Volution Group plc COVID-19 update & suspension of interim dividend (4703H)
25 Marzo 2020 - 8:00AM
UK Regulatory
TIDMFAN
RNS Number : 4703H
Volution Group plc
25 March 2020
Embargoed to 07:00
Wednesday 25 March 2020
Volution Group plc
COVID-19 update and suspension of interim dividend
Volution Group plc ("Volution" or "the Group" or "the Company",
LSE: FAN), a leading supplier of ventilation products to the
residential and commercial construction markets in the UK,
Continental Europe and Australasia, today provides an update in
respect of COVID-19.
On 16 March 2020 we reported our interim results for the six
months ending 31 January 2020. We confirmed that trading and cash
flows in the second half of the financial year had continued in a
similar fashion to our first half performance. However, as
governments and businesses implement increasingly stringent
lockdowns and actions, this will undoubtedly have a major impact on
demand across a range of geographies in which we operate. We do
enter this period of uncertainty with a strong financial position
as we have in place a GBP120 million revolving credit facility, of
which GBP44 million was undrawn at the end of February, plus an
additional accordion facility of up to GBP30 million both with a
maturity date of December 2022. We also had available cash as at
the end of February of GBP10 million. Subsequently we have
increased our cash by drawing down an additional GBP15 million
against that facility.
Whilst we continue to carefully monitor developments in respect
of COVID-19, we are taking appropriate and immediate measures to
protect our people, contain our costs and protect the Group's cash
position. As a result, given the considerable and rising level of
uncertainty, the Board believes it is prudent, alongside the other
measures we are taking, to suspend the payment of the interim
dividend of 1.71 pence per share (total GBP3.4 million) due to be
paid on 5 May 2020.
-Ends-
Enquiries:
Volution Group plc
Ronnie George, Chief Executive
Officer +44 (0) 1293 441501
Andy O'Brien, Chief Financial
Officer +44 (0) 1293 441536
+44 (0) 203 100
Liberum Capital Limited 2222
Neil Patel
Richard Bootle
Edward Phillips
+44 (0) 207 353
Tulchan Communications 4200
James Macey White
David Allchurch
Giles Kernick
Certain information contained in this announcement would have
constituted inside information (as defined by Article 7 of
Regulation (EU) No 596/2014) prior to its release as part of this
announcement.
Legal Entity Identifier: 213800EPT84EQCDHO768.
Note to Editors:
Volution Group plc (LSE: FAN) is a leading supplier of
ventilation systems and products to both the residential and
commercial construction markets in the UK, Continental Europe and
Australasia.
Volution Group comprises 16 key brands across the three
regions:
UK: Vent-Axia, Manrose, Diffusion, National Ventilation,
Airtech, Breathing Buildings, Torin-Sifan.
Continental Europe: Fresh, PAX, VoltAir, Kair, Air Connection,
inVENTer, Ventilair.
Australasia: Simx, Ventair.
For more information, please go to: www.volutiongroupplc.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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