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LONDON (Alliance News) - Volution Group PLC on Monday reported a rise in interim profit and revenue driven by acquisitions and a sharp rise in sales from its Nordics division.
In the six months to January 31, the ventilation product supplier's pretax profit increased slightly to GBP10.2 million from GBP10.1 million in the same period the year prior. The company's revenue increased 16% in the same period to GBP114.8 million from GBP98.7 million.
Volution upped its interim dividend by 9.6% to 1.60 pence from 1.46p distributed the year before.
"I am pleased to announce these results which are underpinned by strong growth, in line with our strategy, as a result of the four acquisitions completed in financial year 2018, and our much improved run-rate of organic growth compared to the second half of financial year 2018," said Chief Executive Ronnie George.
Volution's organic revenue increased 3.2%, at constant currency, with inorganic revenue jumping 15%, at constant currency.
The company said the organic revenue growth was pushed by "good sales" in the Nordics, Central Europe and the UK's Residential and Commercial businesses, offset by decline from the UK Export business.
George continued: "Organic growth in the UK was considerably improved compared to the second half of 2018, assisted by the return, as the period progressed, to normal production levels at our new injection moulding and fan assembly facility in Reading, UK. Our Residential Public RMI revenue returned to organic growth as our new products and enhanced specification sales teams continued to win market share. All four acquisitions completed in 2018 are integrating well."
Volution said its second half has started well, with organic revenue growth trends continuing. The company's facility in Reading, England is now complete, with production levels returning to normal by the end of the period.
George added: "Notwithstanding the ongoing uncertainty over the arrangements for the UK to leave the EU, we are now significantly more geographically diverse, and our increasing investment in innovation and new product introductions will provide the support required to make good progress in line with our strategy in the second half of the financial year. The board currently anticipates full year earnings to be in line with expectations."
Shares in Volution Group were up 4.4% Monday morning at 170.62 pence each.
