Air quality services supplier Volution has seen its revenue jump as concerns over the health impact of living in mouldy homes drove strong demand for refurbishments and home improvements.
The London-listed company, which is headquartered in Crawley, increased its group revenue by seven per cent in the year ending July 31, 2024, thanks to growth within its residential division.
Volution said demand had surged for refurbishments and home improvement services due to ongoing “heightened awareness” of the health risks associated with the presence of mould and condensation in homes.
Growth within its new build division had been underpinned by several key account wins and new regulations driving housebuilders towards adopting “more sophisticated low carbon and energy efficient ventilation solutions”.
However Volution said that this increased demand had not carried over into its commercial division, where weak demand reduced revenue year-on-year.
Ronnie George, Volution CEO, said: “In the year we celebrated 10 years as a public company, we were very pleased to extend our value creation track record and make further strategic and financial progress against what are widely recognised as challenging end markets.
“Our refurbishment and improvement activities, representing circa 70 per cent of the group’s activities, have continued to show resilience and our new build activities, despite lower levels of construction activity, have been underpinned by regulatory drivers and the requirement for more sophisticated ventilation solutions in new lower carbon buildings.
“Volution’s strong focus on operational excellence has underpinned operating profit margins, and our close focus on inventory has helped us to deliver strong operating cash flow.
“Our three more recent acquisitions have been successfully integrated and our pipeline of acquisition opportunities remains encouraging.
“I am hugely appreciative of our nearly 2,000 colleagues successfully delivering another year of ‘healthy air, sustainably” and we look forward to another year of progress in FY25.”