Financial:
Results ahead of our expectations despite significant currency headwinds.
Revenue growth of 7.9% (12.4% at constant currency) comprised of:
Ø Organic revenue growth of 1.0% (4.9% at constant currency).
Ø Inorganic revenue growth of 6.9% (7.5% at constant currency) mainly as a result of the full year effect of the acquisition of inVENTer in April 2014.
Ventilation Group revenue growth was 10.0% (14.9% at constant currency) including UK Residential New Build growth of 17.7%.
OEM (Torin-Sifan) revenue fell slightly due to a difficult end market for boiler spares during the mild winter.
Adjusted operating profit increased by 10.9% to £29.4 million from £26.5 million in 2014 (18.8% at constant currency) a margin of 22.6% of revenues (2014: 22.0%).
The Group's reported profit before tax of £15.5 million (2014: loss of £15.5 million) improved significantly, helped by lower finance costs of £2.0 million (2014: £21.2 million) and lower exceptional items of £0.7 million (2014: £7.8 million).
Continued strong cash generation reduced year end net debt to £21.2 million (2014: £42.9 million).
Final dividend proposed of 2.25 pence per share.
