Volution Group plc Annual Financial Report (3514E)

TIDMFAN

RNS Number : 3514E

Volution Group plc

03 November 2015

Tuesday 3 November 2015

Volution Group plc

Annual Report and Accounts 2015 and Notice of Annual General Meeting

Volution Group plc ("Volution" or the "Company", LSE: FAN), a leading supplier of ventilation products to the residential and commercial construction market, announces that following the release by Volution on 16 October 2015 of the Company's Preliminary Results Announcement for the year ended 31 July 2015, it has today posted and made available to shareholders on its website, http://www.volutiongroupplc.com/ the documents listed below:

   --      Annual Report and Accounts 2015 
   --      Notice of Annual General Meeting 2015 
   --      Form of Proxy for the Annual General Meeting 2015 

Copies of these documents are also being submitted to the National Storage Mechanism and will shortly be available for inspection at: http://www.hemscott.com/nsm.do

The Company's Annual General Meeting will be held at 11.00am on 15 December 2015 at the offices of Norton Rose Fulbright LLP, 3 More London Riverside, London SE1 2AQ.

A condensed set of financial statements and information on important events that have occurred during the year ended 31 July 2015 and their impact on the financial statements, were included in the Company's Preliminary Results Announcement made on 16 October 2015, which is available on the Company's website referred to above. That information together with the information set out below in the appendices to this announcement (which is extracted from the Annual Report and Accounts 2015), constitute the material required by Disclosure & Transparency Rule 6.3.5(2)(b) which is required to be communicated to the media in full unedited text through a Regulatory Information Service. This announcement is not a substitute for reading the full Annual Report and Accounts 2015.

- ends -

Enquiries:

Volution Group plc

   Michael Anscombe, Company Secretary                        [phone] 

Note to Editors

Volution Group plc (LSE: FAN) is a leading supplier of ventilation products to the residential and commercial construction market in the UK and northern Europe.

The Group sold approximately 21 million ventilation products and accessories in the twelve months ended 31 July 2015. The Volution Group operates through two divisions: the Ventilation Group and the OEM (Torin-Sifan) division. The Ventilation Group consists of 7 key brands - Vent-Axia, Manrose, Fresh, PAX, inVENTer, Brüggemann and Ventilair focused primarily on the UK, Nordic, German and Benelux ventilation markets. The Ventilation Group principally supplies ventilation products for residential and commercial ventilation applications. The OEM division (Torin-Sifan), supplies motors, fans and blowers to OEMs of heating and ventilation products for both residential and commercial construction applications in Europe.

For more information, please go to: http://www.volutiongroupplc.com/

Appendices

Appendix A: Directors' Responsibility Statement

The following Directors' Responsibility Statement is extracted from page 72 of the Annual Report and Accounts 2015 and is repeated in this announcement solely for the purpose of complying with DTR 6.3.5 (2) (b). The statement relates to the full Annual Report and Accounts 2015 and not the extracted information contained in this announcement:

The Directors are responsible for preparing the Annual Report and the Group and parent company financial statements in accordance with applicable law and regulations.

Company law requires the Directors to prepare Group and parent company financial statements for each financial year. Under that law they are required to prepare the Group financial statements in accordance with IFRS as adopted by the EU and applicable law and have elected to prepare the parent company financial statements in accordance with IFRS as adopted by the EU.

Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and parent company and of their profit or loss for that period. In preparing each of the Group and parent company financial statements, the Directors are required to:

 
 --   select suitable accounting policies and then 
       apply them consistently; 
 --   make judgements and estimates that are reasonable 
       and prudent; 
 --   state whether the Group and parent company 
       financial statements have been prepared in 
       accordance with IFRS as adopted by the EU; 
       and 
 --   prepare the financial statements on the going 
       concern basis unless it is inappropriate to 
       presume that the Group and the parent company 
       will continue in business. 
 

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the parent company's transactions and disclose with reasonable accuracy at any time the financial position of the parent company and enable them to ensure that its financial statements comply with the Companies Act 2006. They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Group and to prevent and detect fraud and other irregularities.

Under applicable law and regulations, the Directors are also responsible for preparing a strategic report, directors' report, directors' remuneration report and corporate governance statement that complies with that law and those regulations.

The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

We confirm that to the best of our knowledge:

--the financial statements, prepared in accordance with the applicable set of accounting standards, give a true and fair view of the assets, liabilities, financial position and loss of the Group and the undertakings included in the consolidation taken as a whole; and

--the Strategic Report and the Directors' Report include a fair review of the development and performance of the business and the position of the issuer and the undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties that they face; and

--the Annual Report, taken as a whole, is fair, balanced and understandable and provides the information necessary for shareholders to assess the Company's performance, business model and strategy.

By order of the Board

Ronnie George

Chief Executive Officer

16 October 2015

Ian Dew

Chief Financial Officer

16 October 2015

Appendix B: Principal Risks and Uncertainties

The following is extracted from pages 24 to 27 of the Annual Report and Accounts 2015 and is repeated in this announcement solely for the purpose of complying with DTR 6.3.5 (2) (b). The information relates to the full Annual Report and Accounts 2015 and not the extracted information contained in this announcement:

The Group believes that the table below outlines the principal risks and uncertainties that our business faces. Occurrence of any of these risks may significantly impact the business or impair the achievement of our strategic goals.

 
 Risk                 Impact              Strategic            Likelihood   Potential   Change       Mitigation 
                                           consequence                       impact 
-------------------  ------------------  -------------------  -----------  ----------  -----------  ------------------ 
 Economic             Demand for          Our ability          Possible      High       Stable       Geographic 
  risk.               our products         to achieve                                                spread from 
                      serving              our ambition                                              our international 
  A decline           the residential      for continuing                                            acquisition 
  in general          and commercial       organic                                                   strategy helps 
  economic            RMI and              growth                                                    to mitigate 
  activity            new-build            would                                                     the impact 
  and/or              markets              be adversely                                              of local 
  a specific          would decline.       affected.                                                 fluctuations 
  decline             This would                                                                     in economic 
  in activity         result in                                                                      activity. 
  in the              a reduction 
  construction        in revenue                                                                     New product 
  industry.           and                                                                            development, 
                      profitability.                                                                 the breadth 
                                                                                                     of our product 
                                                                                                     portfolio 
                                                                                                     and the strength 
                                                                                                     and 
                                                                                                     specialisation 
                                                                                                     of our sales 

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