20 March 2017
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 2016. All 2016 data in this announcement is unaudited; comparative data relates to the audited financial year ended 31 December 2015.
The Group expects to report revenue of approximately £33.2 million (2015: £27.9 million) and profit before tax of £1.8 million (2015: £1.34 million).
Operating Businesses
The results for the year reflect good performances across all segments, with a particularly strong performance from the Group's automotive consulting business, Impetus Automotive Limited ("Impetus"), in which Volvere has an 80 percent holding. For the year ended 31 December 2016, Impetus had revenues of £17.4 million (9 months to 31 December 2015: £12.1 million) and profit before tax, intra-Group interest and management charges of £1.5 million (9 months to 31 December 2015: £0.58 million).
Shire Foods ("Shire"), the Group's 80 percent-owned frozen pie and pasty manufacturing business, had a robust second half in line with previous seasonal trends. However, margin erosion following the depreciation of sterling has meant that although revenues were similar to those achieved in 2015, profit thereon will be lower. For the year ended 31 December 2016, Shire expects revenues of approximately £15.4 million (31 December 2015: £15.5 million) and profit before tax, intra-Group interest and management charges of approximately £0.97 million (31 December 2015: £1.59 million).
Sira Defence and Security ("Sira"), the Group's digital CCTV viewing software business, continued its progress and achieved revenue of £0.38 million (31 December 2015: £0.31 million) and expects to report a profit before tax of £0.16 million (31 December 2015: £0.12 million).
Group Net Assets Per Share and Net Assets
The Group expects to report increased year-end consolidated net assets per share (excluding non-controlling interests) of approximately £6.14 (31 December 2015: £5.69) and Group net assets of approximately £26.5 million (31 December 2015: £24.3 million). Of the Group net assets, cash including marketable securities represented approximately £20.1 million (31 December 2015: £16.3 million), of which marketable securities represented £nil (31 December 2015: £4.3 million).
Notice of Final Results
Volvere expects to announce its full year results for the year ended 31 December 2016 on 26 May 2017.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
For further information:
Volvere plc
Jonathan Lander, CEO Tel: +44 (0) 20 7634 9707
www.volvere.co.uk
N+1 Singer (Nominated Adviser and Broker)
Aubrey Powell/Liz Yong Tel: + 44 (0) 20 7496 3000
Notes to editors:
Volvere plc (AIM: VLE), is a growth and turnaround investment company. The Group's current trading businesses are organised into three divisions: security solutions; food manufacturing; and automotive consultancy. The Group currently employs over 300 people.
For further information, please visit www.volvere.co.uk
