(Sharecast News) - Ventilation products supplier Volution reported a rise in full-year revenue and profit on Thursday as it pointed to solid demand.
In its preliminary results for the year to the end of July, the company said adjusted pre-tax profit increased 6.8% to £65.1m, with revenues up 6.6% at £328m. The company noted that 60% of revenue now comes from non-UK customers.
Volution proposed a total dividend for the year of 8p a share, up 9.6%.
The company pointed out that its revenues are weighted towards the refurbishment market, which now accounts for around two-thirds of sales, with the balance focused on new build applications.
Chairman Nigel Lingwood said: "A key differentiator for Volution amongst its peers is the increase of industry regulation designed to make indoor air cleaner and decarbonise buildings. It is this regulation that has continued to be a key driver of Volution's growth this year, particularly in the UK public sector, where improving poor quality housing has become a legal requirement.
"It will also provide Volution with considerable resilience in a market where current high interest rates have had an adverse impact on new build construction levels and consumer confidence.
"Whilst macroeconomic challenges continue, Volution's performance has demonstrated the strength and resilience of its business model, supported by our broad geographic and product diversity."
At 1050 BST, the shares were up 11.% at 374.20p.
Volution Group PLS (FAN)