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Volvere revenues improve strong results from pie turnaround
Turnaround at the Impetus Automotive and pie-maker Shire Foods saw distressed businesses investor Volvere improve revenues roughly £10m in the twelve months leading to 31 December.
Volvere, which turned in its interim report card on Wednesday, said it expects to report record revenues of around £43.2m were up 31% from a year earlier but pre-tax profits revved up 66% to £3.22m.
Impetus, an automotive consulting business in which Volvere had an 83% holding, reported revenues of £27.1m up 56% and pre-tax profits of roughly £3.04m.
"The strong performance reflects new work won during 2017. Whilst the decline in new car sales in the UK has affected the scale of some manufacturer programmes, there remain many opportunities for Impetus in what is a very large sector," Volvere said on Wednesday.
Shire, the group's frozen pie and pastry manufacturing business, had revenues of £15.9m, up 5% from 2016, though pre-tax profits tumbled to £440,000 from £910,000.
"We expect revenues to increase in 2018 and with that, profitability, although this will depend on our ability to contain the effects of higher raw material and labour costs," the firm said.
Group net asset value fell back to £26m from £26.6m a year earlier. Volver expects to publish its fully audited results for the year on 25 May.
As of 1130 GMT, shares had gained 8.93% to 964.00p.