22nd May 2019 12:14
LONDON (Alliance News) - Volvere PLC on Wednesday said revenue rose but its loss widened in 2018 due to a substantial increase in costs.
The investment company reported a pretax loss of GBP2.4 million for 2018, widened compared to the loss of GBP150,000 reported a year prior, as administrative expenses jumped to GBP4.8 million from GBP1.8 million.
Volvere's revenue rose by 15% to GBP18.6 million from GBP16.2 million, thanks to food manufacturing subsidiary Shire Foods Ltd and digital CCTV viewing software unit Sira Defence & Security Ltd.
Shire Foods - which has been 80% owned by Volvere since July 2011 - increased revenue in the year to GBP18.3 million.
"Although Shire's revenue growth was pleasing, the underlying margins in the business remained under pressure due to raw material and labour cost increases," the company said in the statement Wednesday.
Meanwhile, Sira, which is 100% owned by Volvere, delivered revenue of GBP300,000, up slightly from GBP280,000 reported in 2017. Volvere noted that a number of partner-licensing contracts were signed in this division during the year and in 2019 these are expected to deliver increased revenue.
Volvere's net asset value per share almost doubled to GBP12.50 as at December 31 from GBP6.59 reported on the same day in 2017.
Volvere shares were trading 0.9% higher on Wednesday at 1,135.00 pence each.
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