REG - Volvere PLC - Interim Results <Origin Href="QuoteRef">VLE.L</Origin> - Part 2
21/09/2017 07:07
- Part 2: For the preceding part double click ID:nRSU3604Ra
Profit/(loss) before tax(1) 1,485 163 1,149 (813) 1,984 - 1,984
As at 30 June 2017 Automotive consulting£'000 Security solutions£'000 Food manufacturing£'000 Investing and management services£'000 Total continuing£'000 Discontinued£'000 Total £'000
Assets 7,411 214 9,670 18,445 35,740 - 35,740
Liabilities/provisions (4,054) (246) (4,278) (232) (8,810) - (8,810)
Net assets(2) 3,357 (32) 5,392 18,213 26,930 - 26,930
As at 30 June 2016 Automotive consulting£'000 Security solutions£'000 Food manufacturing£'000 Investing and management services£'000 Total continuing£'000 Discontinued£'000 Total £'000
Assets 4,388 242 8,925 18,272 31,827 - 31,827
Liabilities/provisions (2,746) (202) (3,955) (236) (7,139) - (7,139)
Net assets(2) 1,642 40 4,970 18,036 24,688 - 24,688
As at 31 December 2016 Automotive consulting£'000 Security solutions£'000 Food manufacturing£'000 Investing and management services£'000 Total continuing£'000 Discontinued£'000 Total £'000
Assets 4,834 207 11,136 19,190 35,367 - 35,367
Liabilities/provisions (2,895) (209) (5,412) (226) (8,742) - (8,742)
Net assets(2) 1,939 (2) 5,724 18,964 26,625 - 26,625
(1) stated before intra-Group interest and management charges (2) assets and liabilities stated excluding intra-Group balances
Six months to 30 June 2017 Automotive consulting£'000 Security solutions£'000 Food manufacturing£'000 Investing and management services£'000 Total continuing£'000 Discontinued£'000 Total £'000
Capital spend 9 7 206 - 222 - 222
Depreciation 20 - 208 - 228 - 228
Amortisation/Impairment 16 - - - 16 - 16
Interest income (non-Group) - - - 22 22 - 22
Interest expense (non-Group) 20 - 54 - 74 - 74
Tax expense 290 - - - 290 - 290
Six months to 30 June 2016 Automotive consulting£'000 Security solutions£'000 Food manufacturing£'000 Investing and management services£'000 Total continuing£'000 Discontinued£'000 Total £'000
Capital spend 24 - 57 - 81 - 81
Depreciation 21 - 198 1 220 - 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
Year ended 31 December2016 Automotive consulting£'000 Security solutions£'000 Food manufacturing£'000 Investing and management services£'000 Total continuing£'000 Discontinued£'000 Total £'000
Capital spend 35 - 287 - 322 - 322
Depreciation 45 - 390 1 436 - 436
Amortisation/Impairment 32 - - - 32 - 32
Interest income (non-Group) - - - 48 48 - 48
Interest expense (non-Group) 41 - 121 - 162 - 162
Tax expense 175 - 136 - 311 - 311
Geographical analysis:
External revenue by location of customers Non-current assets by location of assets
6 months to30 June2017 6 months to30 June2016 Year ended31 December 2016 30 June2017 30 June2016 31 December 2016
£'000 £'000 £'000 £'000 £'000 £'000
UK 16,249 12,718 29,064 5,963 5,984 5,991
Rest of Europe 1,557 1,106 2,612 - - -
Other 734 720 1,288 - - -
18,540 14,544 32,964 5,963 5,984 5,991
3 Other gains and losses
The Company's unrealised treasury investment losses at the end of the period
amounted £102,000 and these have been dealt with through other comprehensive
income. In the prior comparable period a reversal of unrealised treasury
investment losses occurred, giving rise to an unrealised gain of £188,000.
This was dealt with through reserves, 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 June2017£'000 6 months to30 June2016£'000 Year ended31 December2016£'000
Earnings for the purposes of earnings per share:
From continuing operations 333 99 1,334
From discontinued operations - - -
Total 333 99 1,334
No. No.
Weighted average number of ordinary shares for the purposes of earnings per share:
Weighted average number of ordinary shares in issue 4,080,323 4,085,958 4,085,958
Dilutive effect of potential ordinary shares - - -
Weighted average number of ordinary shares for diluted EPS 4,080,323 4,085,958 4,085,958
There were no outstanding share options in issue at the period end (30 June
2016: nil; 31 December 2016: nil).
6 Share-based payment
During the prior 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 resulted in an
increase in non-controlling interests, which are set out in note 7.
7 Non-controlling interests
The non-controlling interests of £1.54 million relate to the net assets
attributable to the shares not held by the Group at 30 June 2017 in the
following subsidiary undertakings:
30 June 2017£'000 30 June 2016£'000 31 December 2016£'000
NMT Group Limited 73 74 74
Shire Foods Limited 1,077 992 1,127
Impetus Automotive Limited 388 67 205
1,538 1,133 1,406
The Group now owns approximately 83% (previously 79%) of Impetus, following
the cancellation of certain management shares during the second half of 2016.
8 Purchase of own shares
The Company acquired 10,000 of its own Ordinary shares during the period (30
June and 31 December 2016: nil) for a consideration of £54,000. For
reference, the total number of Ordinary shares held in treasury is 2,131,116
and the number of shares in issue, excluding treasury shares, at the period
end was 4,075,958 (30 June and 31 December 2016: 4,085,958).
9 Dividend
The Board is not recommending the payment of an interim dividend for the
period ended 30 June 2017.
- Ends -
This information is provided by RNS
The company news service from the London Stock ExchangeRecent news on Volvere
See all newsREG - Volvere PLC - Holding(s) in Company
AnnouncementREG - Volvere PLC - Holding(s) in Company
AnnouncementREG - Volvere PLC - Transaction in Own Shares
AnnouncementREG - Volvere PLC - Trading Update and Notice of Final Results
AnnouncementREG - Volvere PLC - Holding(s) in Company
Announcement