REG - Volvere PLC - Trading Update and Notice of Final Results

VolvereAnnouncement

21/03/2025 07:00

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RNS Number : 5731B  Volvere PLC  21 March 2025

21 March 2025

Volvere plc

(the "Group" or "Volvere")

Trading Update and Notice of Final Results

Volvere plc (AIM: VLE), the growth and turnaround investment company, is
pleased to provide the following trading update for the financial year ended
31 December 2024.  All data in this announcement is unaudited, although the
comparative information for the year ending 31 December 2023 has been
extracted from audited data for that year.

The Group's 80 per cent. owned frozen pastry products manufacturer, Shire
Foods, was the Group's principal trading subsidiary and, along with the
Group's central activities, represents the Group's continuing operations.

Consolidated Net Assets and Liquidity

The Group expects to report year-end consolidated net assets per share
(excluding non-controlling interests), net assets and cash and available for
sale investments as follows:

 £ million except where stated                As at              As at

31 December 2024

                                                                 31 December 2023
 Consolidated net assets per share            £17.19             £14.83

(excluding non-controlling interests)((1))
 Group net assets                             41.84              37.51
 Cash and available-for-sale investments      27.84              23.74

 

Share buy-backs during the year totalled £1.51 million (2023: £0.43
million).

Note 1: Net assets attributable to owners of the parent company divided by
total number of ordinary shares (less those held in treasury) outstanding at
the reporting date (31 December 2024: 2,208,922, 31 December 2023: 2,327,922).

Financial Performance

 £ million except where stated
                                                  Year ended    Year ended

                                                  31 December   31 December

                                                  2024          2023

 Group revenue - continuing operations            48.97         42.95
 Group profit before tax - continuing operations  6.27          3.64
 (Loss)/profit from discontinued operations       (0.02)        0.23
 Group profit after tax for the year              4.78          2.73

 

The increased profit for the year was a result of encouraging trading in Shire
Foods, coupled with increased net finance income on the Group's cash
deposits.  The Group's revenues all related to Shire Foods.

Commentary

I am delighted with the performance for the year as a whole, which was
underpinned by strong trading at Shire Foods and good returns on our treasury
deposits.  This is reflected in our increasing cash reserves, notwithstanding
the significant treasury share purchases in the period.

As we reported in the Group's interim results in September 2024, there are
industry-wide challenges in the form of increasing labour costs in 2025
because of the increase in the minimum wage, further compounded by the
increase in employer's national insurance.  The effect on Shire will be both
internal and external, the latter from rising supply chain costs such as raw
materials, packaging and transportation.

We are continuing to mitigate cost rises where we can, but our customers
themselves are under acute pressure as the large supermarkets battle for
market share.  However, there is, we think, an expectation that food price
inflation is inevitable during 2025 as retailers pass on cost increases to
consumers.

In spite of all of this, we expect the business to deliver a creditable
performance in the context of this challenging wider environment and are
investing in additional capacity to support growth, in particular for 2026 and
beyond.

We are continuing to review potential acquisition opportunities across all
sectors.  Whilst no transaction of interest has been identified for further
investment, we remain committed and poised to do so for the right proposition.

 

Nick Lander

Co-founder & Director

 

Notice of Final Results

Volvere expects to announce its full year results for the year ended 31
December 2024 on or around 23 May 2025.

This announcement contains inside information for the purposes of the UK
Market Abuse Regulation and the Directors of the Company are responsible for
the release of this announcement.

For further information:

 Volvere plc

 Nick Lander, Co-founder & Director                 Tel: +44 (0) 1926 335700

 www.volvere.co.uk (http://www.volvere.co.uk)

 Cairn Financial Advisers LLP (Nominated Adviser)   Tel: + 44 (0) 207 213 0880

 Sandy Jamieson, Liam Murray

 Canaccord Genuity Limited (Joint Broker)           Tel: + 44 (0) 207 523 8000

 Bobbie Hilliam, Alex Aylen
 Hobart Capital Markets LLP (Joint Broker)

 Lee Richardson                                     Tel: + 44 (0) 207 070 5691

 

 

 

 

Notes to editors:

Volvere plc (AIM: VLE), is a growth and turnaround investment company. The
Group's sole current trading activity is food manufacturing. The Group
currently employs approximately 280 people.

For further information, please visit www.volvere.co.uk
(http://www.volvere.co.uk) .

 

Forward-looking statements:

This announcement 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.

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