Shire Foods drives robust first half for Volvere

13th Sep 2024 11:56

(Sharecast News) - Growth and turnaround investment company Volvere reported robust unaudited interim results for the six months ended 30 June on Friday.

The AIM-traded company recorded significant improvements across key financial metrics, underpinned by exceptional performance from its subsidiary Shire Foods.

Revenue from continuing operations rose to £22.2m, up from £19.09m in the same period last year.

Profit before tax from continuing operations saw a substantial increase to £2.17m, compared to £0.44m in the first half of 2023, while profit after tax also climbed to £1.78m from £0.44m previously.

Consolidated net assets per share, excluding non-controlling interests, increased to 1,585p from 1,400p in the first half of 2023.

Group net assets grew to £38.57m, up from £35.33m, while cash and available-for-sale investments expanded to £24.31m from £21.41m in the prior year.

The results were largely driven by record trading at Shire Foods, Volvere's savoury products manufacturing arm.

Additionally, the group said it benefited from improved performance in its treasury investments.

During the period, Volvere executed share buybacks totaling £1.29m.

The company reported high liquidity and a strong balance sheet, positioning it well for continued growth.

At 1107 BST, shares in Volvere were up 4.61% at 1,475p.

Reporting by Josh White for Sharecast.com.