LONDON (ShareCast) - Shares in growth and turnaround investment business Volvere surged 10% on Friday after the company said it has more than tripled its full-year 2014 pre-tax profit from a year ago, supported by an exceptional gain in Shire Foods.
Volvere posted pre-tax profit of £1.65m, up from £0.51m in 2013, while revenue rose to £24.1m from £16.1m.

Results for Shire Foods, in which Volvere has an 80% stake, were boosted by an exceptional gain of £852,000 as a result of being released from liabilities under a company voluntary arrangement. Revenue at Shire rose to £12.1m from £8.5m.

Volvere said it does not currently recommend payment of a dividend and prefers to retain profits as they arrive for investment in future opportunities or to purchase own shares for treasury where that is considered to be in the best interests of shareholders.


AIM-listed oil and gas exploration company Magnolia Petroleum said on Friday that it has raised £1m through the issuance of 12.9m shares at 0.7p each to fund its ongoing drilling programme in the US.

It also said that it has appointed Sanlam Securities and Cornhill Capital as its joint brokers.

The net proceeds from the raising will be used to further expedite its existing growth and investment strategy, including the drilling of operated vertical wells targeting the Mississippi Lime, Skinner and Red Fork formations in Oklahoma.

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