Volution profit jumps on lower costs, higher revenue
StockMarketWire.com - Ventilation products supplier Volution reported a jump in annual profit, driven by higher revenue and lower one-off costs compared with a year earlier. For the 12 months ended 31 July 2019, pre-tax profit rose 38.3% to £23.1m and revenue increased 14.6% to £235.7m.
The surge in profit was driven by a reduction in exceptional costs to £1.8m from £6.4m a year earlier.
The full-year dividend was raised by 10.4% to 4.90p a share. 'Whilst there is major uncertainty in the UK economy caused by the current state of Brexit negotiations, we continue to focus on building on our strong financial performance and in particular the pursuit of operational excellence to further expand our operating margins,' the company said.
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