Proactive Investors – Volvere (LON:) shares jumped by 10% as the investment group’s main business Shire Foods saw revenues and profits soar boosting the investment company’s profits and asset value.
Revenue rose to £43million (2022: £38million) and operating profits to operations was £3.6 million (2022: £2.3 million), all of which came from pie maker Shire.
Overall profit after tax for the year was £2.73 million (2022: loss £0.06 million).
Group total net assets were £37.5 million (2022: £35.7 million), with net assets per share £14.83 (2022: £13.90) of which cash and equivalents was £23.7 million (2022: £20.7 million).
Volvere added it is conscious of the group’s share price, which it does not believe reflects the underlying value of the group’s assets.
“We are considering a number of ways through which to unlock this value for shareholders and will update investors on these developments at the appropriate time.”
Shares rose 125p to 1,470p, valuing the group at around £32 million.
