Volution Group PLS Share News (FAN)

LONDON (Alliance News) - Ventilation products firm Volution Group PLC on Thursday reported a dip in annual profit due to exceptional costs, though there was solid revenue growth.

For the 12 months to July, reported pretax profit fell 6.5% to GBP16.7 million, due to exceptional items rising due to acquisition costs and a reorganisation of its UK Ventilation business.

On an adjusted basis, Volution's pretax profit increased 3.6% to GBP35.8 million.

Revenue for the year climbed 11% to GBP205.7 million, with the figure 2.8% on an organic basis - four acquisitions made during the period helped push revenue over the GBP200 million mark for the first time.

Volution is paying a 2.98 pence final dividend, taking the year's total to 4.44p compared to the 4.15p paid out for its previous financial year.

Volution said it was another year of good growth for Ventilation, its core business, increasing revenue by 12% to GBP183.1 million. The UK Residential Public renovation, maintenance, and improvement market was weak, however, with revenue falling 2.5%.

The company said its new financial year has started as expected, and it is confident on meeting expectations for the entire year despite uncertainty caused by Brexit.

Shares were 1.1% lower on Thursday at a price of 178.00p each.