Financial highlights
Strong results in line with our expectations.
Revenue in the 6 months was £70.1 million, a 9.0% increase (13.0% at constant currency).
Organic revenue declined by 1.1% (2.1% growth at constant currency) and revenue grew by 10.1% as a result of acquisitions (10.9% at constant currency).
Ventilation Group revenue growth including acquisitions was 14.0% at constant currency.
UK New Build Residential revenue growth was 7.1% with growth in order intake of more than 10%.
UK RMI declined by 5.0% with destocking in some major Private RMI customers and a continuing difficult market for Public RMI.
Revenue growth in the Nordics was an exceptionally strong 18.3% at constant currency.
OEM (Torin-Sifan) results improved as revenue grew 8.0% at constant currency, despite an un-seasonally mild winter.
Adjusted profit before tax increased by 14.9% to £14.6 million assisted by lower interest costs as a result of refinancing our bank facilities in February 2015.
The Group's reported profit before tax was £8.0 million (H1 2015: profit of £7.5 million).
Continued strong adjusted operating cash flow.
Interim dividend of 1.20 pence per share, up 14.3% compared to H1 2015.
