TIDMFAN
RNS Number : 5807E
Volution Group plc
02 March 2020
Monday 2 March 2020
Volution Group plc
Volution announces new reporting structure
Volution Group plc ("Volution" or "the Group" or "the Company",
LSE: FAN), a leading supplier of ventilation products to the
residential and commercial construction markets in the UK,
Continental Europe and Australasia, today announces a change to its
reportable operating segments.
On listing in June 2014, Volution was present in three countries
(UK, Sweden and Germany) and generated 77% of its revenue from the
UK. Our subsequent growth strategy has seen us acquire ten market
leading brands across eight countries since listing, providing
greater geographic diversity and moving the Group to one which now
generates 52% of its revenue outside of the UK.
We have therefore decided to move to a reporting structure based
around our three core geographies of the UK, Continental Europe and
Australasia, commencing with our interim results for the six months
ended 31(st) January 2020, which we will be announcing on 16(th)
March. Included below are the previously reported interim results
for the six months ended 31(st) January 2019 and the full year
ended 31(st) July 2019 under the new geographic segmental
structure.
We believe this new segmental reporting will improve performance
visibility across the Group, as we continue to focus on delivering
our strategy.
Continental Central
UK Europe Australasia / Eliminations Consolidated
6 months ended 31 January
2019 GBP000 GBP000 GBP000 GBP000 GBP000
---------------------------------- -------- ------------ ------------ ---------------- -------------
Revenue
External customers 66,660 39,955 8,232 - 114,847
Inter-segment 6,226 5,085 - (11,311) -
---------------------------------- -------- ------------ ------------ ----------------
Total Revenue 72,886 45,040 8,232 (11,311) 114,847
---------------------------------- -------- ------------ ------------ ---------------- -------------
Gross profit 28,633 20,136 4,572 - 53,341
---------------------------------- -------- ------------ ------------ ---------------- -------------
Results
Adjusted segment EBITDA 12,732 9,108 1,376 (799) 22,417
Depreciation and amortisation
of development costs,
software & patents (1,120) (685) (67) (311) (2,183)
---------------------------------- -------- ------------ ------------ ---------------- -------------
Adjusted operating profit/(loss) 11,612 8,423 1,309 (1,110) 20,234
Amortisation of intangibles
acquired (5,379) (1,971) (382) - (7,732)
Exceptional items - - - (1,216) (1,216)
---------------------------------- -------- ------------ ------------ ---------------- -------------
Operating profit/(loss) 6,233 6,452 927 (2,326) 11,286
Unallocated expenses
Net finance cost - - - (1,058) (1,058)
---------------------------------- -------- ------------ ------------ ---------------- -------------
Profit/(loss) before
tax 6,233 6,452 927 (3,384) 10,228
---------------------------------- -------- ------------ ------------ ---------------- -------------
Operating Profit Margin 17.4% 21.1% 15.9% 17.6%
Continental Central
UK Europe Australasia / Eliminations Consolidated
Year ended 31 July 2019 GBP000 GBP000 GBP000 GBP000 GBP000
---------------------------------- --------- ------------ ------------ ---------------- -------------
Revenue
External customers 135,536 77,985 22,177 - 235,698
Inter-segment 13,924 9,983 - (23,907) -
---------------------------------- --------- ------------ ------------ ----------------
Total Revenue 149,460 87,968 22,177 (23,907) 235,698
---------------------------------- --------- ------------ ------------ ---------------- -------------
Gross profit 58,529 40,592 11,958 - 111,079
---------------------------------- --------- ------------ ------------ ---------------- -------------
Results
Adjusted segment EBITDA 26,373 18,040 4,119 (2,053) 46,479
Depreciation and amortisation
of development costs,
software & patents (2,245) (1,386) (199) (597) (4,427)
---------------------------------- --------- ------------ ------------ ---------------- -------------
Adjusted operating profit/(loss) 24,128 16,654 3,920 (2,650) 42,052
Amortisation of intangibles
acquired (10,759) (3,750) (931) - (15,439)
Exceptional items (1,171) (546) (84) - (1,801)
CFO succession costs - - - (150) (150)
---------------------------------- --------- ------------ ------------ ---------------- -------------
Operating profit/(loss) 12,198 12,358 2,905 (2,800) 24,662
Unallocated expenses
Net finance cost - - - (1,522) (1,522)
---------------------------------- --------- ------------ ------------ ---------------- -------------
Profit/(loss) before
tax 12,198 12,358 2,905 (4,322) 23,140
---------------------------------- --------- ------------ ------------ ---------------- -------------
Operating Profit Margin 17.8% 21.4% 17.7% 17.8%
-Ends-
For further information:
Enquiries:
Volution Group plc
Ronnie George, Chief Executive
Officer +44 (0) 1293 441501
Andy O'Brien, Chief Financial
Officer +44 (0) 1293 441536
+44 (0) 203 100
Liberum Capital Limited 2222
Neil Patel
Richard Bootle
Edward Phillips
+44 (0) 207 353
Tulchan Communications 4200
James Macey White
David Allchurch
Giles Kernick
Legal Entity Identifier: 213800EPT84EQCDHO768.
Note to Editors:
Volution Group plc (LSE: FAN) is a leading supplier of
ventilation systems and products to both the residential and
commercial construction markets in the UK, Continental Europe and
Australasia.
Volution Group comprises 16 key brands across the three
regions:
UK: Vent-Axia, Manrose, Diffusion, National Ventilation,
Airtech, Breathing Buildings, Torin-Sifan.
Continental Europe: Fresh, PAX, VoltAir, Kair, Air Connection,
inVENTer, Ventilair.
Australasia: Simx, Ventair.
For more information, please go to: www.volutiongroupplc.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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