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Volvere's 2020 revenues up after Shire Foods' 'strong performance'
StockMarketWire.com
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Volvere, the growth and turnaround investment company, saw its revenue grow to £30.81 million in 2020 from £23.04 million in 2019, driven by performance in its food businesses.
The company noted 'strong performance' by Shire Foods, the group's savoury food manufacturer, which achieved revenue and profit before tax and intra-group management and interest charges of £27.19 million (2019: £23.04 million) and £1.81 million (2019: £1.38 million) respectively. Profit before tax for the year was £1.61 million (2019: £1.18 million). The full-year results also highlighted 'improving performance' from Indulgence Patisserie, the Group's cakes and dessert manufacturer which was acquired during the year and had revenue and loss before tax of £3.62 million and £1.02 million respectively for the period.
An over-subscribed share placing during the year raised £9.70 million net of expenses.
Chairman David Buchler said: 'The lifting of national and international trading restrictions related to the COVID-19 pandemic will influence the timing of improved trading performance in our existing portfolio. Opportunities to make further acquisitions are expected to increase as government support for businesses is reduced. We remain cautiously optimistic about the prospects for the Group as a whole.'
At 8:21am: (LON:VLE) Volvere PLC share price was 0p at 1405p
Story provided by StockMarketWire.com
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