REG - Volvere PLC - Half-year Report
13/09/2024 07:00
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RNS Number : 0229E Volvere PLC 13 September 2024
13 September 2024
Volvere plc
("Volvere" or the "Group")
Interim Results for the six months ended 30 June 2024
Volvere plc (AIM: VLE), the growth and turnaround investment company,
announces its unaudited Interim Results for the six months ended 30 June 2024.
Highlights
£ million except where stated Six months ended Year ended
30 June 30 June 31 December
2024 2023 2023
Group revenue - continuing operations 22.20 19.09 42.95
Group profit before tax - continuing operations 2.17 0.44 3.64
Profit/(loss) from discontinued operations - - 0.23
Group profit after tax 1.78 0.44 2.73
As at As at As at 31
30 June 2024
30 June 2023
December 2023
Consolidated net assets per share
(excluding non-controlling interests)((1))
£15.85 £14.00 £14.83
Group net assets 38.57 35.33 37.51
Cash and available-for-sale investments 24.31 21.41 23.74
· Excellent first half performance, underpinned by record trading
at Shire Foods, the Group's savoury products manufacturer
· Improved performance from treasury investments
· Share buybacks in period totalling £1.29 million
· High liquidity and strong balance sheet
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 2,223,922 at 30 June 2024, 2,343,422 at 30 June 2023, and
2,327,922 at 31 December 2023.
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
I am pleased to report strong results for the six months to 30 June 2024,
which saw Group revenue and profit before tax from continuing operations of
£22.20 million and £2.17 million respectively (30 June 2023: revenue £19.09
million, profit before tax £0.44 million; 31 December 2023: revenue £42.95
million, profit before tax £3.64 million).
The Group's financial position remains strong with total net assets of £38.57
million (30 June 2023: £35.33 million, 31 December 2023: £37.51 million).
Cash and available-for-sale investments were £24.31 million (30 June 2023:
£21.41 million, 31 December 2023: £23.74 million).
Net assets per share((1)) increased to £15.85 (30 June 2023: £14.00, 31
December 2023: £14.83). Further treasury share purchases totalling £1.29
million were made in the period (30 June 2023: £0.25 million; 31 December
2023: £0.43 million). The Board continues to be conscious of the Group's
share price being below net assets per share and remains committed to
purchasing its own shares for treasury where appropriate.
The focus continues on the performance of the Group's trading subsidiary,
Shire Foods, whilst seeking further investment opportunities.
David Buchler
Chairman
13 September 2024
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
I am delighted to report on the first half of 2024, which has again delivered
improved like-for-like performance compared to the first half of 2023.
Shire Foods' results, as our only subsidiary, impacts significantly on how the
Group performs and its strong trading has been encouraging, reflecting the
commitment of our management and staff.
Group revenues for the period (which relate solely to Shire Foods) were up by
£3.11 million to £22.20 million, an increase of more than 16% compared to
the comparable period in 2023 (30 June 2023: £19.09 million, 31 December
2023: £42.95 million).
The Group's profit before tax from continuing operations for the period was
£2.17 million (30 June 2023: £0.44 million, 31 December 2023: £3.64
million). The Group's overall profit after tax (including discontinued
operations) was £1.78 million (30 June 2023: £0.44 million, year to 31
December 2023: £2.73 million), reflecting the growth in Shire Foods and
increased yields from cash deposits.
Group net assets at the period end increased to £38.57 million (30 June 2023:
£35.33 million, 31 December 2023: £37.51 million) in spite of the Group's
treasury share purchases. Net assets per share increased to £15.85 in the
period (30 June 2023: £14.00, 31 December 2023: £14.83).
Financial performance
Food manufacturing segment - Shire Foods
Shire Foods' revenues reached an all-time high of £22.20 million (30 June
2023: £19.09 million, 31 December 2023: £42.95 million). Our strong
relationships and the quality of our products has enabled us to continue to
grow, albeit that our growth is inherently affected by our customers' own
market and category performance and their product strategies.
Profit before tax and intra-Group management and interest charges((2))
increased to £2.09 million (30 June 2023: £0.75 million, 31 December 2023:
profit £3.86 million).
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 2023 2022 2021
30 June 30 June £'000 £'000 £'000
2024 2023
£'000 £'000
Revenue 22,200 19,090 42,950 38,027 30,605
Underlying profit before tax, intra-group interest and management charges((2))
2,085 745 3,861 2,777 2,139
Intra-group interest and management charges (125) (125) (350) (348) (252)
Profit before tax 1,960 620 3,511 2,429 1,887
Note 2: Profit before intra-Group interest and management 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.
As reported previously, Shire has seen raw material costs remaining largely
stable, with labour and energy costs increasing in 2024, though the effect of
the latter will be effective from the fourth quarter of 2024. The materials
margin in the period increased by 3% compared to the whole of 2023, which
reflects the need to continue to fund labour and overhead increases, much of
which are outside of the company's control. We remain focused on margins and
efficiency measures to mitigate cost increases wherever possible through
appropriate investment.
Stock levels have risen in the period in preparation for the second half of
the year, when sales volumes are traditionally higher as the colder weather
sets in. In preparation for 2025, we have invested £0.51 million in the
site during the period (30 June 2023: £0.38 million, 31 December 2023: £0.79
million), with capital already committed to increase our production capacity
further.
There continued to be no Group loans outstanding at 30 June 2024 (30 June
2023: nil, 31 December 2023: nil).
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 profit before tax and intra-Group management and
interest charges((2)) for the period was £0.09 million (30 June 2023: loss
£0.30 million, 31 December 2023: loss £0.23 million).
The improved result in this period reflects lower central costs as well as
increased returns on cash deposits. Further information on investment
returns 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
64.05p (30 June 2023: 13.45p, 31 December 2023: 80.69p). Basic and diluted
loss per ordinary share from discontinued operations was (0.17)p (30 June
2023: (0.17)p, 31 December 2023: profit 9.60)p). Total basic and diluted
profit per ordinary share was 63.88p (30 June 2023: 13.28p, 31 December 2023:
90.29p).
Statement of financial position
Cash and available-for-sale investments
Group cash at 30 June was £22.14 (30 June 2023: £19.81 million, 31 December
2023: £22.14 million). The consolidated statement of cash flows sets out
the details of cash movements in the period.
Shire Foods' inventory levels grew in the period (as is the seasonal norm for
the business, which builds inventory in advance of the higher trading months
expected in the second half of the year), although this has been mitigated by
increased supplier credit. The principal cash outflows in the period were
the advance payment of corporation tax (£0.98 million), the purchase of plant
and equipment (£0.51 million) and the purchase of treasury shares (£1.29
million).
At the period end there was an investment in available-for-sale investments
with a carrying value of £2.17 million (30 June 2023: £1.59 million, 31
December 2023: £1.60 million). The carrying value of the investment had
been below the original cost for some time, but at the period end was showing
an unrealised gain of £0.49 million, which has been credited to reserves.
Purchase of own shares
The Company acquired 104,000 Ordinary shares for a total consideration
including costs of £1,289,000 during the period (30 June 2023: 21,000 shares
for £248,000, 31 December 2023: 36,500 shares for £427,000).
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
As shareholders know, we are focused on enhancing shareholder value. To that
end, we continue to do everything possible to ensure that Shire Foods' trading
remains robust. The importance of this is self-evident as it underpins the
inherent value of that business.
Whilst we are continuing to review potential investment opportunities, deal
flow has been patchy in recent months. This may reflect the summer period,
but the reduction in interest rates may be easing pressure on debt servicing
and levels of distress. We know our experiences in this regard are not
unique but broadly reflect the wider M&A market.
The Group has continued to make significant purchases of its own shares in the
market, reflecting the discount that the share price has represented to the
net asset value per share. We intend to continue to do this in so far as we
are able and when it makes sense to do so in order to provide liquidity for
shareholders who wish to reduce their shareholdings.
Nick Lander
Co-founder & Director
13 September 2024
Consolidated income statement
6 months to Year ended
30 June 31
2024 6 months to December
30 June 2023
Note 2023
£'000 £'000 £'000
Continuing operations
Revenue 3 22,200 19,090 42,950
Cost of sales (17,964) (16,535) (35,044)
Gross profit 4,236 2,555 7,906
Distribution costs (1,414) (1,185) (2,665)
Administrative expenses (1,130) (1,174) (2,274)
Operating profit 1,692 196 2,967
Finance expense 4 (73) (65) (172)
Finance income 4 552 287 805
Profit on sale of tangible fixed assets - 23 36
Profit before tax 2,171 441 3,636
Income tax expense (385) - (1,129)
Profit for the period from continuing operations 1,786 441 2,507
(4) (4) 226
(Loss)/profit for the period from discontinued operations
Profit for the period 1,782 437 2,733
Attributable to:
- Equity holders of the parent 1,455 313 2,118
- Non-controlling interests 6 327 124 615
1,782 437 2,733
Earnings/(loss) per share 5
Basic and Diluted 64.05p 13.45p 80.69p
- from continuing operations
- from discontinued operations (0.17)p (0.17)p 9.60p
Total 63.88p 13.28p 90.29p
Consolidated statement of comprehensive income
6 months to 6 months to Year ended
30 June 30 June 31
2024 2023 December
2023
£'000 £'000 £'000
Profit for the period 1,782 437 2,733
Other comprehensive income
Revaluation of available-for-sale investments 573 (53) (49)
Transfer to income statement on disposal of property - (55) -
Deferred tax recognised directly in equity - - -
Total comprehensive income for the period 2,355 329 2,684
Attributable to:
Equity holders of the parent 2,028 205 2,069
Non-controlling interests 327 124 615
2,355 329 2,684
Consolidated statement of changes in equity
Six months to 30 June 2024 Share Share Retained Total Non-controlling interests Total
£'000
capital premium Revaluation earnings £'000 £'000
£'000 £'000 reserve £'000
£'000
Profit for the period - - - 1,455 1,455 327 1,782
Revaluation of available-for-sale investments - - - 573 573 - 573
Deferred tax recognised directly in equity - - - - - - -
Total comprehensive income for the period - - - 2,028 2,028 327 2,355
Balance at 1 January 50 7,885 827 25,755 34,517 2,992 37,509
Transactions with owners:
Dividend paid to non-controlling interests - - - - - - -
- - -
Purchase of own treasury shares (1,289) (1,289) - (1,289)
Total transactions with owners - - - (1,289) (1,289) - (1,289)
Balance at 30 June 50 7,885 827 26,494 35,256 3,319 38,575
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 1,718 23,222 32,875 2,877 35,752
Transactions with owners:
- - -
Dividend paid to non-controlling interests - - (500) (500)
- - - - (248)
Purchase of own treasury shares (248) (248)
Total transactions with owners - - - (248) (248) (500) (748)
Balance at 30 June 50 7,885 1,610 23,287 32,832 2,501 35,333
Year ended 31 December 2023 Share Share Retained Total Non-controlling interests Total
£'000
capital premium Revaluation earnings £'000 £'000
£'000 £'000 reserve £'000
£'000
Profit for the year - - - 2,118 2,118 615 2,733
Transfer of revaluation reserve - - (891) 891 - - -
- - - (49) (49) - (49)
Revaluation of available-for-sale investments
- - - - - - -
Deferred tax recognised directly in equity
Total comprehensive income for the year - - (891) 2,960 2,069 615 2,684
Balance at 1 January 50 7,885 1,718 23,222 32,875 2,877 35,752
Transactions with owners:
- - -
Dividend paid to non-controlling interests - - (500) (500)
- - - (427) (427) - (427)
Purchase of own treasury shares
Total transactions with owners - - - (427) (427) (500) (927)
Balance at 31 December 50 7,885 827 25,755 34,517 2,992 37,509
Consolidated statement of financial position
30 June 30 June 31 December
2024 2023 2023
Note £'000 £'000 £'000
Assets
Non-current assets
Property, plant & equipment 7,886 8,011 7,905
Total non-current assets 7,886 8,011 7,905
Current assets
Inventories 7,645 6,899 5,925
Trade and other receivables 7,380 5,606 7,843
Cash and cash equivalents 22,141 19,810 22,139
Assets held for sale - 1,447 -
Available-for-sale investments 2,173 1,595 1,599
Total current assets 39,339 35,357 37,506
Total assets 47,225 43,368 45,411
Liabilities
Current liabilities
Loans and other borrowings (120) (553) (269)
Leases (368) (411) (362)
Trade and other payables (6,209) (5,120) (4,955)
Total current liabilities (6,697) (6,084) (5,586)
Non-current liabilities
Loans and other borrowings (638) (759) (698)
Leases (172) (534) (373)
Total non-current liabilities (810) (1,293) (1,071)
Total liabilities (7,507) (7,377) (6,657)
Provisions - deferred tax (1,143) (658) (1,245)
NET ASSETS 38,575 35,333 37,509
Equity
Share capital 50 50 50
Share premium account 7,885 7,885 7,885
Revaluation reserves 827 1,610 827
Retained earnings 26,494 23,287 25,755
Capital and reserves attributable to equity holders of the Company 35,256 32,832 34,517
Non-controlling interests 6 3,319 2,501 2,992
TOTAL EQUITY 38,575 35,333 37,509
Consolidated statement of cash flows
6 months to 30 June 2024 6 months to 30 June 2024 6 months to 30 June 2023 6 months to 30 June 2023 Year ended 31 December 2023 Year ended 31 December 2023
Note £'000 £'000 £'000 £'000 £'000 £'000
Profit/(loss) for the period 1,782 437 2,733
Adjustments for:
Finance expense 4 73 65 172
Finance income 4 (552) (287) (805)
Depreciation 531 497 1,011
Operating lease rentals (6) (7) (15)
Income tax expense 385 - 1,129
(Gain)/loss on disposal of fixed assets - (23) (36)
Loss from discontinued operations 4 4 (226)
435 249 1,230
Operating cash flows before movements in working capital 2,217 686 3,963
Decrease/(increase) in trade and other receivables 1,389 2,758 543
Increase in trade and other payables 1,083 855 95
(Increase)/decrease in inventories (1,720) (3,534) (2,564)
Net movements in working capital 752 79 (1,926)
Income tax paid (978) - -
Operating cash generated from continuing operations 1,991 765 2,037
Operating cash (used by)/generated from discontinued operations (270) 695 964
Net cash generated from operations 1,721 1,460 3,001
Investing activities
Interest received 497 235 725
Income from investments 55 52 80
Purchase of property, plant and equipment (512) (62) (470)
Sale of property, plant and equipment - 34 34
Purchase of available-for-sale investments - - -
Disposal of available-for-sale investments - - -
Cash generated from/(used by) continuing investing activities 40 259 369
Cash generated from discontinued investing activities - 720 2,238
Net cash generated from/(used by) investing activities 40 979 2,607
Financing activities
Interest paid (72) (64) (172)
Purchase of own shares (treasury shares) 7 (1,289) (248) (427)
Dividend paid to non-controlling interests - (500) (500)
Net repayment of borrowings (398) (948) (1,501)
Cash used by continuing financing activities (1,759) (1,760) (2,600)
Cash used by discontinued financing activities - (5) (5)
Net cash used by financing activities (1,759) (1,765) (2,605)
Net increase in cash 2 674 3,003
22,139 19,136 19,136
Cash at beginning of period
Cash at end of period 22,141 19,810 22,139
Notes forming part of the unaudited interim results for the period ended 30
June 2024
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 2023. 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 2023 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 2023
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 2023.
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 2024 Investing and
Food Management
manufacturing services Total
£'000 £'000 £'000
Revenue 22,200 - 22,200
Profit/(loss) before tax((1)) 2,085 86 2,171
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
( )
Year ended 31 December 2023 Investing and management services
Food £'000
manufacturing Total
£'000 £'000
Revenue 42,950 - 42,950
Profit/(loss) before tax((1)) 3,861 (225) 3,636
As at 30 June 2024
Investing and
Food manufacturing management
£'000 services Total
£'000 £'000
Assets 24,649 22,576 47,225
Liabilities/provisions (8,310) (340) (8,650)
Net assets((2)) 16,339 22,236 38,575
As at 30 June 2023 Investing and
Food manufacturing management
£'000 services Total
£'000 £'000
Assets 22,047 21,321 43,368
Liabilities/provisions (8,594) 559 (8,035)
Net assets((2)) 13,453 21,880 35,333
As at 31 December 2023 Investing and
Food manufacturing management
£'000 services Total
£'000 £'000
Assets 22,175 23,326 45,411
Liabilities/provisions (7,766) (136) (7,902)
Net assets((2)) 14,409 23,100 37,509
Continuing operations Investing and management services
Food manufacturing £'000
Six months to 30 June 2024 £'000 Total
£'000
Capital spend 512 - 512
Depreciation 531 - 531
Interest income (non-Group) - (497) (497)
Interest expense (non-Group) 73 - 73
Tax expense 326 59 385
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 expense - - -
Investing and management services
Food manufacturing £'000
Year ended 31 December 2023 £'000 Total
£'000
Capital spend 785 - 785
Depreciation 1,010 1 1,011
Interest income (non-Group) - (725) (725)
Interest expense (non-Group) 172 - 172
Tax expense 442 687 1,129
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 2023 30 June 30 June 31 December 2023
2024 2023 2024 2023
£'000 £'000 £'000 £'000 £'000 £'000
UK 22,200 19,090 41,758 7,886 8,011 7,905
Rest of Europe - - 1,192 - - -
USA - - - - - -
22,200 19,090 42,950 7,886 8,011 7,905
Notes:
(1) stated before intra-group interest and management 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 2023
2024 2023 £'000
£'000 £'000
Bank interest receivable 497 235 725
Investment revenues 55 52 80
Other gains and losses - - -
552 287 805
Finance expense 30 June 30 June 31 December 2023
2024 2023 £'000
£'000 £'000
Bank interest payable (72) (64) (38)
Lease interest (1) (1) (52)
Other interest and finance charges - - (82)
(73) (65) (172)
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
2024 30 June 2023
£'000 2023 £'000
£'000
Earnings for the purposes of earnings per share:
Profit/(loss) attributable to equity holders of the parent company:
From continuing operations 1,459 317 1,892
From discontinued operations (4) (4) 226
No. No. No.
Weighted average number of ordinary shares for the purposes of earnings per
share:
Weighted average number of ordinary shares in issue 2,277,834 2,357,317 2,345,696
Dilutive effect of potential ordinary shares - - -
Weighted average number of ordinary shares for diluted EPS 2,277,834 2,357,317 2,345,696
There were no share options (or other dilutive instruments) in issue during
the period in respect of the parent company's shares (30 June 2023: nil; 31
December 2023: nil).
6 Non-controlling interests
The non-controlling interests of £3.32 million relate to the net assets
attributable to the shares not held by the Group at 30 June 2024 in the
following subsidiaries:
30 June 30 June 31 December 2023
2024 2023 £'000
£'000 £'000
NMT Group Limited 69 67 68
Shire Foods Limited 3,250 2,434 2,924
3,319 2,501 2,992
The Group owns approximately 80% of Shire Foods and 98.6% of NMT.
7 Purchase of own shares
The Company acquired 104,000 Ordinary shares for a total consideration
including costs of £1,289,000 during the period (30 June 2023: 21,000 shares
for £248,000, 31 December 2023: 36,500 shares for £427,000). This brought
the total number of Ordinary shares held in treasury at the period end to
3,983,152 shares (30 June 2023: 3,863,652, 31 December 2023: 3,879,152) with
an aggregate nominal value of less than £1.
At the period end, the total number of Ordinary shares outstanding (excluding
treasury shares), was 2,223,922 (30 June 2023: 2,343,422, 31 December 2023:
2,327,922).
8 Dividend
The Board is not recommending the payment of an interim dividend for the
period ended 30 June 2024.
- Ends -
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