26th Sep 2019 11:14
(Alliance News) - Shares in turnaround specialist Volvere PLC jumped Thursday after revenue rose on a strong performance of its last remaining investee, despite profitability being held back by a costs rise linked to rewards.
For the six months ended June, the pretax loss from continuing operations narrowed to GBP624,000 from GBP646,000 the year prior. This was after revenue rose 38% to GBP10.1 million from GBP7.3 million the year before.
Profit performance was hurt by administrative costs jumping to GBP1.4 million from GBP863,000 the year prior.
During the period, Volvere sold its CCTV-viewing software business Sira Defence & Security Ltd in May for GBP3.0 million. This left the firm with just one remaining trading subsidiary, 80%-owned frozen foods maker Shire Foods Ltd.
"Shire performed better than the comparable period in 2018, but the payment of performance-related bonuses on the successful sale of Sira offset the effects of Shire's improved results," Chief Executive Jonathan Lander said.
Volvere does not currently pay a dividend.
"Our strategy throughout 2019 remains as before - to deliver shareholder value through improving trading performance of our existing portfolio, identifying new opportunities, and investment realisations," Lander added.
"The level of deal opportunities has increased since 2018 and we remain optimistic that we will identify new businesses in which to invest."
Volvere held GBP19.7 million in cash at the end of the period, up from GBP17.4 million the year prior.
Shares in Volvere were 12% higher at 1,289.00 pence in London on Thursday.
By Ahren Lester; [email protected]
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