Volvere surges after posting sharp rise in pre-tax profit

29th May 2015 12:23

Shares in growth and turnaround investment business Volvere surged 10% on Friday after the company said it has more than tripled its full-year 2014 pre-tax profit from a year ago, supported by an exceptional gain in Shire Foods.Volvere posted pre-tax profit of £1.65m, up from £0.51m in 2013, while revenue rose to £24.1m from £16.1m.Chairman David Buchler said: "All our businesses performed well in 2014 and this has contributed to the growth in net assets per share, achieving a new record of £4.31. Our net assets per share have grown on average by approximately 14% per annum since the company's inception in 2002, which is a testament to the validity of our strategy, and of its execution."Results for Shire Foods, in which Volvere has an 80% stake, were boosted by an exceptional gain of £852,000 as a result of being released from liabilities under a company voluntary arrangement. Revenue at Shire rose to £12.1m from £8.5m.Volvere said it does not currently recommend payment of a dividend and prefers to retain profits as they arrive for investment in future opportunities or to purchase own shares for treasury where that is considered to be in the best interests of shareholders.