Trading Update and Notice of Final Results
Volvere plc reported a positive trading update for the year ended 31 December 2025, with consolidated net assets per share increasing to £19.80 from £17.20 in the prior year, and group net assets rising to £47.20 million from £41.90 million. The company's cash and available-for-sale investments grew to £33.22 million from £27.84 million, while group revenue from continuing operations increased to £52.70 million from £49.04 million, and profit before tax rose to £6.75 million from £6.34 million. Despite facing rising raw material and distribution costs in the latter half of 2025, Volvere is investing in production capability and price increases, and remains committed to its long-term strategy for its sole trading subsidiary, Shire Foods. The company expects to announce its full year results on or around 15 May 2026.
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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 2025. All data in this announcement is unaudited, although the comparative information for the year ending 31 December 2024 has been extracted from audited data for that year.
The Group's 80 per cent. owned frozen pastry products manufacturer, Shire Foods Limited ("Shire" or "Shire Foods"), was the Group's only 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 2025 | As at 31 December 2024 |
|---|---|---|
| Consolidated net assets per share (excluding non-controlling interests) (1) | £19.80 | £17.20 |
| Group net assets | 47.20 | 41.90 |
| Cash and available-for-sale investments | 33.22 | 27.84 |
Share buy-backs during the year totalled £0.43 million (2024: £1.51 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 2025: 2,189,922, 31 December 2024: 2,208,922).
Financial Performance
£ million except where stated
| Year ended 31 December 2025 | Year ended 31 December 2024 | |
|---|---|---|
| Group revenue - continuing operations | 52.70 | 49.04 |
| Group profit before tax - continuing operations | 6.75 | 6.34 |
| (Loss)/profit from discontinued operations | - | (0.02) |
| Group profit after tax for the year | 5.11 | 4.84 |
The Group's revenues all related to Shire Foods. Underlying trading is discussed below, which includes reference to a one-off credit in the year of £0.40 million in Shire.
Commentary
As we expected, the overall results for the year - driven principally by trading at Shire Foods - has been pleasing. Group net assets were £47.20 million (2024: £41.90 million), including cash of £28.27 million (2024: £25.05 million) and available-for-sale investments of £4.95 million (2024: £2.79 million).
Trading performance at Shire Foods was broadly satisfactory. Shire's underlying profit before tax, intra-group interest and management charges was £6.31 million (2024: £6.17 million), stated before a one-off credit relating to provisions considered no longer required of £0.40 million (2024: £nil), giving an overall result of £6.71 million.
We started to feel the impact in the second half of 2025 of increasing raw material and distribution costs. Although this has continued in 2026, we are continuing to invest in our production capability, with a focus on increasing productivity, as well as increasing prices. Whilst underlying profitability in 2025 was marginally lower than we would have liked, we think it represents a good performance in the market in which we operate.
A continuing high oil price is likely to impact Shire's supply chain and we are monitoring it closely. Our available-for-sale investment has fallen in value since the year end, reflecting geo-political events and market volatility, but remains significantly ahead of our purchase cost. Notwithstanding the current uncertainty in terms of cost inflation and the potential impact of inflationary pressures on consumers, we remain committed to our long-term strategy for Shire through a focus on innovation, quality and efficiency.
We continue to review potential investments and would expect an increase in distressed businesses, particularly if cost inflation becomes evident and interest rates are accordingly held or increased. The Group's strong balance sheet means we are able to respond quickly to anything of interest should it arise.
Nick Lander
Co-founder & Director
Notice of Final Results
Volvere expects to announce its full year results for the year ended 31 December 2025 on or around 15 May 2026.
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