Volvere leaps as net asset value per share hits record high

27th Sep 2018 09:33

(Sharecast News) - Turnaround investment fund Volvere saw its shares jump on Thursday after the company's net asset value per share hit a record high.The six-month period ended 30 June saw the investment company's net asset value per share rise to a record level of £6.75, up from £6.59 at the end of 2017.Revenue rose 20% to £22.2m compared to the previous year, while profit before tax jumped by 68% to £1.28m as Impetus Automotive performed strongly. Impetus, which helps auto manufacturers liaise with dealerships and is 83% owned by Volvere, saw its revenue increase by 22% to £14.8m. The business, which has clients including Volkswagen Group, Toyota, BMW and Jaguar Land Rover and currently employs around 420 people, could also "prosper" from uncertainty in the car market after Brexit, according to chief executive Jonathan Lander."Volvere may perhaps, on balance, be one of the very few businesses to benefit from Brexit-led distress, provided it does not endure too long. We will of course assess any opportunities as they arise," said Lander.Among Volvere's other investees, Shire Foods reduced losses and SDS's move to break-even from a loss also propelled the company's "excellent" results.At 30 June Volvere had cash and cash equivalents of £17.4m, up from £14.4m at the same point last year.Chairman David Buchler said that the board remains confident in the outlook of the company for the remainder of the year.Volvere's shares were up 7.87% at 960.00p at 0947 BST.