StockMarketWire.com - Ventilation products supplier Volution said it expected to resume dividend payments next year. The company also reported that profit fell more a third as revenue was hurt by lower demand as a result of the pandemic.

For the 12 months ended 31 July 2020, pre-tax profit fell 37.1% to £14.6 million year-on-year as revenue slipped 8.1% to £216.6 million.

'The main impact on demand was in the UK and management took actions on indirect costs and focused on cash flow which mitigated the impact and sets up the business for the next financial year as it continues to recover,' the company said.

Volution said it intended to recommence the payment of dividends during the financial year ending 31 July 2021.

'The board is pleased with the strong start to the new financial year, and is comfortable with the market expectations for FY21, however, the outlook remains uncertain,' the company said.

'The COVID-19 pandemic continues to impact on our markets, and in the UK the ongoing negotiations to finalise a trade agreement with the EU are a concern,' it added.

At 9:18am: [LON:FAN] Volution Group Plc share price was -3.25p at 177.75p



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