 199.50 pence each.
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Volution Group PLS