Volution revenue rises amid solid UK residential performance
By Michele Maatouk
Date: Wednesday 11 Dec 2024
(Sharecast News) - Volution reported a rise in revenue on Wednesday as it hailed a particularly strong performance in the UK residential market.
In an update for the four months to the end of November ahead of its annual general meeting, the company said revenue rose 1.3% on the previous year to around £123m. Organic growth at constant currency was 2.5%. Volution said there was no inorganic growth in the period.
The adjusted operating margin improved again compared to FY 2024, it said, underpinned by its operational excellence programme, the introduction of new products to the market and an ongoing focus on value engineering and input cost initiatives.
Volution said free cash flow has remained consistent, driven by good trading and continued focus on working capital.
"Similar to the prior financial year, revenue performance has been strongest in UK residential, where our product solutions introduced over recent years to address the 2021 Building Regulations continue to gain share with housebuilder customers," it said.
"We have also seen an improvement in revenue in Continental Europe with ClimaRad in the Netherlands performing strongly, whilst the introduction of group products is contributing to growth in France. In Australasia the year has started well in Australia, though as previously reported the New Zealand market remains challenging and trading activity levels have been weak."
Volution said it continues to make good progress with its ESG initiatives, namely utilisation of recycled plastics in its production facilities "with the already strong performance in the UK being complemented by a major step up in recycled plastic usage in the Nordics".
"With positive organic growth momentum and margin expansion in the first four months of the year, together with the recently announced completion of the Fantech acquisition, we expect to deliver another year of good growth in both revenue and operating profit," it said.
Volution manufactures and supplies ventilation products.
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