Volvere PLC (LON:VLE) swung to a profit in 2019 while the turnaround specialist also highlighted “increased levels of distressed deal flow” due to the coronavirus pandemic.
For the year ended 31 December, the AIM-listed group reported a pre-tax profit from continuing operations of £140,000, compared to a £2.49mln loss in the prior year, while revenues rose to £23mln from £18.3mln.
Volvere said the results reflected the trading performance of its Shire Foods manufacturing business, which saw profits rise to £1.38mln from £850,000 during the year, as well as a “positive exit” with the disposal of its Sira Defence & Security business for £3mln.
The group also reported record net assets per share at £13.85.
Looking ahead, Volvere chief executive Jonathan Lander said he feared the economic effects of the pandemic were “likely to extend well into 2021 and possibly beyond” and that the firm would “do what we can to rescue those businesses which we believe viable”.
He added that the group will focus on building a larger group of food businesses to leverage its competencies in the area.
Shares in Volvere were rose 2.9% to 1,415p in early trading on Friday.