REG - Volvere PLC - Half-year Report
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RNS Number : 0467Z Volvere PLC 12 September 2025
- 12 September 2025
Volvere plc
("Volvere" or the "Group")
Interim Results for the six months ended 30 June 2025
Volvere plc (AIM: VLE), the growth and turnaround investment company,
announces its unaudited Interim Results for the six months ended 30 June 2025.
Highlights
£ million except where stated Six months ended Year ended
30 June 30 June 31 December
2025 2024 2024
Group revenue - continuing operations 23.78 22.20 49.04
Group profit before tax - continuing operations 2.88 2.17 6.34
Profit/(loss) from discontinued operations - - (0.02)
Group profit after tax 2.18 1.78 4.84
As at As at As at 31
30 June 2025
30 June 2024
December 2024
Consolidated net assets per share
(excluding non-controlling interests)((1))
£18.25 £15.85 £17.20
Group net assets 43.52 38.57 41.90
Cash and available-for-sale investments 32.03 24.31 27.84
· Strong first half driven by good results from Shire Foods, the
Group's sweet and savoury products manufacturer
· Market conditions for raw materials showing some signs of
stabilising
· Balance sheet and liquidity remain strong with excellent cash
generation and treasury investment performance
· Continuing to review investments in the food and other sectors
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 2,203,922 at 30 June 2025, 2,223,922 at 30 June 2024, and
2,208,922 at 31 December 2024.
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 / Alex Aylen Tel: + 44 (0) 207 523 8000
Hobart Capital Markets LLP (Joint Broker)
Lee Richardson
Tel: +44 (0) 20 7070 5691
Chairman's Statement
For the six months to 30 June 2025 the Group has delivered a robust set of
results, with revenue and profit before tax from continuing operations of
£23.78 million and £2.88 million respectively (30 June 2024: revenue £22.20
million, profit before tax £2.17 million; 31 December 2024: revenue £49.04
million, profit before tax £6.34 million).
Group net assets grew to £43.52 million (30 June 2024: £38.57 million, 31
December 2024: £41.90 million) of which cash and available-for-sale
investments were £32.03 million (30 June 2024: £24.31 million, 31 December
2024: £27.84 million).
Net assets per share((1)) increased to £18.25 (30 June 2024: £15.85, 31
December 2024: £17.20). Further treasury share purchases totalling
approximately £0.10 million were made in the period (30 June 2024: £1.29
million; 31 December 2024: £1.51 million).
We are pleased to see that the underlying value of the Group is becoming
better reflected in the Group's share price and we will continue to purchase
the Company's own shares for treasury where appropriate.
The focus of the Board is on the long-term value growth of the Group. To that
end, we continue to review acquisitions that we think would be strategically
complementary to Shire Foods as well as looking at step-change investments in
Shire itself over the next two years. In parallel with this, we continue to
review potential investments in other sectors, in line with our investing
strategy.
David Buchler
Chairman
12 September 2025
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 another strong set of results for the first half of
2025. Group revenue (all of which related to Shire Foods) increased by 7.1% to
a record £23.78 million (30 June 2024: £22.20 million), with Group profit
before tax of £2.88 million (30 June 2024: £2.17 million).
Group net assets at the period end increased to £43.52 million (30 June 2024:
£38.57 million, 31 December 2024: £41.90 million) and net assets per share
increased to £18.25 (30 June 2024: £15.85, 31 December 2024: £17.20).
Financial performance
Food manufacturing segment - Shire Foods
Shire Foods' revenues reached an all-time high of £23.78 million (30 June
2024: £22.20 million, 31 December 2024: £49.04 million). Like-for-like
revenue growth in the first half was muted due to the offsetting effect of the
loss of a low margin product, which ceased supply in 2025, but which was
included in the comparative period. In spite of this, however, we saw
pleasing underlying growth.
Profit before tax and intra-Group management and interest charges((2))
increased to £2.87 million (30 June 2024: £2.09 million, 31 December 2024:
£6.17 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 2024 2023 2022
30 June 30 June £'000 £'000 £'000
2025 2024
£'000 £'000
Revenue 23,780 22,200 49,040 42,950 38,027
Underlying profit before tax, intra-group interest and management charges((2))
2,869 2,085 6,171 3,861 2,777
Intra-group interest and management charges (125) (125) (350) (350) (348)
Profit before tax 2,744 1,960 5,821 3,511 2,429
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.
Notwithstanding this excellent performance, I do, however, want to reiterate
the note of caution that I sounded when we announced our full year results in
May. We flagged that the food sector, as a whole, was facing higher labour
costs and that we had started to see increases in our costs after a relatively
stable start to the year. This has continued in quarter two and into quarter
three, which has impacted (and continues to impact) gross margins. We have
worked hard to mitigate these increases where we can, mainly through revised
terms with customers and these will feed into our results in quarters three
and four. As I noted in May, we still expect Shire to deliver a creditable
performance for 2025, albeit that we will most probably not see the level of
profit growth that we have seen in previous years.
Whilst this is mildly frustrating, we consider it to be in line with our
sector and, more importantly, believe that 2026 will once again provide
further growth as new accounts and products come on stream for the full year.
It is encouraging that we have continued to extend our product supply into two
of our major customers (as well as others) and have won several new lines with
a fuel station food-to-go customer whose emphasis is on quality and category
innovation. This year has seen the largest number of new product launches in
memory, most of which have related to launches towards the second half of the
year. Whilst introducing these involves an enormous amount of work and often
not insignificant costs, they are expected to deliver incremental sales in
2026.
We are currently assessing whether to invest in a second site to allow us to
increase manufacturing capacity further. Our broad plan would be to extend the
current site's operations by relocating non-yielding, but essential, storage
space to another location nearby. This will involve investment in both the
existing site and a new one. There are multiple benefits from this, not least
the ability to widen our product portfolio to include non-pastry product
manufacturing and to undertake certain activities that our upward and downward
supply chains currently perform for us at a direct cost.
In the meantime, we have continued to invest in the existing site, with two
new carton machines installed, along with a higher capacity cooking vessel.
Capital expenditure in the period was £0.68 million (30 June 2024: £0.51
million, 31 December 2024: £0.72 million).
Shire paid a dividend in the period amounting to £5.00 million, of which
£1.00 million was payable to Shire's minority shareholders, with the balance
to the Group. This brought the total dividends received to date by the Group
to £6.40 million. There remains no Group indebtedness.
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 £0.01 million (30 June 2024: £0.09
million, 31 December 2024: £0.17 million). The reduction in the period is due
to a fall in investment yields on cash deposits in line with prevailing
interest rates.
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
80.30p (30 June 2024: 64.05p, 31 December 2024: 177.47p). Basic and diluted
loss per ordinary share from discontinued operations was nil (30 June 2024:
loss (0.17)p, 31 December 2024: loss (0.82)p). Total basic and diluted profit
per ordinary share was 80.30p (30 June 2024: 63.88p, 31 December 2024:
176.65p).
Statement of financial position
Working Capital
Group cash at 30 June was £28.52 million (30 June 2024: £22.14 million, 31
December 2024: £25.05 million). The consolidated statement of cash flows sets
out the details of cash movements in the period. Significant outflows related
to the Shire minority dividend (£0.99 million), capital expenditure (£0.68
million) and corporation tax (£0.76 million).
With increased manufacturing capacity in Shire, we have been able to reduce
inventory levels to £6.04 million compared to last year (30 June 2024: £7.65
million). We are aligning output more closely with demand, albeit that there
can be a degree of resilience lost from this approach. Since the period end,
we have increased inventory to meet the seasonally higher demand expected in
second half of the year, though this is being offset by increases in supplier
credit.
At the period end there was an investment in available-for-sale investments
with a carrying value of £3.51 million (30 June 2024: £2.17 million, 31
December 2024: £2.79 million). The difference between the carrying value of
the investment at the period end and the original cost has been credited to
reserves, net of deferred tax.
Purchase of own shares
The Company acquired 5,000 Ordinary shares for a total consideration including
costs of £95,000 during the period (30 June 2024: 104,000 shares for
£1,289,000, 31 December 2024: 119,000 shares for £1,512,000).
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
The start to this year has been, for the most part, positive, with only
sector-wide inflationary cost pressures bringing some short-term challenges.
Our continuing focus on Shire and its development remain a primary focus and
that has proven successful. Our strong capital base provides the platform to
extend Shire's own manufacturing infrastructure and broaden its product
offerings and will, I think, further enhance shareholder value.
We are continuing to look at a small number of potential targets in the food
sector that we believe could provide interesting opportunities for the
Group. We will, however, only acquire or invest in businesses where we
believe we can add further value and where the deal terms make it worthwhile.
Although the wider turnaround environment is somewhat flat at present in terms
of deal flow, we are continuing to review opportunities as they arise. In
terms of deploying capital, we will continue to buy in shares in the market
when we are able to provide shareholders with liquidity.
Finally, I would like to thank my colleagues and staff for their support and
hard work in what has been a relentlessly demanding period, but which I am
quietly confident will provide the basis for success into 2026 and beyond.
Nick Lander
Co-founder & Director
12 September 2025
Consolidated income statement
6 months to 6 months to Year ended
30 June 30 June 31
2025 2024 December
2024
Note
£'000 £'000 £'000
Continuing operations
Revenue 3 23,780 22,200 49,040
Cost of sales (18,815) (17,964) (38,364)
Gross profit 4,965 4,236 10,676
Distribution costs (1,475) (1,414) (3,078)
Administrative expenses (1,171) (1,130) (2,219)
Operating profit 2,319 1,692 5,379
Finance expense 4 - (73) (100)
Finance income 4 563 552 1,057
(Loss)/profit on sale of tangible fixed assets (7) - 1
Profit before tax 2,875 2,171 6,337
Income tax expense (693) (385) (1,483)
Profit for the period from continuing operations 2,182 1,786 4,854
- (4) (18)
(Loss)/profit for the period from discontinued operations
Profit for the period 2,182 1,782 4,836
Attributable to:
- Equity holders of the parent 1,772 1,455 3,967
- Non-controlling interests 6 410 327 869
2,182 1,782 4,836
Earnings/(loss) per share 5
Basic and Diluted 80.30p 64.05p 177.47p
- from continuing operations
- from discontinued operations - (0.17)p (0.82)p
Total 80.30p 63.88p 176.65p
Consolidated statement of comprehensive income
6 months to 6 months to Year ended
30 June 30 June 31
2025 2024 December
2024
£'000 £'000 £'000
Profit for the period 2,182 1,782 4,836
Other comprehensive income
Revaluation of freehold land and buildings - - 200
Revaluation of available-for-sale investments 719 573 1,190
Deferred tax recognised directly in equity (180) - (328)
Total comprehensive income for the period 2,721 2,355 5,898
Attributable to:
Equity holders of the parent 2,311 2,028 4,999
Non-controlling interests 410 327 899
2,721 2,355 5,898
Consolidated statement of changes in equity
Six months to 30 June 2025 Share Share Retained Total Non-controlling interests Total
£'000
capital premium Revaluation earnings £'000 £'000
£'000 £'000 reserve £'000
£'000
Profit for the period - - - 1,772 1,772 410 2,182
Revaluation of available-for-sale investments - - - 719 719 - 719
Deferred tax recognised directly in equity - - - (180) (180) - (180)
Total comprehensive income for the period - - - 2,311 2,311 410 2,721
Balance at 1 January 50 7,885 947 29,122 38,004 3,891 41,895
Transactions with owners:
Dividend paid to non-controlling interests - - - - - (1,000) (1,000)
- - -
Purchase of own treasury shares (95) (95) - (95)
Total transactions with owners - - - (95) (95) (1,000) (1,095)
Balance at 30 June 50 7,885 947 31,338 40,220 3,301 43,521
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
Year ended 31 December 2024 Share Share Retained Total Non-controlling interests Total
£'000
capital premium Revaluation earnings £'000 £'000
£'000 £'000 reserve £'000
£'000
Profit for the year - - - 3,967 3,967 869 4,836
- - 160 - 160 40 200
Revaluation of property
- - - 1,190 1,190 - 1,190
Revaluation of available for sale investments
- - (40) (278) (318) (10) (328)
Deferred tax recognised directly in equity
Total comprehensive income for the year - - 120 4,879 4,999 899 5,898
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 - - - -
- - (1,512) (1,512) - (1,512)
Purchase of own treasury shares -
Total transactions with owners - - - (1,512) (1,512) - (1,512)
Balance at 31 December 50 7,885 947 29,122 38,004 3,891 41,895
Consolidated statement of financial position
30 June 30 June 31 December
2025 2024 2024
Note £'000 £'000 £'000
Assets
Non-current assets
Property, plant & equipment 7,796 7,886 7,698
Total non-current assets 7,796 7,886 7,698
Current assets
Inventories 6,038 7,645 6,235
Trade and other receivables 7,459 7,380 9,123
Cash and cash equivalents 28,523 22,141 25,053
Available-for-sale investments 3,508 2,173 2,789
Total current assets 45,528 39,339 43,200
Total assets 53,324 47,225 50,898
Liabilities
Current liabilities
Loans and other borrowings (124) (120) (98)
Leases (137) (368) (209)
Trade and other payables (7,016) (6,209) (6,249)
Total current liabilities (7,277) (6,697) (6,556)
Non-current liabilities
Loans and other borrowings (507) (638) (573)
Leases (232) (172) (267)
Total non-current liabilities (739) (810) (840)
Total liabilities (8,016) (7,507) (7,396)
Provisions - deferred tax (1,787) (1,143) (1,607)
NET ASSETS 43,521 38,575 41,895
Equity
Share capital 50 50 50
Share premium account 7,885 7,885 7,885
Revaluation reserves 947 827 947
Retained earnings 31,338 26,494 29,122
Capital and reserves attributable to equity holders of the Company 40,220 35,256 38,004
Non-controlling interests 6 3,301 3,319 3,891
TOTAL EQUITY 43,521 38,575 41,895
Consolidated statement of cash flows
6 months to 30 June 2025 6 months to 30 June 2025 6 months to 30 June 2024 6 months to 30 June 2024 Year ended 31 December 2024 Year ended 31 December 2024
Note £'000 £'000 £'000 £'000 £'000 £'000
Profit/(loss) for the period 2,182 1,782 4,836
Adjustments for:
Finance expense 4 - 73 100
Finance income 4 (563) (552) (1,057)
Depreciation 562 531 1,124
Operating lease rentals (4) (6) (11)
Income tax expense 693 385 1,483
(Gain)/loss on disposal of fixed assets 7 - (1)
Loss from discontinued operations - 4 18
695 435 1,656
Operating cash flows before movements in working capital 2,877 2,217 6,492
Decrease in trade and other receivables 1,797 1,389 407
Increase in trade and other payables 703 1,083 147
Decrease/(increase) in inventories 197 (1,720) (310)
Net movements in working capital 2,697 752 244
Operating cash generated from continuing operations 5,574 2,969 6,736
Operating cash (used by)/generated from discontinued operations - (270) (270)
(758) (978) (1,739)
Corporation tax paid
Net cash generated from operations 4,816 1,721 4,727
Investing activities
Interest received 515 497 972
Income from investments 57 55 85
Purchase of property, plant and equipment (675) (512) (599)
Sale of property, plant and equipment 10 - 1
Purchase of available-for-sale investments - - -
Disposal of available-for-sale investments - - -
Cash generated (used by)/generated from continuing investing activities (93) 40 459
Cash generated from discontinued investing activities - - -
Net cash generated from/(used by) investing activities (93) 40 459
Financing activities
Interest paid - (72) (98)
Purchase of own shares (treasury shares) 7 (95) (1,289) (1,512)
Dividend paid to non-controlling interests (990) - -
Net repayment of borrowings (168) (398) (662)
Cash used by continuing financing activities (1,253) (1,759) (2,272)
Cash used by discontinued financing activities - - -
Net cash used by financing activities (1,253) (1,759) (2,272)
Net increase in cash 3,470 2 2,914
25,053 22,139 22,139
Cash at beginning of period
Cash at end of period 28,523 22,141 25,053
Notes forming part of the unaudited interim results for the period ended 30
June 2025
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 2024. 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 2024 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 2024
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 2024.
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 2025 Investing and
Food Management
manufacturing services Total
£'000 £'000 £'000
Revenue 23,780 - 23,780
Profit before tax((1)) 2,869 6 2,875
Period ended 30 June 2024 Investing and
Food Management
manufacturing services Total
£'000 £'000 £'000
Revenue 22,200 - 22,200
Profit before tax ((1)) 2,085 86 2,171
( )
Year ended 31 December 2024 Investing and management services
Food £'000
manufacturing Total
£'000 £'000
Revenue 49,040 - 49,040
Profit before tax((1)) 6,171 166 6,337
As at 30 June 2025
Investing and
Food manufacturing management
£'000 services Total
£'000 £'000
Assets 25,342 27,982 53,324
Liabilities/provisions (9,191) (612) (9,623)
Net assets((2)) 16,151 27,370 43,521
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 31 December 2024 Investing and
Food manufacturing management
£'000 services Total
£'000 £'000
Assets 27,668 23,230 50,898
Liabilities/provisions (8,566) (437) (9,003)
Net assets((2)) 19,102 22,793 41,895
Continuing operations Investing and management services
Food manufacturing £'000
Six months to 30 June 2025 £'000 Total
£'000
Capital spend 675 - 675
Depreciation 562 - 562
Interest income (non-Group) (64) (442) (506)
Interest expense (non-Group) - - -
Tax expense 693 - 693
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
Year ended 31 December 2024 £'000 Total
£'000
Capital spend 717 - 717
Depreciation 1,124 - 1,124
Interest income (non-Group) - (972) (972)
Interest expense (non-Group) 100 - 100
Tax expense 1,479 4 1,483
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 2024 30 June 30 June 31 December 2024
2025 2024 2025 2024
£'000 £'000 £'000 £'000 £'000 £'000
UK 23,780 22,200 47,842 7,796 7,886 7,698
Rest of Europe - - 1,198 - - -
USA - - - - - -
23,780 22,200 49,040 7,796 7,886 7,698
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 2024
2025 2024 £'000
£'000 £'000
Bank interest receivable 506 497 972
Investment revenues 57 55 85
Other gains and losses - - -
563 552 1,057
Finance expense 30 June 30 June 31 December 2024
2025 2024 £'000
£'000 £'000
Bank interest payable - (72) (2)
Lease interest - (1) (53)
Other interest and finance charges - - (45)
- (73) (100)
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
2025 30 June 2024
£'000 2024 £'000
£'000
Earnings for the purposes of earnings per share:
Profit/(loss) attributable to equity holders of the parent company:
From continuing operations 1,772 1,459 3,985
From discontinued operations - (4) (18)
No. No. No.
Weighted average number of ordinary shares for the purposes of earnings per
share:
Weighted average number of ordinary shares in issue 2,206,942 2,277,834 2,245,533
Dilutive effect of potential ordinary shares - - -
Weighted average number of ordinary shares for diluted EPS 2,206,942 2,277,834 2,245,533
There were no share options (or other dilutive instruments) in issue during
the period in respect of the parent company's shares (30 June 2024: nil; 31
December 2024: nil).
6 Non-controlling interests
The non-controlling interests of £3.30 million relate to the net assets
attributable to the shares not held by the Group at 30 June 2025 in the
following subsidiaries:
30 June 30 June 31 December 2024
2025 2024 £'000
£'000 £'000
NMT Group Limited 71 69 70
Shire Foods Limited 3,230 3,250 3,821
3,301 3,319 3,891
The Group owns approximately 80% of Shire Foods and 98.6% of NMT.
7 Purchase of own shares
The Company acquired 5,000 Ordinary shares for a total consideration including
costs of £95,000 during the period (30 June 2024: 104,000 shares for
£1,289,000, 31 December 2024: 119,000 shares for £1,512,000). This brought
the total number of Ordinary shares held in treasury at the period end to
4,003,152 shares (30 June 2024: 3,983,152, 31 December 2024: 3,998,152) with
an aggregate nominal value of less than £1.
At the period end, the total number of Ordinary shares outstanding (excluding
treasury shares), was 2,203,922 (30 June 2024: 2,223,922, 31 December 2024:
2,208,922).
8 Dividend
The Board is not recommending the payment of an interim dividend for the
period ended 30 June 2025.
- Ends -
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