DAVY VIEW

Volution’s trading update confirms that the group is well on its way to delivering another year of good progress. In addition, the Volution development agenda continues apace with the announcement of another sizeable acquisition in Australia. Organic revenues rose circa 5% year-on-year (yoy) in the four months to the end of November, with overall sales up over 30% yoy due to the inclusion of Fantech. The acquisition of AC Industries should add over 7% to adjusted EBITDA over a full financial year and hence will help sustain Volution’s earnings growth momentum.