Volvere PLC Trading Update and Notice of Final Results (9895Z)

TIDMVLE

RNS Number : 9895Z

Volvere PLC

20 March 2017

20 March 2017

Volvere plc

(the "Group" or "Volvere")

Trading Update and Notice of Final Results

Volvere plc (AIM: VLE), the growth and turnaround investment company, is pleased to provide the following trading update for the financial year ended 31 December 2016. All 2016 data in this announcement is unaudited; comparative data relates to the audited financial year ended 31 December 2015.

The Group expects to report revenue of approximately GBP33.2 million (2015: GBP27.9 million) and profit before tax of GBP1.8 million (2015: GBP1.34 million).

Operating Businesses

The results for the year reflect good performances across all segments, with a particularly strong performance from the Group's automotive consulting business, Impetus Automotive Limited ("Impetus"), in which Volvere has an 80 percent holding. For the year ended 31 December 2016, Impetus had revenues of GBP17.4 million (9 months to 31 December 2015: GBP12.1 million) and profit before tax, intra-Group interest and management charges of GBP1.5 million (9 months to 31 December 2015: GBP0.58 million).

Shire Foods ("Shire"), the Group's 80 percent-owned frozen pie and pasty manufacturing business, had a robust second half in line with previous seasonal trends. However, margin erosion following the depreciation of sterling has meant that although revenues were similar to those achieved in 2015, profit thereon will be lower. For the year ended 31 December 2016, Shire expects revenues of approximately GBP15.4 million (31 December 2015: GBP15.5 million) and profit before tax, intra-Group interest and management charges of approximately GBP0.97 million (31 December 2015: GBP1.59 million).

Sira Defence and Security ("Sira"), the Group's digital CCTV viewing software business, continued its progress and achieved revenue of GBP0.38 million (31 December 2015: GBP0.31 million) and expects to report a profit before tax of GBP0.16 million (31 December 2015: GBP0.12 million).

Group Net Assets Per Share and Net Assets

The Group expects to report increased year-end consolidated net assets per share (excluding non-controlling interests) of approximately GBP6.14 (31 December 2015: GBP5.69) and Group net assets of approximately GBP26.5 million (31 December 2015: GBP24.3 million). Of the Group net assets, cash including marketable securities represented approximately GBP20.1 million (31 December 2015: GBP16.3 million), of which marketable securities represented GBPnil (31 December 2015: GBP4.3 million).

Notice of Final Results

Volvere expects to announce its full year results for the year ended 31 December 2016 on 26 May 2017.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

For further information:

Volvere plc

   Jonathan Lander, CEO                                               Tel: [phone] 

www.volvere.co.uk

N+1 Singer (Nominated Adviser and Broker)

   Aubrey Powell/Liz Yong                                              Tel: + 44 (0) 20 7496 3000 

Notes to editors:

Volvere plc (AIM: VLE), is a growth and turnaround investment company. The Group's current trading businesses are organised into three divisions: security solutions; food manufacturing; and automotive consultancy. The Group currently employs over 300 people.

For further information, please visit www.volvere.co.uk

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCSESFISFWSEDD

(END) Dow Jones Newswires

March 20, 2017 11:31 ET (15:31 GMT)