REG - Volvere PLC - Interim Results <Origin Href="QuoteRef">VLE.L</Origin> - Part 2
20/09/2016 07:06
- Part 2: For the preceding part double click ID:nRST2574Ka
11,967 12,215 12,215
Foreign exchange revaluation of opening cash 62 - -
Cash at end of period 13,986 7,129 11,967
Volvere plc
Notes forming part of the unaudited interim results for the period ended 30
June 2016
1 Financial information
The financial information for the period ended 30 June 2016 and the
comparative figures for the period ended 30 June 2015 have not been reviewed
or audited by the Group's auditors and have been prepared on the basis of the
accounting policies adopted by the Group under IFRS. The same accounting
policies and methods of computation are followed in the interim financial
report as published by the Company on 26 May 2016 in its annual financial
statements, which are available on the Company's website at
www.volvere.co.uk.
The comparative figures for the year ended 31 December 2015 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 2015
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: Warnford Court, 29 Throgmorton Street, London
EC2N 2AT and on its website www.volvere.co.uk.
2 Operating segments
Analysis by business segment (excluding intra-Group interest and management
charges and balances):
Analysis by business segment:
Period ended 30 June 2016 Automotive consulting£'000 Security solutions£'000 Investing and management services£'000 Food manufacturing£'000 Total continuing£'000 Discontinued£'000 Total £'000
Revenue 8,164 168 20 6,192 14,544 - 14,544
Profit/(loss) before tax(1) 521 55 (458) 129 247 - 247
Period ended 30 June 2015 (re-presented) Automotive consulting£'000 Security solutions£'000 Investing and management services£'000 Food manufacturing£'000 Total continuing£'000 Discontinued£'000 Total £'000
Revenue 3,880 139 - 6,487 10,506 6,389 16,895
Profit/(loss) before tax(1) (43) 51 147 307 462 332 794
Year ended 31 December 2015 Automotive consulting£'000 Security solutions£'000 Investing and management services£'000 Food manufacturing£'000 Total continuing£'000 Discontinued£'000 Total £'000
Revenue 12,077 311 - 15,476 27,864 12,823 40,687
Profit/(loss) before tax(1) 583 118 (946) 1,588 1,343 5,667(2) 7,010
As at 30 June 2016 Automotive consulting£'000 Security solutions£'000 Investing and management services£'000 Food manufacturing£'000 Total continuing£'000 Discontinued£'000 Total £'000
Assets 4,388 242 18,272 8,925 31,827 - 31,827
Liabilities/provisions (2,746) (202) (236) (3,955) (7,139) - (7,139)
Net assets(3) 1,642 40 18,036 4,970 24,688 - 24,688
As at 30 June 2015 Automotive consulting£'000 Security solutions£'000 Investing and management services£'000 Food manufacturing£'000 Total continuing£'000 Discontinued£'000 Total £'000
Assets 3,953 76 10,916 8,904 23,849 4,058 27,907
Liabilities/provisions (2,446) (128) (142) (3,611) (6,327) (2,655) (8,982)
Net assets(3) 1,507 (52) 10,774 5,293 17,522 1,403 18,925
As at 31 December 2015 Automotive consulting£'000 Security solutions£'000 Investing and management services£'000 Food manufacturing£'000 Total continuing£'000 Discontinued£'000 Total £'000
Assets 5,095 148 16,277 10,163 31,683 - 31,683
Liabilities/provisions (2,600) (163) (339) (4,287) (7,389) - (7,389)
Net assets(3) 2,495 (15) 15,938 5,876 24,294 - 24,294
(1) stated before intra-Group interest and management charges(2) discontinued segment result stated after tax (3) assets and liabilities stated excluding intra-Group balances
Six months to 30 June 2016 Automotive consulting£'000 Security solutions£'000 Investing and management services£'000 Food manufacturing£'000 Total continuing£'000 Discontinued£'000 Total £'000
Capital spend 24 - - 57 81 - 81
Depreciation 21 - 1 198 220 - 220
Amortisation/Impairment 16 - - - 16 - 16
Interest income (non-Group) - - 28 - 28 - 28
Interest expense (non-Group) 17 - - 53 70 - 70
Tax expense 82 - - - 82 - 82
Six months to 30 June 2015(re-presented) Automotive consulting£'000 Security solutions£'000 Investing and management services£'000 Food manufacturing£'000 Total continuing£'000 Discontinued£'000 Total £'000
Capital spend 2 - - 53 55 22 77
Depreciation 7 - - 164 171 45 216
Amortisation/Impairment 8 - - - 8 - 8
Interest income (non-Group) - - 25 - 25 - 25
Interest expense (non-Group) 11 - - 65 76 - 76
Tax expense - - - - - - -
Year ended 31 December 2015 Automotive consulting£'000 Security solutions£'000 Investing and management services£'000 Food manufacturing£'000 Total continuing£'000 Discontinued£'000 Total £'000
Capital spend 25 1 1 821 848 108 956
Depreciation 26 - 1 343 370 91 461
Amortisation/Impairment 89 - - - 89 - 89
Interest income (non-Group) - - 50 - 50 - 50
Interest expense (non-Group) 38 - - 134 172 - 172
Tax expense 58 - - 277 335 250(4) 585
(4) included in profit from discontinued operations after tax
Geographical analysis:
External revenue by location of customers Non-current assets by location of assets
6 months to30 June2016 6 months to30 June2015 Year ended31 December 2015 30 June2016 30 June2015 31 December 2015
£'000 £'000(re-presented) £'000 £'000 £'000(re-presented) £'000
UK 12,718 9,444 25,039 5,984 5,420 6,224
Rest of Europe 1,106 852 1,761 - - -
Other 720 210 1,064 - - -
14,544 10,506 27,864 5,984 5,420 6,224
3 Other gains and losses
The Company's unrealised treasury investment losses of £611,000 (as at 31
December 2015) were partly reversed during the period as the underlying
investment values recovered. The gain of £188,000 in the period has been
dealt with through reserves. In the prior period the Company realised profits
of £428,000 on its investment portfolio (of which £318,000 had been recognised
through revaluation prior to the start of the period and which were then
reclassified to profit, as set out in the consolidated statement of
comprehensive income).
4 Finance expense/income
The Group's finance expense relates to the debt servicing costs in the Group's
subsidiaries, Shire Foods Limited and Impetus Automotive Limited, offset by
interest earned on the Group's cash deposits.
5 Earnings per share
The calculation of the basic and diluted loss per share is based on the
following data:
6 months to30 June2016£'000 6 months to30 June2015£'000 Year ended31 December2015£'000
Earnings for the purposes of earnings per share:
From continuing operations 99 400 832
From discontinued operations - 252 5,667
Total 99 652 6,499
No. No. No.
Weighted average number of ordinary shares for the purposes of earnings per share:
Weighted average number of ordinary shares in issue 4,085,958 4,097,229 4,091,547
Dilutive effect of potential ordinary shares - - -
Weighted average number of ordinary shares for diluted EPS 4,085,958 4,097,229 4,091,547
There were no outstanding share options in issue at the period end (30 June
2015: NIL; 31 December 2015: NIL).
6 Share-based payment
During the period the Group's subsidiary, Impetus Automotive Limited, issued
shares to certain management of that business. An independent valuation of
the shares issued was undertaken and the share-based payment charge reflects
that valuation. The issue of shares in Impetus has resulted in an increase in
non-controlling interests, as set out in note 9.
7 Profit from discontinued operations
The Group's interest in JMP Consultants Limited was sold in December 2015 and
all profits arising in respect of the prior year are included in discontinued
operations. The comparative period to 30 June 2015 has been restated to show
the results of JMP as discontinued operations.
8 Business combination
As reported last year, the Group acquired Impetus Automotive Limited in March
2015 for net cash consideration of £1,013,000. Goodwill arising on the
acquisition was £380,000.
9 Non-controlling interests
The non-controlling interests of £1,133,000 relate to the net assets
attributable to the shares not held by the Group at 30 June 2016 in the
following subsidiary undertakings:
30 June 2016£'000 30 June 2015£'000 31 December 2015£'000
NMT Group Limited 74 75 74
Shire Foods Limited 992 857 972
JMP Consultants Limited - 351 -
Impetus Automotive Limited 67 - -
1,133 1,283 1,046
The increase in Impetus Automotive Limited reflects the issue of new shares
(subject to vesting conditions) in the company to certain management of
Impetus during the period and their share of profits since then (on the
assumption that vesting occurs in full). Following this and assuming full
vesting, the Group now owns 79% of Impetus. As noted above, JMP Consultants
Limited was sold in December 2015 and the non-controlling interest has reduced
accordingly.
10 Purchase of own shares
The Company did not acquire any of its own Ordinary shares during the period
(30 June and 31 December 2015: 60,000 for a total consideration of £180,000).
For reference, the total number of Ordinary shares held in treasury is
2,121,116 and the number of shares in issue, excluding treasury shares, at the
period end was 4,085,958.
11 Dividend
The Board is not recommending the payment of an interim dividend for the
period ended 30 June 2016.
- Ends -
This information is provided by RNS
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