Half Year 2019 Volution Group PLC Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Clyde Lewis - Peel Hunt LLP, Research Division - Analyst : Two, if I may, from me. One on the acquisitions. How is Brexit? I'm not using the word, but how has that impacted the attitude, particularly the European owners to engaging with you? Are they keener, less keener? Or what is their attitude there? And maybe I supposed attached to that within the commercial side, where are your thoughts at the moment in terms of some deals (inaudible)?

Question: Clyde Lewis - Peel Hunt LLP, Research Division - Analyst : Yes, your little ad was on Torin.

Question: Clyde Lewis - Peel Hunt LLP, Research Division - Analyst : I mean, there's obviously a massive gap still in performance between the ventilation business and Torin. It's another year that goes by, there'd be various reasons why it's not coming through. Do you get to a point where you just say, okay, time for this to be part of somebody else's portfolio rather than...

Question: Clyde Lewis - Peel Hunt LLP, Research Division - Analyst : Can I just have a follow-up? Maybe on the slides about the acquisitions, the comment you made there, your shares with the shareholders. So can you talk about the share buybacks you've got (inaudible)?

Question: Clyde Lewis - Peel Hunt LLP, Research Division - Analyst : Just wanted to follow up, if I may. Just let me tie some of these -- ask a few questions together, but they're on the margins. So operating margins, running at about 18%, rough numbers. Peak, it's sort of over 22%. I mean, if you get everything right. So Reading's working, the cost issues were reversed out, and all these acquisitions you're fully acquiring in-house, you get the solution in Australasia. Can you get back to that 22% level? Or was there a change in mix and you grew more commercial that may make the action quite difficult?