Volvere loss widens in spite of double digit revenue growth
By Duncan Ferris
Date: Wednesday 22 May 2019
(Sharecast News) - Volvere on Wednesday reported a deeper annual loss as a sharp increase in costs offset double-digit revenue growth.
The investment firm reported a loss before tax of £2.4m for 2018, a wider loss than the £0.2m loss from the year before, as administrative expenses increased by 172% to £4.8m and cost of sales rose by 16% to £15.7m.
These increases offset a 15% increase in revenue to £18.6m after strong performances from its 80% owned food manufacturing subsidiary Shire Foods Ltd and its wholly owned digital CCTV viewing software unit Sira Defence & Security Ltd.
Shire achieved full-year revenue of £18.3m, up from £15.8m the year before, while Sira crept up from £0.28m to £0.3m.
Volvere chairman David Buchler said that the company's performance had been outstanding following the turnaround and disposal in of its largest subsidiary, Impetus Automotive Limited, in October for total consideration of £31.3m,of which the group's share was £26.1m, after having acquired it in 2015 for £1.3m.
The AIM traded company had cash and cash equivalents of £34.1m at the end of 2018, up from £12.1m at the same point 12 months earlier
Volvere's shares were down 5.33% at 1,065.00p at 1537 BST.
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