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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Volvere Plc | LSE:VLE | London | Ordinary Share | GB0032302688 | ORD 0.00001P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1,350.00 | 1,300.00 | 1,400.00 | 1,350.00 | 1,350.00 | 1,350.00 | 101 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Business Consulting Svcs,nec | 41.56M | -537k | -0.2292 | -58.90 | 31.64M |
TIDMVLE
RNS Number : 8262M
Volvere PLC
19 September 2023
19 September 2023
Volvere plc
("Volvere" or the "Group")
Interim Results for the six months ended 30 June 2023
Volvere plc (AIM: VLE), the growth and turnaround investment company, announces its unaudited Interim Results for the six months ended 30 June 2023.
Highlights
GBP million except where stated Six months ended Year ended 30 June 30 June 31 December 2023 2022 2022 (as restated (1) ) Group revenue - continuing operations 19.09 15.79 38.03 Group profit before tax - continuing operations 0.44 0.39 2.33 Loss from discontinued operations - (1.51) (2.39) Group profit/(loss) after tax 0.44 (1.12) (0.06) As at As at As at 31 30 June 30 June December 2023 2022 2022 Consolidated net assets per share (excluding non-controlling interests)(2) GBP14.00 GBP13.33 GBP13.90 Group net assets 35.33 36.05 35.75 Cash and available-for-sale investments 21.41 20.39 20.79 -- Good performance from Shire Foods, the Group's savoury products manufacturer
-- Overall Group performance improved significantly following closure of Indulgence Patisserie, the Group's frozen desserts manufacturer in 2022
-- Liquidity and financial position remain strong -- Michael Tzirki, Managing Director of Shire Foods, joins Group Board
Forward-looking statements:
This report may contain certain statements about the future outlook for Volvere plc. Although the Directors believe their expectations are based on reasonable assumptions, any statements about future outlook may be influenced by factors that could cause actual outcomes and results to be materially different.
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018 ("UK MAR").
Note
1 The comparative results for the period to 30 June 2022 have been restated to exclude the results of Indulgence Patisserie, which was discontinued during the second half of 2022. The results of that business have been reported as discontinued operations in all periods.
2 Based on the net assets attributable to owners of the parent company and the respective period end shares in issue (excluding treasury shares), which were 2,343,422 at 30 June 2023, 2,516,422 at 30 June 2022, and 2,364,422 at 31 December 2022.
For further information:
Volvere plc Nick Lander, Co-founder & Director Tel: +44 (0) 20 7634 9707 www.volvere.co.uk Cairn Financial Advisers LLP (Nominated Adviser) Tel: + 44 (0) 20 7213 0880 Sandy Jamieson / James Caithie Canaccord Genuity Limited (Joint Broker) Bobbie Hilliam Tel: + 44 (0) 207 523 8000 Hobart Capital Markets LLP (Joint Broker) Lee Richardson Tel: +44 (0) 20 7070 5691
Chairman's Statement
The loss of Volvere's long-serving CEO and Co-founder, Jonathan Lander, on 28 August 2023 at the age of 55, has inevitably deeply saddened his friends and colleagues both throughout the Group and wider afield. He was an outstanding individual and we will miss his contribution enormously.
However, Jonathan's brother, Nick, has been alongside Jonathan throughout the Volvere journey and led the turnarounds in all the Group's most significant investments. Nick is well-placed, therefore, to continue to build on Jonathan's legacy. As part of our strengthening of it, I am pleased to welcome Michael Tzirki, the long-standing Managing Director of Shire Foods, to the Group Board.
Notwithstanding the loss of Jonathan, I am pleased to report the results for the six months to 30 June 2023. The first half of the year has continued to show good progress in Shire Foods. Overall, the performance of the Group was much improved following the closure of Indulgence Patisserie, the loss-making desserts business during 2022.
As a result, the Group's financial position remains strong with total net assets of GBP35.33 million (30 June 2022: GBP36.05 million, 31 December 2022: GBP35.75 million), with continuing high liquidity.
Net assets per share (1) increased to GBP14.00 in the period (30 June 2022: GBP13.33, 31 December 2022: GBP13.90) following further treasury share purchases.
We continue to actively seek further investments in both the food and other sectors and will continue to consider other ways to deliver value for shareholders.
David Buchler
Chairman
19 September 2023
Note 1: Net assets attributable to owners of the parent company divided by total number of ordinary shares outstanding at the reporting date (less those held in treasury) - see note 7.
Executive Management Statement
Overview
The loss of Jonathan, my brother and long-standing business partner, has hit me, along with his family and friends, very hard indeed. However, I know that he would wish that we continue to work actively for the Group's shareholders to deliver the value and returns for which we have become known over so many years. I have been part of that journey from the outset and will continue it, supported by our many loyal colleagues.
In spite of this, I am pleased to report a much-improved overall performance in 2023 compared to the same period last year. Shire Foods has performed well in an at-times challenging environment and continued to grow both its revenues and profits, with further information set out below. Our careful management of the closure of Indulgence Patisserie has minimised further losses to the Group and we have sold one of three properties previously occupied by it. Indulgence Patisserie's results have been reclassified as discontinued operations throughout this announcement and comparative information has been restated where appropriate.
Overall Group revenues (which relate solely to Shire Foods) for the period increased by GBP3.30 million to GBP19.09 million (30 June 2022 restated: GBP15.79 million, 31 December 2022: GBP38.03 million). The Group's profit before tax from continuing operations for the period was GBP0.44 million (30 June 2022 restated: GBP0.39 million, 31 December 2022: GBP2.33 million). The increased profit from the Group's trading activities was partly offset by lower investment returns from treasury management activities. The Group's overall profit (including discontinued operations) improved to GBP0.44 million (30 June 2022 restated: loss GBP1.12 million, year to 31 December 2022: loss GBP0.06 million) reflecting the cessation of Indulgence Patisserie's loss-making operations.
Net assets per share increased to GBP14.00 in the period (30 June 2022: GBP13.33, 31 December 2022: GBP13.90). Group net assets fell marginally to GBP35.33 million from GBP35.75 million at 31 December 2022 (30 June 2022: GBP36.05 million), principally as a result of treasury share purchases.
Financial performance
Food manufacturing segment - Shire Foods
Revenues increased year-on-year by almost 21%, to a record GBP19.09 million (30 June 2022: GBP15.79 million, 31 December 2022: GBP38.03 million). Profit before tax and intra-Group management and interest charges(2) grew by 29% to GBP0.75 million (30 June 2022: GBP0.58 million, 31 December 2022: profit GBP2.78 million).
The period was one of raw material cost stabilisation, with some commodities falling in price. However, staff and overhead costs remained on a broadly upward trajectory. We have managed to largely align customer price rises to mitigate the effects of increases in our own raw materials costs but continue to monitor margins closely. It is the winter months which tend to have higher sales volumes for Shire's products and its performance is expected to increase accordingly.
A summary of Shire's recent financial performance is set out in Table A below.
Table A Year ended 31 Year ended 31 Year ended 31 6 months to 6 months to December December December 30 June 30 June 2022 2021 2020 2023 2022 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Revenue 19,090 15,776 38,027 30,605 27,189 Underlying profit before tax, intra-group management and interest charges 745 580 2,777 2,139 1,813 Intra-group management and interest charges (125) (98) (348) (252) (200) Profit before tax 620 482 2,429 1,887 1,613 ============== ============== ==================== ==================== ====================
Shire continued to supply a number of the UK's fastest growing supermarkets and this has resulted in pleasing revenue growth from both volume as well as price increases. The materials margin increased by 2.8% compared to the first half of 2022 and by 1.8% compared to the whole of 2022. This reflects the diligence in effecting price increases with customers to meet our raw materials and other cost rises. In the latter part of the period, we have seen some stabilisation of raw material costs and are hopeful that this will continue.
As shareholders will know from previous reports, the second half of the year typically sees higher volumes from both retail customers (due to the colder weather) and foodservice (due to the academic year). In preparation for that, we increased our production output by changing factory shift patterns for a period of time, resulting in increased direct labour costs and inventory levels. As a result of the increased labour costs, the effect of the additional revenue and margin was less pronounced. We have, since the period end, rebalanced headcount to take account of trading over the summer period and the current level of finished goods stock.
As ever, we continued to invest in new plant and equipment, with additions in the period of GBP0.38 million (30 June 2022: GBP0.39 million, 31 December 2022: GBP1.01 million). The majority of additions in this period were financed by way of lease finance. There continued to be no Group loans outstanding at 30 June 2023 (30 June 2022: nil, 31 December 2022: nil).
During the period, Shire paid a dividend of GBP2.50 million, of which GBP2.0 million was to the Group.
Investing and management services segment
This segment represents our central functions covering Group management, treasury, finance and IT services. The segment result is the net of the underlying costs of these Group activities, offset by investment revenues and other gains and losses. The loss before tax and intra-Group management and interest charges(2) for the period was GBP0.30 million (30 June 2022: loss GBP0.19 million, 31 December 2022: loss GBP0.45 million).
The increase in the net cost compared to the comparable period reflects lower investment returns, which totalled GBP0.29 million in this period (30 June 2022: GBP0.40 million and 31 December 2022: GBP0.70 million). Further information is shown in note 4.
The Group continued its approach of using leverage within trading companies whenever appropriate and without recourse to the remainder of the Group.
Earnings per share
Basic and diluted profit per ordinary share from continuing operations was 13.45p (30 June 2022: restated 11.48p, 31 December 2022: 74.36p ). Basic and diluted loss per ordinary share from discontinued operations was (0.17)p (30 June 2022: restated (59.41)p, 31 December 2022: (95.89)p). Total basic and diluted profit per ordinary share was 13.28p (30 June 2022: loss (47.93)p, 31 December 2022: loss (21.53)p).
Statement of financial position
Cash and available-for-sale investments
Cash at the period end was GBP19.81 million (30 June 2022: GBP18.80 million, 31 December 2022: GBP19.14 million). Full details of cash movements are shown in the consolidated statement of cash flows. In preparation for the seasonally higher trading months in Shire Foods, inventory levels were increased during the latter half of the trading period. Of the GBP2.50 million dividend paid by Shire Foods, GBP0.50 million was paid to non-controlling interests.
At the period end there was an investment in available-for-sale investments with a period end value of GBP1.59 million (30 June 2022: GBP1.59 million, 31 December 2022: GBP1.65 million). The carrying value of this is below the original cost and the unrealised loss of GBP0.09 million has been debited to reserves.
Assets held for sale
The Group owns two properties formerly occupied by Indulgence Patisserie, with a carrying value of GBP1.45 million (an upwards revaluation of GBP0.84 million on original cost). The units have been prepared for sale to allow separate disposal (having been previously linked) and are being marketed actively. A third property was sold during the period.
Purchase of own shares
The Company acquired 21,000 ordinary shares for a total consideration including costs of GBP248,000 during the period (30 June 2022: 52,000 shares for GBP622,000, 31 December 2022: 204,000 shares for GBP2,090,000).
Hedging
It is not the Group's policy to enter into derivative instruments to hedge interest rate or foreign exchange risk.
Key performance indicators (KPIs)
The Group uses key performance indicators suitable for the nature and size of the Group's businesses. The key financial performance indicators are revenue and profit before tax. The performance of the Group and the individual trading businesses against these KPIs is outlined above, in the Executive Management statement and disclosed in note 3.
Internally, management uses a variety of non-financial KPIs in respect of the food manufacturing segment, including order intake, manufacturing output and sales, all of which are monitored weekly and reported monthly.
Principal risk factors
The Company and Group face a number of specific business risks that could affect the Company's or Group's success. The Company and Group invests in distressed businesses and securities, which by their nature often carry a higher degree of risk than those that are not distressed. The Group's businesses are principally engaged in the provision of goods and services that are dependent on the continued employment of the Group's employees and availability of suitable, profitable workload. In the food manufacturing segment, there is a dependency on a small number of customers and a reduction in the volume or range of products supplied to those customers or the loss of any one of them could impact the Group materially. Rising inflation, including increases in raw materials and overhead costs, may not be able to be passed on to customers through increased prices and this could result in reduced profitability. Any pandemic or other such similar event which could affect the consumers, suppliers, customers or staff may limit or inhibit the Group's operations.
These risks are managed by the Board in conjunction with the management of the Group's businesses.
Acquisitions and future strategy
We have continued to review an encouraging level of investment proposals throughout the period. However, there has been a distinct shortage of potential transactions that we considered to be worthy of potential investment. Such opportunities have not presented themselves, which had been somewhat frustrating for both Jonathan and me. Whilst these things are a matter of judgement, we have invested only when we believed we had a reasonable prospect of delivering an improved, sustainable performance and we will continue to assess opportunities in this context.
I would like to thank shareholders for the support over many years afforded to Jonathan and me and to reassure them that my focus will continue to be on growing the value of our investment in Shire Foods, which I have chaired for more than 12 years. An increasing, cash-generative performance from Shire will be pivotal to enhancing shareholder value in Volvere. Whilst we will continue to seek investment opportunities pursuant to our investing strategy, maximising shareholder returns remains at the forefront of the Board's strategy.
Nick Lander
Co-founder & Director
19 September 2023
Note 2: Profit before intra-Group management and interest charges is considered to be a relevant and useful interpretation of the trading results of the business such that its performance can be understood on a basis which is independent of its ownership by the Group.
Consolidated income statement
As restated 6 months 6 months Year ended Note to to 31 30 June 30 June December 2023 2022 2022 GBP'000 GBP'000 GBP'000 Continuing operations Revenue 3 19,090 15,789 38,027 Cost of sales (16,535) (13,766) (31,921) --------- -------------- ----------- Gross profit 2,555 2,023 6,106 Distribution costs (1,185) (949) (2,181) Administrative expenses (1,174) (1,014) (2,174) Operating profit 196 60 1,751 Finance expense 4 (65) (69) (138) Finance income 4 287 396 698 Profit on sale of tangible fixed assets 23 - 18 Profit before tax 441 387 2,329 Income tax expense - - - --------- -------------- ----------- Profit for the period from continuing operations 441 387 2,329 Loss for the period from discontinued operations (4) (1,506) (2,391) Profit/(loss) for the period 437 (1,119) (62) ========= ============== =========== Attributable to:
- Equity holders of the parent 313 (1,215) (537) - Non-controlling interests 6 124 96 475 --------- -------------- ----------- 437 (1,119) (62) Earnings/(loss) per share 5 Basic and Diluted - from continuing operations 13.45p 11.48p 74.36p - from discontinued operations (0.17)p (59.41)p (95.89)p --------- -------------- ----------- Total 13.28p (47.93)p (21.53)p ========= ============== ===========
Consolidated statement of comprehensive income
As restated 6 months 6 months Year ended to to 31 30 June 30 June December 2023 2022 2022 GBP'000 GBP'000 GBP'000 Profit/(loss) for the period 437 (1,119) (62) Other comprehensive income Revaluation of freehold land and buildings - 1,114 1,188 Revaluation of available-for-sale investments (53) (92) (36) Transfer to income statement on disposal of property (55) - - Deferred tax recognised directly in equity - (278) (297) Total comprehensive income for the period 329 (375) 793 ========= ============ =========== Attributable to: Equity holders of the parent 205 (471) 318 Non-controlling interests 124 96 475 --------- ------------ ----------- 329 (375) 793 ========= ============ ===========
Consolidated statement of changes in equity
Share Share Revaluation Retained Non-controlling Six months to 30 capital premium reserve earnings Total interests Total June 2023 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Profit for the period - - - 313 313 124 437 Revaluation of available-for-sale investments - - (53) - (53) - (53) Disposal of revalued property - - (55) - (55) - (55) Deferred tax recognised directly in equity - - - - - - - Total comprehensive income for the period - - (108) 313 205 124 329 Balance at 1 January 50 7,885 1,682 23,258 32,875 2,877 35,752 Transactions with owners: Purchase of own treasury shares - - - (248) (248) - (248) Dividend paid to non-controlling interests - - - - - (500) (500) Total transactions with owners - - - (248) (248) - (748) Balance at 30 June 50 7,885 1,574 23,323 32,832 2,501 35,333 Share Share Revaluation Retained Non-controlling Six months to 30 capital premium reserve earnings Total interests Total June 2022 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Loss for the period - - - (1,215) (1,215) 96 (1,119) Revaluation of available-for-sale investments - - (92) - (92) - (92) Revaluation of property - - 1,114 - 1,114 - 1,114 Deferred tax recognised directly in equity - - (278) - (278) - (278) Total comprehensive income for the period - - 744 (1,215) (471) 96 (375) Balance at 1 January 50 7,885 827 25,886 34,648 2,402 37,050 Transactions with owners: Purchase of own treasury shares - - - (622) (622) - (622) Total transactions with owners - - - (622) (622) - (622) Balance at 30 June 50 7,885 1,571 24,049 33,555 2,498 36,053 Share Share Revaluation Retained Non-controlling Year ended 31 December capital premium reserve earnings Total interests Total 2022 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Loss for the year - - - (537) (537) 475 (62) Revaluation of property - - 1,188 - 1,188 - 1,188 Revaluation of available for sale investments - - (36) - (36) - (36) Deferred tax recognised directly in equity - - (297) - (297) - (297) Total comprehensive income for the year - - 855 (537) 318 475 793 Balance at 1 January 50 7,885 827 25,886 34,648 2,402 37,050 Transactions with owners: Purchase of own treasury shares - - - (2,091) (2,091) - (2,091) Total transactions with owners - - - (2,091) (2,091) - (2,091) Balance at 31 December 50 7,885 1,682 23,258 32,875 2,877 35,752
Consolidated statement of financial position
30 June 30 June 31 December 2023 2022 2022 Note GBP'000 GBP'000 GBP'000 Assets Non-current assets Property, plant & equipment 8,011 10,311 8,142 Total non-current assets 8,011 10,311 8,142 Current assets Inventories 6,899 5,899 3,777 Trade and other receivables 5,606 6,663 9,315 Cash and cash equivalents 19,810 18,802 19,136 Assets held for sale 1,447 - 2,103 Available-for-sale investments 1,595 1,592 1,649 Total current assets 35,357 32,956 35,980 -------- -------- ------------ Total assets 43,368 43,267 44,122 -------- -------- ------------ Liabilities Current liabilities Loans and other borrowings (553) (111) (1,258) Leases (411) (359) (372) Trade and other payables (5,120) (4,457) (4,807) Total current liabilities (6,084) (4,927) (6,437) Non-current liabilities Loans and other borrowings (759) (878) (818) Leases (534) (590) (452) Total non-current liabilities (1,293) (1,468) (1,270) Total liabilities (7,377) (6,395) (7,707) Provisions - deferred tax (658) (819) (663) NET ASSETS 35,333 36,053 35,752 ======== ======== ============ Equity Share capital 50 50 50 Share premium account 7,885 7,885 7,885 Revaluation reserves 1,574 1,571 1,682 Retained earnings 23,323 24,049 23,258 -------- -------- ------------ Capital and reserves attributable
to equity holders of the Company 32,832 33,555 32,875 Non-controlling interests 6 2,501 2,498 2,877 -------- -------- ------------ TOTAL EQUITY 35,333 36,053 35,752 ======== ======== ============
Consolidated statement of cash flows
As restated As restated Year Year 6 months 6 months 6 months 6 months ended ended to 30 to 30 to 30 to 30 31 December 31 December June June June June 2022 2022 2023 2023 2022 2022 Note GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Profit/(loss) for the period 437 (1,119) (62) Adjustments for: Finance expense 4 65 69 138 Finance income 4 (287) (396) (698) Depreciation 497 455 933 Operating lease rentals (7) - (14) Income tax expense - - - (Gain)/loss on disposal of fixed assets (23) - (18) Loss from discontinued operations 4 1,506 2,391 249 1,634 2,732 Operating cash flows before movements in working capital 686 515 2,670 Decrease/(increase) in trade and other receivables 2,758 1,694 (1,116) Increase in trade and other payables 855 1,010 1,126 (Increase)/decrease in inventories (3,534) (1,092) 291 Operating cash generated from continuing operations 765 2,127 2,971 Operating cash generated from/(used by) discontinued operations 695 (1,293) (1,051) Net cash generated from operations 1,460 834 1,920 Investing activities Interest received 235 - 8 Income from investments 52 86 109 Purchase of property, plant and equipment (62) (388) (889) Sale of property, plant and equipment 34 - 42 Purchase of available-for-sale investments - (4,548) (6,886) Disposal of available-for-sale investments - 3,174 5,782 Cash generated from/(used by) continuing investing activities 259 (1,676) (1,834) Cash generated from discontinued investing activities 720 (68) 29 Net cash generated from/(used by) investing activities 979 (1,744) (1,805) Financing activities Interest paid (64) (67) (132) Purchase of own shares (treasury shares) 7 (248) (622) (2,090) Dividend paid to non-controlling interests (500) - - Net repayment of borrowings (948) (1,432) (577) Cash used by continuing financing activities (1,760) (2,121) (2,799) Cash used by discontinued financing activities (5) (38) (51) Net cash used by financing activities (1,765) (2,159) (2,850) Net (decrease)/ increase in cash 674 (3,069) (2,735) Cash at beginning of period 19,136 21,871 21,871 Cash at end of period 19,810 18,802 19,136 ========= ============ =============
Notes forming part of the unaudited interim results for the period ended 30 June 2023
1 Financial information and basis of accounting
These interim financial statements have been prepared using accounting policies consistent with IFRSs as adopted by the European Union.
These interim financial statements should be read in accordance with the Group's last annual consolidated financial statements as at and for the year ended 31 December 2022. They do not include all the information required for a complete set of IFRS financial statements. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group's financial position and performance since the last annual financial statements. AIM-listed companies are not required to comply with IAS 34 Interim Financial Reporting and accordingly the Group has taken advantage of this exemption.
The comparative figures for the year ended 31 December 2022 have been prepared under IFRS. They do not constitute statutory accounts as defined by the Companies Act 2006. The accounts for the 12 months ended 31 December 2022 received an unmodified auditor's report and have been filed with the Registrar of Companies.
Copies of this statement will be available to members of the public at the Company's registered office: Shire House, Tachbrook Road, Leamington Spa CV31 3SF and on its website www.volvere.co.uk .
2 Significant accounting policies
The accounting policies applied in these interim financial statements are the same as those applied in the Group's consolidated financial statements as at and for the year ended 31 December 2022.
3 Operating segments
An analysis of key financial data by business segment is provided below. The Group's food manufacturing segment is engaged in the production and sale of food products to third party customers, and the investing and management services segment incurs central costs, provides management services and financing to other Group segments and undertakes treasury management on behalf of the Group.
Analysis by business segment:
Period ended 30 June 2023 Investing and Food Management manufacturing services Total GBP'000 GBP'000 GBP'000 Revenue 19,090 - 19,090 ---------------- --------------------- ------------ Profit/(loss) before tax(1) 745 (304) 441 ================ ===================== ============ Period ended 30 June 2022 Investing and Food Management manufacturing services Total GBP'000 GBP'000 GBP'000 (as restated) Revenue 15,789 - 15,789 ---------------- --------------------- ------------ Profit/(loss) before tax (1) 577 (190) 387 ================ ===================== ============
Year ended 31 December 2022 Investing and Food management services manufacturing GBP'000 Total GBP'000 GBP'000 Revenue 38,027 - 38,027 ---------------- --------------------- ---------- Profit/(loss) before tax(1) 2,777 (448) 2,329 ================ ===================== ========== As at 30 June 2023 Investing and Food manufacturing management Discontinued GBP'000 services operations Total GBP'000 GBP'000 GBP'000 Assets 20,483 21,321 1,564 43,368 Liabilities/provisions (8,290) 559 (304) (8,035) -------------------- --------------------- -------------------- -------------- Net assets(2) 12,193 21,880 1,260 35,333 ==================== ===================== ==================== ============== As at 30 June 2022 (as Investing and restated) Food manufacturing management Discontinued GBP'000 services operations Total GBP'000 GBP'000 GBP'000 Assets 19,021 19,361 4,885 43,267 Liabilities/provisions (6,899) 483 (798) (7,214) -------------------- --------------------- -------------------- -------------- Net assets(2) 12,122 19,844 4,087 36,053 As at 31 December 2022 Investing and (restated for Food manufacturing management Discontinued additional comparative GBP'000 services operations Total information only) GBP'000 GBP'000 GBP'000 Assets 22,072 18,430 3,620 44,122 Liabilities/provisions (8,015) 504 (859) (8,370) -------------------- --------------------- -------------------- -------------- Net assets(2) 14,057 18,934 2,761 35,752 ==================== ===================== ==================== ============== Continuing operations Investing and Food manufacturing management services Six months to 30 June GBP'000 GBP'000 Total 2023 GBP'000 Capital spend 62 - 62 Depreciation 497 - 497 Interest income (non-Group) - 235 235 Interest expense (non-Group) (64) - (64) Tax (credit)/expense - - - ===================== ==================== ============== Six months to 30 June Investing and 2022 (as restated) Food manufacturing management services GBP'000 GBP'000 Total GBP'000 (as restated) (as restated) Capital spend 388 - 388 Depreciation 454 1 455 Interest income - - - (non-Group) Interest expense (non-Group) (60) (9) (69) Tax (credit)/expense - - - ===================== ==================== ============== Year ended 31 December Investing and 2022 Food manufacturing management services GBP'000 GBP'000 Total GBP'000 Capital spend 1,014 - 1,014 Depreciation 932 1 933 Interest income (non-Group) (8) - (8) Interest expense (non-Group) 138 - 138 Tax (credit)/expense (50) 50 - ===================== ==================== ============== Geographical analysis: External revenue by location of customers Non-current assets by location of assets 6 months to 6 months to Year ended 30 June 30 June 31 30 June 30 June 31 December 2022 2023 2022 December 2023 2022 2022 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 (as restated) UK 19,090 15,320 36,830 8,011 10,311 8,142 Rest of Europe - 469 1,197 - - - USA - - - - - - ------------ ---------------- ----------- ------------ ------------ -------------------- 19,090 15,789 38,027 8,011 10,311 8,142 ============ ================ =========== ============ ============ ====================
Notes:
(1) stated before intra-group management and interest charges (2) assets and liabilities stated excluding intra-group balances 4 Investment revenues, other gains and losses and finance income and expense Finance income 30 June 30 June 31 December 2023 2022 2022 GBP'000 GBP'000 GBP'000 Bank interest receivable 235 - 8 Investment revenues 52 86 109 Other gains and losses - 310 581 287 396 698 ========= ========= ============
During 2022 the Group realised gains on the disposal of available for sale investments, which are reported above as other gains and losses. No such disposals took place in 2023.
Finance expense 30 June 30 June 31 December 2023 2022 2022 GBP'000 GBP'000 GBP'000 Bank interest payable (64) (67) (41) Lease interest (1) (2) (44) Other interest and finance charges - - (53) (65) (69) (138) ========= ========= ============ 5 Earnings per share
The calculation of the basic and diluted earnings per share is based on the following data:
6 months Year ended to 6 months 31 December 30 June to 2022 2023 30 June GBP'000 GBP'000 2022 GBP'000 As restated Earnings for the purposes of earnings per share: Profit/(loss) attributable to equity holders of the parent company: From continuing operations 317 291 1,854 From discontinued operations (4) (1,506) (2,391) ============ ============== ============= No. No. No. Weighted average number of ordinary shares for the purposes of earnings per share: Weighted average number of ordinary shares in issue 2,357,317 2,534,856 2,493,592 Dilutive effect of potential ordinary - - - shares ------------ -------------- ------------- Weighted average number of ordinary shares for diluted EPS 2,357,317 2,534,856 2,493,592 ============ ============== =============
There were no share options (or other dilutive instruments) in issue during the period in respect of the parent company's shares (30 June 2022: nil; 31 December 2022: nil).
6 Non-controlling interests
The non-controlling interests of GBP2.50 million relate to the net assets attributable to the shares not held by the Group at 30 June 2023 in the following subsidiaries:
30 June 30 June 31 December 2022 2022 2022 GBP'000 GBP'000 GBP'000 NMT Group Limited 67 67 67 Shire Foods Limited 2,434 2,431 2,810 2,501 2,498 2,877 ========= ========= ============
The Group owns approximately 80% of Shire Foods and 98.6% of NMT.
7 Purchase of own shares
The Company acquired 21,000 Ordinary shares for a total consideration including costs of GBP248,000 during the period (30 June 2022: 52,000 shares for GBP622,000, 31 December 2022: 204,000 shares for GBP2,090,000). This brought the total number of Ordinary shares held in treasury at the period end to 3,863,652 shares (30 June 2022: 3,690,652, 31 December 2022: 3,842,652) with an aggregate nominal value of less than GBP1.
At the period end, the total number of Ordinary shares outstanding (excluding treasury shares), was 2,343,422 (30 June 2022: 2,516,422, 31 December 2022: 2,364,422).
8 Dividend
The Board is not recommending the payment of an interim dividend for the period ended 30 June 2023.
- Ends -
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IR DZGMLVRRGFZM
(END) Dow Jones Newswires
September 19, 2023 02:00 ET (06:00 GMT)
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