Volution Group plc (LON:FAN), a leading international designer and manufacturer of energy efficient indoor air quality solutions, has announced its audited financial results for the 12 months ended 31 July 2026.
RESULTS SUMMARY
| Adjusted1 | Statutory | ||||||
| 2026 | 2025 | Change % | 2026 | 2025 | Change % | ||
| Revenue (£m) | 484.8 | 419.1 | +15.7% | 484.8 | 419.1 | +15.7% | |
| Operating profit (£m) | 112.4 | 93.5 | +20.2% | 95.9 | 67.3 | +42.5% | |
| Operating profit margin (%) | 23.2% | 22.3% | +0.9pp | 19.8% | 16.0% | +3.8pp | |
| Profit before tax (£m) | 99.2 | 83.9 | +18.2% | 82.1 | 54.5 | +50.6% | |
| Basic EPS (pence) | 38.2 | 33.1 | +15.4% | 31.5 | 21.0 | +50.0% | |
| Operating cash flow (£m) | 122.8 | 104.5 | +17.5% | 121.7 | 101.4 | +20.0% | |
| Operating cash conversion | 107% | 109% | -2.0pp | ||||
| Dividend per share (p) | 12.8 | 10.8 | +18.5% | 12.8 | 10.8 | +18.5% | |
| Return on Invested Capital (ROIC) | 25.4% | 25.2% | +0.2pp |
[1] The Group uses some alternative performance measures (APMs) to track and assess the underlying performance of the business. For a definition of all the adjusted and
non-GAAP measures, please see the glossary of terms in note 25 to the condensed consolidated financial statements.
FINANCIAL & OPERATIONAL HIGHLIGHTS
· Total revenue growth of 15.7%, of which +2.8% (constant currency “cc”) organic, +11.0% inorganic and +1.9% favourable currency impact
· Organic revenue growth of +2.8% (cc) driven by strong growth in Continental Europe (+5.9%cc) and Australasia (+3.3%cc), UK market challenging
· Adjusted operating profit margin of 23.2% (2025: 22.3%) with particularly strong performance in UK (margin up 230bps)
· ROIC increased to 25.4%, despite the acquisition of AC Industries
· Excellent cash conversion of 107%, leverage (pre getAir) of 1.5x adjusted EBITDA (2025: 1.2x) provides capacity for further acquisitions
· Capex of £8.1 million (2025: £8.4 million) including the ERI expansion programme, new product development and Nordics metal processing capability
· Adjusted EPS growth of 15.4% to 38.2p (2025: 33.1p), bringing our adjusted EPS 12-year CAGR since listing to 13%
· Dividend up 18.5% to 12.8 pence per share demonstrating the Board’s confidence in the Group’s prospects
STRATEGIC HIGHLIGHTS
· Robust overall organic growth performance, demonstrating the benefit of our increasingly diversified geographic and end market exposure
· Acquired AC Industries, further strengthening our broad proposition in Australasia, with exposure to new and fast-growing end markets
· Post year end completed acquisition of getAir, expanding our position in Germany and wider decentralised heat recovery opportunities in Europe
· First orders received for ventilation and cooling systems for data centres in Australia, opening a new, structurally growing commercial end market
· Continued to strengthen our regional management structure, with particular focus on the leadership roles reporting to each regional director
· Our operational excellence focus continues to deliver with expansion in both adjusted operating margins and ROIC
· Low-carbon revenue at 72.1% (organic 73.9%, 2025: 71.2%), with continued organic growth in heat recovery and low-carbon continuous running solutions
Commenting on the Group’s performance, Ronnie George, Chief Executive Officer, said:
“FY26 was another year of strong strategic and financial progress for Volution. We delivered organic growth despite a challenging market backdrop in particular in the UK, increased total revenue by 13.8% at constant currency, expanded adjusted operating margin by 90 basis points to 23.2%, successfully integrated Fantech and completed another attractive acquisition in AC Industries. We delivered adjusted earnings per share growth of 15.4%, further extending our compounding growth track record.
The year also demonstrated the value of the geographic and end-market diversity we have built. Strong growth in Continental Europe and good growth in Australasia helped offset well documented weaker market conditions in the UK, while our increasingly balanced exposure to both residential and non-residential ventilation markets provided greater resilience across different economic and construction cycles.
The structural drivers underpinning our markets remain attractive. Decarbonisation and electrification, health and air quality, and overheating in buildings are clear and strengthening long-term growth tailwinds driving both regulation and customer behaviour, all increasing demand for our energy efficient ventilation solutions. We have seen some exciting new examples of these opportunities during the year and into FY27, with AC Industries’ ventilation ducting systems in copper and gold mining supporting the global energy transition whilst optimising our mining customers’ energy consumption. Also in Australia we secured our first orders for ventilation and cooling fans for data centres for delivery early in FY27.
We also continue to see significant opportunity from self-help initiatives. Our regional operating structure is developing well, with some key appointments in our regional leadership teams. Our functional leadership capabilities are becoming increasingly effective and there remains further potential to improve manufacturing productivity, procurement, value engineering and back-office efficiency across the Group.
We enter FY27 with confidence in the strength and resilience of our business model. Our increasing end-market and geographic diversity supports sustainable organic growth, the opportunity landscape for acquisitions is strong, and our scale and pure play focus continues to underpin our strong operational and margin performance.”
OUTLOOK
The year has started well, with the Group delivering organic growth alongside a positive revenue contribution from AC Industries. We completed the acquisition of getAir in Germany which provides another good example of our ability to deploy capital into attractive ventilation markets with supportive long-term growth characteristics.
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.
