Volvere PLC Trading Update and Notice of Final Results (9895Z)
21 March 2017 - 2:31AM
UK Regulatory
TIDMVLE
RNS Number : 9895Z
Volvere PLC
20 March 2017
20 March 2017
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 2016. All 2016 data in this
announcement is unaudited; comparative data relates to the audited
financial year ended 31 December 2015.
The Group expects to report revenue of approximately GBP33.2
million (2015: GBP27.9 million) and profit before tax of GBP1.8
million (2015: GBP1.34 million).
Operating Businesses
The results for the year reflect good performances across all
segments, with a particularly strong performance from the Group's
automotive consulting business, Impetus Automotive Limited
("Impetus"), in which Volvere has an 80 percent holding. For the
year ended 31 December 2016, Impetus had revenues of GBP17.4
million (9 months to 31 December 2015: GBP12.1 million) and profit
before tax, intra-Group interest and management charges of GBP1.5
million (9 months to 31 December 2015: GBP0.58 million).
Shire Foods ("Shire"), the Group's 80 percent-owned frozen pie
and pasty manufacturing business, had a robust second half in line
with previous seasonal trends. However, margin erosion following
the depreciation of sterling has meant that although revenues were
similar to those achieved in 2015, profit thereon will be lower.
For the year ended 31 December 2016, Shire expects revenues of
approximately GBP15.4 million (31 December 2015: GBP15.5 million)
and profit before tax, intra-Group interest and management charges
of approximately GBP0.97 million (31 December 2015: GBP1.59
million).
Sira Defence and Security ("Sira"), the Group's digital CCTV
viewing software business, continued its progress and achieved
revenue of GBP0.38 million (31 December 2015: GBP0.31 million) and
expects to report a profit before tax of GBP0.16 million (31
December 2015: GBP0.12 million).
Group Net Assets Per Share and Net Assets
The Group expects to report increased year-end consolidated net
assets per share (excluding non-controlling interests) of
approximately GBP6.14 (31 December 2015: GBP5.69) and Group net
assets of approximately GBP26.5 million (31 December 2015: GBP24.3
million). Of the Group net assets, cash including marketable
securities represented approximately GBP20.1 million (31 December
2015: GBP16.3 million), of which marketable securities represented
GBPnil (31 December 2015: GBP4.3 million).
Notice of Final Results
Volvere expects to announce its full year results for the year
ended 31 December 2016 on 26 May 2017.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
For further information:
Volvere plc
Jonathan Lander, CEO Tel: +44 (0) 20 7634 9707
www.volvere.co.uk
N+1 Singer (Nominated Adviser and Broker)
Aubrey Powell/Liz Yong Tel: + 44 (0) 20 7496 3000
Notes to editors:
Volvere plc (AIM: VLE), is a growth and turnaround investment
company. The Group's current trading businesses are organised into
three divisions: security solutions; food manufacturing; and
automotive consultancy. The Group currently employs over 300
people.
For further information, please visit www.volvere.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
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