19th Mar 2019 11:22
LONDON (Alliance News) - Investment company Volvere PLC on Tuesday said it expects to swing to a profit in 2018 on the back of gains from discontinued operations.
For 2018, the company expects revenue of GBP18.6 million, up 15% from last year's GBP16.2 million, mainly of the back of growth in the company's frozen pie and pastry manufacturing business Shire Foods Ltd, in which Volvere has an 80% stake.
Overall profit before tax is expected at GBP20.6 million, after the profit arising from discontinued operations of GBP23.1 million. A year ago the company posted a pretax loss of GBP100,000.
The 2018 results include a GBP31.1 million gain from the disposal of Impetus Automotive Ltd, the group's then largest subsidiary, in October.
However, excluding the profit from discontinued operations, the company's annual loss widened to GBP2.5 million after incentive payments of GBP2.5 million.
"Accordingly, the underlying result before tax from continuing operations improved by approximately GBP100,000 year-on-year to breakeven, compared to a re-presented loss of GBP100,000 in 2017," the company added.
The group expects to report increased net assets per share of approximately GBP12.48 from GBP6.59 a year ago, and group net assets of GBP40.3 million from GBP26.1 million.
Volvere expects to announce its full year results on May 24. Shares were trading up 1.7% at 1,088.00 pence each on Tuesday.
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