DAVY VIEW

Volution’s results formally confirm further good progress in its most recent financial year, with underlying earnings growth of 14%. As is well understood, the new financial year brings a fresh set of challenges, a lot of which are outside the group’s control. Nonetheless, in terms of what it has control over, Volution remains in excellent shape. The geographic diversity of the revenue base is an asset (the UK is now under 40% of revenues) plus there is also the support of a sound financial position. Additionally, the structural theme of the need for better ventilation in buildings underscores Volution’s medium-term opportunity.