Trading Update and Notice of Final Results
No summary for this filing – the full text is below.
Select text to share a quote on X · sign in to keep highlights & notes in your VLE notes
Volvere plc (AIM: VLE), the growth and turnaround investment company, is pleased to provide the following trading update for the financial year ended 31 December 2024. All data in this announcement is unaudited, although the comparative information for the year ending 31 December 2023 has been extracted from audited data for that year.
The Group's 80 per cent. owned frozen pastry products manufacturer, Shire Foods, was the Group's principal trading subsidiary and, along with the Group's central activities, represents the Group's continuing operations.
Consolidated Net Assets and Liquidity
The Group expects to report year-end consolidated net assets per share (excluding non-controlling interests), net assets and cash and available for sale investments as follows:
| £ million except where stated | As at 31 December 2024 | As at 31 December 2023 |
|---|---|---|
| Consolidated net assets per share (excluding non-controlling interests) (1) | £17.19 | £14.83 |
| Group net assets | 41.84 | 37.51 |
| Cash and available-for-sale investments | 27.84 | 23.74 |
Share buy-backs during the year totalled £1.51 million (2023: £0.43 million).
Note 1: Net assets attributable to owners of the parent company divided by total number of ordinary shares (less those held in treasury) outstanding at the reporting date (31 December 2024: 2,208,922, 31 December 2023: 2,327,922).
Financial Performance
£ million except where stated
| Year ended 31 December 2024 | Year ended 31 December 2023 | |
|---|---|---|
| Group revenue - continuing operations | 48.97 | 42.95 |
| Group profit before tax - continuing operations | 6.27 | 3.64 |
| (Loss)/profit from discontinued operations | (0.02) | 0.23 |
| Group profit after tax for the year | 4.78 | 2.73 |
The increased profit for the year was a result of encouraging trading in Shire Foods, coupled with increased net finance income on the Group's cash deposits. The Group's revenues all related to Shire Foods.
Commentary
I am delighted with the performance for the year as a whole, which was underpinned by strong trading at Shire Foods and good returns on our treasury deposits. This is reflected in our increasing cash reserves, notwithstanding the significant treasury share purchases in the period.
As we reported in the Group's interim results in September 2024, there are industry-wide challenges in the form of increasing labour costs in 2025 because of the increase in the minimum wage, further compounded by the increase in employer's national insurance. The effect on Shire will be both internal and external, the latter from rising supply chain costs such as raw materials, packaging and transportation.
We are continuing to mitigate cost rises where we can, but our customers themselves are under acute pressure as the large supermarkets battle for market share. However, there is, we think, an expectation that food price inflation is inevitable during 2025 as retailers pass on cost increases to consumers.
In spite of all of this, we expect the business to deliver a creditable performance in the context of this challenging wider environment and are investing in additional capacity to support growth, in particular for 2026 and beyond.
We are continuing to review potential acquisition opportunities across all sectors. Whilst no transaction of interest has been identified for further investment, we remain committed and poised to do so for the right proposition.
Nick Lander
Co-founder & Director
Notice of Final Results
Volvere expects to announce its full year results for the year ended 31 December 2024 on or around 23 May 2025.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.