29th May 2015 09:54
LONDON (Alliance News) - Volvere PLC Friday posted a rise in pretax profit, boosted by an exceptional gain in Shire Foods Ltd, in which it has an 80% stake, and said it looks forward to continued progress in 2015.
The AIM-listed growth and turnaround investment company posted a pretax profit of GBP1.6 million for 2014, up from GBP508,000 a year before, as revenue rose to GBP24.1 million from GBP16.1 million, which offset a step-up in administrative expenses.
Volvere identifies and invests in distressed businesses and securities, and outside of Shire Foods also has a 76% interest in JMP Consultants Ltd, and an interest in Sira Defence & Security.
Shire Food's results were boosted by an exceptional gain of GBP852,000 as a result of being released from liabilities under a company voluntary arrangement. Shire Food's revenue rose to GBP12.1 million from GBP8.5 million on the back of account wins.
Following the period end the company acquired Impetus Automotive Ltd, a provider of consulting services to the automotive sector.
Volvere said it does not currently plan to recommend a dividend payment, and prefers to retain profits as they arise for investment in future opportunities.
Shares in Volvere are trading up 7.4% at 351.58 pence Friday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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