DAVY VIEW

Volution’s trading update confirms that the group has enjoyed a solid start to its financial year. Organic revenues rose 2.5% year-on-year (yoy) in the four months to the end of November, with overall sales up 1.2% yoy. Hence, Volution continues to benefit from concentration (focus on the structurally attractive ventilation category) and diversity (its broad geographic platform). Even at this relatively early stage, Volution has confirmed that it anticipates another year of good growth in both revenues and operating profit. It is clear Volution remains in good shape and the completion of the Fantech acquisition at the start of the month represents a significant addition to the group’s operating portfolio.