29th May 2014 12:09
LONDON (Alliance News) - Volvere PLC Thursday said its net assets per share grew over the course of 2013, and it swung to a profit, as portfolio company Shire Foods Ltd returned to profitability.
Volvere also exited Interactive Prospect Targeting Ltd and acquired a majority stake in JMP Consultants during the year.
In a statement, Volvere said its net assets per share increased to GBP4.00 from GBP3.74 over the course of 2013, while it swung to a GBP508,000 pretax profit from a GBP316,000 pretax loss. Revenue increased to GBP16.1 million from GBP6.5 million, while administrative expenses rose to GBP4.1 million from GBP1.5 million.
The turnaround came as Shire Foods, in which Volvere has an 80% stake, swung to a GBP120,000 pretax profit from a GBP440,000 pretax loss. Meanwhile, the integrated JMP Consultants made a GBP1.1 million pretax profit. Volvere owns three quarters of JMP.
"The group has had another successful year, with the acquisition of JMP Consultants, the disposal of IPT and the continuing improvement in performance at Shire Foods. These have resulted in encouraging further growth in net assets per share to a record GBP4.00," Chairman David Buchler said in a statement.
Chief Executive Jonathan Lander said the dealflow for new acquisitions remains good, adding that Volvere's strong balance sheet means it will be able to capitalise on opportunities as they arise.
Volvere primarily invests in undervalued and distressed businesses and securities as well as businesses that complement its existing companies. It provides management services to those businesses. Its trading subsidiaries have been focused on transport planning and engineering, online marketing and data services, food manufacturing and security solutions.
Volvere's transport planning and engineering segment began with the acquisition of the business and certain assets of JMP Consultants Ltd in May 2013. Its online marketing and data services segment was discontinued with the sale of IPT to management, announced in December 2013.
Volvere currently doesn't pay a dividend as it retains profits for investment or to buy back its own shares to be held in treasury.
Volvere shares were Thursday quoted at 293.50 pence, up 36.00 pence, or 14%.
By Samuel Agini; [email protected]; @samuelagini
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Volvere