Volution (FAN)

Volution FAN Logo

A leading supplier of ventilation products to the residential and commercial construction markets.


Final Results For 12 Months To End July 2017 – Revenues up about 20% (14.5% CC), Profits, EPS and Dividend up about 10%. Seems to be pretty much in-line. The CEO states that the “new financial year has started well with organic growth ahead of that achieved in the same period in the prior year”.

Considered trading the break-out above 200p here but I don’t think this update warrants either action – A break-out or a subsequent participation.

19-Mar-2018 – 198.5p – £394.7m – PER 13.2

Interim Results For The 6 Months To End January 2018 – “Further progress with revenue growth of 11.6% and adjusted EPS up 8.3%”.

I know boring companies (like ones that make fans) are supposed to make solid investments. But, for me this really is just a boring company which I will not be investing in at present.

10-Aug-2018 – 199.5p – £403.7m – PER 12.8

Trading Update For The 6 Months To End July 2018 – Revenue up 11.3%, 4 acquisitions completed, FY in-line.

Just had a look at the latest broker note on Research Tree here and see that actual and forecast annual Revenue and EPS growth through to 2020 is below 10% each year. On a yield of 2% or so I guess this will remain range bound until something out of the ordinary happens. I am Neutral until I see evidence of that.

11-Oct-2018 – 180p – £358.0m – PER 11.3

Preliminary Results For The 12 Months To End July 2018 – Revenue up 11.1%, Reported PBT down from £17.9m to £16.7m (margins and exceptional costs blamed amongst other things). The Dividend is up 7% reflecting continued strength in the business (that’s no longer the responsibility of the PBT and EPS figures now then!).

Not enough here to change my view from Neutral.

Research Tree Banner