Volution Group

FAN · Main Market · Construction and Materials · mcap £1,317m · 646.0p

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Financials · balance sheet 31 Jul 26 · last twelve months · today’s market value

Source: results 08 Oct 26 ↗

Key figures Cash & debt Profit & cash flow Valuation Returns & quality Latest half-year

Market cap: £1,279m
Owner’s net cash: −£183.0m
Net cash / market cap: -14%
EV ex leases: £1,462m
Revenue: £484.8m
Operating profit: £95.9m
Free cash flow after leases: £92.1m
EV / EBIT: 15.2×
FCF yield: 7.2%
ROCE: 16%
Net income (owners): £62.5m

Hover or tap a figure for its formula and the values used – the names are the line names of the key figures below. Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

Key figures As reported

Income statement Balance sheet Cash flow

Annual Half-yearly

Standardised line items in £m, comparable across companies; when a later report restated a period, the later figure is shown and marked ^r (hover for the figure first reported). Italic = calculated (LTM, H2 = FY − H1); a year of other than 12 months is marked (15m). Hover a value for its source.

Latest report: FY Jul 26 (twelve months to 31 Jul 26), published 08 Oct 26 · read the results ↗

Source ↗

	2026 £m	2025 £m
Revenue from contracts with customers	484.8	419.1
Cost of sales	(235.6)	(213.5)
Gross profit	249.2	205.6
Administrative and distribution expenses	(150.8)	(130.5)
Operating profit before separately disclosed items	98.4	75.1
Costs of business combinations	(1.1)	(3.1)
Fair value movement in contingent consideration	(1.4)	(4.7)
Operating profit	95.9	67.3
Finance income	0.6	0.3
Finance costs	(13.6)	(9.4)
Re-measurement of financial liabilities	-	(0.5)
Unwinding of discounting on future consideration	(0.8)	(3.2)
Profit before taxation	82.1	54.5
Taxation	(19.6)	(13.0)
Profit for the year	62.5	41.5
Other comprehensive gain
Exchange differences arising on translation of foreign operations	8.7	(3.0)
(Loss)/gain on currency loans relating to the net investment in foreign operations	(8.0)	3.2
Other comprehensive gain for the year	0.7	0.2
Total comprehensive income for the year, net of tax	63.2	41.7
Earnings per share
Basic earnings per share	31.5p	21.0p
Diluted earnings per share	31.1p	20.7p

Source ↗

	2026 £m	2025 restated £m
ASSETS
Non-current assets
Property, plant and equipment	36.4	34.0
Right-of-use assets	50.2	39.9
Intangible assets - goodwill	290.4	235.8
Intangible assets - other	155.9	125.2
Total non-current assets	532.9	434.9
Current assets
Inventories	80.9	71.3
Trade and other receivables	81.5	77.5
Income tax assets	0.8	-
Cash and short-term deposits	21.9	18.7
Total current assets	185.1	167.5
Total assets	718.0	602.4
LIABILITIES
Current liabilities
Trade and other payables	(79.6)	(71.7)
Refund liabilities	(13.3)	(12.9)
Income tax liabilities	(5.7)	(2.3)
Other financial liabilities	(4.0)	(31.6)
Lease liabilities	(6.8)	(6.4)
Interest-bearing loans and borrowings	(0.2)	-
Provisions	(2.9)	(2.1)
Total current liabilities	(112.5)	(127.0)
Non-current liabilities
Other financial liabilities	(10.0)	(1.5)
Lease liabilities	(44.8)	(33.3)
Interest-bearing loans and borrowings	(204.7)	(143.7)
Provisions	(0.7)	(0.7)
Deferred tax liabilities	(35.5)	(26.2)
Total non-current liabilities	(295.7)	(205.4)
Total liabilities	(408.2)	(332.4)
Net assets	309.8	270.0
Equity
Share capital	2.0	2.0
Share premium	11.5	11.5
Treasury shares	(8.2)	(7.4)
Capital reserve	93.9	93.9
Share-based payment reserve	6.2	6.4
Foreign currency translation reserve	(5.3)	(6.0)
Retained earnings	209.7	169.6
Total equity	309.8	270.0

Source ↗

	2026 £m	2025 £m
Operating activities
Profit for the year after tax	62.5	41.5
Income tax	19.6	13.0
Gain/(loss) on disposal of property, plant and equipment and intangible assets - other	0.1	(0.2)
Amortisation of acquired inventory fair value adjustment	0.6	7.1
Fair value movement in contingent consideration	1.4	4.7
Re-measurement of financial liabilities	-	0.5
Unwinding of discounting on future consideration	0.8	3.2
Finance income	(0.6)	(0.3)
Finance costs	13.6	9.4
Share-based payment expense	1.9	2.2
Depreciation of property, plant and equipment	5.6	4.7
Depreciation of right-of-use assets	7.9	6.1
Amortisation of intangible assets	15.6	13.5
Working capital adjustments net of the effect of acquisitions
Decrease/(increase) in trade receivables and other assets	1.2	(7.2)
(Increase)/decrease in inventories	(4.6)	6.1
Amortisation of acquired inventory fair value adjustment	(0.6)	(7.0)
Increase in trade and other payables	4.4	12.0
Increase in provisions	0.5	0.4
Cash generated by operations	128.8	109.7
UK income tax paid	(5.5)	(5.5)
Overseas income tax paid	(16.7)	(14.6)
Payment of ERI contingent consideration	-	(4.6)
Net cash flow generated from operating activities	107.6	85.0
Investing activities
Purchase of intangible assets	(1.9)	(2.0)
Purchase of property, plant and equipment	(6.6)	(6.6)
Proceeds from disposal of property, plant and equipment and intangible assets - other	0.4	0.4
Business combination of subsidiaries, net of cash acquired	(75.8)	(107.4)
Payment of Fantech deferred consideration	(29.6)	-
Interest received	0.4	0.3
Net cash flow used in investing activities	(113.1)	(115.3)
Financing activities
Repayment of interest-bearing loans and borrowings	(69.0)	(100.7)
Repayment of debt acquired	(0.3)	(0.2)
Repayment of ClimaRad vendor loan	-	(9.5)
Consideration paid for ClimaRad non-controlling interest	-	(20.9)
Proceeds from new borrowings	122.4	198.8
Issue costs of new borrowings	(0.7)	(1.8)
Interest paid	(12.1)	(8.0)
Payment of principal portion of lease liabilities	(7.0)	(5.9)
Dividends paid to equity holders of the parent	(22.6)	(19.0)
Purchase of own shares	(2.4)	(2.3)
Net cash flow generated from financing activities	8.3	30.5
Net increase in cash and cash equivalents	2.8	0.2
Cash and cash equivalents at the start of the year	18.7	18.2
Effect of exchange rates on cash and cash equivalents	0.4	0.3
Cash and cash equivalents at the end of the year	21.9	18.7

Source ↗

	2026 £000	2025 £000
Revenue from contracts with customers	228,681	187,833
Cost of sales	(111,674)	(96,107)
Gross profit	117,007	91,726
Administrative and distribution expenses	(71,289)	(58,182)
Operating profit before separately disclosed items	45,718	33,544
Costs of business combinations	(409)	(1,945)
Fair value movement on contingent consideration	(1,358)	-
Operating profit	43,951	31,599
Finance income	159	1,319
Finance costs	(6,038)	(3,724)
Re-measurement of financial liabilities	-	(455)
Unwinding of discounting on future consideration	(455)	(3,057)
Profit before tax	37,617	25,682
Income tax	(8,824)	(6,831)
Profit after tax	28,793	18,851
Other comprehensive income/(expense)
Exchange differences arising on translation of foreign operations	8,506	(4,992)
(Loss)/Gain on currency loans relating to the net investment in foreign operations	(5,899)	2,774
Other comprehensive gain/(loss) for the period	2,607	(2,218)
Total comprehensive income for the period, net of tax	31,400	16,633
Earnings per share
Basic earnings per share	14.5p	9.5p
Diluted earnings per share	14.3p	9.4p

Source ↗

	January 2026 Unaudited £000	July 2025 Audited Restated £000
Non-current assets
Property, plant and equipment	35,814	34,010
Right-of-use assets	41,640	39,949
Intangible assets - goodwill	239,579	235,785
Intangible assets - others	121,959	125,246
Total non-current assets	438,992	434,990
Current assets
Inventories	74,754	71,294
Trade and other receivables	70,485	77,390
Cash and short-term deposits	106,353	18,780
Total current assets	251,592	167,464
Total assets	690,584	602,454
Current liabilities
Trade and other payables	(61,618)	(71,739)
Refund liabilities	(13,833)	(12,806)
Income tax liabilities	(2,762)	(2,308)
Other financial liabilities	(5,042)	(31,597)
Interest-bearing loans and borrowings	(6,533)	(6,396)
Provisions	(2,172)	(2,133)
Total current liabilities	(91,960)	(126,979)
Non-current liabilities
Other financial liabilities	(1,600)	(1,500)
Interest-bearing loans and borrowings	(283,816)	(177,021)
Provisions	(884)	(730)
Deferred tax liabilities	(24,522)	(26,236)
Total non-current liabilities	(310,822)	(205,487)
Total liabilities	(402,782)	(332,466)
Net assets	287,802	269,988
Capital and reserves
Share capital	2,000	2,000
Share premium	11,527	11,527
Treasury shares	(5,860)	(7,419)
Capital reserve	93,855	93,855
Share-based payment reserve	5,755	6,436
Foreign currency translation reserve	(3,400)	(6,007)
Retained earnings	183,925	169,596
Total equity	287,802	269,988

Source ↗

	2026 £000	2025 £000
Operating activities
Profit for the period after tax	28,793	18,851
Income tax	8,824	6,831
Gain on disposal of property, plant and equipment and intangible assets	(8)	(80)
Amortisation of acquired inventory fair value adjustment	-	4,133
Re-measurement of financial liability relating to business combinations	-	455
Fair value movement on contingent consideration	1,358	-
Unwinding of discounting on future consideration	455	3,057
Finance income	(159)	(1,319)
Finance costs	6,038	3,724
Share-based payment expense	799	1,038
Depreciation of property, plant and equipment	2,437	2,319
Depreciation of right of use assets	3,937	2,732
Amortisation of intangible assets	7,031	5,989
Working capital adjustments
Decrease in trade and other receivables	8,039	1,217
(Increase)/decrease in inventories	(2,069)	5,318
Amortisation of acquired inventory fair value adjustment	-	(4,133)
Decrease in trade and other payables	(10,113)	(2,083)
Increase in provisions	159	656
Cash generated by operations	55,521	48,705
UK income tax paid	(2,500)	(2,500)
Overseas income tax paid	(5,872)	(5,708)
Net cash flow generated from operating activities	47,149	40,497
Investing activities
Payments to acquire intangible assets	(921)	(753)
Purchase of property, plant and equipment	(3,442)	(2,142)
Proceeds from disposal of property, plant and equipment and intangible assets	14	124
Payments to acquire subsidiaries, net of cash acquired	(29,559)	(106,629)
Interest received	159	134
Net cash flow used in investing activities	(33,749)	(109,266)
Financing activities
Repayment of interest-bearing loans and borrowings	(19,983)	(57,261)
Proceeds from new borrowings	118,420	169,119
Repayment of VMI debt acquired	(132)	(130)
Consideration paid for 25% of ClimaRad and vendor loan	-	(29,509)
Issue costs of new borrowings	(620)	(1,799)
Interest paid	(5,217)	(3,095)
Payment of principal portion of lease liabilities	(3,375)	(2,225)
Dividend paid	(14,682)	(12,278)
Payments received for shares / (Purchase of own shares)	43	(1,325)
Net cash flow generated from financing activities	74,454	61,497
Net increase/(decrease) in cash and cash equivalents	87,854	(7,272)
Cash and cash equivalents at the start of the period	18,780	18,243
Effect of exchange rates on cash and cash equivalents	(281)	(294)
Cash and cash equivalents at the end of the period	106,353	10,677

Source ↗

	2025 £000	2024 £000
Revenue from contracts with customers	419,114	347,611
Cost of sales	(213,496)	(169,344)
Gross profit	205,618	178,267
Administrative and distribution expenses	(130,567)	(109,545)
Operating profit before separately disclosed items	75,051	68,722
Costs of business combinations	(3,138)	(206)
Fair value movement in contingent consideration	(4,702)	1,845
Operating profit	67,211	70,361
Finance income	306	283
Finance costs	(9,404)	(6,605)
Re-measurement of financial liabilities	(455)	(870)
Unwinding of discounting on future consideration	(3,176)	(6,599)
Profit before taxation	54,482	56,570
Taxation	(12,949)	(13,773)
Profit for the year	41,533	42,797
Other comprehensive loss
Exchange differences arising on translation of foreign operations	(2,965)	(6,151)
Gain on currency loans relating to the net investment in foreign operations	3,210	1,124
Other comprehensive loss for the year	245	(5,027)
Total comprehensive income for the year, net of tax	41,778	37,770
Earnings per share
Basic earnings per share	21.0p	21.6p
Diluted earnings per share	20.7p	21.4p

Source ↗

	2025 £000	2024 £000
ASSETS
Non-current assets
Property, plant and equipment	34,010	30,193
Right-of-use assets	39,949	24,894
Intangible assets - goodwill	235,785	171,340
Intangible assets - others	125,246	76,902
Total non-current assets	434,990	303,329
Current assets
Inventories	71,294	53,112
Trade and other receivables	77,390	55,239
Income tax assets	-	392
Cash and short-term deposits	18,780	18,243
Total current assets	167,464	126,986
Total assets	602,454	430,315
LIABILITIES
Current liabilities
Trade and other payables	(71,739)	(46,653)
Refund liabilities	(12,806)	(10,847)
Income tax liabilities	(2,308)	(3,940)
Other financial liabilities	(31,597)	(22,068)
Interest-bearing loans and borrowings	(6,396)	(14,363)
Provisions	(2,133)	(1,450)
Total current liabilities	(126,979)	(99,321)
Non-current liabilities
Interest-bearing loans and borrowings	(177,021)	(71,630)
Other financial liabilities	(1,500)	-
Provisions	(730)	(819)
Deferred tax liabilities	(26,236)	(12,622)
Total non-current liabilities	(205,487)	(85,071)
Total liabilities	(332,466)	(184,392)
Net assets	269,988	245,923
Equity
Share capital	2,000	2,000
Share premium	11,527	11,527
Treasury shares	(2,999)	(2,250)
Capital reserve	93,855	93,855
Share-based payment reserve	6,436	5,427
Foreign currency translation reserve	(6,007)	(6,252)
Retained earnings	165,176	141,616
Total equity	269,988	245,923

Source ↗

	2025 £000	2024 £000
Operating activities
Profit for the year after tax	41,533	42,797
Income tax	12,949	13,773
Gain on disposal of property, plant and equipment and intangible assets - other	(154)	(184)
Amortisation of acquired inventory fair value adjustment	7,048	-
Fair value movement in contingent consideration	4,702	(1,845)
Re-measurement of financial liabilities	455	870
Unwinding of discounting on future consideration	3,176	6,599
Finance income	(306)	(283)
Finance costs	9,404	6,605
Share-based payment expense	2,154	1,200
Depreciation of property, plant and equipment	4,652	4,413
Depreciation of right-of-use assets	6,070	4,738
Amortisation of intangible assets	13,540	11,129
Working capital adjustments net of the effect of acquisitions
Increase in trade receivables and other assets	(7,060)	(2,776)
Decrease in inventories	6,185	5,976
Amortisation of acquired inventory fair value adjustment	(7,048)	-
Increase/(decrease) in trade and other payables	11,985	(670)
Increase in provisions	389	204
Cash generated by operations	109,674	92,546
UK income tax paid	(5,500)	(7,019)
Overseas income tax paid	(14,619)	(9,817)
Payment of ERI contingent consideration	(4,580)	-
Net cash flow generated from operating activities	84,975	75,710
Investing activities
Purchase of intangible assets	(2,056)	(1,918)
Purchase of property, plant and equipment	(6,568)	(5,464)
Proceeds from disposal of property, plant and equipment and intangible assets - other	338	445
Business combination of subsidiaries, net of cash acquired	(107,358)	(8,498)
Payment of i-Vent contingent consideration	-	(2,566)
Payment of ERI deferred consideration	-	(1,874)
Interest received	306	283
Net cash flow used in investing activities	(115,338)	(19,592)
Financing activities
Repayment of interest-bearing loans and borrowings	(100,681)	(56,734)
Repayment of VMI debt acquired	(248)	(237)
Repayment of ClimaRad vendor loan	(9,463)	-
Consideration paid for ClimaRad non-controlling interest	(20,853)	-
Proceeds from new borrowings	198,828	28,283
Issue costs of new borrowings	(1,822)	-
Interest paid	(7,955)	(5,321)
Payment of principal portion of lease liabilities	(5,949)	(5,672)
Dividends paid to equity holders of the parent	(19,005)	(16,417)
Purchase of own shares	(2,308)	(2,732)
Net cash flow generated from/(used in) financing activities	30,544	(58,830)
Net increase/(decrease) in cash and cash equivalents	181	(2,712)
Cash and cash equivalents at the start of the year	18,243	21,244
Effect of exchange rates on cash and cash equivalents	356	(289)
Cash and cash equivalents at the end of the year	18,780	18,243

	FY Jul 26	FY Jul 25	FY Jul 24
Revenue to operating profit
Revenue	484.8	419.1	347.6
Gross profit	249.2	205.6	178.3
Adjusted EBITDA	128.1	106.4	–
Adjusted operating profit	112.4	93.4	–
Operating profit	95.9	67.3	70.4
Depreciation (owned assets)	5.6	4.7	4.4
Depreciation (right-of-use)	7.9	6.1	4.7
Amortisation	15.6	13.5	11.1
Share-based payments	1.9	2.2	1.2
Operating profit to net income
Finance costs	(13.6)	(9.4)	(6.6)
Profit before tax	82.1	54.5	56.6
Tax	(19.6)	(13.0)	(13.8)
Net income (owners)	62.5	41.5	42.8
Per share
EPS basic	31.5p	21.0p	21.6p
EPS diluted	31.1p	20.7p	21.4p
Dividend per share	12.8p	10.8p	9.0p

	H2 Jul 26	H1 Jan 26	H2 Jul 25	H1 Jan 25
Revenue to operating profit
Revenue	256.1	228.7	231.3	187.8
Gross profit	132.2	117.0	113.9	91.7
Adjusted EBITDA	69.0	59.1	–	–
Adjusted operating profit	60.8	51.6	–	–
Operating profit	51.9	44.0	35.7	31.6
Depreciation (owned assets)	3.2	2.4	2.4	2.3
Depreciation (right-of-use)	4.0	3.9	3.4	2.7
Amortisation	8.6	7.0	7.5	6.0
Share-based payments	1.1	0.8	1.2	1.0
Operating profit to net income
Finance costs	(7.6)	(6.0)	(5.7)	(3.7)
Profit before tax	44.5	37.6	28.8	25.7
Tax	(10.8)	(8.8)	(6.2)	(6.8)
Net income (owners)	33.7	28.8	22.6	18.9
Per share
EPS basic	17.0p	14.5p	11.5p	9.5p
EPS diluted	16.8p	14.3p	11.3p	9.4p
Dividend per share	8.8p	4.0p	7.4p	3.4p

	FY Jul 26	FY Jul 25	FY Jul 24
Operating activities
Cash from operations	107.6	85.0	75.7
Interest paid	(12.1)	(8.0)	(5.3)
Tax paid	–	(14.6)	(9.8)
Investing activities
Capex (PP&E)	(6.6)	(6.6)	(5.5)
Capex (intangibles)	(1.9)	(2.0)^r	(1.9)
Financing activities
Lease principal paid	(7.0)	(5.9)	(5.7)
Dividends paid	(22.6)	(19.0)	(16.4)
Share buybacks	(2.4)	(2.3)	(2.7)

	H2 Jul 26	H1 Jan 26	H2 Jul 25	H1 Jan 25
Operating activities
Cash from operations	60.5	47.1	44.5	40.5
Interest paid	(6.9)	(5.2)	(4.9)	(3.1)
Investing activities
Capex (PP&E)	(3.2)	(3.4)	(4.5)	(2.1)
Capex (intangibles)	(1.0)	(0.9)	(1.2)	(0.8)
Financing activities
Lease principal paid	(3.6)	(3.4)	(3.7)	(2.2)
Dividends paid	(7.9)	(14.7)	(6.7)	(12.3)
Share buybacks	(2.4)	0.0	(1.0)	(1.3)

	31 Jul 26	31 Jul 25	31 Jul 24
Non-current assets
Goodwill	290.4	235.8	171.3
Other intangibles	155.9	125.2	76.9
Property, plant & equipment	36.4	34.0	30.2
Non-current assets	532.9	434.9	303.3
Current assets
Inventories	80.9	71.3	53.1
Trade receivables	81.5	77.5	55.2
Cash	21.9	18.7	18.2
Current assets	185.1	167.5	127.0
Total assets	718.0	602.4	430.3
Current liabilities
Trade payables	79.6	71.7	46.7
Borrowings, current	0.2	0.0^r	14.4
Lease liabilities, current	6.8	6.4	–
Current liabilities	112.5	127.0	99.3
Non-current liabilities
Borrowings, non-current	204.7	143.7^r	71.6
Lease liabilities, non-current	44.8	33.3	–
Non-current liabilities	295.7	205.4	85.1
Total liabilities	408.2	332.4	184.4
Equity
Total equity	309.8	270.0	245.9
Net cash and other figures
Net cash / (debt) ex leases	(184.2)	(126.0)	(31.6)
Net cash / (debt) incl. leases	(235.8)	(165.7)	–
Undrawn facilities	63.9	85.3	–

	31 Jul 26	31 Jan 26	31 Jul 25	31 Jul 24
Non-current assets
Goodwill	290.4	239.6	235.8	171.3
Other intangibles	155.9	122.0	125.2	76.9
Property, plant & equipment	36.4	35.8	34.0	30.2
Non-current assets	532.9	439.0	434.9	303.3
Current assets
Inventories	80.9	74.8	71.3	53.1
Trade receivables	81.5	70.5	77.5	55.2
Cash	21.9	106.4	18.7	18.2
Current assets	185.1	251.6	167.5	127.0
Total assets	718.0	690.6	602.4	430.3
Current liabilities
Trade payables	79.6	61.6	71.7	46.7
Borrowings, current	0.2	6.5	0.0^r	14.4
Lease liabilities, current	6.8	–	6.4	–
Current liabilities	112.5	92.0	127.0	99.3
Non-current liabilities
Borrowings, non-current	204.7	283.8	143.7^r	71.6
Lease liabilities, non-current	44.8	–	33.3	–
Non-current liabilities	295.7	310.8	205.4	85.1
Total liabilities	408.2	402.8	332.4	184.4
Equity
Total equity	309.8	287.8	270.0	245.9
Net cash and other figures
Net cash / (debt) ex leases	(184.2)	–	(126.0)	(31.6)
Net cash / (debt) incl. leases	(235.8)	–	(165.7)	–
Undrawn facilities	63.9	–	85.3	–

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