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Volvere PLC on Friday said its half-year profit has increased by more than four times the amount year-on-year with ‘record’ trading for Shire Foods Ltd, despite challenges in the mergers & acquisitions market hindering further growth for the company. Volvere is based in Leamington Spa, England, and invests in undervalued or distressed businesses. Shire Foods, which is a frozen pastry products manufacturer, is the firm’s only current trading subsidiary. The group’s pretax profit for the six months ended June 30 multiplied fourfold to £2.2 million from £440,000 the year prior. Revenue for the year was £22.2 million, up 16% on-year from £19.1 million. This revenue was an ‘all-time high’ for Shire Foods. Volvere declared no interim dividend, unchanged from the same time last year. Net assets per share increased to £15.85 on June 30, up 13% on-year from £14.00. The company reported total net assets of £38.6 million, which was an increase of 9.3% from £35.3 million in June last year. However, Co-Founder & Director Nick Lander said: ‘Whilst we are continuing to review potential investment opportunities, deal flow has been patchy in recent months. This may reflect the summer period, but the reduction in interest rates may be easing pressure on debt servicing and levels of distress. We know our experiences in this regard are not unique, but broadly reflect the wider mergers & acquisitions market.’ Chair David Buchler said: ‘The focus continues on the performance of the group’s trading subsidiary, Shire Foods, whilst seeking further investment opportunities.’ Shares in Volvere were up 8.3% at 1,527.00 pence each in London on Friday afternoon. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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