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Volution trading picks up but job cuts expected

All its facilities are now operational but the supplier of ventilation products is looking to cut costs

Volution Group PLC - Volution trading picks up but job cuts expected

Volution Group PLC (LON:FAN) said trading has been improving while all facilities, including the ones in the UK, are now operational.

However, the supplier of ventilation products said there will be a “small number” of job cuts as part of a cost-saving programme.

Trading outside the UK, which accounts for half of group revenues, reached 91% of prior year levels in May.

UK activity remains subdued but was down 58% in May, from a 70% plunge in April.

Cash in the bank increased to £49mln from £41mln in the two months to May 31, while there are £120mln available in a revolving credit facility.

Shares rose 7% to 177.5p on Friday morning.

Quick facts: Volution Group PLC

Price: 182.88 GBX

LSE:FAN
Market: LSE
Market Cap: £362.33 m
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