REG - Volvere PLC - Half-year Report
19/09/2023 07:00
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RNS Number : 8262M Volvere PLC 19 September 2023
19 September 2023
Volvere plc
("Volvere" or the "Group")
Interim Results for the six months ended 30 June 2023
Volvere plc (AIM: VLE), the growth and turnaround investment company,
announces its unaudited Interim Results for the six months ended 30 June 2023.
Highlights
£ million except where stated Six months ended Year ended
30 June 30 June 31 December
2023 2022 2022
(as restated((1)))
Group revenue - continuing operations 19.09 15.79 38.03
Group profit before tax - continuing operations 0.44 0.39 2.33
Loss from discontinued operations - (1.51) (2.39)
Group profit/(loss) after tax 0.44 (1.12) (0.06)
As at As at As at 31
30 June 2023
30 June 2022
December 2022
Consolidated net assets per share
(excluding non-controlling interests)((2))
£14.00 £13.33 £13.90
Group net assets 35.33 36.05 35.75
Cash and available-for-sale investments 21.41 20.39 20.79
· Good performance from Shire Foods, the Group's savoury products
manufacturer
· Overall Group performance improved significantly following
closure of Indulgence Patisserie, the Group's frozen desserts manufacturer in
2022
· Liquidity and financial position remain strong
· Michael Tzirki, Managing Director of Shire Foods, joins Group
Board
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 The comparative results for the period to 30 June 2022 have been
restated to exclude the results of Indulgence Patisserie, which was
discontinued during the second half of 2022. The results of that business have
been reported as discontinued operations in all periods.
2 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 2,343,422 at 30 June 2023, 2,516,422 at 30 June 2022, and
2,364,422 at 31 December 2022.
For further information:
Volvere plc
Nick Lander, Co-founder & Director Tel: +44 (0) 20 7634 9707
www.volvere.co.uk (http://www.volvere.co.uk)
Cairn Financial Advisers LLP (Nominated Adviser)
Sandy Jamieson / James Caithie Tel: + 44 (0) 20 7213 0880
Canaccord Genuity Limited (Joint Broker)
Bobbie Hilliam Tel: + 44 (0) 207 523 8000
Hobart Capital Markets LLP (Joint Broker)
Lee Richardson
Tel: +44 (0) 20 7070 5691
Chairman's Statement
The loss of Volvere's long-serving CEO and Co-founder, Jonathan Lander, on 28
August 2023 at the age of 55, has inevitably deeply saddened his friends and
colleagues both throughout the Group and wider afield. He was an outstanding
individual and we will miss his contribution enormously.
However, Jonathan's brother, Nick, has been alongside Jonathan throughout the
Volvere journey and led the turnarounds in all the Group's most significant
investments. Nick is well-placed, therefore, to continue to build on
Jonathan's legacy. As part of our strengthening of it, I am pleased to
welcome Michael Tzirki, the long-standing Managing Director of Shire Foods, to
the Group Board.
Notwithstanding the loss of Jonathan, I am pleased to report the results for
the six months to 30 June 2023. The first half of the year has continued to
show good progress in Shire Foods. Overall, the performance of the Group was
much improved following the closure of Indulgence Patisserie, the loss-making
desserts business during 2022.
As a result, the Group's financial position remains strong with total net
assets of £35.33 million (30 June 2022: £36.05 million, 31 December 2022:
£35.75 million), with continuing high liquidity.
Net assets per share((1)) increased to £14.00 in the period (30 June 2022:
£13.33, 31 December 2022: £13.90) following further treasury share
purchases.
We continue to actively seek further investments in both the food and other
sectors and will continue to consider other ways to deliver value for
shareholders.
David Buchler
Chairman
19 September 2023
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 7.
Executive Management Statement
Overview
The loss of Jonathan, my brother and long-standing business partner, has hit
me, along with his family and friends, very hard indeed. However, I know
that he would wish that we continue to work actively for the Group's
shareholders to deliver the value and returns for which we have become known
over so many years. I have been part of that journey from the outset and
will continue it, supported by our many loyal colleagues.
In spite of this, I am pleased to report a much-improved overall performance
in 2023 compared to the same period last year. Shire Foods has performed
well in an at-times challenging environment and continued to grow both its
revenues and profits, with further information set out below. Our careful
management of the closure of Indulgence Patisserie has minimised further
losses to the Group and we have sold one of three properties previously
occupied by it. Indulgence Patisserie's results have been reclassified as
discontinued operations throughout this announcement and comparative
information has been restated where appropriate.
Overall Group revenues (which relate solely to Shire Foods) for the period
increased by £3.30 million to £19.09 million (30 June 2022 restated: £15.79
million, 31 December 2022: £38.03 million). The Group's profit before tax
from continuing operations for the period was £0.44 million (30 June 2022
restated: £0.39 million, 31 December 2022: £2.33 million). The increased
profit from the Group's trading activities was partly offset by lower
investment returns from treasury management activities. The Group's overall
profit (including discontinued operations) improved to £0.44 million (30 June
2022 restated: loss £1.12 million, year to 31 December 2022: loss £0.06
million) reflecting the cessation of Indulgence Patisserie's loss-making
operations.
Net assets per share increased to £14.00 in the period (30 June 2022:
£13.33, 31 December 2022: £13.90). Group net assets fell marginally to
£35.33 million from £35.75 million at 31 December 2022 (30 June 2022:
£36.05 million), principally as a result of treasury share purchases.
Financial performance
Food manufacturing segment - Shire Foods
Revenues increased year-on-year by almost 21%, to a record £19.09 million (30
June 2022: £15.79 million, 31 December 2022: £38.03 million). Profit
before tax and intra-Group management and interest charges((2)) grew by 29% to
£0.75 million (30 June 2022: £0.58 million, 31 December 2022: profit £2.78
million).
The period was one of raw material cost stabilisation, with some commodities
falling in price. However, staff and overhead costs remained on a broadly
upward trajectory. We have managed to largely align customer price rises to
mitigate the effects of increases in our own raw materials costs but continue
to monitor margins closely. It is the winter months which tend to have
higher sales volumes for Shire's products and its performance is expected to
increase accordingly.
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 2022 2021 2020
30 June 30 June £'000 £'000 £'000
2023 2022
£'000 £'000
Revenue 19,090 15,776 38,027 30,605 27,189
Underlying profit before tax, intra-group management and interest charges
745 580 2,777 2,139 1,813
Intra-group management and interest charges (125) (98) (348) (252) (200)
Profit before tax 620 482 2,429 1,887 1,613
Shire continued to supply a number of the UK's fastest growing supermarkets
and this has resulted in pleasing revenue growth from both volume as well as
price increases. The materials margin increased by 2.8% compared to the
first half of 2022 and by 1.8% compared to the whole of 2022. This reflects
the diligence in effecting price increases with customers to meet our raw
materials and other cost rises. In the latter part of the period, we have
seen some stabilisation of raw material costs and are hopeful that this will
continue.
As shareholders will know from previous reports, the second half of the year
typically sees higher volumes from both retail customers (due to the colder
weather) and foodservice (due to the academic year). In preparation for
that, we increased our production output by changing factory shift patterns
for a period of time, resulting in increased direct labour costs and inventory
levels. As a result of the increased labour costs, the effect of the
additional revenue and margin was less pronounced. We have, since the period
end, rebalanced headcount to take account of trading over the summer period
and the current level of finished goods stock.
As ever, we continued to invest in new plant and equipment, with additions in
the period of £0.38 million (30 June 2022: £0.39 million, 31 December 2022:
£1.01 million). The majority of additions in this period were financed by
way of lease finance. There continued to be no Group loans outstanding at 30
June 2023 (30 June 2022: nil, 31 December 2022: nil).
During the period, Shire paid a dividend of £2.50 million, of which £2.0
million was to the Group.
Investing and management services segment
This segment represents our central functions covering Group management,
treasury, finance and IT services. The segment result is the net of the
underlying costs of these Group activities, offset by investment revenues and
other gains and losses. The loss before tax and intra-Group management and
interest charges((2)) for the period was £0.30 million (30 June 2022: loss
£0.19 million, 31 December 2022: loss £0.45 million).
The increase in the net cost compared to the comparable period reflects lower
investment returns, which totalled £0.29 million in this period (30 June
2022: £0.40 million and 31 December 2022: £0.70 million). Further
information is shown in note 4.
The Group continued its approach of using leverage within trading companies
whenever appropriate and without recourse to the remainder of the Group.
Earnings per share
Basic and diluted profit per ordinary share from continuing operations was
13.45p (30 June 2022: restated 11.48p, 31 December 2022: 74.36p). Basic and
diluted loss per ordinary share from discontinued operations was (0.17)p (30
June 2022: restated (59.41)p, 31 December 2022: (95.89)p). Total basic and
diluted profit per ordinary share was 13.28p (30 June 2022: loss (47.93)p, 31
December 2022: loss (21.53)p).
Statement of financial position
Cash and available-for-sale investments
Cash at the period end was £19.81 million (30 June 2022: £18.80 million, 31
December 2022: £19.14 million). Full details of cash movements are shown in
the consolidated statement of cash flows. In preparation for the seasonally
higher trading months in Shire Foods, inventory levels were increased during
the latter half of the trading period. Of the £2.50 million dividend paid
by Shire Foods, £0.50 million was paid to non-controlling interests.
At the period end there was an investment in available-for-sale investments
with a period end value of £1.59 million (30 June 2022: £1.59 million, 31
December 2022: £1.65 million). The carrying value of this is below the
original cost and the unrealised loss of £0.09 million has been debited to
reserves.
Assets held for sale
The Group owns two properties formerly occupied by Indulgence Patisserie, with
a carrying value of £1.45 million (an upwards revaluation of £0.84 million
on original cost). The units have been prepared for sale to allow separate
disposal (having been previously linked) and are being marketed actively. A
third property was sold during the period.
Purchase of own shares
The Company acquired 21,000 ordinary shares for a total consideration
including costs of £248,000 during the period (30 June 2022: 52,000 shares
for £622,000, 31 December 2022: 204,000 shares for £2,090,000).
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 Executive
Management 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.
Acquisitions and future strategy
We have continued to review an encouraging level of investment proposals
throughout the period. However, there has been a distinct shortage of
potential transactions that we considered to be worthy of potential
investment. Such opportunities have not presented themselves, which had been
somewhat frustrating for both Jonathan and me. Whilst these things are a
matter of judgement, we have invested only when we believed we had a
reasonable prospect of delivering an improved, sustainable performance and we
will continue to assess opportunities in this context.
I would like to thank shareholders for the support over many years afforded to
Jonathan and me and to reassure them that my focus will continue to be on
growing the value of our investment in Shire Foods, which I have chaired for
more than 12 years. An increasing, cash-generative performance from Shire
will be pivotal to enhancing shareholder value in Volvere. Whilst we will
continue to seek investment opportunities pursuant to our investing strategy,
maximising shareholder returns remains at the forefront of the Board's
strategy.
Nick Lander
Co-founder & Director
19 September 2023
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.
Consolidated income statement
6 months to Year ended
30 June 31
2023 As restated December
6 months to 2022
Note 30 June
2022
£'000 £'000 £'000
Continuing operations
Revenue 3 19,090 15,789 38,027
Cost of sales (16,535) (13,766) (31,921)
Gross profit 2,555 2,023 6,106
Distribution costs (1,185) (949) (2,181)
Administrative expenses (1,174) (1,014) (2,174)
Operating profit 196 60 1,751
Finance expense 4 (65) (69) (138)
Finance income 4 287 396 698
Profit on sale of tangible fixed assets 23 - 18
Profit before tax 441 387 2,329
Income tax expense - - -
Profit for the period from continuing operations 441 387 2,329
(4) (1,506) (2,391)
Loss for the period from discontinued operations
Profit/(loss) for the period 437 (1,119) (62)
Attributable to:
- Equity holders of the parent 313 (1,215) (537)
- Non-controlling interests 6 124 96 475
437 (1,119) (62)
Earnings/(loss) per share 5
Basic and Diluted 13.45p 11.48p 74.36p
- from continuing operations
- from discontinued operations (0.17)p (59.41)p (95.89)p
Total 13.28p (47.93)p (21.53)p
Consolidated statement of comprehensive income
6 months to As restated Year ended
30 June 6 months to 31
2023 30 June December
2022 2022
£'000 £'000 £'000
Profit/(loss) for the period 437 (1,119) (62)
Other comprehensive income
Revaluation of freehold land and buildings - 1,114 1,188
Revaluation of available-for-sale investments (53) (92) (36)
Transfer to income statement on disposal of property (55) - -
Deferred tax recognised directly in equity - (278) (297)
Total comprehensive income for the period 329 (375) 793
Attributable to:
Equity holders of the parent 205 (471) 318
Non-controlling interests 124 96 475
329 (375) 793
Consolidated statement of changes in equity
Six months to 30 June 2023 Share Share Retained Total Non-controlling interests Total
£'000
capital premium Revaluation earnings £'000 £'000
£'000 £'000 reserve £'000
£'000
Profit for the period - - - 313 313 124 437
Revaluation of available-for-sale investments - - (53) - (53) - (53)
Disposal of revalued property - - (55) - (55) - (55)
Deferred tax recognised directly in equity - - - - - - -
Total comprehensive income for the period - - (108) 313 205 124 329
Balance at 1 January 50 7,885 1,682 23,258 32,875 2,877 35,752
Transactions with owners:
Purchase of own treasury shares - - - (248) (248) - (248)
Dividend paid to non-controlling interests - - - - - (500) (500)
Total transactions with owners - - - (248) (248) - (748)
Balance at 30 June 50 7,885 1,574 23,323 32,832 2,501 35,333
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
Year ended 31 December 2022 Share Share Retained Total Non-controlling interests Total
£'000
capital premium Revaluation earnings £'000 £'000
£'000 £'000 reserve £'000
£'000
Loss for the year - - - (537) (537) 475 (62)
Revaluation of property - - 1,188 - 1,188 - 1,188
Revaluation of available for sale investments - - (36) - (36) - (36)
Deferred tax recognised directly in equity - - (297) - (297) - (297)
Total comprehensive income for the year - - 855 (537) 318 475 793
Balance at 1 January 50 7,885 827 25,886 34,648 2,402 37,050
Transactions with owners:
Purchase of own treasury shares - - - (2,091) (2,091) - (2,091)
Total transactions with owners - - - (2,091) (2,091) - (2,091)
Balance at 31 December 50 7,885 1,682 23,258 32,875 2,877 35,752
Consolidated statement of financial position
30 June 30 June 31 December
2023 2022 2022
Note £'000 £'000 £'000
Assets
Non-current assets
Property, plant & equipment 8,011 10,311 8,142
Total non-current assets 8,011 10,311 8,142
Current assets
Inventories 6,899 5,899 3,777
Trade and other receivables 5,606 6,663 9,315
Cash and cash equivalents 19,810 18,802 19,136
Assets held for sale 1,447 - 2,103
Available-for-sale investments 1,595 1,592 1,649
Total current assets 35,357 32,956 35,980
Total assets 43,368 43,267 44,122
Liabilities
Current liabilities
Loans and other borrowings (553) (111) (1,258)
Leases (411) (359) (372)
Trade and other payables (5,120) (4,457) (4,807)
Total current liabilities (6,084) (4,927) (6,437)
Non-current liabilities
Loans and other borrowings (759) (878) (818)
Leases (534) (590) (452)
Total non-current liabilities (1,293) (1,468) (1,270)
Total liabilities (7,377) (6,395) (7,707)
Provisions - deferred tax (658) (819) (663)
NET ASSETS 35,333 36,053 35,752
Equity
Share capital 50 50 50
Share premium account 7,885 7,885 7,885
Revaluation reserves 1,574 1,571 1,682
Retained earnings 23,323 24,049 23,258
Capital and reserves attributable to equity holders of the Company 32,832 33,555 32,875
Non-controlling interests 6 2,501 2,498 2,877
TOTAL EQUITY 35,333 36,053 35,752
Consolidated statement of cash flows
6 months to 30 June 2023 6 months to 30 June 2023 As restated As restated Year ended 31 December 2022 Year ended 31 December 2022
6 months to 30 June 2022 6 months to 30 June 2022
Note £'000 £'000 £'000 £'000 £'000 £'000
Profit/(loss) for the period 437 (1,119) (62)
Adjustments for:
Finance expense 4 65 69 138
Finance income 4 (287) (396) (698)
Depreciation 497 455 933
Operating lease rentals (7) - (14)
Income tax expense - - -
(Gain)/loss on disposal of fixed assets (23) - (18)
Loss from discontinued operations 4 1,506 2,391
249 1,634 2,732
Operating cash flows before movements in working capital 686 515 2,670
Decrease/(increase) in trade and other receivables 2,758 1,694 (1,116)
Increase in trade and other payables 855 1,010 1,126
(Increase)/decrease in inventories (3,534) (1,092) 291
Operating cash generated from continuing operations 765 2,127 2,971
Operating cash generated from/(used by) discontinued operations 695 (1,293) (1,051)
Net cash generated from operations 1,460 834 1,920
Investing activities
Interest received 235 - 8
Income from investments 52 86 109
Purchase of property, plant and equipment (62) (388) (889)
Sale of property, plant and equipment 34 - 42
Purchase of available-for-sale investments - (4,548) (6,886)
Disposal of available-for-sale investments - 3,174 5,782
Cash generated from/(used by) continuing investing activities 259 (1,676) (1,834)
Cash generated from discontinued investing activities 720 (68) 29
Net cash generated from/(used by) investing activities 979 (1,744) (1,805)
Financing activities
Interest paid (64) (67) (132)
Purchase of own shares (treasury shares) 7 (248) (622) (2,090)
Dividend paid to non-controlling interests (500) - -
Net repayment of borrowings (948) (1,432) (577)
Cash used by continuing financing activities (1,760) (2,121) (2,799)
Cash used by discontinued financing activities (5) (38) (51)
Net cash used by financing activities (1,765) (2,159) (2,850)
Net (decrease)/ increase in cash 674 (3,069) (2,735)
19,136 21,871 21,871
Cash at beginning of period
Cash at end of period 19,810 18,802 19,136
Notes forming part of the unaudited interim results for the period ended 30
June 2023
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 2022. 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 2022 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 2022
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 2022.
3 Operating segments
An analysis of key financial data by business segment is provided below. The
Group's food manufacturing segment 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 2023 Investing and
Food Management
manufacturing services Total
£'000 £'000 £'000
Revenue 19,090 - 19,090
Profit/(loss) before tax((1)) 745 (304) 441
Period ended 30 June 2022 Investing and
Food Management
manufacturing services Total
£'000 £'000 £'000
(as restated)
Revenue 15,789 - 15,789
Profit/(loss) before tax ((1)) 577 (190) 387
( )
Year ended 31 December 2022 Investing and management services
Food £'000
manufacturing Total
£'000 £'000
Revenue 38,027 - 38,027
Profit/(loss) before tax((1)) 2,777 (448) 2,329
As at 30 June 2023
Investing and
Food manufacturing management Discontinued operations
£'000 services £'000 Total
£'000 £'000
Assets 20,483 21,321 1,564 43,368
Liabilities/provisions (8,290) 559 (304) (8,035)
Net assets((2)) 12,193 21,880 1,260 35,333
As at 30 June 2022 (as restated) Investing and
Food manufacturing management Discontinued operations
£'000 services £'000 Total
£'000 £'000
Assets 19,021 19,361 4,885 43,267
Liabilities/provisions (6,899) 483 (798) (7,214)
Net assets((2)) 12,122 19,844 4,087 36,053
As at 31 December 2022 (restated for additional comparative information only) Investing and
Food manufacturing management Discontinued operations
£'000 services £'000 Total
£'000 £'000
Assets 22,072 18,430 3,620 44,122
Liabilities/provisions (8,015) 504 (859) (8,370)
Net assets((2)) 14,057 18,934 2,761 35,752
Continuing operations Investing and management services
Food manufacturing £'000
Six months to 30 June 2023 £'000 Total
£'000
Capital spend 62 - 62
Depreciation 497 - 497
Interest income (non-Group) - 235 235
Interest expense (non-Group) (64) - (64)
Tax (credit)/expense - - -
Six months to 30 June 2022 (as restated) Investing and management services
Food manufacturing £'000
£'000 Total
£'000
(as restated) (as restated)
Capital spend 388 - 388
Depreciation 454 1 455
Interest income (non-Group) - - -
Interest expense (non-Group) (60) (9) (69)
Tax (credit)/expense - - -
Year ended 31 December 2022 Investing and management services
Food manufacturing £'000
£'000 Total
£'000
Capital spend 1,014 - 1,014
Depreciation 932 1 933
Interest income (non-Group) (8) - (8)
Interest expense (non-Group) 138 - 138
Tax (credit)/expense (50) 50 -
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 2022 30 June 30 June 31 December 2022
2023 2022 2023 2022
£'000 £'000 £'000 £'000 £'000 £'000
(as restated)
UK 19,090 15,320 36,830 8,011 10,311 8,142
Rest of Europe - 469 1,197 - - -
USA - - - - - -
19,090 15,789 38,027 8,011 10,311 8,142
Notes:
(1) stated before intra-group management and interest charges
(2) assets and liabilities stated excluding intra-group balances
4 Investment revenues, other gains and losses and finance
income and expense
Finance income 30 June 30 June 31 December 2022
2023 2022 £'000
£'000 £'000
Bank interest receivable 235 - 8
Investment revenues 52 86 109
Other gains and losses - 310 581
287 396 698
During 2022 the Group realised gains on the disposal of available for sale
investments, which are reported above as other gains and losses. No such
disposals took place in 2023.
Finance expense 30 June 30 June 31 December 2022
2023 2022 £'000
£'000 £'000
Bank interest payable (64) (67) (41)
Lease interest (1) (2) (44)
Other interest and finance charges - - (53)
(65) (69) (138)
5 Earnings per share
The calculation of the basic and diluted earnings per share is based on the
following data:
6 months to Year ended
30 June 6 months to 31 December
2023 30 June 2022
£'000 2022 £'000
£'000
As restated
Earnings for the purposes of earnings per share:
Profit/(loss) attributable to equity holders of the parent company:
From continuing operations 317 291 1,854
From discontinued operations (4) (1,506) (2,391)
No. No. No.
Weighted average number of ordinary shares for the purposes of earnings per
share:
Weighted average number of ordinary shares in issue 2,357,317 2,534,856 2,493,592
Dilutive effect of potential ordinary shares - - -
Weighted average number of ordinary shares for diluted EPS 2,357,317 2,534,856 2,493,592
There were no share options (or other dilutive instruments) in issue during
the period in respect of the parent company's shares (30 June 2022: nil; 31
December 2022: nil).
6 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 2023 in the
following subsidiaries:
30 June 30 June 31 December 2022
2022 2022 £'000
£'000 £'000
NMT Group Limited 67 67 67
Shire Foods Limited 2,434 2,431 2,810
2,501 2,498 2,877
The Group owns approximately 80% of Shire Foods and 98.6% of NMT.
7 Purchase of own shares
The Company acquired 21,000 Ordinary shares for a total consideration
including costs of £248,000 during the period (30 June 2022: 52,000 shares
for £622,000, 31 December 2022: 204,000 shares for £2,090,000). This
brought the total number of Ordinary shares held in treasury at the period end
to 3,863,652 shares (30 June 2022: 3,690,652, 31 December 2022: 3,842,652)
with an aggregate nominal value of less than £1.
At the period end, the total number of Ordinary shares outstanding (excluding
treasury shares), was 2,343,422 (30 June 2022: 2,516,422, 31 December 2022:
2,364,422).
8 Dividend
The Board is not recommending the payment of an interim dividend for the
period ended 30 June 2023.
- Ends -
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