Volvere posts poor profits despite sale proceeds

AIM-listed Volvere (LON:VLE) has posted a pre-tax loss of £2.43 million from its continuing operations during 2018, more than 3 times as high as in the previous year. However, the disposal of the company’s share in Impetus Automotive generated proceeds of £26.1 million which are not included in this figure.

Chairman David Buchler said: “The Group’s performance in 2018 was outstanding following the turnaround and disposal in October of its largest subsidiary, Impetus Automotive Limited, for total consideration of more than £31 million. This resulted in an increase in net assets per share* to £12.50 (2017: £6.59).

Our largest subsidiary is now Shire Foods Limited and we continue to actively invest in that business with a view to developing it further“.

The price of Volvere shares fell by 5.33% to 1,065p (as of 14:20).