Volution Group (FAN) H2 2025 earnings summary

Executive summary

• Revenue increased 20.6% year-over-year (21.9% at constant currency), with 5.7% organic growth and significant inorganic contribution from the Fantech acquisition.

• Adjusted EPS rose 18.2% and adjusted operating profit grew 19.7% year-over-year.

• Adjusted operating profit margin was 22.3%, with organic margin expansion offset by Fantech dilution.

• Cash conversion was strong at 109%, supporting ongoing M&A and capital deployment, with leverage at 1.2x post-acquisition.

• Geographic diversity increased, with 63% of revenue from non-U.K. customers and presence in 17 countries.

Financial highlights

• Revenue reached £419.1m, up from £347.6m (+20.6%).

• Adjusted operating profit was £93.4m (+19.7%), and adjusted EPS was 33.1p (+18.2%).

• Adjusted operating cash flow was £104.5m (+21.8%), with a dividend per share of 10.8p (+20%).

• Gross margin was 49.1%, down 2.2pp year-over-year.

• Finance costs increased 40% year-over-year due to acquisition-related borrowings.

Outlook and guidance

• New fiscal year started well, with continued organic growth and ongoing benefit from Fantech for the next four months.

• End markets remain challenging but optimism for another year of good progress.

• Regulatory changes and innovation expected to support further market share gains, especially in the U.K.