80% of Shire Foods, a pie manufacturer in Leamington Spa, is owned by Volvere plc, a growth and turnaround investment company. The company recently announced that it expects total profit before tax and profit after tax for the year ending in December 2023 to be £4.75 million and £3.61 million, respectively (2022: loss before and after tax of £0.06 million).
Profit before taxes was £3.64 million, and revenue from continuing operations increased to about £42.95 million from £38.03 million the year before.
Similar to the previous year, the Group’s principal trading subsidiary was Shire Foods Limited, which is 80 percent owned and produces frozen pastry products. Together with the Group’s core activities, this company represents the Group’s ongoing operations. After purchasing Indulgence Patisserie Limited in 2020, the Group closed the business in 2022.
Although there were difficulties in 2023 on the corporate and trading fronts, the company expressed satisfaction with the Group’s financial performance over the course of the year.
“2024 will see the impact of another minimum wage increase and increased energy costs in Shire,” the company said in a statement. While maintaining a sufficient level of pricing to prevent material volume reductions, we are striving to make sure that our margins accurately reflect these. The amount of new business opportunities we are seeing in Shire, however, has encouraged us, and we are cautiously optimistic about the rest of the year.
There are now more viable investment options available, both in terms of quality and quantity, than there were in 2022. We are evaluating potential deals, including ones that would enhance Shire. In a broader sense, we are committed to increasing shareholder value and, among other things, we will keep an eye on and evaluate the amount of cash we need to carry out our plan.”
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