- Ventilation product supplier Volution Group said its annual revenue had grown by 11%, in line with expectations, but warned of increased costs due to delays building a new factory.

Revenue for the year through July was expected to rise to £206m, comprising 2.9% organic growth and 8.4% growth from acquisitions.

Strong growth in the residential new build sector was partially offset by falling revenue in the public residential RMI sector, the company said.

Volution had expected a full transition to a new injection moulding and fan assembly facility in Reading to occur by the end of July.

'However, the project has taken longer than anticipated and has caused additional cost to be incurred, which will be reported separately in the full year results,' the company said, without providing specific cost guidance.

'Customer service in the second half has been below our usual high level but has now been restored to more normal levels of performance and we expect further improvements in the near future.'

'Over the coming months we will finalise this project, and once fully completed, it will provide us with the anticipated significant increase in injection moulding, ducting extrusion and fan assembly capacity to further underpin future growth.'

At 8:17am: [LON:FAN] Volution Group Plc share price was -1p at 198.5p

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