Volvere PLC Trading Update and Notice of Final Results (9074G)
07 March 2018 - 6:01PM
UK Regulatory
TIDMVLE
RNS Number : 9074G
Volvere PLC
07 March 2018
7 March 2018
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 2017. All 2017 data in this
announcement is unaudited; comparative data relates to the audited
financial year ended 31 December 2016.
The Group expects to report record revenue of approximately
GBP43.2 million (2016: GBP33.0 million) and profit before tax of
GBP3.22 million (2016: GBP1.94 million).
Operating Businesses
Revenue growth in 2017 principally reflects increased activity
in Impetus Automotive Limited ("Impetus"), the Group's automotive
consulting business, and Shire Foods Limited ("Shire"), the Group's
frozen pie and pastry manufacturing business.
Impetus
Impetus, in which Volvere has an 83 per cent. holding, had
revenues of GBP27.1 million (2016: GBP17.4 million) and profit
before tax, intra-group interest and management charges* of
approximately GBP3.37 million (2016: GBP1.49 million). Profit
before tax was GBP3.04 million (2016: GBP1.11 million) - with the
difference being intra-group interest and management charges.
The strong performance reflects new work won during 2017. Whilst
the decline in new car sales in the UK has affected the scale of
some manufacturer programmes, there remain many opportunities for
Impetus in what is a very large sector.
Shire Foods
Shire, in which Volvere has an 80 per cent. holding, had
revenues of GBP15.9 million (2016: GBP15.2 million) and profit
before tax, intra-group interest and management charges* of
approximately GBP0.64 million (2016: GBP1.15 million). Profit
before tax was GBP0.44 million (2016: GBP0.91 million) - with the
difference being intra-group interest and management charges.
The result in 2017 is stated after a one-off impairment charge
of GBP0.19 million due to the accelerated write down of equipment
that is being removed from service. This equipment is being
replaced with other (capacity-increasing) equipment in 2018. We are
investing in Shire so that we have the capability to grow. We
expect revenues to increase in 2018 and with that, profitability,
although this will depend on our ability to contain the effects of
higher raw material and labour costs.
Sira
Sira Defence and Security ("Sira"), the Group's digital CCTV
viewing software business, achieved revenue of GBP0.28 million
(2016: GBP0.38 million) and expects to report a profit before tax
of GBP0.03 million (2016: GBP0.16 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 GBP6.56 (31 December 2016: GBP6.17) and Group net
assets of approximately GBP26.0 million (31 December 2016: GBP26.6
million). Of the Group net assets, cash including marketable
securities represented approximately GBP18.4 million (31 December
2016: GBP20.1 million), of which marketable securities represented
GBP6.3 million (31 December 2016: GBPnil million). The level of
cash including marketable securities is particularly pleasing given
that the Group repurchased GBP3.46 million of its own shares in the
year.
* profit before intra-group interest and management charges is
considered to be a relevant, 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.
Notice of Final Results
Volvere expects to announce its full year results for the year
ended 31 December 2017 on 25 May 2018.
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 500
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
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