TIDMVLE
RNS Number : 2653P
Volvere PLC
25 May 2018
25 May 2018
Volvere plc
("Volvere" or the "Company" and, together with its subsidiaries,
the "Group")
Final results for the year ended 31 December 2017
Volvere plc (AIM: VLE), the growth and turnaround investment
company, announces its final results for the year ended 31 December
2017.
Highlights
GBP million except where stated
Six months
Year ended ended
30 June
31 December 31 December (unaudited)
2017 2016 2017
Group revenue 43.4 33.0 18.5
Group profit before tax 3.5 2.0 0.8
As at
As at 31 As at 31 30 June 2017
December December 2016 (unaudited)
2017
Consolidated net assets per share
(excluding non-controlling interests)(1) GBP6.59 GBP6.17 GBP6.23
Group net assets 26.1 26.6 26.9
Cash and marketable securities 18.5 20.0 20.5
-- Record group revenue and pre-tax profits for 2017 of GBP43.4
million (2016: GBP33.0 million) and GBP3.5 million (2016: GBP2.0
million) respectively.
-- Strong performance from Impetus Automotive, the group's
automotive consultancy, which achieved revenue and profit before
tax and intra-group management and interest charges(2) of GBP27.3
million (2016: GBP17.4 million) and GBP3.6 million (2016: GBP1.5
million) respectively. Profit before tax was GBP3.3 million (2016:
GBP1.1 million).
-- Satisfactory performance from Shire Foods, the group's food
manufacturing business, which achieved revenue and profit before
tax and intra-group management and interest charges(2) of GBP15.9
million (2016: GBP15.2 million) and GBP0.6 million (2016: GBP1.2
million) respectively. Profit before tax for the year was GBP0.4
million (2016: GBP0.9 million).
-- Record net assets per share(1) of GBP6.59 with balance sheet
remaining strong following GBP3.4 million share buy-back in October
2017.
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.
Note
1 Based on the net assets attributable to owners of the parent
company and the respective period end shares in issue of 3,668,363,
4,085,958 and 4,075,958.
2 Profit before intra-group management and interest 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. Further information is included in the Chief Executive's
statement and Financial review.
For further information:
Volvere plc
Jonathan Lander, CEO Tel: +44 (0) 20 7634 9707
www.volvere.co.uk
N+1 Singer
Aubrey Powell/Liz Yong Tel: + 44 (0) 20 7496 3000
Chairman's statement
I am pleased to report on the results for the year ended 31
December 2017.
The Group had another strong year with trading performance well
ahead of the previous year and resulting in an increase in net
assets per share* to GBP6.59 (2016: GBP6.17).
We look forward to another encouraging year in 2018.
David Buchler
Chairman
24 May 2018
*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 20.
Chief Executive's statement
Introduction
Progress in 2017 was very pleasing with Group revenue reaching a
new record of GBP43.4 million (2016: GBP33.0 million) and pre-tax
profits rising to GBP3.45 million in 2017 from GBP1.98 million in
2016. Underpinning these results was a strong performance from
Impetus Automotive and satisfactory performances from Shire Foods
and Sira Defence & Security.
Principal activities
The Company is a holding company that identifies and invests in
undervalued and/or distressed businesses and securities as well as
businesses that are complementary to existing Group companies. The
Company provides management services to those businesses.
The trading subsidiaries' activities during the year were
automotive consulting, food manufacturing and security software
solutions, and each of these is reported as a separate segment.
Operating review
The financial performance of each segment is summarised below
and in the financial review below and further detailed in note 5 to
the financial statements.
Automotive consulting
Impetus Automotive Limited ("Impetus") was acquired in March
2015. Impetus's activity is the provision of consulting and related
services to the automotive sector, principally vehicle
manufacturers and their national sales companies. The Group has an
83% stake in Impetus, and this was its second full year within the
Group.
Revenue in 2017 grew to GBP27.3 million (2016: GBP17.4 million)
and its profit before tax and intra-group management and interest
charges was GBP3.6 million (2016: GBP1.5 million). Profit before
tax was GBP3.3 million (2016: GBP1.1 million).
Evolution in the automotive industry is continuing apace, with
new vehicle technologies being rolled out and supply and support
channels adapting to accommodate them. We believe this will provide
an exciting environment for Impetus as it supports its clients
through these changes. In the shorter term, there is some
inevitable uncertainty as the industry faces a drop in sales in the
UK due to UK-specific factors, whilst managing the transition
towards a greater proportion of alternatively fuelled vehicles.
Whilst this could impact Impetus's revenue and margins, our
experience to date has been that any such effects are modest and
may in fact be offset by other opportunities. The automotive market
is very large and we are of the view that the opportunities for
Impetus remain significant.
Impetus is a people business, and our staff, who now number
around 400, are fundamental in delivering our strategy - to be the
customer's first choice consultant. Our success is based on upon
their hard work and dedication, and for that we are enormously
grateful. We look forward to another successful year in 2018.
Further information on Impetus's activities can be found at
www.impetusautomotive.com.
Food manufacturing
Shire Foods Limited ("Shire"), in which the Group has an 80%
stake, was acquired in 2011. Shire is a manufacturer of frozen
pies, pasties and other pastry products for food retailers and food
service customers.
Shire's revenue for the year increased slightly to GBP15.87
million (2016: GBP15.19 million) but profit before tax and
intra-group management and interest charges fell from GBP1.15
million in 2016 to GBP0.64 million this year. Profit before tax for
the year was GBP0.44 million (2016: GBP0.91 million).
The reduction in profitability compared to the prior year
reflects the inflationary pressures on costs - both raw materials
and labour - that continue to impact Shire. The ability of the
business to pass on such cost increases to customers, who
themselves face extreme competition in the retail market, has been
limited both in absolute terms and in terms of timing. The profit
was also reduced by a one-off impairment charge of GBP0.19 million
due to the accelerated write down of equipment that is being
removed from service.
In spite of this, however, our innovations in recent years have
enabled Shire to extend its ranges into different format products
such as vegetarian parcels, mini pies and other party offerings. In
2018 we are spending approximately GBP0.95 million on further
capital equipment to allow these products to be made at higher
margins.
Progress thus far in 2018 has been encouraging and we look
forward to increasing both revenue and profitability for the year
as a whole.
Further information about Shire can be found at
www.shirefoods.com.
Security solutions
Sira Defence & Security Limited ("Sira"), the Group's
digital CCTV viewing software business suffered a decline in
performance with revenues down from GBP0.38 million to GBP0.28
million resulting in a fall in profits before tax and intra-group
management and interest charges from GBP0.16 million to GBP0.05
million. Profit before tax was GBP0.03 million (2016: GBP0.16
million). The fall in revenue and profitability reflected lower
client-funded development activity in the year.
Sira remains focused on being the universal interface for
accessing multiple format CCTV footage in the law enforcement
sector and we are investing in developing our partner-licensing
model to increase scale.
Further information about Sira can be found at
www.siraview.com.
Investing and management services
The Group's investment and management services segment comprises
central overheads, partially offset by management and interest
charges to Group companies, and returns from treasury management
activities on current asset investments. During the period we made
modest revenues and other gains on our portfolio of GBP0.09 million
(2016: GBP0.16 million).
Future strategy
We remain committed to seeking under-performing businesses that
we believe we can build into attractive market-leading companies.
The Group's recent strong financial performance, coupled with the
strength of its balance sheet, mean we will continue buying back
the Group's shares when we consider to do so is in the interests of
our shareholders.
Jonathan Lander
Chief Executive
24 May 2018
Financial review
Financial performance
Detailed information about the Group's segments is set out in
note 5 to these financial statements which should be read in
conjunction with this financial review and the Chairman's and Chief
Executive's statements.
Overview
Group revenue grew by approximately 32% from GBP33 million in
2016 to GBP43.4 million in 2017. Revenue growth was due mainly to
the strong growth reported by Impetus Automotive Limited
("Impetus") whilst the Group's other businesses reported broadly
consistent revenues.
Group profit before tax rose from GBP1.98 million to GBP3.45
million again driven by the excellent performance of Impetus,
offset partly by lower profitability in Shire Foods Limited
("Shire") and Sira Defence & Security Limited ("Sira").
The trading performance of each of our businesses is outlined in
the Chief Executive's statement and set out further in note 5 to
the financial statements.
Automotive consulting
This segment reflects the trading of Impetus, which was acquired
in March 2015.
Revenue in 2017 grew to GBP27.3 million (2016: GBP17.4 million)
and its profit before tax and intra-group management and interest
charges was GBP3.6 million (2016: GBP1.5 million). Profit before
tax was GBP3.3 million (2016: GBP1.1 million).
The increase in revenue and profitability was a consequence of
both the commencement of a large contract to manage the training
services of a client, coupled with encouraging underlying growth in
other areas. The training services contract is subject to
performance criteria that, if not achieved, can trigger contractual
penalties. In the early stages of the contract no such sums were
payable but it is possible that, as the contract matures, there may
be some such payments, although these are not currently envisaged
as being material.
The majority of Impetus's income is not subject to performance
criteria and is affected more by the expansion or contraction
(including continuation) of client activities. During 2017 the
company continued to grow with most of its major clients, the
largest of which are the Volkswagen Group, Toyota, BMW and Jaguar
Land Rover.
With strong underlying performance over the last two years,
Impetus has been able to repay all Group debt that arose from the
original acquisition (approximately GBP1.5 million) as well as
follow-on working capital loans. In addition, as of 31 December
2017, management fees and group interest paid to the Group since
acquisition amount to approximately GBP1 million, along with
dividends received in 2018 of GBP0.24 million.
Food manufacturing
This segment reflects the trading of Shire Foods, owned since
July 2011.
Shire's revenue for the year increased slightly to GBP15.87
million (2016: GBP15.19 million) but profits before tax and
intra-group management and interest charges dropped from GBP1.15
million in 2016 to GBP0.64 million in 2017. As noted in the Chief
Executive's statement, this was due to both a restricted ability to
pass on cost increases to customers and increasing labour and raw
material costs.
In recent months, however, there has been greater realism about
the need to either increase consumer prices (or to appropriately
reduce the quantity of product supplied for a given retail price)
or to absorb cost increases from Shire. However, as part of a
balanced, partnering approach with clients, Shire will continue to
seek volume growth through increasing the number of lines offered
to individual clients and seek to minimise cost increases wherever
possible.
Shire did not require any loans from the Group during 2017 (and
no debt was outstanding at the start or end of the year). Group
management charges totalled GBP0.2 million in the period (2016:
GBP0.2 million). As noted above, Shire is investing approximately
GBP0.95 million in new equipment in 2018, of which external debt
funding is expected to finance approximately GBP0.85 million.
The 5-year financial performance of Shire is summarised in the
table below:
Year ended 31 Year ended 31 Year ended 31 Year ended 31 Year ended 31
December December December December December
2017 2016 2015 2014 2013
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Revenue 15,869 15,190 15,476 12,134 8,531
Profit/(loss)
before tax,
intra-group
management and
interest charges 635 1,149 1,588 1,651 117
Exceptional - - - (852) -
credit
Underlying
profit/(loss)
before tax,
intra-group
management and
interest charges 635 1,149 1,588 799 117
Intra-group
management and
interest
charges (200) (240) (423) - -
Exceptional - - - 852 -
credit
________ ________ ________ ________ ________
Profit before
tax 435 909 1,165 1,651 117
Investment revenues, other gains and losses and finance income
and expense
Whilst continuing to review and assess further investments in
trading activities, the Group had significant cash on hand and has
continued with active treasury management in response to prevailing
low interest rates. This strategy achieved investment revenues and
other gains totalling GBP0.09 million (2016: GBP0.16 million).
The Group's net finance expense was GBP0.13 million (2016:
GBP0.11 million). Despite the Group's significant cash balances,
individual Group trading companies utilise leverage where
appropriate, and without recourse to the remainder of the
Group.
Statement of financial position
Cash and current investments
Cash at the year end totalled GBP12.1 million (2016: GBP20.1
million) with a further GBP6.3 million invested in current asset
investments. Total cash and current investments fell by GBP1.7
million from GBP20.1 million in 2016 to GBP18.4 million in 2017.
This was principally due to purchases of own shares in the year
totalling GBP3.46 million, offset by trading cash flows.
Overall position
Total net assets fell slightly from GBP26.6 million to GBP26.1
million, again due principally to treasury share purchases.
Dividends
In accordance with the policy set out at the time of admission
to AIM, the Board is not recommending the payment of a dividend at
this time and prefers to retain such profits as they arise for
investment in future opportunities, or to purchase its own shares
for treasury where that is considered to be in the best interests
of shareholders.
Purchase of own shares
During the year the Company purchased 417,595 (2016: nil) of its
own shares (treasury shares) at a cost of GBP3.46 million (2016:
nil).
Earnings per share
Basic and diluted earnings per ordinary share ("EPS") rose from
32.6p to 56.4p per share as a result of the strong trading
performance and treasury share purchases.
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 Chief Executive's
statement and disclosed in note 5.
Internally, management uses a variety of non-financial KPIs as
follows: in respect of the food manufacturing sector order intake,
manufacturing output and sales are monitored weekly and reported
monthly; in the automotive consulting segment staff utilisation,
amounts billed to clients and cash collected are closely monitored;
order intake is monitored monthly in respect of the security
solutions segment.
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 invest 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 services that are dependent on the continued
employment of the Group's employees and availability of suitable,
profitable workload. Also, in the automotive consulting and food
manufacturing segments, there is a dependency on a small number of
customers and a reduction in the volume or range of products or
services supplied to those customers or the loss of any one of them
could impact the Group materially.
These risks are managed by the Board in conjunction with the
management of the Group's businesses.
More information on the Group's financial risks is disclosed in
note 17 to the consolidated financial statements.
Nick Lander
Chief Financial & Operating Officer
24 May 2018
Consolidated income statement
Note 2017 2016
GBP'000 GBP'000
Revenue 5 43,418 32,964
Cost of sales (33,693) (25,033)
Gross profit 9,725 7,931
Distribution costs (974) (932)
Administrative expenses (5,264) (5,065)
Operating profit 2 3,487 1,934
Investment revenues 7 93 186
Other gains and losses 7 - (22)
Finance expense 7 (164) (162)
Finance income 7 38 48
Profit before tax 3,454 1,984
Income tax expense 8 (675) (311)
Profit for the year 2,779 1,673
Attributable to:
- Equity holders of the parent 2,251 1,334
- Non-controlling interests 528 339
2,779 1,673
Earnings per share 9
- Basic 56.4p 32.6p
- Diluted 56.4p 32.6p
Consolidated statement of comprehensive income
2017 2016
GBP'000 GBP'000
Profit for the year 2,779 1,673
Other comprehensive income:
Fair value gains and losses on available
for sale financial assets
- current period gains/(losses) 77 -
- reclassified to profit and loss - 617
Revaluation of property 260 -
Deferred tax recognised on revaluation
of property (135) -
Foreign exchange (losses)/gains on retranslation
of foreign operations (6) 25
Other comprehensive income 196 642
Total comprehensive income for the year 2,975 2,315
Attributable to:
- Equity holders of the parent 2,423 1,976
- Non-controlling interests 552 339
2,975 2,315
Consolidated statement of changes in equity
Share Share Revaluation Retained Non-controlling
capital premium reserves earnings Total interests Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
2017
Other comprehensive
income - - 177 (5) 172 24 196
Profit for the year - - - 2,251 2,251 528 2,779
Total comprehensive
income for the year - - 177 2,246 2,423 552 2,975
Balance at 1 January 50 3,640 - 21,529 25,219 1,406 26,625
Transactions with
owners:
Purchase of own shares - - - (3,458) (3,458) - (3,458)
Share based payments - - - 2 2 - 2
Total transactions
with owners - - - (3,456) (3,456) - (3,456)
Balance at 31 December 50 3,640 177 20,319 24,186 1,958 26,144
Share Share Revaluation Retained Non-controlling
capital premium reserve earnings Total interests Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
2016
Other comprehensive
income - - - 25 25 - 25
Transfer to profit
and loss on disposal - - 617 - 617 - 617
Profit for the year - - - 1,334 1,334 339 1,673
Total comprehensive
income for the year - - 617 1,359 1,976 339 2,315
Balance at 1 January 50 3,640 (617) 20,175 23,248 1,046 24,294
Transactions with
owners:
Increase in non-controlling
interest - - - (12) (12) 21 9
Share based payments - - - 7 7 - 7
Total transactions
with owners - - - (5) (5) 21 16
Balance at 31 December 50 3,640 - 21,529 25,219 1,406 26,625
Consolidated statement of financial position
Company number 04478674
2017 2016
Note GBP'000 GBP'000
Assets
Non-current assets
Goodwill 11 380 380
Other intangible assets 11 8 39
Property, plant and equipment 12 5,424 5,572
Total non-current assets 5,812 5,991
Current assets
Inventories 13 1,466 2,082
Trade and other receivables 15 10,104 7,231
Cash and cash equivalents 12,119 20,063
Available for sale investments 14 6,335 -
Total current assets 30,024 29,376
Total assets 35,836 35,367
Liabilities
Current liabilities
Loans and other borrowings 18 (783) (1,613)
Finance leases 18 (192) (159)
Trade and other payables 16 (6,023) (4,431)
Tax payable (433) (184)
Total current liabilities (7,431) (6,387)
Non-current liabilities
Loans and other borrowings 18 (1,353) (1,448)
Finance leases 18 (315) (442)
Total non-current liabilities (1,668) (1,890)
Total liabilities (9,099) (8,277)
Provisions - deferred tax 19 (514) (376)
Provisions - lease incentive (79) (89)
Net assets 26,144 26,625
Equity
Share capital 20 50 50
Share premium account 21 3,640 3,640
Revaluation reserves 21 177 -
Retained earnings 20,319 21,529
Capital and reserves attributable
to equity holders of the Company 24,186 25,219
Non-controlling interests 26 1,958 1,406
Total equity 26,144 26,625
Consolidated statement of cash flows
2017 2017 2016 2016
Note GBP'000 GBP'000 GBP'000 GBP'000
Profit for the year 2,779 1,673
Adjustments for:
Investment revenues 7 (93) (186)
Other gains and losses 7 - 22
Finance expense 7 164 162
Finance income 7 (38) (48)
Depreciation 12 664 436
Amortisation of intangible assets 11 31 32
Foreign exchange differences 7 (7)
Loss on disposal of property,
plant and equipment 7 62
Income tax expense 675 311
Share based payment expense 2 7
1,419 791
Operating cash flows before movements
in working capital 4,198 2,464
(Increase)/decrease in trade and
other receivables (2,873) 100
Increase in trade and other payables 1,582 275
Decrease/(increase) in inventories 616 (976)
Tax paid (422) (82)
Cash generated from operations 3,101 1,781
Investing activities
Proceeds from sale of discontinued
operations net of cash sold 6 - 784
Purchase of available for sale
investments (6,258) -
Income from available for sale
investments 93 186
Disposal of available for sale
investments - 4,908
Purchase of property, plant and
equipment 12 (190) (164)
Disposal of property, plant and
equipment - 25
Interest received 7 38 49
Net cash (used by)/generated from
investing activities (6,317) 5,788
Financing activities
Interest paid (164) (162)
Purchase of own shares (treasury
shares) 20 (3,458) -
Net (repayment of)/new borrowings (1,093) 620
Issue of shares (by subsidiary) - 9
Net cash (used)/generated by financing
activities (4,715) 467
Net (decrease)/increase in cash (7,931) 8,036
Cash at beginning of year 20,063 11,967
Foreign exchange movement (13) 60
Cash at end of year 12,119 20,063
Notes forming part of the preliminary announcement
The financial information set out above, which was approved by
the Board on 24 May 2018, is derived from the full Group accounts
for the year ended 31 December 2017 and does not constitute the
statutory accounts within the meaning of section 434 of the
Companies Act 2006. The Group accounts on which the auditors have
given an unqualified report, which does not contain a statement
under section 498(2) or (3) of the Companies Act 2006 in respect of
the accounts for 2017, will be delivered to the Registrar of
Companies in due course.
Copies of the Company's Annual Report and Financial Statements
are expected to be sent to shareholders on
30 May 2018 and will be available from the Company's registered
office at Warnford Court, 29 Throgmorton Street, London, EC2N 2AT
and online at www.volvere.co.uk.
1 Accounting policies
Basis of accounting
These financial statements have been prepared in accordance with
International Financial Reporting Standards (IFRS and IFRIC
interpretations) as adopted by the European Union ("adopted IFRS")
and with those parts of the Companies Act 2006 applicable to
companies preparing their accounts under adopted IFRS. The Company
has elected to prepare its Parent Company financial statements in
accordance with Financial Reporting Standard 101 ("FRS 101"); these
are presented below.
Going concern
The Group's business activities, together with the factors
likely to affect its future development, performance and position
are set out above. In addition, note 17 to the financial statements
includes the Group's objectives, policies and processes for
managing its capital; its financial risk management objectives;
details of its financial instruments and hedging activities; and
its exposures to credit risk and liquidity risk.
The Group has considerable financial resources and operates in a
number of different market sectors. As a consequence, the directors
believe that the Group is well placed to manage the business risks
inherent in its activities despite the current uncertain economic
outlook.
The directors have a reasonable expectation that the Group has
adequate resources to continue in operational existence for the
foreseeable future. Thus they continue to adopt the going concern
basis of accounting in preparing the annual financial
statements.
The following principal accounting policies have been applied
consistently, in all material respects, in the preparation of these
financial statements:
Basis of consolidation
The consolidated financial statements incorporate the financial
statements of the Company and entities controlled by the Company
(its subsidiaries) made up to 31 December each year. Control is
achieved where the Company has the power to govern the financial
and operating policies of an investee entity so as to obtain
benefits from its activities. All subsidiaries have a reporting
date of 31 December.
The results of subsidiaries acquired or disposed of during the
year are included in the consolidated income statement from the
effective date of acquisition or up to the effective date of
disposal, as appropriate. All intra-group transactions, balances,
income and expenses are eliminated on consolidation.
Non-controlling interests, presented as part of equity,
represent the portion of a subsidiary's profit or loss and net
assets that is not held by the Group. The Group attributes total
comprehensive income or loss of subsidiaries between the owners of
the parent and the non-controlling interests based on their
respective ownership interests.
The results and net assets of subsidiaries whose accounts are
denominated in foreign currencies are retranslated into Sterling at
average and year-end rates respectively.
Business combinations
The Group applies the acquisition method of accounting for
business combinations. The consideration transferred by the Group
to obtain control of a subsidiary is calculated as the sum of the
acquisition-date fair values of assets transferred, liabilities
incurred and equity interests issued by the Group, which includes
the fair value of any asset or liability arising from a contingent
consideration arrangement. Acquisition costs are expensed as
incurred.
The Group recognises identifiable assets acquired and
liabilities assumed in a business combination regardless of whether
they have been previously recognised in the acquiree's financial
statements prior to the acquisition. Assets acquired and
liabilities assumed are measured at their acquisition-date fair
values.
Goodwill is stated after separate recognition of identifiable
intangible assets. It is calculated as the excess of the sum of the
fair value of consideration transferred, the recognised amount of
any non-controlling interest in the acquiree and the
acquisition-date fair value of any existing equity interest in the
acquiree, over the acquisition-date fair values of identifiable net
assets. If the fair values of identifiable net assets exceed the
sum calculated above, the excess amount (ie gain on a bargain
purchase) is recognised in profit or loss immediately.
The purchase of a non-controlling interest is not a business
combination within the scope of IFRS 3, since the acquiree is
already controlled by its parent. Such transactions are accounted
for as equity transactions, as they are transactions with equity
holders acting in their capacity as such. No change in goodwill is
recognised and no gain or loss is recognised in profit or loss.
Goodwill
Goodwill represents the future economic benefits arising from a
business combination that are not individually identified and
separately recognised. See above for information on how goodwill is
initially determined. Goodwill is carried at cost less accumulated
impairment losses and is reviewed annually for impairment.
Other intangible assets
All other intangible assets are accounted for using the cost
model whereby capitalised costs are amortised on a straight-line
basis as set out below over their estimated useful lives, which are
considered finite. Registered design rights are amortised over the
life of the registration. Residual values and useful lives are
reviewed at each reporting date and they are subject to impairment
testing where indicators of impairment are present.
Intellectual property rights - 10% straight line
Software - 33% straight line
When an intangible asset is disposed of, the gain or loss on
disposal is determined as the difference between the proceeds and
the carrying amount of the asset, and is recognised in profit or
loss within other income or other expenses.
Revenue recognition
Revenue is measured at the fair value of the consideration
received or receivable for goods and services provided in the
normal course of business, net of discounts, VAT and other
sales-related taxes.
Sale of goods is recognised when the Group has transferred to
the buyer the significant risks and rewards of ownership, generally
when the customer has taken undisputed delivery of the goods. There
are no service obligations attached to the sale of goods. Customer
rebates are deducted from revenue.
Revenue earned on time and materials contracts is recognised as
costs are incurred. Income from fixed price contracts is recognised
in proportion to the stage of completion, determined on the basis
of work done, of the relevant contract.
Revenue from consulting services is recognised when the services
are provided by reference to the contract's stage of completion at
the reporting date. When the outcome can be assessed reliably,
contract revenue and associated costs are recognised by reference
to the stage of completion of the contract activity at the
reporting date. When the outcome of a contract cannot be estimated
reliably, revenue is recognised only to the extent of contract
costs that have been incurred and are recoverable. Contract costs
are recognised in the period in which they are incurred or, where
recoverable from clients, are included in work-in-progress.
Revenue from consulting services relating to fixed price
contracts is recognised on a straight-line basis over the course of
the contract as this is considered to best represent the manner in
which the right to consideration is earned. Penalties for
non-performance against specific terms of the contract are provided
for when there is a probable outflow of resources under the
contract terms and the amount can be reliably estimated. Such
adjustments are deducted from revenue.
Revenue from software licences is recognised either upfront
(where the grant of the licence is at inception of a contract and
where maintenance is provided as a separate service) or
periodically in line with the time for which the licence is
provided (where such provision is part of an ongoing managed
service).
If it is probable that total contract costs will exceed total
contract revenue, the expected loss is recognised immediately in
profit or loss.
The gross amount due from customers for contract work is
presented within trade and other receivables for all contracts in
progress for which costs incurred plus recognised profits (less
recognised losses) exceeds progress billings. The gross amount due
to customers for contract work is presented within other
liabilities for all contracts in progress for which progress
billings exceed costs incurred plus recognised profits (less
recognised losses).
Discontinued operations
Discontinued operations represent cash generating units or
groups of cash generating units that have either been disposed of
or classified as held for sale, and represent a separate major line
of business or are part of a single co-ordinated plan to dispose of
a separate major line of business. Cash generating units forming
part of a single co-ordinated plan to dispose of a separate major
line of business are classified within continuing operations until
they meet the criteria to be held for sale. The post-tax profit or
loss of the discontinued operation is presented as a single line on
the face of the consolidated income statement, together with any
post-tax gain or loss recognised on the re-measurement to fair
value less costs to sell or on the disposal of the assets or
disposal group constituting the discontinued operation. On changes
to the composition of groups of units comprising discontinued
operations, the presentation of discontinued operations within
prior periods is restated to reflect consistent classification of
discontinued operations across all periods presented.
Operating segments
IFRS 8 "Operating Segments" requires the disclosure of segmental
information for the Group on the basis of information reported
internally to the chief operating decision-maker for
decision-making purposes. The Group considers that the role of
chief operating decision-maker is performed collectively by the
Board of Directors.
Volvere plc is a holding company that identifies and invests
principally in undervalued and distressed businesses and securities
as well as businesses that are complementary to existing Group
companies. Its customers are based primarily in the UK, Europe and
the USA.
Financial information (including revenue and profit before tax
and intra-group charges) is reported to the board on a segmental
basis. Segment revenue comprises sales to external customers and
excludes gains arising on the disposal of assets and finance
income. Segment profit reported to the board represents the profit
earned by each segment before tax and intra-group charges. For the
purposes of assessing segment performance and for determining the
allocation of resources between segments, the board reviews the
non-current assets attributable to each segment as well as the
financial resources available. All assets are allocated to
reportable segments. Assets that are used jointly by segments are
allocated to the individual segments on a basis of revenues
earned.
All liabilities are allocated to individual segments.
Information is reported to the board of directors on a segmental
basis as management believes that each segment exposes the Group to
differing levels of risk and rewards due to their varying business
life cycles. The segment profit or loss, segment assets and segment
liabilities are measured on the same basis as amounts recognised in
the financial statements. Each segment is managed separately.
Leasing
Assets held under finance leases are recognised as assets of the
Group at their fair value or, if lower, at the present value of the
minimum lease payments, each determined at the inception of the
lease. The corresponding liability to the lessor is included in the
statement of financial position as a finance lease obligation.
Lease payments are apportioned between finance charges and the
reduction of lease obligation so as to achieve a constant rate of
interest on the remaining balance of the liability. Finance charges
are charged directly against income.
Rentals payable under operating leases are charged to income on
a straight-line basis over the term of the relevant lease.
Foreign currencies
Transactions in currencies other than pounds sterling are
recorded at the rates of exchange prevailing on the dates of the
transactions. At each reporting date, monetary assets and
liabilities that are denominated in foreign currencies are
retranslated at the rates prevailing on the reporting date. Gains
and losses arising on retranslation are included in net profit or
loss for the period.
Retirement benefit costs
The Group's subsidiary undertakings operate defined contribution
retirement benefit schemes. Payments to these schemes are charged
as an expense in the period to which they relate. The assets of the
schemes are held separately from those of the relevant company and
Group in independently administered funds.
Taxation
The tax expense represents the sum of the tax currently payable
and deferred tax. The tax currently payable is based on taxable
profit for the year. Taxable profit differs from net profit as
reported in the income statement because it excludes items of
income or expense that are taxable or deductible in other years and
it further excludes items that are never taxable or deductible.
Deferred tax is the tax expected to be payable or recoverable on
temporary differences between the carrying amounts of assets and
liabilities in the financial statements and the corresponding tax
bases used in the computation of taxable profit, and is accounted
for using the balance sheet liability method. Deferred tax
liabilities are generally recognised for all taxable temporary
differences and deferred tax assets are recognised to the extent
that it is probable that taxable profits will be available against
which deductible temporary differences can be utilised. Such assets
and liabilities are not recognised if the temporary difference
arises from goodwill or from the initial recognition (other than in
a business combination) of other assets and liabilities in a
transaction that affects neither the tax profit nor the accounting
profit.
Deferred tax liabilities are recognised for taxable temporary
differences arising on investments in subsidiaries and associates,
and interests in joint ventures, except where the Group is able to
control the reversal of the temporary difference and it is probable
that the temporary difference will not reverse in the foreseeable
future.
The carrying amount of deferred tax assets is reviewed at each
reporting date and reduced to the extent that it is no longer
probable that sufficient taxable profits will be available to allow
all or part of the asset to be recovered.
Deferred tax is measured on an undiscounted basis using the tax
rates that are expected to apply in the period when the liability
is settled or the asset is realised. Deferred tax is charged or
credited in the income statement, except when it relates to items
charged or credited directly to equity, in which case the deferred
tax is also dealt with in equity.
Property, plant and equipment
Items of property, plant and equipment are stated at cost less
accumulated depreciation and any recognised impairment loss.
Freehold property is revalued on a periodic basis. Depreciation is
charged so as to write off the cost or valuation of assets, less
their residual values, over their estimated useful lives, using the
straight line method, on the following bases:
Freehold property - 1.5% per annum
Improvements to short-term leasehold property - Over the life of the lease
Plant and machinery - 4%-33% per annum
Investments
Investments are recognised and derecognised on a trade date
where a purchase or sale of an investment is under a contract whose
terms require delivery of the investment within the timeframe
established by the market concerned, and are initially measured at
fair value, including transaction costs. Available for sale current
asset investments are carried at fair value with adjustments
recognised in other comprehensive income.
Investment income
Income from investments is included in the income statement at
the point the Group becomes legally entitled to it. Interest income
and expenses are reported on an accruals basis using the effective
interest method.
Impairment of property, plant and equipment and intangible
assets (including goodwill)
At each reporting date the Group reviews the carrying amounts of
its tangible and intangible assets to determine whether there is
any indication that those assets have suffered an impairment loss.
If any such indication exists, the recoverable amount of the asset
is estimated in order to determine the extent of the impairment
loss (if any).
Recoverable amount is the higher of fair value less costs to
sell and value in use. In assessing value in use, the estimated
future cash flows are discounted to their present value using a
pre-tax discount rate that reflects current market assessments of
the time value of money and any risks specific to the asset for
which the estimates of future cash flows have not been
adjusted.
If the recoverable amount of an asset (or cash-generating unit)
is estimated to be less than its carrying amount, the carrying
amount of the asset (or cash-generating unit) is reduced to its
recoverable amount. An impairment loss is recognised as an expense
immediately, unless the relevant asset is carried at a revalued
amount, in which case the impairment loss is treated as a
revaluation decrease.
Where an impairment loss subsequently reverses, the carrying
amount of the asset (or cash-generating unit) is increased to the
revised estimate of its recoverable amount, but only so that the
increased carrying amount does not exceed the carrying amount that
would have been determined had no impairment loss been recognised
for the asset (or cash-generating unit) in prior years. A reversal
of an impairment loss is recognised as income immediately, unless
the relevant asset is carried at a revalued amount, in which case
the reversal of the impairment loss is treated as a revaluation
increase.
Share-based payments
The Group issues equity-settled share-based payments to certain
directors and employees. Equity-settled share-based payments are
measured at fair value at the date of grant. The fair value
determined at the grant date of the equity-settled share-based
payments is expensed on a straight-line basis over the vesting
period, based on the Group's estimate of options that will
ultimately vest.
Fair value is measured by use of a Black-Scholes pricing model.
The expected life used in the model has been adjusted, based on
management's best estimate, for the effects of non-transferability,
exercise restrictions and behavioural considerations.
Inventories
Inventories are stated at the lower of cost and net realisable
value. Raw materials are valued at purchase price and the costs of
ordinarily interchangeable items are assigned using a weighted
average cost formula. The cost of finished goods comprises raw
materials directly attributable to manufacturing processes based on
product specification and packaging cost. Net realisable value is
the estimated selling price in the ordinary course of business less
any applicable selling expenses.
Cash and cash equivalents
Cash and cash equivalents comprise cash balances, overnight
deposits and treasury deposits. The Group considers all highly
liquid investments with original maturity dates of three months or
less to be cash equivalents.
Financial assets
The Group classifies its financial assets into one of the
following categories, depending on the purpose for which the asset
was acquired. The Group's accounting policy for each category is as
follows:
Fair value through profit or loss (FVTPL): This category
comprises only in-the-money derivatives. They are carried in the
statement of financial position at fair value with changes in fair
value recognised in the income statement. The Group does not have
any assets held for trading nor does it voluntarily classify any
financial assets as being at fair value through profit or loss.
Loans and receivables: These assets are non-derivative financial
assets with fixed or determinable payments that are not quoted in
an active market. They arise principally through the provision of
goods and services to customers (trade receivables), but also
incorporate other types of contractual monetary asset. They are
initially recognised at fair value and subsequently carried at
amortised cost using the effective interest method less any
provision for impairment. Receivables are considered for impairment
when there is a risk of counterparty default.
Available-for-sale: Non-derivative financial assets not included
in the above categories are classified as available-for-sale and
comprise the Group's investments in entities not qualifying as
subsidiaries, associates or jointly controlled entities. They are
carried at fair value with changes in fair value recognised
directly in equity (other comprehensive income). On disposal,
amounts recognised in other comprehensive income are transferred to
the profit and loss as part of the gain or loss on disposal. Fair
value is determined by reference to independent valuation
statements provided by the investment manager or broker (as the
case may be) through whom such investments are made. Where the
underlying investments are exchange-traded, the mid-price of the
investment is used.
Impairment: All financial assets except those at FVTPL are
reviewed for impairment at each reporting date to identify whether
there is any objective evidence that a financial asset or group of
assets is impaired. Different methods are used to determine
impairment as described above.
Financial liabilities
The Group classifies its financial liabilities into one of two
categories, depending on the purpose for which the liability was
acquired. The Group's accounting policy for each category is as
follows:
FVTPL: This category comprises only out-of-the-money
derivatives. They are carried in the statement of financial
position at fair value with changes in fair value recognised in the
income statement.
Other financial liabilities: Other financial liabilities include
trade payables and other short-term monetary liabilities, which are
initially recognised at fair value and subsequently carried at
amortised cost using the effective interest method.
Bank and other borrowings are initially recognised at the fair
value of the amount advanced net of any transaction costs directly
attributable to the issue of the instrument. Such interest bearing
liabilities are subsequently measured at amortised cost using the
effective interest method. Interest expense in this context
includes initial transaction costs and premia payable on
redemption, as well as any interest or coupon payable while the
liability is outstanding.
Financial liabilities and equity instruments
Financial liabilities and equity instruments are classified
according to the substance of the contractual arrangements entered
into. An equity instrument is any contract that evidences a
residual interest in the assets of the Group after deducting all of
its liabilities.
Invoice discounting
The Group uses an invoice discounting facility and retains all
significant benefits and risks relating to the relevant trade
receivables. The gross amounts of the receivables are included
within assets and a corresponding liability in respect of proceeds
received from the facility is included within liabilities. The
interest and charges are recognised as they accrue and are included
in the income statement with other interest charges.
Significant management judgements and key sources of estimation
uncertainty
The preparation of financial statements in conformity with IFRS
requires management to make judgements, estimates and assumptions
that affect the application of accounting policies and reported
amounts of assets and liabilities, income and expenses. The nature
of the Group's business is such that there can be unpredictable
variation and uncertainty regarding its business. The estimates and
associated assumptions are based on historical experience and
various other factors that are believed to be reasonable under the
circumstances, the results of which form the basis of making the
judgements about carrying values of assets and liabilities that are
not readily apparent from other sources. Actual results may differ
from these estimates.
Significant management judgements (other than estimates)
The judgements that have a significant impact on the carrying
value of assets and liabilities are discussed below:
Consolidation
Management have concluded that is not appropriate to utilise the
exemption from consolidation available to investment entities under
IFRS10 as the company is not considered to meet all of the
essential elements of the definition of an investment entity as
performance is not measured or evaluated on a fair value basis.
Accordingly the consolidation includes all entities which the
Company controls.
Revenue recognition
Management makes judgements against the terms of fixed price
contracts and whether they could result in penalties relating to
non-performance against specific terms. This relates to GBP4.6
million of revenue (2016: GBP4.0 million).
Deferred tax asset
The Group recognises a deferred tax asset in respect of
temporary differences relating to capital allowances, revenue
losses and other short term temporary differences when it considers
there is sufficient evidence that the asset will be recovered
against future taxable profits.
This requires management to make decisions on such deferred tax
assets based on future forecasts of taxable profits. If these
forecast profits do not materialise, or there is a change in the
tax rates or to the period over which temporary timing differences
might be recognised, the value of the deferred tax asset will need
to be revised in a future period.
The most sensitive area of estimation risk is with respect to
losses. The Group has losses for which no value has been recognised
for deferred tax purposes in these financial statements, as future
economic benefit of these temporary differences is not probable. If
appropriate profits are earned in the future, recognition of the
benefit of these losses may result in a reduced tax charge in a
future period.
Significant estimates
Information about estimates and assumptions that have the most
significant effect on recognition and measurement of assets,
liabilities, income and expenses is provided below. Actual results
may be substantially different.
Revenue recognition
Management is required to determine any adjustments to revenue
for non-performance against terms of fixed price contracts. There
is sensitivity in this adjustment as the penalties are set at
various percentages according to performance achieved or considered
to have been achieved.
Receivables
Due to the nature of some services provided by certain
businesses within the Group the recoverability of receivables can
be subject to management estimates. Management estimation is
required in measuring and recognising provisions and otherwise
determining the exposure to unrecoverable debts. Sensitivity is
limited through the Group's credit control procedures and the
overall high quality of the Group's customer base, although it is
acknowledged that some customer concentration can mean that
adjustments could be material.
Useful lives of depreciable assets
The depreciation charge for an asset is derived using estimates
of its expected useful life and expected residual value, which are
reviewed annually. Increasing an asset's expected life or residual
value would result in a reduced depreciation charge in the
consolidated income statement.
Management determines the useful lives and residual values for
assets when they are acquired, based on experience with similar
assets and taking into account other relevant factors such as any
expected changes in technology or regulations.
Inventories
In determining the cost of inventories management have to make
estimates to arrive at cost and net realisable value.
Furthermore, determining the net realisable value of the wider
range of products held requires judgement to be applied to
determine the saleability of the product and estimations of the
potential price that can be achieved. In arriving at any provisions
for net realisable value management takes into account the age,
condition and quality of the product stocked and the recent sales
trend. The future realisation of these inventories may be affected
by market-driven changes that may reduce future selling prices
Fair value measurement
Management uses valuation techniques to determine the fair value
of financial instruments (where active market quotes are not
available) and non-financial assets. This involves developing
estimates and assumptions consistent with how market participants
would price the instrument. Management bases its assumptions on
observable data as far as possible but this is not always
available. In that case management uses the best information
available. Estimated fair values may vary from the actual prices
that would be achieved in an arm's length transaction at the
reporting date.
New standards and interpretations - in issue but not yet
effective
A number of new standards are effective for annual periods
beginning after 1 January 2017 and earlier application is
permitted. However, the Group has not adopted early the new or
amended standards in preparing these consolidated financial
statements.
The following standards are not expected to have a material
impact on the Group's financial statements in the period of initial
application.
IFRS 9 'Financial Instruments' (2016)
The IASB recently released IFRS 9 'Financial Instruments'
(2016), representing the completion of its project to replace IAS
39 'Financial Instruments: Recognition and Measurement'. The new
standard introduces extensive changes to IAS 39's guidance on the
classification and measurement of financial assets and introduces a
new 'expected credit loss' model for the impairment of financial
assets. IFRS 9 also provides new guidance on the application of
hedge accounting.
The Group is required to adopt IFRS 9 'Financial Instruments'
and IFRS 15 'Revenue from Contracts with Customers' from 1 January
2018.
IFRS 9 'Financial Instruments' sets out requirements for
recognising and measuring financial assets, financial liabilities
and some contracts to buy or sell non-financial items. This
standard replaces IAS 39 'Financial Instruments: Recognition and
Measurement'.
IFRS 15 establishes a comprehensive framework for determining
whether, how much and when revenue is recognised. It replaces
existing revenue recognition guidance, including IAS 18 'Revenue',
IAS 11 'Construction Contracts' and IFRIC 13 'Customer Loyalty
Programmes'.
The Group has performed initial assessments on the estimated
impact that the initial application of IFRS 9 and IFRS 15 will have
on its consolidated financial statements but has not yet completed
its detailed assessment. The estimated impact of the adoption of
these standards on the Group's equity as at 1 January 2018 is based
on these initial assessments and is not expected to be
material.
IFRS 16 'Leases'
IFRS 16 replaces existing leases guidance, including IAS 17
'Leases', IFRIC 4 'Determining whether an Arrangement contains a
Lease', SIC-15 'Operating Leases - Incentives' and SIC-27
'Evaluating the Substance of Transactions Involving the Legal Form
of a Lease'.
The standard is effective for annual periods beginning on or
after 1 January 2019. Early adoption is permitted for entities that
apply IFRS 15 at or before the date of initial application of IFRS
16.
IFRS 16 introduces a single, on-balance sheet lease accounting
model for lessees. A lessee recognises a right-of-use asset
representing its right to use the underlying asset and a lease
liability representing its obligation to make lease payments. There
are recognition exemptions for short-term leases and leases of
low-value items. Lessor accounting remains similar to the current
standard - i.e. lessors continue to classify leases as finance or
operating leases.
The Group has completed an initial assessment of the potential
impact on its consolidated financial statements but has not yet
completed its detailed assessment. The actual impact of applying
IFRS 16 on the financial statements in the period of initial
application will depend on future economic conditions, including
the Group's borrowing rate at 1 January 2019, the composition of
the Group's lease portfolio at that date, the Group's latest
assessment of whether it will exercise any lease renewal options
and the extent to which the Group chooses to use practical
expedients and recognition exemptions.
So far, the most significant impact identified is that the Group
will recognise new assets and liabilities for its operating leases
of plant and machinery (principally in respect of vehicles) and one
property. As at 31 December 2017, the Group's future minimum lease
payments under non-cancellable operating leases amounted to GBP2.06
million, on an undiscounted basis (see Note 22).
In addition, the nature of expenses related to those leases will
now change as IFRS 16 replaces the straight-line operating lease
expense with a depreciation charge for right-of-use assets and
interest expense on lease liabilities.
No significant impact is expected for the Group's finance
leases.
2 Operating profit
Operating profit is stated after charging/(crediting):
2017 2016
GBP'000 GBP'000
Staff costs 18,494 13,451
Depreciation of property, plant and equipment 664 436
Amortisation of intangible assets 31 32
Operating lease expense 975 309
Auditor's fees - audit services 62 58
Auditor's fees - tax advice - 14
The analysis of audit fees is as follows:
- for the audit of the Company's annual accounts 23 16
- for the audit of the Company's subsidiaries'
accounts 43 42
66 58
3 Staff costs
Staff costs comprise:
2017 2016
GBP'000 GBP'000
Wages and salaries 16,001 11,811
Employer's National Insurance contributions 1,869 1,218
Defined contribution pension cost 622 415
Share based payment expense 2 7
18,494 13,451
The average number of employees (including Directors) in the
Group was as follows:
2017 2016
Number Number
Engineering, production and professional 413 284
Sales and marketing 7 8
Administration and management 44 43
464 335
4 Directors' remuneration
The remuneration of the directors was as follows:
Salaries Other
& fees benefits Total
2017 2017 2017
GBP'000 GBP'000 GBP'000
David Buchler 30 - 30
Jonathan Lander 11 - 11
Nick Lander 11 1 12
52 1 53
Salaries Other
& fees benefits Total
2016 2016 2016
GBP'000 GBP'000 GBP'000
David Buchler 30 - 30
Jonathan Lander 11 - 11
Nick Lander 11 1 12
52 1 53
The services of Jonathan Lander and Nick Lander are provided
under the terms of a Service Agreement with D2L Partners LLP (which
is controlled by them and is therefore a related party). The amount
due under these agreements, which is in addition to the amounts
disclosed above, for the year amounted to GBP528,000 (2016:
GBP615,000). Amounts owed to D2L Partners LLP at the year end
totalled GBPnil (2016: GBPnil).
The amount paid to David Buchler in the year was paid to DB
Consultants Limited (which is controlled by him and is therefore a
related party) and no amounts were outstanding at the year end
(2016: GBPnil). None of the directors were members of the Group's
defined contribution pension plan in the year (2016: none).
5 Operating segments
Analysis by business segment:
An analysis of key financial data by business segment is
provided below. The Group's automotive consulting and security
solutions segments are engaged in the provision of services to
third party customers. 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. A more detailed description of the activities of each
segment is given in the Chief Executive's Review and the Financial
Review above.
2017 Investing and
Automotive Security Food management
consulting solutions manufacturing services Total
2017 2017 2017 2017 2017
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Revenue 27,265 284 15,869 - 43,418
Profit/(loss) before
tax(1) 3,604 47 635 (832) 3,454
2016 Investing and
Automotive Security Food management
consulting solutions manufacturing services Total
2016 2016 2016 2016 2016
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Revenue 17,372 382 15,190 20 32,964
Profit/(loss) before
tax(1) 1,485 163 1,149 (813) 1,984
2017 Investing and
Automotive Security Food management
consulting solutions manufacturing services Total
2017 2017 2017 2017 2017
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Assets 8,305 247 10,819 16,465 35,836
Liabilities/provisions (4,593) (215) (4,640) (244) (9,692)
Net assets(2) 3,712 32 6,179 16,221 26,144
2016 Investing and
Automotive Security Food management
consulting solutions manufacturing services Total
2016 2016 2016 2016 2016
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Assets 4,834 207 11,136 19,190 35,367
Liabilities/provisions (2,895) (209) (5,412) (226) (8,742)
Net assets(2) 1,939 (2) 5,724 18,964 26,625
(1) stated before intra-group management and interest charges
(2) assets and liabilities stated excluding intra-group balances
2017 Investing and
Automotive Security Food management
consulting solutions manufacturing services Total
2017 2017 2017 2017 2017
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Capital spend 34 6 223 - 263
Depreciation 48 3 613 - 664
Amortisation/impairment 30 - 1 - 31
Interest income
(non-Group) - - - 38 38
Interest expense
(non-Group) 44 - 120 - 164
Tax expense 650 - 25 - 675
2016 Investing and
Automotive Security solutions Food manufacturing management
consulting 2016 2016 services Total
2016 GBP'000 GBP'000 2016 2016
GBP'000 GBP'000 GBP'000
Capital spend 35 - 287 - 322
Depreciation 45 - 390 1 436
Amortisation/
impairment 32 - - - 32
Interest income
(non-Group) - - - 48 48
Interest expense
(non-Group) 41 - 121 - 162
Tax expense 175 - 136 - 311
Geographical analysis:
External revenue Non-current assets
by by
location of customers location of assets
2017 2016 2017 2016
GBP'000 GBP'000 GBP'000 GBP'000
UK 38,550 29,064 5,812 5,991
Rest of Europe 3,403 2,612 - -
Other 1,465 1,288 - -
43,418 32,964 5,812 5,991
The Group had 2 (2016: 3) customers that individually accounted
for in excess of 10% of the Group's continuing revenues as follows:
2017 2016
GBP'000 GBP'000
First customer (automotive solutions segment) 11,621 3,697
Second customer (food manufacturing segment) 6,671 6,713
6 Discontinued operations
Cash received in 2016 in respect of discontinued activities
consisted of the final payment in respect of the disposal of the
Group's stake in JMP Consultants Limited ("JMP") which was sold on
18 December 2015 for cash consideration of GBP8,506,000, of which
the Group's share was GBP6,477,000.
7 Investment revenues, other gains and losses and finance income and expense
2017 2016
GBP'000 GBP'000
Investment revenues 93 186
Other gains and losses - (22)
Finance income
Bank interest receivable 38 49
Finance expense
Bank interest (58) (64)
Finance lease interest (23) (19)
Other interest and finance charges (83) (79)
(164) (162)
Investment revenues and other gains and losses represent
respectively interest and dividends receivable from, and the gains
arising upon disposal of, investments made pursuant to the Group's
investing and treasury management policies.
8 Income tax
2017 2016
GBP'000 GBP'000
Current tax expense - current year 707 271
Current tax expense - adjustments in respect of prior
years (35) -
Deferred tax expense recognised in income statement
- current year (25) 105
Deferred tax expense recognised in income statement
- adjustments in respect of prior years 28 (65)
Total tax expense recognised in income statement 675 311
Tax recognised directly in equity 135 -
Total tax recognised 810 311
The reasons for the difference between the actual tax expense
for the year and the standard rate of corporation tax in the UK
applied to profits for the year are as follows:
2017 2016
GBP'000 GBP'000
Profit before tax 3,454 1,984
Expected tax charge based on the prevailing rate of
corporation tax in the UK of 19.25% (2016: 20%) 665 397
Effects of:
Expenses not deductible for tax purposes 41 51
Income/gains not subject to tax (18) (37)
Deferred tax not recognised (8) 1
Effect of changes in rate of tax 3 (36)
Adjustments in respect of prior years (8) (65)
Total tax recognised in income statement 675 311
Deferred tax assets and liabilities are recognised at rates of
tax substantively enacted as at the balance sheet date. Deferred
tax assets are recognised to the extent that they are considered
recoverable. See also note 19.
Factors that may affect the future tax charge
Reductions in the UK corporation tax rate from 20% to 19%
(effective from 1 April 2017) and to 18% (effective 1 April 2020)
were substantively enacted on 26 October 2015, and an additional
reduction to 17% (effective 1 April 2020) was substantively enacted
on 6 September 2016. This will reduce the company's future current
tax charge accordingly. The deferred tax liability at 31 December
2017 has been calculated based on these rates.
9 Earnings per share
The calculation of the basic and diluted earnings per share is
based on the following data:
Earnings for the purposes of earnings per share: 2017 2016
GBP'000 GBP'000
Profit attributable to equity holders of the parent
company: 2,251 1,334
Weighted average number of shares for the purposes
of earnings per share: 2017 2016
No. No.
Weighted average number of ordinary shares in issue 3,987,670 4,085,958
Dilutive effect of potential ordinary shares - -
Weighted average number of ordinary shares for diluted
EPS 3,987,670 4,085,958
There were no share options (or other dilutive instruments) in
issue during the year or the previous year in respect of the parent
company's shares.
10 Subsidiaries
The subsidiaries of Volvere plc, all of which have been included
in these consolidated financial statements, are as follows:
Proportion
Registered address Principal of ownership
Name Activity interest
in ordinary
shares
Volvere Central Services
Limited Note 1 Group support services 100%
NMT Group Limited Note 2 Investment 98.6%
Sira Defence & Security
Limited Note 1 Software publishing 100%
Shire Foods Limited Note 1 Food manufacturing 80%
Impetus Automotive Note 3 Automotive consulting Note 7
Limited
Impetus Automotive Note 1 Holding company 100%
Solutions Limited
Impetus Automotive Note 4 Automotive consulting Note 7
GmbH
Impetus Automotive
Consulting Services
(Beijing) Co., Ltd Note 5 Automotive consulting 100%
Impetus Automotive
Pty Limited Note 6 Automotive consulting 100%
New Medical Technology Note 2 Dormant 98.6%
Limited
Zero-Stik Limited Note 2 Dormant 98.6%
Note 1 - Registered at Shire House, Tachbrook Road, Leamington
Spa, Warwickshire, CV31 3SF, England.
Note 2 - Registered at c/o Wright, Johnston & Mackenzie LLP,
302 St Vincent St, Glasgow, G2 5RZ, Scotland.
Note 3 - Registered at Tournament Court, Edgehill Drive, Warwick, CV34 6LG, England.
Note 4 - Registered at Bismarckstra<BETA>e 30, 64668 Rimbach, Germany.
Note 5 - Registered at Office No 1562 NCI Tower, 12a Jianguomenwai Avenue, 100022 Beijing,China.
Note 6 - Registered at 75 Wensleydale Drive, Mornington, Victoria 3931, Australia.
Note 7 - The Group owns 100% of the A ordinary shares and none
of the B ordinary shares of Impetus Automotive Limited, which at
the date of these financial statements gives an economic interest
in the total equity of approximately 83%. Impetus Automotive
Limited owns 100% of Impetus Automotive GmbH, Impetus Automotive
Consulting Services (Beijing) Co., Ltd and Impetus Automotive Pty
Limited.
11 Goodwill and other intangible assets
Other intangible
assets
Goodwill GBP'000 Total
GBP'000 GBP'000
Cost
At 1 January 2016, 1 January 2017 and 31
December 2017 380 601 981
Amortisation
At 1 January 2016 - 530 530
Charge for 2016 - 32 32
Charge for 2017 - 31 31
At 31 December 2017 - 593 593
Net book value
At 31 December 2017 380 8 388
At 31 December 2016 380 39 419
Goodwill is that arising on the acquisition of Impetus
Automotive Limited in 2015.
As required by IAS 38 goodwill is not amortised and is instead
tested annually for impairment. The business unit to which the
goodwill attaches generated profits (before tax and intra-group
management and interest charges) of over GBP3m and the carrying
value of the goodwill is GBP380,000. Impairment testing therefore
readily indicates that there is no impairment in the carrying value
of goodwill, even if extremely conservative assumptions are
used.
Other intangible assets comprise a mix of intellectual property
rights and software. The net book value of internally-generated
intangible assets was GBP8,000 (2016: GBP39,000).
12 Property, plant and equipment
Short Leasehold
Property Freehold Plant &
GBP'000 Property Machinery Total
GBP'000 GBP'000 GBP'000
Cost or valuation
At 1 January 2016 180 2,430 4,640 7,250
Additions - - 322 322
Disposals - - (322) (322)
At 31 December 2016 and 1 January
2017 180 2,430 4,640 7,250
Additions - - 263 263
Revaluation - 120 - 120
Disposals - - (14) (14)
At 31 December 2017 180 2,550 4,889 7,619
Accumulated depreciation
At 1 January 2016 63 95 1,319 1,477
Disposals - - (235) (235)
Charge for the year 12 22 402 436
At 31 December 2016 and 1 January
2017 75 117 1,486 1,678
Disposals - - (7) (7)
Reversed on revaluation - (140) - (140)
Charge for the year 12 23 629 664
At 31 December 2017 87 - 2,108 2,195
Net book value
At 31 December 2017 93 2,550 2,781 5,424
At 31 December 2016 105 2,313 3,154 5,572
Freehold property was revalued by an independent valuation
specialist to GBP2,550,000 as at 5 December 2017, resulting in an
unrealised revaluation gain of GBP260,000 which has been recognised
in other comprehensive income. Under the cost model, the carrying
value of freehold property would be GBP2,290,000. All other
property, plant and equipment is carried at cost less accumulated
depreciation.
The net book value of property, plant and equipment held on
finance leases was GBP748,000 (2016: GBP779,000).
Management consider there to be no indicators to suggest that
any items of property, plant and equipment are impaired. Property,
plant and equipment (which is all held within subsidiaries) with a
net book value of GBP5.42 million is pledged as collateral for
Group borrowings (all of which are within subsidiaries).
13 Inventories
2017 2016
GBP'000 GBP'000
Raw materials 472 754
Finished products 994 1,328
1,466 2,082
The total amount of inventories consumed in the year and charged
to cost of sales was GBP12.35 million (2016: GBP9.21 million).
14 Financial assets (current)
2017 2016
GBP'000 GBP'000
Available-for-sale investments 6,335 -
During the year the Group invested in equity securities pursuant
to its treasury management policies. The investments are carried at
fair value as stated above. The historic cost of investments held
at the balance sheet date was GBP6,258,000 (2016: GBPnil).
15 Trade and other receivables
2017 2016
GBP'000 GBP'000
Trade receivables 9,108 6,512
Less: provision for impairment of trade receivables - (1)
Net trade receivables 9,108 6,511
Other receivables 301 271
Amounts recoverable on contracts 395 218
Prepayments and accrued income 300 231
10,104 7,231
Certain of the Group's subsidiaries have invoice discounting
arrangements for their trade receivables which are pledged as
collateral. Under these arrangements it is considered that the
subsidiaries remain exposed to the risks and rewards of ownership,
principally in the form of credit risk, and so the assets continue
to be recognised. The associated liabilities arising restrict the
subsidiaries' use of the assets.
The carrying amount of the assets and associated liabilities is
as follows:
2017 2016
GBP'000 GBP'000
Trade receivables 3,676 6,431
Borrowings (687) (1,521)
2,989 4,910
Because of the normal credit periods offered by the
subsidiaries, it is considered that the fair value matches the
carrying value for the assets and associated liabilities.
The Group is exposed to credit risk with respect to trade
receivables due from its customers, primarily in the automotive
consulting and food manufacturing segments. Both segments have a
relatively large number of customers, however there is a
significant dependency on a small number of large customers who can
and do place significant contracts. Provisions for bad and doubtful
debts are made based on management's assessment of the risk taking
into account the ageing profile, experience and circumstances.
There were no significant amounts due from individual customers
where the credit risk was considered by the Directors to be
significantly higher than the total population.
There is no significant currency risk associated with trade
receivables as the vast majority are denominated in Sterling.
The ageing analysis of trade receivables is disclosed below:
2017 2016
GBP'000 GBP'000
Up to 3 months 8,936 6,431
3 to 6 months 172 80
6 to 12 months - -
Over 12 months - 1
9,108 6,512
16 Trade and other payables (current)
2017 2016
GBP'000 GBP'000
Trade payables 1,964 1,723
Other tax and social security 1,337 759
Other payables 101 108
Accruals 1,991 1,214
Deferred income 630 627
6,023 4,431
The fair value of all trade and other payables approximates to
book value at 31 December 2017 and at 31 December 2016.
17 Financial instruments - risk management
The Group's principal financial instruments are:
-- Trade receivables
-- Cash at bank
-- Current asset investments
-- Loans and finance leases
-- Trade and other payables
The Group is exposed through its operations to one or more of
the following financial risks:
-- Cash flow interest rate risk
-- Foreign currency risk
-- Liquidity risk
-- Credit risk
-- Other market price risk
Policy for managing these risks is set by the Board following
recommendations from the Chief Financial & Operating Officer.
Certain risks are managed centrally, while others are managed
locally following guidelines communicated from the centre. The
policy for each of the above risks is described in more detail
below.
Interest rate risk
Due to the relatively low level of borrowings, the Directors do
not have an explicit policy for managing cash flow interest rate
risk. All current and recent borrowing has been on variable terms,
with interest rates of between 3% and 4% above base rate, and the
Group has cash reserves sufficient to repay all borrowings promptly
in the event of a significant increase in market interest rates.
All cash is managed centrally and subsidiary operations are not
permitted to arrange borrowing independently.
The Group's investments may attract interest at fixed or
variable rates, or none at all. The market price of such
investments may be impacted positively or negatively by changes in
underlying interest rates. It is not considered relevant to provide
a sensitivity analysis on the effect of changing interest rates
since, at the year end, none of the Group's investments were
interest bearing.
Foreign currency risk
Foreign exchange risk arises when individual Group operations
enter into transactions denominated in a currency other than their
functional currency (sterling). The Directors monitor and review
their foreign currency exposure on a regular basis; they are of the
opinion that as the Group's trading exposure is limited to
transactions with a small number of customers and suppliers it is
not appropriate to actively hedge that element of its foreign
currency exposure, nor is its exposure to foreign currency risk
considered to be significant.
Liquidity risk
The Group maintains significant cash reserves and therefore does
not require facilities with financial institutions to provide
working capital. Surplus cash is managed centrally to maximise the
returns on deposits.
Credit risk
The Group is mainly exposed to credit risk from credit sales.
The Group's policy for managing and exposure to credit risk is
disclosed in note 17.
Other market price risk
The Group has generated a significant amount of cash and this
has been held partly as cash deposits and partly invested pursuant
to the Group's investing strategy. Investments were made in 2017 in
equity funds, which reflect the Group's need to access capital. The
presence of these investments expose the Group to market price
risk. The directors believe that the exposure to market price risk
from this activity is acceptable in the Group's circumstances, as
they seek to balance the competing priorities of risk management
and return maximisation.
Capital management
The Group's main objective when managing capital is to protect
returns to shareholders by ensuring the Group will continue to
trade profitably in the foreseeable future. The Group also aims to
maximise its capital structure of debt and equity so as to minimise
its cost of capital.
The Group manages its capital with regard to the risks inherent
in the business and the sector within which it operates by
monitoring its gearing ratio on a regular basis.
The Group considers its capital to include share capital, share
premium, revaluation reserve and retained earnings. Net debt
includes short and long-term borrowings (including lease
obligations) and shares classed as financial liabilities, net of
cash and cash equivalents. The Group has not made any changes to
its capital management during the year. The Group is not subject to
any externally imposed capital requirements.
An analysis of what the Group manages as capital is outlined
below:
2017 2016
GBP'000 GBP'000
Total debt (2,643) (3,662)
Add cash and cash equivalents 12,119 20,063
Net funds 9,476 16,401
Total equity (capital) 26,144 26,625
Net funds to capital ratio 36.2% 61.6%
Reconciliation of Movement in Net Cash
Net cash Repayment Net cash
at 1 January of borrowings Other at 31
2017 Cash flow non-cash December
items 2017
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Cash at bank and in hand 20,063 (7,944) - - 12,119
Borrowings (3,662) - 1,093 (74) (2,643)
16,401 (7,944) 1,093 (74) 9,476
18 Financial assets and liabilities - numerical disclosures
Analysis of financial assets by category:
2017 2016
GBP'000 GBP'000
Non-financial items carried at fair value
Freehold property 2,550 2,430
Financial instruments carried at fair value
Available for sale investments 6,335 -
Assets carried at amortised cost
Loans and receivables 10,105 7,000
Cash and cash equivalents 12,119 20,063
Total financial assets and non-financial assets carried
at fair value 31,109 29,493
Liabilities carried at amortised cost
Trade and other payables 3,402 2,590
Borrowings 2,643 3,662
Total financial liabilities 6,045 6,252
Fair values
Assets held at fair value fall into three categories, depending
on the valuation techniques used, as follows:
Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities;
Level 2: inputs other than quoted prices included within Level 1
that are observable for the asset or liability, either directly
(i.e., as prices) or indirectly (i.e., derived from prices);
Level 3: inputs for the asset or liability that are not based on
observable market data (unobservable inputs).
The Directors consider the carrying values of all financial
assets and liabilities to be a reasonable approximation of their
fair values.
Available for sale investments fall under Level 1 in the IFRS7
fair value hierarchy. Freehold property falls under Level 3.
Freehold property was valued by an independent qualified person as
at 5 December 2017 using RICS guidelines on an open market value
basis.
All other assets, and all liabilities are carried at amortised
cost.
Maturity of financial assets
The maturities and denominations of financial assets at the year
end, other than cash and cash equivalents, and loans and
receivables (note 15 above) are as follows:
2017 2016
GBP'000 GBP'000
Sterling
No fixed maturity 6,335 -
Maturity of financial liabilities
The maturity of borrowings (including finance leases) carried at
amortised cost is as follows:
2017 2016
GBP'000 GBP'000
Less than six months 831 1,647
Six months to one year 144 125
One to two years 283 259
Two to five years 456 588
More than five years 929 1,043
2,643 3,662
The above borrowings are analysed on the balance sheet as
follows:
2017 2016
GBP'000 GBP'000
Loans and other borrowings (current) 783 1,613
Finance leases (current) 192 159
Loans and other borrowings (non-current) 1,353 1,448
Finance leases (non-current) 315 442
2,643 3,662
Borrowings are secured on certain assets of the Group, and
interest was charged at rates of between 2.5% and 3.2% during the
year. Including interest that is expected to be paid, the maturity
of borrowings (including finance leases) is as follows:
2017 2016
GBP'000 GBP'000
Less than six months 870 1,690
Six months to one year 181 165
One to two years 348 331
Two to five years 586 742
More than five years 1,064 1,218
3,049 4,146
The above borrowings including interest that is expected to be
paid are analysed as follows:
2017 2016
GBP'000 GBP'000
Loans and other borrowings (current) 839 1,674
Finance leases (current) 212 182
Loans and other borrowings (non-current) 1,664 1,814
Finance leases (non-current) 334 476
3,049 4,146
Maturity of financial liabilities
The maturity of other financial liabilities, excluding loans and
borrowings, carried at amortised cost is as follows:
2017 2016
GBP'000 GBP'000
Less than six months 3,733 2,590
19 Deferred tax
Movements in deferred tax provisions are outlined below:
Accelerated Other
tax depreciation timing Re-valuations
differences Total
GBP'000 GBP'000 GBP'000 GBP'000
At 1 January 2017 (385) 9 - (376)
Recognised in P&L during the year (1) (2) - (3)
Recognised in OCI during the year - - (135) (135)
At 31 December 2017 (386) 7 (135) (514)
Previous year movements were as follows:
Accelerated Other
tax depreciation timing
differences Losses Total
GBP'000 GBP'000 GBP'000 GBP'000
At 1 January 2016 (432) (36) 133 (335)
Recognised in P&L during the year 47 45 (133) (41)
At 31 December 2016 (385) 9 - (376)
In addition, there are unrecognised net deferred tax assets as
follows:
2017 2016
GBP'000 GBP'000
Tax losses carried forward 595 583
Excess of depreciation over capital allowances 4 3
Short term temporary differences 11 8
Net unrecognised deferred tax asset 610 594
Deferred tax assets and liabilities have been calculated using
the rate of corporation tax expected to apply when the relevant
temporary differences reverse. Deferred tax assets and liabilities
are only offset where there is a legally enforceable right of
offset and there is an intention to settle the balances net.
The unrecognised elements of the deferred tax assets have not
been recognised because there is insufficient evidence that they
will be recovered because such losses are within entities that are
not expected to yield sufficient future profits.
20 Share capital
Authorised
2017 2017 2016 2016
Number GBP'000 Number GBP'000
Ordinary shares of GBP0.0000001
each 100,100,000 - 100,100,000 -
A shares of GBP0.49999995
each 50,000 25 50,000 25
B shares of GBP0.49999995
each 50,000 25 50,000 25
Deferred shares of GBP0.00000001
each 4,999,999,500,000 50 4,999,999,500,000 50
100 100
Issued and fully paid
2017 2017 2016 2016
Number GBP'000 Number GBP'000
Ordinary shares of GBP0.0000001
each 6,207,074 - 6,207,074 -
Deferred shares of GBP0.00000001
each 4,999,994,534,696 50 4,999,994,534,696 50
50 50
Treasury shares
During the year the Company acquired 417,595 (2016: nil) of its
own Ordinary shares for total consideration of GBP3,458,000 (2016:
nil). This brought the total number of Ordinary shares held in
treasury to 2,538,711 with an aggregate nominal value of less than
GBP1.
Rights attaching to deferred shares & A and B shares
The Deferred shares carry no rights to participate in the
profits of the Company and carry no voting rights. After the
distribution of the first GBP10 billion in assets in the event of a
return of capital (other than a purchase by the Company of its own
shares), the Deferred shares are entitled to an amount equal to
their nominal value.
The Company has no A and B shares in issue. These shares have
conversion rights allowing them to convert into Ordinary shares on
a pre-determined formula. All A and B shares previously in issue
have been converted into Ordinary shares.
21 Reserves
All movements on reserves are disclosed in the consolidated
statement of changes in equity.
The following describes the nature and purpose of each reserve
within owners' equity:
Reserve Nature and purpose
Share premium Amount subscribed for share capital in excess
of nominal value
Revaluation reserves Cumulative net unrealised gains and short-term
losses arising on the revaluation of the Group's
available for sale investments and freehold
property
Retained earnings Cumulative net gains and losses recognised
in the statement of comprehensive income,
other than those included in revaluation reserves.
22 Operating leases
The Group has one lease for a property occupied by a subsidiary,
and various leases in respect of plant and machinery. The property
lease is of the tenant repairing type with a rent review due in
2020 and it ends during 2025. The total future values of minimum
lease payments are due as follows:
Land and Land and
buildings Other buildings Other
2017 2017 2016 2016
GBP'000 GBP'000 GBP'000 GBP'000
Not later than one year 144 891 144 269
Later than one year and not later
than five years 552 114 552 166
Later than five years 363 - 499 -
1,059 1,005 1,195 435
23 Share-based payments
The Company has previously operated two share-based payment
schemes, an approved EMI equity-settled share-based remuneration
scheme for certain employees and an unapproved equity-settled share
scheme for certain management. All options issued have now either
lapsed or been exercised, such that there are no options in issue
as at 31 December 2017 (2016: nil). All options in issue were fully
vested prior to 1 January 2016, hence there is no share based
payment charge in 2017 or 2016, in respect of share options issued
by the company.
During the previous year certain employees purchased a
newly-issued class of shares in one of the company's subsidiaries.
The rights attaching to this new class of shares vest on a number
of criteria over a 2 year period following issue, including that
they require employees to continue in employment. The shares issued
have restricted rights, and the company that issued the shares has
first option to repurchase them in certain scenarios.
This gave rise to a share-based payments charge in the income
statement of GBP2,000 (2016: GBP7,000) based on an independent
valuation exercise prepared for the company. Detailed disclosures
regarding the share-based payments charge have not been included in
the financial statements as the amounts involved are
immaterial.
24 Related party transactions
Details of amounts payable to Directors, and parties related to
the directors, are disclosed in note 4. There were no other
transactions with key members of management, and no other
transactions with related parties.
25 Contingent liabilities
The Group had no material contingent liabilities as at the date
of these financial statements.
26 Non-controlling interests
The non-controlling interests of GBP1,958,000 (2016:
GBP1,406,000 ) relate to the net assets attributable to the shares
not held by the Group at 31 December 2017 in the following
subsidiaries:
2017 2016
Name of subsidiary GBP'000 GBP'000
NMT Group Limited 72 74
Impetus Automotive Limited 652 205
Shire Foods Limited 1,234 1,127
1,958 1,406
Summarised financial information (before intra-group
eliminations) in respect of those subsidiaries with material
non-controlling interests is presented below.
Impetus Automotive
Limited Shire Foods
Limited
2017 2016 2017 2016
GBP'000 GBP'000 GBP'000 GBP'000
Non-current assets 163 209 5,264 5,401
Current assets 8,141 4,624 5,556 5,735
Non-current liabilities - - (1,668) (1,890)
Current liabilities (4,586) (3,726) (2,458) (3,221)
Provisions (79) (87) (514) (379)
Net assets (equity) 3,639 1,020 6,180 5,646
Attributable to:
Group 2,988 815 4,946 4,519
Non-controlling interests 651 205 1,234 1,127
3,639 1,020 6,180 5,646
Revenue 27,266 17,372 15,869 15,190
Profit for the year after tax (stated
after intra-group management
and interest charges) 2,620 942 410 773
Profit for the year attributable to
non-controlling interests 447 184 82 155
27 Events after the balance sheet date
There have been no significant events warranting disclosure in
these financial statements.
-ENDS-
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
FR LLFVAEIISFIT
(END) Dow Jones Newswires
May 25, 2018 02:00 ET (06:00 GMT)
Volvere (LSE:VLE)
Historical Stock Chart
From Apr 2024 to May 2024
Volvere (LSE:VLE)
Historical Stock Chart
From May 2023 to May 2024