Volvere plc, the growth and turnaround investment company, which owns 80 per cent of Leamington Spa pie manufacturer, Shire Foods, has reported that it expects overall profit before tax and profit after tax for the year to end of December 2023 to be £4.75 million and £3.61 million respectively (2022: loss before and after tax £0.06 million).
Revenue from continuing operations was approximately £42.95 million, up from £38.03 million the previous year, and profit before tax was £3.64 million.
In line with the prior year, Shire Foods Limited, the Group’s 80 per cent-owned frozen pastry products manufacturer, was the Group’s principal trading subsidiary and, along with the Group’s central activities, represents the Group’s continuing operations. In 2022 the Group closed Indulgence Patisserie Limited, which it bought out of administration in 2020.
The company said that while 2023 was not a year without its challenges at both a corporate and trading level, it is pleased with the financial performance of the Group during the period.
In a statement, the company said: “2024 will see the impact of another minimum wage increase and increased energy costs in Shire. We are working to ensure our margins reflect these, whilst balancing the need to keep pricing sufficiently keen to avoid material volume reductions. We have been encouraged, however, by the levels of new business opportunities we are seeing in Shire and remain cautiously optimistic for the remainder of the year.
“Compared to 2022, we have seen an increase in the quality and quantity of potential investment opportunities. We are assessing possible transactions, including those that are complementary to Shire. More broadly, we are focused on enhancing shareholder value and, inter alia, continue to monitor and review our ongoing requirements in terms of the cash required to deliver our strategy.”
Leave a Reply