Volution revenues boosted by acquisitions

(Sharecast News) - Volution Group said expected full-year results to be in line with the board's expectations as recent acquisitions boosted revenues.Volution's revenues increased 11.3% to £206m - 2.9% of which was organic, while the remaining 8.4% growth came from the acquisitions of Simx, Oy Pamon, Air Connection and AirFan.Organic growth benefitted from a stronger performance in Britain, most notably in the group's residential new build and UK exports divisions.Volution's private residential RMI growth came in at 3.3% during the year ended 31 July despite disruptions caused by the commissioning of its new manufacturing facility in Reading.The London-listed group cautioned that, due to the ongoing difficult market conditions, its public residential RMI revenues had declined 10.4% but, stated it was "starting to gain momentum" for the turnaround of the unit.Revenue in the Nordics grew by 19.2%, while Australasia added an extra 4.4% to the firm's growth."Whilst there is continuing uncertainty in the UK economy as a consequence of plans to leave the EU, our increasing market and geographical diversity, together with significant investment in new product innovation, gives us confidence for the year ahead," said chief executive Ronnie George.Elsewhere, Volution warned investors that its new facility in Reading, set to be launched in July 2018, had taken longer than anticipated to prepare, causing additional costs."Over the coming months we will finalise this project, and once fully completed, it will provide us with the anticipated significant increase in injection moulding, ducting extrusion and fan assembly capacity to further underpin future growth," the group said.Volution shares were down 0.75% to 198p.