28th Sep 2015 09:52
LONDON (Alliance News) - Turnaround investment company Volvere PLC Monday reported a swing to a pretax profit for the first half of 2015, boosted by its acquisition of Impetus Automotive Ltd in March.
The company reported consolidated net assets per share of 432 pence at at the end of June, compared to 393 pence a year before, and 431 pence at the end of 2014.
For the half year to end-June the company reported a pretax profit of GBP794,000, swung from a pretax loss of GBP294,000 a year before, as revenue rose to GBP16.9 million from GBP9.8 million.
Its JMP Consultants Ltd transport planning and engineering business reported revenue of GBP6.4 million, up from GBP5.6 million year before. Sira Defence and Security Ltd reported a slight decline in revenue to GBP140,000 from GBP150,000.
Its frozen pie and pasty manufacturing company Shire Foods Ltd reported revenue of GBP6.5 million, compared to GBP4.1 million a year before, and was profitable, which Volvere said was the first time it has been profitable in the first half of the year, as its revenue is traditionally weighted towards the winter months.
It acquired Impetus Automotive in March, and the company contributed revenue of GBP3.9 million for the three months to end-June.
Shares in Volvere were untraded Monday. It last closed at 412.00 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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