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(Alliance News) - Volution Group PLC on Wednesday said revenue was up in the past four months, as all three sales regions experience organic growth.
The Crawley, England-based maker of energy-efficient indoor air quality products said revenue for the four months to November 30 was about GBP112 million, up 7.7% from GBP104.0 million a year ago, with organic growth of 5.5%, both at constant currency.
The revenue growth was a result of higher volume and price increases, Volution said.
Oorganic revenue growth in the UK was 3.8% for the four-month period, with strong residential market growth and growth in the original equipment manufacturer revenue stream offsetting weaker commercial revenues. Meanwhile, organic growth in continental Europe at constant currency was 6.4%, with ClimaRad and ERI delivering strong performances, which Volution said demonstrates "the continued attractiveness and growth of our heat recovery solutions".
In Australasia, organic growth at constant currency was 8.5%, driven by increased market share gains in Australia.
Volution said it retains a strong balance sheet, with the opportunity to make earnings enhancing acquisitions. Regulatory improvement also has continued to drive sales in all three regions.
Chief Executive Officer Ronnie George said: "Although the wider macro-economic backdrop remains uncertain, the regulatory, energy efficiency and indoor air quality drivers have never been stronger. We are pleased with the start to the new financial year and in our ability to achieve our margin targets in the face of inflation."
Volution shares were up 1.1% trading at 354.50 pence per share on Wednesday morning in London.
By Harvey Dorset, Alliance News reporter
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