6th Oct 2022 10:08
(Alliance News) - Volution Group PLC on Thursday reported double-digit rises in annual revenue and profit and lifted its dividend by 16%.
Shares were up 11% at 340.00 pence each on Thursday morning in London.
Volution is a Crawley-based manufacturer of energy-efficient indoor air quality products.
For the year that ended on July 31, revenue rose 13% year-on-year to GBP307.7 million from GBP272.6 million, as pretax profit increased to GBP47.2 million, up 57% from GBP30.0 million a year before.
It reported good organic revenue growth in all UK, continental Europe and Australasia, delivered through both volume and price.
Chief Executive Officer Ronnie George said: "We have again achieved a strong performance, with good organic revenue growth across all three of our geographies and maintaining our operating margin in the face of challenging operating conditions. We further increased the group's product and geographic diversification in the year, with non-UK customers now representing 61.6% of our revenue."
Volution declared a total dividend of 7.3 pence, up 16% from 6.3p a year prior.
"The new financial year has started well, delivering revenue and profit ahead of the same period last year," the ventilation products supplier said.
By Xindi Wei; [email protected]
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