Volution Group PLC - Crawley, England-based supplier of ventilation products to the residential and commercial construction markets - Revenue for four months ended November 30 GBP90.7 million, equating to organic growth of 6.8% at constant currency. Hits its adjusted operating margin target of 20% eight months sooner than expected, with margin expansion "broad based and sustainable". All three geographic areas contribute to significant year-on-year improvement.
UK organic growth for four months 3.1% at constant currency, Continental Europe organic growth 7.9% at constant currency, and Australasia organic growth strongest of the three geographic areas, 18% at constant currency. Completes GBP150 million sustainability-linked revolving credit facility December 2. Pleased with start to financial year, with earnings "significantly ahead of expectations".
Chief Executive Ronnie George: "We are delighted with current trading, the strong organic growth in the first four months of the year and delivering a 20% operating margin earlier than expected. The organic growth of 6.8% is a credit to our local leadership teams and the incredible commitment of our loyal and dedicated employees as we operate our adapted business model in the face of the ongoing global pandemic."
Current stock price: 286.00; up 12% on Friday
Year-to-date change: up 12%
By Anna Farley; annafarley@alliancenews.com
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Volution Group PLS (FAN)