Volvere back in the black after Shire Foods turnaround

29th May 2014 14:07

AIM-listed Volvere Group rocketed after getting back in the black for full-year group profit of £0.7m.Profit from continuing operations for the year totalled £0.5m, compared to £0.5m in 2012 and group losses of £0.3m. The company, which invests in distressed businesses, said it had been helped by the improved performance of the Shire Foods, the disposal of its stake in Interactive Prospect Targeting and the integration of JMP Consultants. Shire Foods delivered profit after tax of £0.1m compared to a loss of £0.4m a year earlier. "Each of these has contributed to both improvements in underlying trading and, coupled with our continuing share buy-back programme, has increased net assets per share to a new high of £4 [£3.75 in 2012]." Group net assets at the year end totalled £17.6m, down from £19.5m at the end of 2012. Revenue jumped from £6.46m to £16.14m year-on-year. The share price rose 16.31% to 299.50p by 13:41. NR