VOLVERE PLC

Management Reports • Mar 21, 2025

National Storage Mechanism | Additional information

RNS Number : 5731B

Volvere PLC

21 March 2025

21 March 2025

Volvere plc

(the "Group" or "Volvere")

Trading Update and Notice of Final Results

Volvere plc (AIM: VLE), the growth and turnaround investment company, is pleased to provide the following trading update for the financial year ended 31 December 2024.  All data in this announcement is unaudited, although the comparative information for the year ending 31 December 2023 has been extracted from audited data for that year. 

The Group's 80 per cent. owned frozen pastry products manufacturer , Shire Foods, was the Group's principal trading subsidiary and, along with the Group's central activities, represents the Group's continuing operations.

Consolidated Net Assets and Liquidity

The Group expects to report year-end consolidated net assets per share (excluding non-controlling interests), net assets and cash and available for sale investments as follows:

£ million except where stated	As at 31 December 2024	As at 31 December 2023
Consolidated net assets per share (excluding non-controlling interests)(1)	£17.19	£14.83
Group net assets	41.84	37.51
Cash and available-for-sale investments	27.84	23.74

Share buy-backs during the year totalled £1.51 million (2023: £0.43 million).

Note 1: Net assets attributable to owners of the parent company divided by total number of ordinary shares (less those held in treasury) outstanding at the reporting date (31 December 2024: 2,208,922, 31 December 2023: 2,327,922).

Financial Performance

£ million except where stated
	Year ended 31 December 2024	Year ended 31 December 2023
Group revenue - continuing operations	48.97	42.95
Group profit before tax - continuing operations	6.27	3.64
(Loss)/profit from discontinued operations	(0.02)	0.23
Group profit after tax for the year	4.78	2.73

The increased profit for the year was a result of encouraging trading in Shire Foods, coupled with increased net finance income on the Group's cash deposits.  The Group's revenues all related to Shire Foods.

Commentary  

I am delighted with the performance for the year as a whole, which was underpinned by strong trading at Shire Foods and good returns on our treasury deposits.  This is reflected in our increasing cash reserves, notwithstanding the significant treasury share purchases in the period.

As we reported in the Group's interim results in September 2024, there are industry-wide challenges in the form of increasing labour costs in 2025 because of the increase in the minimum wage, further compounded by the increase in employer's national insurance.  The effect on Shire will be both internal and external, the latter from rising supply chain costs such as raw materials, packaging and transportation.

We are continuing to mitigate cost rises where we can, but our customers themselves are under acute pressure as the large supermarkets battle for market share.  However, there is, we think, an expectation that food price inflation is inevitable during 2025 as retailers pass on cost increases to consumers.

In spite of all of this, we expect the business to deliver a creditable performance in the context of this challenging wider environment and are investing in additional capacity to support growth, in particular for 2026 and beyond.

We are continuing to review potential acquisition opportunities across all sectors.  Whilst no transaction of interest has been identified for further investment, we remain committed and poised to do so for the right proposition.

Nick Lander

Co-founder & Director

Notice of Final Results

Volvere expects to announce its full year results for the year ended 31 December 2024 on or around 23 May 2025.

This announcement contains inside information for the purposes of the UK Market Abuse Regulation and the Directors of the Company are responsible for the release of this announcement.

For further information:

Volvere plc Nick Lander, Co-founder & Director  www.volvere.co.uk	Tel: +44 (0) 1926 335700
Cairn Financial Advisers LLP (Nominated Adviser) Sandy Jamieson, Liam Murray	Tel: + 44 (0) 207 213 0880
Canaccord Genuity Limited (Joint Broker) Bobbie Hilliam, Alex Aylen	Tel: + 44 (0) 207 523 8000
Hobart Capital Markets LLP (Joint Broker) Lee Richardson	Tel: + 44 (0) 207 070 5691

Notes to editors:

Volvere plc (AIM: VLE), is a growth and turnaround investment company. The Group's sole current trading activity is food manufacturing. The Group currently employs approximately 280 people.

For further information, please visit www.volvere.co.uk .

Forward-looking statements:

This announcement may contain certain statements about the future outlook for Volvere plc. Although the directors believe their expectations are based on reasonable assumptions, any statements about future outlook may be influenced by factors that could cause actual outcomes and results to be materially different.

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