17 March 2026

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 2025.  All data in this announcement is unaudited, although the comparative information for the year ending 31 December 2024 has been extracted from audited data for that year. 

The Group's 80 per cent. owned frozen pastry products manufacturer, Shire Foods Limited ("Shire" or "Shire Foods"), was the Group's only 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:

Share buy-backs during the year totalled £0.43 million (2024: £1.51 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 2025: 2,189,922, 31 December 2024: 2,208,922).

Financial Performance

The Group's revenues all related to Shire Foods. Underlying trading is discussed below, which includes reference to a one-off credit in the year of £0.40 million in Shire.

Commentary

As we expected, the overall results for the year - driven principally by trading at Shire Foods - has been pleasing. Group net assets were £47.20 million (2024: £41.90 million), including cash of £28.27 million (2024: £25.05 million) and available-for-sale investments of £4.95 million (2024: £2.79 million).

Trading performance at Shire Foods was broadly satisfactory. Shire's underlying profit before tax, intra-group interest and management charges was £6.31 million (2024: £6.17 million), stated before a one-off credit relating to provisions considered no longer required of £0.40 million (2024: £nil), giving an overall result of £6.71 million.

We started to feel the impact in the second half of 2025 of increasing raw material and distribution costs. Although this has continued in 2026, we are continuing to invest in our production capability, with a focus on increasing productivity, as well as increasing prices. Whilst underlying profitability in 2025 was marginally lower than we would have liked, we think it represents a good performance in the market in which we operate.

A continuing high oil price is likely to impact Shire's supply chain and we are monitoring it closely. Our available-for-sale investment has fallen in value since the year end, reflecting geo-political events and market volatility, but remains significantly ahead of our purchase cost. Notwithstanding the current uncertainty in terms of cost inflation and the potential impact of inflationary pressures on consumers, we remain committed to our long-term strategy for Shire through a focus on innovation, quality and efficiency.

We continue to review potential investments and would expect an increase in distressed businesses, particularly if cost inflation becomes evident and interest rates are accordingly held or increased. The Group's strong balance sheet means we are able to respond quickly to anything of interest should it arise.

Nick Lander

Co-founder & Director

Notice of Final Results

Volvere expects to announce its full year results for the year ended 31 December 2025 on or around 15 May 2026.

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:

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 270 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.