Volvere swings to a profit on gains from discontinued operations

19th Mar 2019 08:04

(Sharecast News) - Investment outfit Volvere expects to swing to a profit in 2018, driven by gains from discontinued operations.Volvere expects to record a 15% jump in revenues to £18.6m, principally due to growth seen at frozen pie and pastry manufacturing business Shire Foods, in which it holds an 80% stake.Overall, pre-tax profits are projected to come in at around £20.6m, a marked turnaround from the £100,000 loss posted a year prior, boosted by profits arising from discontinued operations, such as the disposal of Impetus Automotive for £31.1m, of £23.1m.However, excluding the profits from its discontinued operations, Volvere's annual losses actually widened to £2.5m, the company said in its pre-close trading update.Volvere, which expects to report increased net assets per share of approximately £12.48 from the £6.59 and group net assets of £40.3m from £26.1m, will post its full-year results on 24 May.As of 1330 GMT, Volvere shares had dipped 0.93% to 1,060p.