Volution Group boosts dividend following strong financial performance
Volution Group PLC on Thursday reported annual profit and revenue growth, supported by the acquisition of AC Industries, it said.
The Crawley-based supplier of ventilation products in the UK, continental Europe and Australia said reported pretax profit rose to £82.1 million from £54.5 million a year earlier, while adjusted pretax profit rose to £99.2 million from £83.9 million.
Revenue rose to £484.8 million from £419.1 million.
The company said revenue growth was supported by contributions from Fantech and the acquisition of AC Industries, which exposed it to "new and fast-growing end markets". Volution said ACI generated £15.3 million in revenue and £4.7 million in pretax profit from the acquisition in February to July 31.
Volution Group proposed a final dividend of 8.8 pence per share, up 19% from 7.4p, reflecting the group's "strong performance" and the board's "continued confidence" in the business, it said. The dividend for the financial year was 12.8p per share, up 19% from 10.8p per share.
Looking ahead, Chief Executive Officer Ronnie George said: "While the challenges in the UK market remain, most notably in new-build residential, the group is well positioned for the year ahead. Our broad and diverse exposure across geographic end-markets and applications, both in residential and non-residential, provides resilience, while Continental Europe and Australasia are expected to be important drivers of growth.
"We are seeing clear opportunities to build on this momentum, including recent orders for ventilation systems for data centres in Australia. With a strong platform for growth and an increasingly positive demand backdrop across key markets, the board is confident of delivering another year of good progress and continuing to deliver sustainable growth and value for all our stakeholders."
Shares in Volution Group were up 1.2% at 660.00p each on Thursday morning in London.
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