REG - Volvere PLC - Half-year Report
29/09/2022 07:01
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RNS Number : 0651B Volvere PLC 29 September 2022
Volvere plc
("Volvere" or the "Group")
Interim Results for the six months ended 30 June 2022
Volvere plc (AIM: VLE), the growth and turnaround investment company,
announces its unaudited Interim Results for the six months ended 30 June 2022.
Highlights
£ million except where stated Six months ended Year ended
30 June 30 June 31 December
2022 2021 2021
Group revenue 17.87 15.72 35.58
Group (loss)/profit before tax (1.12) (0.29) 0.07
As at As at As at 31
30 June 2022
30 June 2021
December 2021
Consolidated net assets per share
(excluding non-controlling interests)((1))
£13.33 £13.50 £13.49
Group net assets 36.05 36.89 37.05
Cash and available-for-sale investments 20.39 23.13 21.87
· Acceptable result from Shire Foods, the Group's savoury products
manufacturer
· Poor performance from Indulgence Patisserie, the Group's frozen
desserts manufacturer
· Liquidity and financial position remain strong
Forward-looking statements:
This report may contain certain statements about the future outlook for
Volvere plc. Although the Directors believe their expectations are based on
reasonable assumptions, any statements about future outlook may be influenced
by factors that could cause actual outcomes and results to be materially
different.
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the
European Union (Withdrawal) Act 2018 ("UK MAR").
Note
1 Based on the net assets attributable to owners of the parent
company and the respective period end shares in issue (excluding treasury
shares), which were 2,516,422 at 30 June 2022, 2,571,922 at 30 June 2021, and
2,568,422 at 31 December 2021.
For further information:
Volvere plc
Jonathan Lander, CEO Tel: +44 (0) 20 7634 9707
www.volvere.co.uk (http://www.volvere.co.uk)
Cairn Financial Advisers LLP (Nominated Adviser) Tel: + 44 (0) 20 7213 0880
Sandy Jamieson/James Lewis
Canaccord Genuity Limited (Joint Broker) Tel: + 44 (0) 207 523 8000
Bobbie Hilliam
Hobart Capital Markets LLP (Joint Broker)
Lee Richardson
Tel: +44 (0) 20 7070 5691
Chairman's Statement
I set out below the results for the six months to 30 June 2022.
The Group's performance in the period was below our expectations. Whilst Shire
Foods performed well in the circumstances, Indulgence Patisserie's performance
was worse than we had hoped for due to the impact of increased raw material
prices. The effect on net assets per share has, however, been substantially
mitigated by a £1.1 million increase in the value of the Indulgence
properties and modest gains on our treasury investments. The Group has taken
steps to curtail the losses in Indulgence through refocused and reduced
activities.
Net assets per share((1)) fell slightly to £13.33 in the period (30 June
2021: £13.50, 31 December 2021: £13.49).
The Group's financial position remains strong, with significant cash reserves.
David Buchler
Chairman
29 September 2022
Note 1: Net assets attributable to owners of the parent company divided by
total number of ordinary shares outstanding at the reporting date (less those
held in treasury) - see note 8.
Chief Executive's Statement
The first half trading performance of 2022 was disappointing. The tragic war
in Ukraine and the related rise and volatility in raw material, energy, and
labour costs has made it very difficult to price products for customers with
reasonable certainty of acceptable profit.
Shire Foods and Indulgence Patisserie have both been affected by cost
inflation, but Shire entered the period from a much stronger position, with
its energy costs fixed for the longer term, and as an established market
player. Indulgence on the other hand faced the same environment without
energy price certainty and with the added challenges of a turnaround.
Indulgence's losses have been partly offset by the more than doubling in the
value of its properties. We also enjoyed some gains on a more actively managed
treasury portfolio in H1 2022. Following some share repurchases in the period,
the fall in net assets per share was contained to less than 2%.
Overall Group revenue rose to £17.87 million for the period (30 June 2021:
£15.72 million, 31 December 2021: £35.58 million). The Group's loss before
tax was £1.12 million (30 June 2021: loss £0.29 million, year to 31 December
2021: profit £0.07 million).
The performance of each of the Group's food manufacturing businesses is set
out below and discussed further in the Financial Review.
Shire Foods
Revenues increased year-on-year by 13.9%, to reach £15.78 million (30 June
2021: £13.85 million, 31 December 2021: £30.61 million). Although revenues
grew, profit before tax and intra-Group management and interest charges((2))
remained largely static at £0.58 million (30 June 2021: £0.60 million, 31
December 2021: profit £2.14 million).
Whilst it is positive that we have been able to operate profitably in the
period, the benefit of revenue growth has been eroded by the increasing cost
of materials, labour and other overheads. Actions to pass on cost increases
to customers have, however, intensified through 2022 and we are seeing a
greater acceptance of periodic price rises with our customers. This is
expected to stabilise or increase margins in the second half, which is also
typically our stronger sales period.
Indulgence Patisserie
Revenues increased to £2.09 million from £1.87 million in the comparable
period (31 December 2021: £4.97 million). The loss before tax and
intra-Group management and interest charges((2)) was a disappointing £1.51
million (30 June 2020: loss £0.36 million, 31 December 2020: loss £1.01
million).
Significant raw material price increases took effect in the period and we were
unable to mitigate the effects of these fully by increasing selling prices. We
also decided to exit entirely the manufacturing of retail products. Retail
manufacture was part of our original turnaround strategy but that strategy is
not viable with the current volatility in prices. This has led to one-off
costs of approximately £0.28 million associated with the write down of raw
materials used solely for retail customers and which is included in the loss
before tax for the period.
Following the period end, headcount has been reduced and, in order to generate
cash, manufacturing has been suspended indefinitely as finished stock levels
of £0.60 million are sufficient to satisfy foodservice and existing retail
customers for several months. We continue to assess the ongoing viability of
the Indulgence business in the light of the future sales opportunities,
product margins and overhead costs associated with it.
On a more positive note, the company's properties (which are freehold) were
independently valued during the period at £2.03 million, an increase of
£1.11 million compared to the carrying value of £0.92 million.
Further information relating to Shire and Indulgence is set out in the
financial review below and in note 3.
Acquisitions and future strategy
There is a significant degree of instability across the UK economy and
consequently we are seeing an increase in potential investment opportunities.
Not surprisingly we have reviewed a number of businesses where the
continuing uncertainty in relation to energy costs is a particular challenge.
Our preference is for investments in companies where we can make a
substantive change to effect a turnaround, but high energy costs are not
something we can influence. We believe some good opportunities will emerge,
but timing is critical and the current macroeconomic and geopolitical
situation make that issue very challenging.
Jonathan Lander
Chief Executive
29 September 2022
Note 2: Profit before intra-Group management and interest charges is
considered to be a relevant and useful interpretation of the trading results
of the business such that its performance can be understood on a basis which
is independent of its ownership by the Group.
Financial Review
This financial review covers the Group's performance during the period ended
30 June 2022. It should be read in conjunction with the Chairman's and Chief
Executive's Statements.
Overview
Group revenues for the period reached £17.87 million, an increase of £2.15
million compared to the prior comparable period (30 June 2021: £15.72
million, 31 December 2021: £35.58 million). The increase was principally in
Shire Foods (£1.93 million), with the balance in Indulgence Patisserie
(£0.22 million).
The Group's loss before tax for the period was £1.12 million, an increase of
£0.83 million compared to the prior comparable period. This reflects
increased losses in Indulgence, partially offset by gains arising from
treasury management activities. Group net assets fell to £36.05 million from
£37.05 million at 31 December 2021 (30 June 2021: £36.89 million).
Further comment on the statement of financial position is set out below and
detailed information about the Group's segments and is set out in note 3 to
these interim results, which should be read in conjunction with this financial
review.
Food manufacturing
The results of Shire Foods and Indulgence Patisserie, which represent the food
manufacturing segment, are shown in the tables below.
Shire Foods
A summary of Shire's recent financial performance is set out in Table A below.
Table A Year ended 31 December Year ended 31 December Year ended 31 December
6 months to 6 months to 2021 2020 2019
30 June 30 June £'000 £'000 £'000
2022 2021
£'000 £'000
Revenue 15,776 13,850 30,605 27,189 23,036
Underlying profit before tax, intra-group management and interest charges
580 599 2,139 1,813 1,384
Intra-group management and interest charges (98) (75) (252) (200) (200)
Profit before tax 482 524 1,887 1,613 1,184
The additional contribution from the growth in revenues was eroded by a fall
in the materials margin, which reduced by approximately 4.2% compared to the
first half of 2021 and by 4.7% compared to the whole of 2021. This was due
to the rapid increase in raw materials' costs which were not, in the
timescales available, able to be passed on to customers. Following the
period end a number of selling prices have been reset with customers and it is
hoped that this will ensure a recovery in margins over time. It is, however,
difficult to predict given the continuing inflationary pressures across the
economy as a whole.
The margin percentage reduction, along with broadly higher costs for labour
and overheads, meant the profit before tax was similar to the previous period,
in spite of the increased revenues.
Investment increased in new plant and equipment, with additions in the period
of £0.39 million (30 June 2021: £0.18 million, 31 December 2021: £0.27
million). All of these were funded from the Company's own resources and
there were no Group loans outstanding at 30 June 2022 (30 June 2021: nil, 31
December 2021: nil).
Indulgence Patisserie
A summary of Indulgence's recent financial performance is set out in Table B
below.
Table B
6 months to 6 months to Year ended 31 December
30 June 30 June 2021
2022 2021 £'000
£'000 £'000
Revenue 2,091 1,867 4,973
Underlying loss before tax, intra-group management and interest charges
(1,506) (360) (1,007)
Intra-group management and interest charges - - (92)
Loss before tax (1,506) (360) (1,099)
The increased losses at Indulgence have been driven to a large extent by
continuing raw material price increases - particularly in dairy costs - since
the start of 2022. The nature of Indulgence's products (many having a large
dairy element) is such that the effect on margins has been significant.
Whilst we were able to increase prices with some retail customers, we had to
terminate supply with others in view of the mounting costs of ingredients.
The risk of continuing to supply product would have been too great in the
current inflationary environment. Foodservice margins started to show
improvement as price rises took effect later in the period.
As noted in the Chief Executive's Statement, the decision has been taken to
cease manufacturing for retail customers, resulting in approximately £0.28
million of one-off costs being recognised in the period. Indulgence has
suspended manufacturing altogether since early August and reduced its
headcount, as finished goods inventory levels for the foodservice sector had
been bolstered in preparation for retail Christmas period launches but, with
that retail capacity no longer needed, a period of de-stocking of finished
goods is now underway.
The Group continued to make loans during the period in view of the losses.
The loans outstanding at the period end (including the original acquisition
price and incidental costs of £1.31 million) amounted to £6.83 million (30
June 2021: £4.71 million, 31 December 2021: £5.56 million).
The three wholly-owned properties occupied by the business (of which two are
physically linked) were independently valued in July 2022, resulting in an
upwards revaluation of £1.11 million (before a deferred tax liability of
£0.28 million). This has been credited to reserves. The properties are
owned by an entity separate from the trading entity (and their cost is
included in the acquisition price of £1.31m), although they are presented as
one business above.
Investing and management services
This segment represents our central functions covering Group management,
treasury, finance and IT services. The loss before tax and intra-Group
management and interest charges((2)) for the period was £0.19 million (30
June 2021: loss £0.53 million, 31 December 2021: loss £1.07 million). This
is stated after investment income and realised gains from disposal of
available-for-sale investments totalling £0.40 million (30 June 2021 and 31
December 2021: nil).
Investment revenues and other gains and losses
During the period the Group invested £4.55 million in available-for-sale
investments, the income from which amounted to £86,000. Some of these
investments were subsequently sold in the period, realising gains on disposal
of £310,000. There was no comparable income or gains in prior periods.
The remaining available-for-sale investments are explained further below.
Finance income and expense
The Group's net finance expense was £0.07 million in the period, reflecting
low interest rates on cash deposits offset by debt servicing costs (30 June
2021: £0.06 million, 31 December 2021: £0.14 million). In line with
previous years, individual Group trading companies utilised leverage wherever
appropriate and possible, and without recourse to the remainder of the
Group. In the period in question, only Shire Foods borrowed externally,
with Indulgence funded from Group resources.
Statement of financial position
Cash and available-for-sale investments
Cash at the period end was £18.80 million (30 June 2021: £23.13 million, 31
December 2021: £21.87 million). In overview, cash outflows reflect the
trading losses, repayment of debt and share buy-backs and the purchase of
fixed assets and available-for-sale investments. Full details of cash
movements are shown in the consolidated statement of cash flows.
At the end of the period there was an investment in available-for-sale
investments with a period end value of £1.59 million. The carrying value of
this is below the original cost and the unrealised loss of £0.09 million has
been debited to reserves.
Earnings per share and share capital
Total basic and diluted loss per ordinary share were (47.9) pence (30 June
2021: loss (15.2) pence; year ended 31 December 2021: loss (11.6) pence).
Purchase of own shares
The Company acquired 52,000 ordinary shares for a total consideration
including costs of £622,000 during the period (30 June 2021: nil, 31 December
2021: 3,500 shares for £44,000).
Hedging
It is not the Group's policy to enter into derivative instruments to hedge
interest rate or foreign exchange risk.
Key performance indicators (KPIs)
The Group uses key performance indicators suitable for the nature and size of
the Group's businesses. The key financial performance indicators are revenue
and profit before tax. The performance of the Group and the individual
trading businesses against these KPIs is outlined above, in the Chief
Executive's statement and disclosed in note 3.
Internally, management uses a variety of non-financial KPIs in respect of the
food manufacturing segment, including order intake, manufacturing output and
sales, all of which are monitored weekly and reported monthly.
Principal risk factors
The Company and Group face a number of specific business risks that could
affect the Company's or Group's success. The Company and Group invests in
distressed businesses and securities, which by their nature often carry a
higher degree of risk than those that are not distressed. The Group's
businesses are principally engaged in the provision of goods and services that
are dependent on the continued employment of the Group's employees and
availability of suitable, profitable workload. In the food manufacturing
segment, there is a dependency on a small number of customers and a reduction
in the volume or range of products supplied to those customers or the loss of
any one of them could impact the Group materially. Rising inflation,
including increases in raw materials and overhead costs, may not be able to be
passed on to customers through increased prices and this could result in
reduced profitability. Any pandemic or other such similar event which could
affect the consumers, suppliers, customers or staff may limit or inhibit the
Group's operations.
These risks are managed by the Board in conjunction with the management of the
Group's businesses.
Nick Lander
Chief Financial & Operating Officer
29 September 2022
Consolidated income statement
6 months to 6 months to Year ended
30 June 30 June 31
2022 2021 December
2021
Note
£'000 £'000 £'000
Continuing operations
Revenue 3 17,867 15,718 35,578
Cost of sales (16,466) (13,359) (29,682)
Gross profit 1,401 2,359 5,896
Distribution costs (1,090) (991) (2,223)
Administrative expenses (1,757) (1,591) (3,470)
Operating (loss)/profit (1,446) (223) 203
Investment revenues 4 - -
86
Other gains and losses 4 310 - -
Finance expense 5 (69) (63) (137)
Finance income 5 - - -
(Loss)/profit before tax (1,119) (286) 66
Income tax expense - - (11)
(Loss)/profit for the period (1,119) (286) 55
Attributable to:
- Equity holders of the parent (1,215) (390) (299)
- Non-controlling interests 7 96 104 354
(1,119) (286) 55
Earnings per share 6
Basic and Diluted (47.9)p (15.2)p (11.6)p
- loss from continuing operations
- earnings from discontinued operations - - -
Total (47.9)p (15.2)p (11.6)p
Consolidated statement of comprehensive income
6 months to 6 months to Year ended
30 June 30 June 31
2022 2021 December
2021
£'000 £'000 £'000
(Loss)/profit for the period (1,119) (286) 55
Other comprehensive income - -
Deferred tax recognised directly in equity 836 -
Revaluation of property net of deferred tax (92) - (140)
Revaluation of available-for-sale investments -
-
Total comprehensive income for the period (375) (286) (85)
Attributable to:
Equity holders of the parent (471) (390) (411)
Non-controlling interests 96 104 326
(375) (286) (85)
Consolidated statement of changes in equity
Six months to 30 June 2022 Share Share Retained Total Non-controlling interests Total
£'000
capital premium Revaluation earnings £'000 £'000
£'000 £'000 reserve £'000
£'000
Loss for the period - - - (1,215) (1,215) 96 (1,119)
Revaluation of available-for-sale investments - - (92) - (92) - (92)
Revaluation of property - - 1,114 - 1,114 - 1,114
Deferred tax recognised directly in equity - - (278) - (278) - (278)
Total comprehensive income for the period - - 744 (1,215) (471) 96 (375)
Balance at 1 January 50 7,885 827 25,886 34,648 2,402 37,050
Transactions with owners:
Purchase of own treasury shares - - - (622) (622) - (622)
Total transactions with owners - - - (622) (622) - (622)
Balance at 30 June 50 7,885 1,571 24,049 33,555 2,498 36,053
Six months to 30 June 2021 Share Share Retained Total Non-controlling interests Total
£'000
capital premium Revaluation earnings £'000 £'000
£'000 £'000 reserve £'000
£'000
Loss for the period - - - (390) (390) 104 (286)
Total comprehensive income for the period - - - (390) (390) 104 (286)
Balance at 1 January 50 7,885 939 26,229 35,103 2,076 37,179
Transactions with owners:
Purchase of own treasury shares - - - - - - -
Total transactions with owners - - - - - - -
Balance at 30 June 50 7,885 939 25,839 34,713 2,180 36,893
Year ended 31 December 2021 Share Share Retained Total Non-controlling interests Total
£'000
capital premium Revaluation earnings £'000 £'000
£'000 £'000 reserve £'000
£'000
Loss for the year - - - (299) (299) 354 55
Deferred tax recognised directly in equity - - (112) - (112) (28) (140)
Total comprehensive income for the year - - (112) (299) (411) 326 (85)
Balance at 1 January 50 7,885 939 26,229 35,103 2,076 37,179
Transactions with owners:
Purchase of own treasury shares - - - (44) (44) - (44)
Total transactions with owners - - - (44) (44) - (44)
Balance at 31 December 50 7,885 827 25,886 34,648 2,402 37,050
Consolidated statement of financial position
30 June 30 June 31 December
2022 2021 2021
Note £'000 £'000 £'000
Assets
Non-current assets
Property, plant & equipment 10,311 9,670 9,306
Total non-current assets 10,311 9,670 9,306
Current assets
Inventories 5,899 5,830 4,384
Trade and other receivables 6,663 5,453 8,874
Available-for-sale investments 1,592 - -
Cash and cash equivalents 18,802 23,130 21,871
Total current assets 32,956 34,413 35,129
Total assets 43,267 44,083 44,435
Liabilities
Current liabilities
Loans and other borrowings (111) (483) (1,452)
Finance leases (359) (377) (392)
Trade and other payables (4,457) (4,065) (3,379)
Total current liabilities (4,927) (4,925) (5,223)
Non-current liabilities
Loans and other borrowings (878) (988) (933)
Finance leases (590) (888) (691)
Total non-current liabilities (1,468) (1,876) (1,624)
Total liabilities (6,395) (6,801) (6,847)
Provisions - deferred tax (819) (389) (538)
NET ASSETS 36,053 36,893 37,050
Equity
Share capital 50 50 50
Share premium account 7,885 7,885 7,885
Revaluation reserves 1,571 939 827
Retained earnings 24,049 25,839 25,886
Capital and reserves attributable to equity holders of the Company 33,555 34,713 34,648
Non-controlling interests 7 2,498 2,180 2,402
TOTAL EQUITY 36,053 36,893 37,050
Consolidated statement of cash flows
6 months to 30 June 2022 6 months to 30 June 2022 6 months to 30 June 2021 6 months to 30 June 2021 Year ended 31 December 2021 Year ended 31 December 2021
Note £'000 £'000 £'000 £'000 £'000 £'000
(Loss)/profit for the period (1,119) (286) 55
Adjustments for:
Investment revenues (86) - -
Other gains and losses (310)
Finance expense 5 69 63 137
Finance income 5 - - -
Depreciation 572 559 1,131
Operating lease rentals (38) (50) (68)
Income tax expense - - 11
207 572 1,211
Operating cash flows before movements in working capital (912) 286 1,266
Decrease/(increase) in trade and other receivables 2,113 1,732 (1,688)
Increase in trade and other payables 1,139 719 42
Increase in inventories (1,506) (1,939) (379)
Tax paid - - -
Net cash generated from/(used by) operating activities 834 798 (759)
Investing activities
Purchase of property, plant and equipment (456) (273) (467)
Purchase of available-for-sale investments (4,548) - -
Proceeds from disposal of available-for-sale investments 3,174 - -
Income from investments 86 - -
Interest received - - -
Net cash used by investing activities (1,744) (273) (467)
Financing activities
Interest paid (67) (59) (130)
Purchase of own shares (treasury shares) 8 (622) - (44)
Sale of own shares (treasury shares) - - -
Net repayment of borrowings (1,470) (1,047) (440)
Net cash used by financing activities (2,159) (1,106) (614)
Net (decrease)/ increase in cash (3,069) (581) (1,840)
21,871 23,711 23,711
Cash at beginning of period
Cash at end of period 18,802 23,130 21,871
Notes forming part of the unaudited interim results for the period ended 30
June 2022
1 Financial information and basis of accounting
These interim financial statements have been prepared using accounting
policies consistent with IFRSs as adopted by the European Union.
These interim financial statements should be read in accordance with the
Group's last annual consolidated financial statements as at and for the year
ended 31 December 2021. They do not include all the information required for
a complete set of IFRS financial statements. However, selected explanatory
notes are included to explain events and transactions that are significant to
an understanding of the changes in the Group's financial position and
performance since the last annual financial statements. AIM-listed companies
are not required to comply with IAS 34 Interim Financial Reporting and
accordingly the Group has taken advantage of this exemption.
The comparative figures for the year ended 31 December 2021 have been prepared
under IFRS. They do not constitute statutory accounts as defined by the
Companies Act 2006. The accounts for the 12 months ended 31 December 2021
received an unmodified auditor's report and have been filed with the Registrar
of Companies.
Copies of this statement will be available to members of the public at the
Company's registered office: Shire House, Tachbrook Road, Leamington Spa CV31
3SF and on its website www.volvere.co.uk (http://www.volvere.co.uk) .
2 Significant accounting policies
The accounting policies applied in these interim financial statements are the
same as those applied in the Group's consolidated financial statements as at
and for the year ended 31 December 2021.
3 Operating segments
An analysis of key financial data by business segment (excluding intra-Group
interest and management charges and balances) is provided below. The Group's
food manufacturing segment, which is an aggregation of the separate segments
of savoury pastry and cake and desserts manufacturing, is engaged in the
production and sale of food products to third party customers, and the
investing and management services segment incurs central costs, provides
management services and financing to other Group segments and undertakes
treasury management on behalf of the Group.
Analysis by business segment:
Period ended 30 June 2022 Investing and
Food Management
manufacturing services Total
£'000 £'000 £'000
Revenue 17,867 - 17,867
Loss before tax((1)) (929) (190) (1,119)
Period ended 30 June 2021 Investing and
Food Management
manufacturing services Total
£'000 £'000 £'000
Revenue 15,718 - 15,718
Profit/(loss) before tax ((1)) 239 (525) (286)
( )
Year ended 31 December 2021 Investing and management services
Food £'000
manufacturing Total
£'000 £'000
Revenue 35,578 - 35,578
Profit/(loss) before tax((1)) 1,133 (1,067) 66
As at 30 June 2022
Investing and
Food manufacturing management
£'000 services Total
£'000 £'000
Assets 23,906 19,361 43,267
Liabilities/provisions (7,697) 483 (7,214)
Net assets((2)) 16,209 19,844 36,053
As at 30 June 2021 Investing and
Food manufacturing management
£'000 services Total
£'000 £'000
Assets 21,440 22,643 44,083
Liabilities/provisions (7,500) 310 (7,190)
Net assets((2)) 13,940 22,953 36,893
As at 31 December 2021 Investing and
Food manufacturing management
£'000 services Total
£'000 £'000
Assets 22,929 21,506 44,435
Liabilities/provisions (7,850) 465 (7,385)
Net assets((2)) 15,079 21,971 37,050
Six months to 30 June 2022 Investing and management services
Food manufacturing £'000
£'000 Total
£'000
Capital spend 456 - 456
Depreciation 566 1 567
Interest income (non-Group) - - -
Interest expense (non-Group) (60) (9) (69)
Tax (credit)/expense - - -
Six months to 30 June 2021 Investing and management services Total
Food manufacturing £'000 (as restated)
£'000 £'000
Capital spend 273 - 273
Depreciation 559 - 559
Interest income (non-Group) - - -
Interest expense (non-Group) (63) - (63)
Tax (credit)/expense - - -
Year ended 31 December 2021 Investing and management services
Food manufacturing £'000
£'000 Total
£'000
Capital spend 467 - 467
Depreciation 1,130 1 1,131
Interest income (non-Group) - - -
Interest expense (non-Group) 137 - 137
Tax (credit)/expense 189 (178) 11
Geographical analysis:
External revenue by location of customers Non-current assets by location of assets
6 months to 6 months to Year ended
30 June 30 June 31 December 2021 30 June 30 June 31 December 2021
2022 2021 2022 2021
£'000 £'000 £'000 £'000 £'000 £'000
UK 16,733 15,010 33,537 10,311 9,670 9,306
Rest of Europe 1,134 708 1,906 - - -
USA - - 135 - - -
17,867 15,718 35,578 10,311 9,670 9,306
Notes:
(1) stated before intra-group management and interest charges
(2) assets and liabilities stated excluding intra-group balances
4 Investment revenues and other gains and losses
During the period the Group invested in available-for-sale investments, the
income from which amounted to £86,000. Some of these investments were sold in
the period, realising gains on disposal of £310,000. There was no comparable
income or gains in prior periods.
5 Finance income and expense
Finance income represents bank interest receivable. Finance expense relates
to bank interest, lease interest and other interest payable arising from the
Group's investing and treasury management policies.
6 Earnings per share
The calculation of the basic and diluted earnings per share is based on the
following data:
6 months to 6 months to Year ended
30 June 30 June 31 December
2022 2021 2021
£'000 £'000 £'000
Earnings for the purposes of earnings per share:
Loss attributable to equity holders of the parent company (1,215) (390) (299)
No. No. No.
Weighted average number of ordinary shares for the purposes of earnings per
share:
Weighted average number of ordinary shares in issue 2,534,856 2,571,922 2,571,132
Dilutive effect of potential ordinary shares - - -
Weighted average number of ordinary shares for diluted EPS 2,534,856 2,571,922 2,571,132
There were no share options (or other dilutive instruments) in issue during
the period in respect of the parent company's shares (30 June 2021: nil; 31
December 2021: nil).
7 Non-controlling interests
The non-controlling interests of £2.50 million relate to the net assets
attributable to the shares not held by the Group at 30 June 2022 in the
following subsidiaries:
30 June 30 June 31 December 2021
2022 2021 £'000
£'000 £'000
NMT Group Limited 67 68 68
Shire Foods Limited 2,431 2,112 2,334
2,498 2,180 2,402
The Group owns approximately 80% of Shire Foods and 98.6% of NMT.
8 Purchase of own shares
The Company acquired 52,000 ordinary shares for a total consideration
including costs of £622,000 during the period (30 June 2021: nil, 31 December
2021: 3,500 shares for £44,000). For reference, the total number of
ordinary shares held in treasury at the period end was 3,690,652 shares and
the number of shares in issue, excluding treasury shares, at the period end
was 2,516,422 (30 June 2021: 2,571,922, 31 December 2021: 2,568,422).
9 Dividend
The Board is not recommending the payment of an interim dividend for the
period ended 30 June 2022.
- Ends -
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