Volution Group (FAN) Trading Update summary

Financial performance and trading update

• Revenue for the four months ended 30 November 2024 reached approximately £123 million, a 1.3% increase year-on-year.

• Organic growth at constant currency was 2.5%, with no inorganic growth during the period.

• Adjusted operating margin improved, supported by operational excellence, new product launches, and value engineering.

• Free cash flow remained stable due to strong trading and disciplined working capital management.

• Strongest revenue growth observed in UK residential, with gains in Continental Europe and a solid start in Australia.

Regional and product highlights

• UK residential segment led growth, driven by products aligned with 2021 Building Regulations.

• ClimaRad in the Netherlands performed strongly, and product introductions supported growth in France.

• Australia showed positive momentum, while New Zealand market conditions remained weak.

• No inorganic growth reported, but the Fantech acquisition was recently completed.

ESG and operational initiatives

• Progress made in ESG, especially increased use of recycled plastics in production facilities.

• Significant step up in recycled plastic usage in the Nordics, complementing strong UK performance.

• Operational excellence and input cost initiatives contributed to margin expansion.