27th Sep 2018 11:09
LONDON (Alliance News) - Volvere PLC on Thursday reported a sharp rise in interim profit on the back of strong performances from its investees, as its net asset value per share hit a record high.
In the six months ended June, the growth and turnaround investment firm's pretax profit almost doubled to GBP1.3 million from GBP756,000.
The investment company's net asset value per share at the end of June was GBP6.75, a record level, up from GBP6.59 at the end of 2017.
Revenue increased 20% to GBP22.2 million from GBP18.5 million.
Volvere said the large increases stemmed from the performances of Impetus Automotive Ltd, Shire Foods Ltd and Sira Defence & Security Ltd. In particular, Impetus's profit growth, Shire Food's reduced losses and SDS's move to break-even from a loss, drove Volvere's "excellent" performance.
Volvere's cash at the end of the half was GBP17.4 million, up from GBP12.1 million at the end of the previous half. The increase is due to the disposal of available-for-sale investments in the period.
Chairman David Buchler said he is confident about the outlook of the company for the remainder of 2018.
The company did not recommend a dividend for the period, same as a year before.
Shares in Volvere were up 2.8% at 915.0 pence each.
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