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Volvere narrows losses as NAV per share hits record level
26th Sep 2019 11:16
(Sharecast News) - Volvere reported a jump in interim revenue and a slight narrowing of its losses on Thursday as net asset value per share reached a record high.
The turnaround investment fund booked a loss before tax of £0.6m for the six months ended 30 June, a 3% reduction in losses compared to the same period last year, as revenue jumped 39% to £10.1m.
This rise in revenue was largely offset by a 34% increase in cost of sales to £8.8m and a 62% jump in administrative expenses to £1.4m, as Volvere said it invested in funds in order to support further revenue growth.
The AIM-traded company's net asset value per share increased 101% to a record level of £13.56 at 30 June.
In June, Volvere undertook two share buybacks of £16.6m, acquiring 1,283,927 of its ordinary shares.
Chairman David Buchler said: "We remain positive about the outlook for our business and believe that the current economic and political uncertainty will provide further investment opportunities."
Volvere shares were up 12.09% at 1,289.00p at 1106 BST.
The turnaround investment fund booked a loss before tax of £0.6m for the six months ended 30 June, a 3% reduction in losses compared to the same period last year, as revenue jumped 39% to £10.1m.
This rise in revenue was largely offset by a 34% increase in cost of sales to £8.8m and a 62% jump in administrative expenses to £1.4m, as Volvere said it invested in funds in order to support further revenue growth.
The AIM-traded company's net asset value per share increased 101% to a record level of £13.56 at 30 June.
In June, Volvere undertook two share buybacks of £16.6m, acquiring 1,283,927 of its ordinary shares.
Chairman David Buchler said: "We remain positive about the outlook for our business and believe that the current economic and political uncertainty will provide further investment opportunities."
Volvere shares were up 12.09% at 1,289.00p at 1106 BST.