DAVY VIEW

Volution has announced a very solid set of interim results which are likely to provide the platform for a modest upgrade to full-year forecasts. This is a clear stand out in a peer context at this point in the cycle. It is testament to Volution’s focus on the attractive end-market of ventilation as well as the geographic diversity of its operating base. The company also remains committed to supplementing consistent organic growth with strategic M&A. Of course, timing on the latter is as always uncertain, but continuing good cash generation provides the group with scope for further investment.