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volution Embargoed until 07:00 on : Thursday 7 October 2021 Volution Group plc Preliminary Announcement of Final Results for the year ended 31 July 2021 Record results with significant revenue growth , achievement of our 20 % adjusted operating margin target and delivering on our sustainability agenda Volution Group plc ( " Volution " or " the Group " or " the Company " , LSE : FAN ) , a leading international designer and manufacturer of energy efficient indoor air quality solutions , today announces its audited financial results for the 12 months ended 31 July 2021 . RESULTS SUMMARY Revenue ( £ m ) Adjusted operating profit ( £ m ) Adjusted operating margin ( % ) Adjusted profit before tax ( £ m ) Adjusted EPS ( pence ) Reported operating profit ( £ m ) Reported profit before tax ( £ m ) Reported basic EPS ( pence ) Adjusted operating cash flow ( £ m ) Net debt ( £ m ) Net debt ( excluding lease liabilities ) ( £ m ) Total dividend per share ( p ) 2021 272.6 56.9 20.9 53.2 21.0 34.2 30.0 10.5 56.9 79.2¹ 53.8 6.3 2020 Volution Group plc Preliminary Results 2021 216.6 33.7 15.6 31.2 12.1 18.2 14.6 4.9 43.4 74.2 51.1 Movement 25.8 % 68.8 % 5.3pp 70.2 % 73.6 % 87.7 % 106.3 % 114.3 % 31.2 % 5.0 2.7 N / A ¹2021 includes lease liabilities of £ 25.4 million due to the adoption of IFRS 16 ( 2020 : £ 23.1 million ) . The Group uses some alternative performance measures to manage and assess the underlying performance of the business . These measures include adjusted operating profit , adjusted profit before tax , adjusted EPS , adjusted operating cash flow and net debt . A definition of all the adjusted and non - GAAP measures is set out in the glossary of terms in note 25 to the condensed consolidated financial statements . A reconciliation to reported measures is set out in note 2 to the condensed consolidated financial statements . Financial highlights ● Significant revenue growth up £ 56.0 million to £ 272.6 million ( 2020 : £ 216.6 million ; 2019 £ 235.7 million ) including organic growth of 22.0 % ( 20.5 % at cc ) and inorganic growth from the three acquisitions in the year of 3.8 % ( 3.9 % at cc ) Achieved our 20 % adjusted operating margin target six months earlier than planned with adjusted operating margin of 20.9 % ( 2020 : 15.6 % ; 2019 : 17.8 % ) despite ongoing supply chain challenges and inflationary pressures faced by the Group Reported profit before tax £ 30.0 million ( 2020 : £ 14.6 million ) Business remains highly cash generative with operating cash flow up 31.2 % to £ 56.9 million ( 2020 : £ 43.4 million ) , and strong cash conversion of 97 % , as a result of our asset light business model £ 42.2 million invested in three acquisitions in the Netherlands , Sweden and Finland further enhancing our product range and low - carbon credentials ● Net debt ( excluding lease liabilities ) stable at £ 53.8 million ( 2020 : £ 51.1 million ) with leverage ( measured as net debt excluding lease liabilities divided by adjusted EBITDA ) ending the year at 0.9x ( 2020 1.3x ) ● Adjusted earnings per share of 21.0p with a compounded annual growth rate of 13.2 % since IPO in 2014 ● Dividends resumed , with total dividend for the year of 6.3 pence per share reflecting strong profitability , free cash generation and confidence in our business model to deliver continued growth 1