TIDMFAN
RNS Number : 6817M
Volution Group plc
25 May 2022
Embargoed to 07:00
Wednesday 25 May 2022
Volution Group plc
Trading Update
Continued strong performance
Volution Group plc ("Volution" or "the Group" or "the Company",
LSE: FAN), a leading international designer and manufacturer of
energy efficient indoor air quality solutions, today announces an
update on trading covering the period to 30(th) April 2022.
Trading Update
The Group has continued to perform strongly through the second
half of our financial year, with third quarter revenue growth of
17.6% at constant currency (cc), of which organic growth was 8.8%
(cc). We have been particularly encouraged by our UK residential
revenue, where growth rates have accelerated in the second half of
the year, underpinned by a good growth in new build residential
systems and strong public RMI demand.
Industry-wide there has been an unprecedented period of supply
chain disruption over the last 12 to 18 months. Our strategy of
holding higher levels of inventory on key, long lead time
components, coupled with extensive work by our product engineering
and supply chain teams to broaden our range of supply options, has
enabled us to manage much of this disruption, and we are continuing
to deliver very good levels of customer service in all three of our
geographic regions.
Appropriate, decisive and early action on price, with further
modest price increases in the second half of this financial year,
has ensured that our Group operating margins have been
maintained.
Outlook
Whilst the macro-economic environment is uncertain, our order
books and activity levels, coupled with the regulatory and customer
focus on improving energy efficiency in buildings, should continue
to support demand. We therefore expect our earnings to be towards
the upper end of market expectations for the current financial year
.
Ronnie George, Chief Executive Officer, commented:
"We have continued with the strong progress shown in the first
half of our financial year through our third quarter. Our proactive
and early initiatives to manage supply chain and to build inventory
during the first half of the year continue to underpin very good
levels of customer service and our consistently disciplined
approach to managing price has ensured we maintain our strong
operating margins. I am also very proud of the ongoing focus on our
sustainability initiatives, with accelerated progress during the
third quarter in our adoption and use of recycled plastics."
-Ends-
For further information:
Volution Group plc
Ronnie George, Chief Executive
Officer +44 (0) 1293 441501
Andy O'Brien, Chief Financial
Officer +44 (0) 1293 441536
+44 (0) 207 353
Tulchan Communications 4200
James Macey White
Martin Pengelley
Certain information contained in this announcement would have
constituted inside information (as defined by Article 7 of
Regulation (EU) No 596/2014 as amended by The Market Abuse
(Amendment) (EU Exit) Regulations 2019) prior to its release as
part of this announcement.
Volution Group plc Legal Entity Identifier:
213800EPT84EQCDHO768.
Note to Editors:
Volution Group plc (LSE: FAN) is a leading international
designer and manufacturer of energy efficient indoor air quality
solutions. Volution Group comprises 19 key brands across three
regions:
UK: Vent-Axia, Manrose, Diffusion, National Ventilation,
Airtech, Breathing Buildings, Torin-Sifan.
Continental Europe: Fresh, PAX, VoltAir, Kair, Air Connection,
Rtek, inVENTer, Ventilair, ClimaRad, ERI Corporation.
Australasia: Simx, Ventair, Manrose.
For more information, please go to: www.volutiongroupplc.com
Cautionary statement regarding forward-looking statements
This document may contain forward-looking statements which are
made in good faith and are based on current expectations or
beliefs, as well as assumptions about future events. You can
sometimes, but not always, identify these statements by the use of
a date in the future or such words as "will", "anticipate",
"estimate", "expect", "project", "intend", "plan", "should", "may",
"assume" and other similar words. By their nature, forward-looking
statements are inherently predictive and speculative and involve
risk and uncertainty because they relate to events and depend on
circumstances that will occur in the future. You should not place
undue reliance on these forward-looking statements, which are not a
guarantee of future performance and are subject to factors that
could cause our actual results to differ materially from those
expressed or implied by these statements. The Company undertakes no
obligation to update any forward-looking statements contained in
this document, whether as a result of new information, future
events or otherwise.
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END
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