Volution Group – this fan company’s Finals will underline attractive upside, could be over 30% higher in due course
Mark Watson-Mitchell - 06.10.2026
This coming Thursday, 8th October, the £1.3bn-capitalised Volution Group (LON:FAN) will declare its 2026 Final Results to end-June.
The Company is a leading international designer and manufacturer of energy efficient indoor air quality solutions.
Over the last year, the Group’s shares have ranged in price from 547p to 730p and they are now trading at around the mid-level at 657p.
City analysts are looking for the Group’s shares to gradually rise to over 760p.
On current-year earnings estimates the shares are trading at just 16.78 times historic, with two firms calling the shares to rise to trade the 850p/880p price range in due course – which should create investor following.
The Business
Based in Crawley, West Sussex, the Volution Group is a designer and manufacturer of indoor air quality solutions.
With over 2,200 employees, the Company is a supplier of ventilation products, catering to primary markets in the UK, Continental Europe, and Australasia.
Its product portfolio includes residential ventilation and commercial ventilation.
The residential products encompass a range of products designed to suit a variety of budgets and applications, ranging from unitary extractor fans (including for use in bathrooms and kitchens) to significantly low-carbon, energy-efficient whole-building ventilation systems with heat recovery.
Its commercial products take in a variety of extractor fans, as well as mechanical heat recovery units (including both fixed volume and demand systems, which incorporate counter-flow heat recovery cells for energy efficiency), air handling units, fan coils, and hybrid ventilation solutions.
The Group’s product brands include 30 key brands across three regions:
UK: Vent-Axia, Manrose, Diffusion, National Ventilation, Airtech, Breathing Buildings, Torin-Sifan.
Continental Europe: Fresh, PAX, VoltAir, Kair, Air Connection, Rtek, inVENTer, Ventilair, ClimaRad, ERI Corporation, VMI, I-Vent.
Australasia: Simx, Ventair, Manrose, DVS, Fantech, Ideal Air, NCS Acoustics, Air Design, Major Air, Systemaire, Burra Steel, AC Industries.
Trading Update
On Thursday, 23rd July, the Group issued a Pre-Close Trading Update stating that it anticipated its adjusted earnings per share for its year to end-July to be approximately 38.0p, exceeding current market forecasts by 4% and representing 15% growth year-over-year.
That performance was driven by an expected total revenue increase of around 15%, including contributions from the acquisition of AC Industries, and resilient organic growth of approximately 3% in constant currency, despite challenging UK market conditions.
The Company also expects strong adjusted operating margin expansion across all regions and operating cash conversion above 90%, with leverage projected at approximately 1.6x ex-leases.
Management Comment
CEO Ronnie George stated that:
"We are pleased to update the market on another strong year of progress for Volution which extends the Group's track record of delivering strong and consistent compounding earnings growth.
Our enhanced geographic and end-market diversity has underpinned another year of organic growth and, across the business, our continued commitment to operational excellence and continuous improvement initiatives has enabled us to deliver strong profit growth.”
Recent Acquisition
On Wednesday 4th August, the Group announced that it had acquired getAir GmbH, a German provider of decentralised residential heat recovery ventilation systems, for €40m (£34m) in cash and debt-free consideration, funded by existing debt facilities.
This acquisition is expected to be immediately earnings accretive and will be reported within Volution's Continental Europe region, with getAir's leadership team remaining with the business.
For the twelve months to end-June, getAir generated unaudited revenue of €13.9m and adjusted EBITDA of approximately €4.0m.
The acquisition is anticipated to strengthen Volution's position in the European market and enhance its product development capabilities.
Ronnie George commented that:
"getAir is a high-quality and growing business with a leading position in decentralised heat recovery ventilation in Germany, where it complements our existing InVENTer brand.
The acquisition further strengthens our residential heat recovery portfolio, while also enhancing our product development and innovation capabilities.
We look forward to building on its impressive growth trajectory."
The Equity
There are some 199.64m shares in issue.
Major shareholders include Windmill Holdings BV (22.38%), BlackRock Investment Management (UK) Ltd. (6.02%), Capital Research & Management Co. (World Investors) (5.08%), Aegon Asset Management UK PLC (4.99%), Baillie Gifford & Co. (4.55%), Alecta Tjanstepension Omsesidigt (4.04%), abrdn Investment Management Ltd. (4.01%), JPMorgan Asset Management (UK) Ltd. (3.80%), Grandeur Peak Global Advisors LLC (3.11%), Vanguard Capital Management LLC (3.04%), and Norges Bank Investment Management (2.99%).
Broker Views
Some eight firms follow the group, six of the analysts rate the shares as a Buy, one to Outperform and the eighth as a Hold.
The average of the analyst consensus estimates is for a 767.50p Target Price, the Lowest at 680p, while the Highest is for 880p.
Berenberg Bank give a TP of 880p, while Jefferies give a TP of 850p.
The consensus average estimates for the current year to end-July 2027 is for revenues of £523.79m, pre-tax profits of £110.52m, generating 40.21p per share of earnings and a 13.25p dividend.
My View
I have followed this business for decades, it has a certain quality about its operations, markets and potential.
I see the shares rising from 657p now to over 700p within months, and then moving a lot higher in 2027.
(Profile 23.05.19 @ 174p set a Target Price of 250p*)
(Profile 03.03.23 @ 348p set a Target Price of 400p*)
(Profile 19.07.23 @ 361.20p set a Target Price of 450p*)
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