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Volution Group PLC (FAN)
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Volution lauds Fantech potential and good momentum as lifts outlook
(Alliance News) - Volution Group PLC on Thursday increased its dividend and raised its annual guidance after a "strong" first half which saw adjusted profit grow and sales rise.
The Crawley, England-based energy efficiency and indoor air-quality solutions firm said pretax profit declined 11% to GBP25.7 million in the six months ended January 31 from GBP29.0 million a year prior. This was mainly due to non-underlying costs associated with the Fantech acquisition and consideration remeasurement relating to ClimaRad and ERI.
Volution struck the GBP113 million deal to buy Australia and New Zealand-based commercial and residential ventilation services provider Fantech last September.
On an adjusted basis, pretax profit rose 10% to GBP38.6 million from GBP35.0 million with an adjusted operating profit margin of 22.7%, up from 22.4%.
Adjusted earnings per share increased by 12% to 15.3 pence from 13.7 pence.
Revenue grew 8.9% to GBP187.8 million in the half-year from GBP172.5 million a year prior, or by 4% on an organic constant currency basis.
Volution reported strong organic growth in UK residential, improved trading in Central Europe, and good performance in Australia, contrasting weaker market conditions in New Zealand and Nordics.
Procurement and engineering component cost out initiatives, improved product mix, and good factory efficiencies helped deliver an organic enhancement to profit margins, the firm added.
Chief Executive Ronnie George said it was a "strong performance".
"These results are testament to our leading market positions, broad geographic exposure, and our relentless focus on sales and product initiatives and customer service excellence," George added.
George said Volution expects full year adjusted EPS to be ahead of the 30.8p consensus reflecting the "good momentum" going into the second half, ongoing growth initiatives, a focus on efficiency and costs, and the benefits that Fantech is bringing to the group.
Reflecting this confidence, Volution raised the interim dividend by 21% to 3.4p per share from 2.8p.
Shares in Volution leapt 11% to 578.00p each in London on Thursday morning. They have risen 34% in the last 12 months.
By Jeremy Cutler, Alliance News reporter
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