Volvere Plc

0.00 (0.0%)
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 Shares Traded Last Trade
  0.00 0.0% 1,200.00 0.00 01:00:00
Bid Price Offer Price High Price Low Price Open Price
1,150.00 1,250.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Diversified Investment Holding 35.58 -0.30 -4.80 - 30.82
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 1,200.00 GBX

Volvere (VLE) Latest News

Volvere (VLE) Discussions and Chat

Volvere (VLE) Most Recent Trades

No Trades
Trade Time Trade Price Trade Size Trade Value Trade Type

Volvere (VLE) Top Chat Posts

Top Posts
Posted at 26/5/2023 09:03 by rivaldo
Nice commentary just emailed out from Investors' Champion - "compelling value":


"Compelling value

Volvere (AIM: VLE), the growth and turnaround investment company, announced results for the year ended 31 December 2022. This proven performer certainly looks compelling value at current levels.

Volvere identifies and invests in undervalued and/or distressed businesses, as well as businesses that are complementary to existing Group companies. The sole activity of the Group's continuing trading subsidiary, Shire Foods, is food manufacturing.

Shire, in which the Group has an 80% stake, was acquired in 2011 and manufactures frozen pies, pasties and other pastry products for food retailers and food service customers from its factory in Royal Leamington Spa. Volvere originally invested £500,000 in Shire for a 54% stake - it appears to have worked out rather well.

Group revenue from continuing operations (all Shire Foods) in the year rose 24% to £38.03m and the profit before tax from continuing operations more than doubled to £2.33m (2021 restated: £1.07m).

The closure of Indulgence Patisserie in the period was the first unsuccessful turnaround in Volvere's 20+ year history with the resulting loss for the year from discontinued operations £2.4m.

We commend Volvere for not mentioning the fairy tale EBITDA anywhere in its results!

Following share buy-backs, Volvere's total net assets at the year end were £35.75m, largely made up of cash and available for sale investments of £20.79m. Net assets per share of £13.90 compares to the current share price of £11.50 and market capitalisation of £27m, implying a 17% discount to the net asset value alone.

Exclude the cash and available for sale investments from the current market capitalisation assigns a value of only £6.2m for the Group’s 80% stake in the Shire Foods business. This seems very low for a business delivering excellent growth and profits (4 year CAGR: 38%) and c£2m of free cash flow in the most recent financial year. Put differently, we assume Volvere management would want a great deal more than £6.2m for the Shire business!

As a very rough guide, speciality bakery manufacturer Finsbury Food Group (AIM:FINS) trades at 8.9x forecast ‘adjusted’ earnings. Finsbury also carries some debt with the market capitalisation £122m and enterprise value £149m. There are also mercifully no adjustments in the Volvere numbers.

Volvere shares are unfortunately extremely illiquid with its share buybacks not helping matters."

Posted at 25/5/2023 07:22 by rivaldo
Full results for 2022 are out and in line with the trading statement.

Shire Foods had a stellar year, with PBT before intra-group charges etc at £2.78m up hugely from £2.14m (edited). Such a shame that the small (at the time) Indulgence acquisition proved to be VLE's first failure.

At the year end there was £20.8m net cash and £35.75m net assets against the current £28.2m m/cap (with 2.35m shares in issue).

The commentary re Shire going forward remains optimistic, with energy and raw material prices abating, increased capacity etc.

VLE have confirmed that one of Indulgence's properties was sold post year end (from memory around £750k?) and the other property, worth £1.635m, is to be split into two - the two can now be seen here:


Posted at 03/4/2023 15:36 by rivaldo
Almost £66,000 more shares just bought back at 1199p:


Posted at 15/3/2023 07:07 by rivaldo
Shire's PBT last year was £2.78m, so if you tax at 19% CT for 2022 and then times 80% for VLE's ownership - then the net is exactly £1.8m.

Give that a conservative P/E of say 7 and it's worth £12.6m (and of course there's the freehold property and other PPE to consider as well). Given Shire's growth a higher P/E of 10 would bring in £18m.

When VLE acquired Shire it was making annual losses of £0.3m.

Posted at 14/3/2023 22:18 by rivaldo
In cae anyone missed tonight's late RNS, nice to see VLE rightly considering 1085p good enough value to buy back another £21,700 of shares:


Posted at 14/3/2023 21:08 by kispis59
Agreed,I would say Shire must be worth £20m + cash of £20m, so a share price of £15+
Posted at 14/3/2023 08:33 by zoolook
Well done Shire and the Lander’s. It’s unfathomable why the share price isn’t 50% higher
Posted at 14/3/2023 07:30 by rivaldo
The year end update is out - Shire Foods have had a cracking year, with PBT up to £2.78m (from £2.14m).

Given the surrounding cost and labour environment you have to give immense credit to them. Shire is now a substantial business and appears to be well placed in its sector given its links with the fastest growing players.

VLE now have £20.8m cash against the £24.8m m/cap, and that will have risen by the amount of the Indulgence property sold since the year end (£1.5m or so from memory?) with one more property to go. The Indulgence losses are substantial but now historic, and going forward VLE will have a clean Shire-based business.

Plus it's good to hear:

"Since the year-end, labour market challenges and raw material price pressures have shown some signs of abating. Early indications are that the focus on margins in Shire has ensured that we have commenced 2023 with appropriate customer pricing."

And there are further encouraging noises about potential further acquisitions. Maybe with Indulgence now gone we'll get action on this front.

Posted at 15/2/2023 08:27 by rivaldo
Shire Foods have very successfully built their growth around supplying to Lidl, Aldi etc. Better to supply to fast-expanding operators than declining behemoths. And the likes of Tesco aren't exactly known for their generosity towards suppliers :o))

VLE had £20.4m cash (before subsequent buybacks) at the last interims against the now £23.6m m/cap.

In recessionary times having such a cash pile is a huge asset for shareholders and for the company. At some point VLE will find another acquisition worth making and will be able to act quickly to secure it, hopefully at an advantageous price. Though extreme patience is a virtue here given the Landers' caution.....

Posted at 06/3/2020 15:45 by boadicea
When the dust clears, which may be some time, there are going to be many 'good' companies that have fallen into administration or similar due to lack of lquid reserves at the start of the crisis. Many may be capable, in sales and trading terms, of a strong bounce back but lack the cash to kick it off. We don't know what the official financing arrangements (government/banks) might be in such cases. Almost certainly there will be many sme's that fall into the finacial cracks in the system and thereby a prospect of a rich hunting ground for VLE to deploy its mainly liquid resources.

The firmness of the VLE share price probably shows that my view is shared by others. The market (=all of us and certainly myself!) with some obvious exceptions (travel companies etc.) is having considerable difficulty in grading the magnitude of the effects as between companies, from the big losers (manufacturers lacking imported components?)to the marginal losers, or possibly marginal or large gainers (on-line education?). How transient will be the effects? Will a rush of investment into circumventory measures prove to be a long term waste of money?

Certainly I see VLE as a firm hold since experience shows that the management is unlikley to make poor decisions in deploying its mountain of cash.

Volvere share price data is direct from the London Stock Exchange
Your Recent History
Register now to watch these stocks streaming on the ADVFN Monitor.

Monitor lets you view up to 110 of your favourite stocks at once and is completely free to use.

Log in to ADVFN
Register Now

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

Support: +44 (0) 203 8794 460 | support@advfn.com

V: D: 20230530 07:06:29