TIDMVLE
RNS Number : 8262M
Volvere PLC
19 September 2023
19 September 2023
Volvere plc
("Volvere" or the "Group")
Interim Results for the six months ended 30 June 2023
Volvere plc (AIM: VLE), the growth and turnaround investment
company, announces its unaudited Interim Results for the six months
ended 30 June 2023.
Highlights
GBP million except where stated Six months ended Year ended
30 June 30 June 31 December
2023 2022 2022
(as restated
(1) )
Group revenue - continuing operations 19.09 15.79 38.03
Group profit before tax - continuing
operations 0.44 0.39 2.33
Loss from discontinued operations - (1.51) (2.39)
Group profit/(loss) after tax 0.44 (1.12) (0.06)
As at As at As at 31
30 June 30 June December
2023 2022 2022
Consolidated net assets per share
(excluding non-controlling interests)(2) GBP14.00 GBP13.33 GBP13.90
Group net assets 35.33 36.05 35.75
Cash and available-for-sale investments 21.41 20.39 20.79
-- Good performance from Shire Foods, the Group's savoury products manufacturer
-- Overall Group performance improved significantly following
closure of Indulgence Patisserie, the Group's frozen desserts
manufacturer in 2022
-- Liquidity and financial position remain strong
-- Michael Tzirki, Managing Director of Shire Foods, joins Group Board
Forward-looking statements:
This report may contain certain statements about the future
outlook for Volvere plc. Although the Directors believe their
expectations are based on reasonable assumptions, any statements
about future outlook may be influenced by factors that could cause
actual outcomes and results to be materially different.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 as it forms part of
UK Domestic Law by virtue of the European Union (Withdrawal) Act
2018 ("UK MAR").
Note
1 The comparative results for the period to 30 June 2022 have
been restated to exclude the results of Indulgence Patisserie,
which was discontinued during the second half of 2022. The results
of that business have been reported as discontinued operations in
all periods.
2 Based on the net assets attributable to owners of the parent
company and the respective period end shares in issue (excluding
treasury shares), which were 2,343,422 at 30 June 2023, 2,516,422
at 30 June 2022, and 2,364,422 at 31 December 2022.
For further information:
Volvere plc
Nick Lander, Co-founder & Director Tel: +44 (0) 20 7634 9707
www.volvere.co.uk
Cairn Financial Advisers LLP (Nominated
Adviser) Tel: + 44 (0) 20 7213 0880
Sandy Jamieson / James Caithie
Canaccord Genuity Limited (Joint Broker)
Bobbie Hilliam Tel: + 44 (0) 207 523 8000
Hobart Capital Markets LLP (Joint
Broker)
Lee Richardson Tel: +44 (0) 20 7070 5691
Chairman's Statement
The loss of Volvere's long-serving CEO and Co-founder, Jonathan
Lander, on 28 August 2023 at the age of 55, has inevitably deeply
saddened his friends and colleagues both throughout the Group and
wider afield. He was an outstanding individual and we will miss his
contribution enormously.
However, Jonathan's brother, Nick, has been alongside Jonathan
throughout the Volvere journey and led the turnarounds in all the
Group's most significant investments. Nick is well-placed,
therefore, to continue to build on Jonathan's legacy. As part of
our strengthening of it, I am pleased to welcome Michael Tzirki,
the long-standing Managing Director of Shire Foods, to the Group
Board.
Notwithstanding the loss of Jonathan, I am pleased to report the
results for the six months to 30 June 2023. The first half of the
year has continued to show good progress in Shire Foods. Overall,
the performance of the Group was much improved following the
closure of Indulgence Patisserie, the loss-making desserts business
during 2022.
As a result, the Group's financial position remains strong with
total net assets of GBP35.33 million (30 June 2022: GBP36.05
million, 31 December 2022: GBP35.75 million), with continuing high
liquidity.
Net assets per share (1) increased to GBP14.00 in the period (30
June 2022: GBP13.33, 31 December 2022: GBP13.90) following further
treasury share purchases.
We continue to actively seek further investments in both the
food and other sectors and will continue to consider other ways to
deliver value for shareholders.
David Buchler
Chairman
19 September 2023
Note 1: Net assets attributable to owners of the parent company
divided by total number of ordinary shares outstanding at the
reporting date (less those held in treasury) - see note 7.
Executive Management Statement
Overview
The loss of Jonathan, my brother and long-standing business
partner, has hit me, along with his family and friends, very hard
indeed. However, I know that he would wish that we continue to work
actively for the Group's shareholders to deliver the value and
returns for which we have become known over so many years. I have
been part of that journey from the outset and will continue it,
supported by our many loyal colleagues.
In spite of this, I am pleased to report a much-improved overall
performance in 2023 compared to the same period last year. Shire
Foods has performed well in an at-times challenging environment and
continued to grow both its revenues and profits, with further
information set out below. Our careful management of the closure of
Indulgence Patisserie has minimised further losses to the Group and
we have sold one of three properties previously occupied by it.
Indulgence Patisserie's results have been reclassified as
discontinued operations throughout this announcement and
comparative information has been restated where appropriate.
Overall Group revenues (which relate solely to Shire Foods) for
the period increased by GBP3.30 million to GBP19.09 million (30
June 2022 restated: GBP15.79 million, 31 December 2022: GBP38.03
million). The Group's profit before tax from continuing operations
for the period was GBP0.44 million (30 June 2022 restated: GBP0.39
million, 31 December 2022: GBP2.33 million). The increased profit
from the Group's trading activities was partly offset by lower
investment returns from treasury management activities. The Group's
overall profit (including discontinued operations) improved to
GBP0.44 million (30 June 2022 restated: loss GBP1.12 million, year
to 31 December 2022: loss GBP0.06 million) reflecting the cessation
of Indulgence Patisserie's loss-making operations.
Net assets per share increased to GBP14.00 in the period (30
June 2022: GBP13.33, 31 December 2022: GBP13.90). Group net assets
fell marginally to GBP35.33 million from GBP35.75 million at 31
December 2022 (30 June 2022: GBP36.05 million), principally as a
result of treasury share purchases.
Financial performance
Food manufacturing segment - Shire Foods
Revenues increased year-on-year by almost 21%, to a record
GBP19.09 million (30 June 2022: GBP15.79 million, 31 December 2022:
GBP38.03 million). Profit before tax and intra-Group management and
interest charges(2) grew by 29% to GBP0.75 million (30 June 2022:
GBP0.58 million, 31 December 2022: profit GBP2.78 million).
The period was one of raw material cost stabilisation, with some
commodities falling in price. However, staff and overhead costs
remained on a broadly upward trajectory. We have managed to largely
align customer price rises to mitigate the effects of increases in
our own raw materials costs but continue to monitor margins
closely. It is the winter months which tend to have higher sales
volumes for Shire's products and its performance is expected to
increase accordingly.
A summary of Shire's recent financial performance is set out in
Table A below.
Table A Year ended 31 Year ended 31 Year ended 31
6 months to 6 months to December December December
30 June 30 June 2022 2021 2020
2023 2022 GBP'000 GBP'000 GBP'000
GBP'000 GBP'000
Revenue 19,090 15,776 38,027 30,605 27,189
Underlying profit
before tax,
intra-group
management and
interest charges 745 580 2,777 2,139 1,813
Intra-group
management and
interest charges (125) (98) (348) (252) (200)
Profit before tax 620 482 2,429 1,887 1,613
============== ============== ==================== ==================== ====================
Shire continued to supply a number of the UK's fastest growing
supermarkets and this has resulted in pleasing revenue growth from
both volume as well as price increases. The materials margin
increased by 2.8% compared to the first half of 2022 and by 1.8%
compared to the whole of 2022. This reflects the diligence in
effecting price increases with customers to meet our raw materials
and other cost rises. In the latter part of the period, we have
seen some stabilisation of raw material costs and are hopeful that
this will continue.
As shareholders will know from previous reports, the second half
of the year typically sees higher volumes from both retail
customers (due to the colder weather) and foodservice (due to the
academic year). In preparation for that, we increased our
production output by changing factory shift patterns for a period
of time, resulting in increased direct labour costs and inventory
levels. As a result of the increased labour costs, the effect of
the additional revenue and margin was less pronounced. We have,
since the period end, rebalanced headcount to take account of
trading over the summer period and the current level of finished
goods stock.
As ever, we continued to invest in new plant and equipment, with
additions in the period of GBP0.38 million (30 June 2022: GBP0.39
million, 31 December 2022: GBP1.01 million). The majority of
additions in this period were financed by way of lease finance.
There continued to be no Group loans outstanding at 30 June 2023
(30 June 2022: nil, 31 December 2022: nil).
During the period, Shire paid a dividend of GBP2.50 million, of
which GBP2.0 million was to the Group.
Investing and management services segment
This segment represents our central functions covering Group
management, treasury, finance and IT services. The segment result
is the net of the underlying costs of these Group activities,
offset by investment revenues and other gains and losses. The loss
before tax and intra-Group management and interest charges(2) for
the period was GBP0.30 million (30 June 2022: loss GBP0.19 million,
31 December 2022: loss GBP0.45 million).
The increase in the net cost compared to the comparable period
reflects lower investment returns, which totalled GBP0.29 million
in this period (30 June 2022: GBP0.40 million and 31 December 2022:
GBP0.70 million). Further information is shown in note 4.
The Group continued its approach of using leverage within
trading companies whenever appropriate and without recourse to the
remainder of the Group.
Earnings per share
Basic and diluted profit per ordinary share from continuing
operations was 13.45p (30 June 2022: restated 11.48p, 31 December
2022: 74.36p ). Basic and diluted loss per ordinary share from
discontinued operations was (0.17)p (30 June 2022: restated
(59.41)p, 31 December 2022: (95.89)p). Total basic and diluted
profit per ordinary share was 13.28p (30 June 2022: loss (47.93)p,
31 December 2022: loss (21.53)p).
Statement of financial position
Cash and available-for-sale investments
Cash at the period end was GBP19.81 million (30 June 2022:
GBP18.80 million, 31 December 2022: GBP19.14 million). Full details
of cash movements are shown in the consolidated statement of cash
flows. In preparation for the seasonally higher trading months in
Shire Foods, inventory levels were increased during the latter half
of the trading period. Of the GBP2.50 million dividend paid by
Shire Foods, GBP0.50 million was paid to non-controlling
interests.
At the period end there was an investment in available-for-sale
investments with a period end value of GBP1.59 million (30 June
2022: GBP1.59 million, 31 December 2022: GBP1.65 million). The
carrying value of this is below the original cost and the
unrealised loss of GBP0.09 million has been debited to
reserves.
Assets held for sale
The Group owns two properties formerly occupied by Indulgence
Patisserie, with a carrying value of GBP1.45 million (an upwards
revaluation of GBP0.84 million on original cost). The units have
been prepared for sale to allow separate disposal (having been
previously linked) and are being marketed actively. A third
property was sold during the period.
Purchase of own shares
The Company acquired 21,000 ordinary shares for a total
consideration including costs of GBP248,000 during the period (30
June 2022: 52,000 shares for GBP622,000, 31 December 2022: 204,000
shares for GBP2,090,000).
Hedging
It is not the Group's policy to enter into derivative
instruments to hedge interest rate or foreign exchange risk.
Key performance indicators (KPIs)
The Group uses key performance indicators suitable for the
nature and size of the Group's businesses. The key financial
performance indicators are revenue and profit before tax. The
performance of the Group and the individual trading businesses
against these KPIs is outlined above, in the Executive Management
statement and disclosed in note 3.
Internally, management uses a variety of non-financial KPIs in
respect of the food manufacturing segment, including order intake,
manufacturing output and sales, all of which are monitored weekly
and reported monthly.
Principal risk factors
The Company and Group face a number of specific business risks
that could affect the Company's or Group's success. The Company and
Group invests in distressed businesses and securities, which by
their nature often carry a higher degree of risk than those that
are not distressed. The Group's businesses are principally engaged
in the provision of goods and services that are dependent on the
continued employment of the Group's employees and availability of
suitable, profitable workload. In the food manufacturing segment,
there is a dependency on a small number of customers and a
reduction in the volume or range of products supplied to those
customers or the loss of any one of them could impact the Group
materially. Rising inflation, including increases in raw materials
and overhead costs, may not be able to be passed on to customers
through increased prices and this could result in reduced
profitability. Any pandemic or other such similar event which could
affect the consumers, suppliers, customers or staff may limit or
inhibit the Group's operations.
These risks are managed by the Board in conjunction with the
management of the Group's businesses.
Acquisitions and future strategy
We have continued to review an encouraging level of investment
proposals throughout the period. However, there has been a distinct
shortage of potential transactions that we considered to be worthy
of potential investment. Such opportunities have not presented
themselves, which had been somewhat frustrating for both Jonathan
and me. Whilst these things are a matter of judgement, we have
invested only when we believed we had a reasonable prospect of
delivering an improved, sustainable performance and we will
continue to assess opportunities in this context.
I would like to thank shareholders for the support over many
years afforded to Jonathan and me and to reassure them that my
focus will continue to be on growing the value of our investment in
Shire Foods, which I have chaired for more than 12 years. An
increasing, cash-generative performance from Shire will be pivotal
to enhancing shareholder value in Volvere. Whilst we will continue
to seek investment opportunities pursuant to our investing
strategy, maximising shareholder returns remains at the forefront
of the Board's strategy.
Nick Lander
Co-founder & Director
19 September 2023
Note 2: Profit before intra-Group management and interest
charges is considered to be a relevant and useful interpretation of
the trading results of the business such that its performance can
be understood on a basis which is independent of its ownership by
the Group.
Consolidated income statement
As restated
6 months 6 months Year ended
Note to to 31
30 June 30 June December
2023 2022 2022
GBP'000 GBP'000 GBP'000
Continuing operations
Revenue 3 19,090 15,789 38,027
Cost of sales (16,535) (13,766) (31,921)
--------- -------------- -----------
Gross profit 2,555 2,023 6,106
Distribution costs (1,185) (949) (2,181)
Administrative expenses (1,174) (1,014) (2,174)
Operating profit 196 60 1,751
Finance expense 4 (65) (69) (138)
Finance income 4 287 396 698
Profit on sale of tangible fixed assets 23 - 18
Profit before tax 441 387 2,329
Income tax expense - - -
--------- -------------- -----------
Profit for the period from continuing
operations 441 387 2,329
Loss for the period from discontinued
operations (4) (1,506) (2,391)
Profit/(loss) for the period 437 (1,119) (62)
========= ============== ===========
Attributable to:
- Equity holders of the parent 313 (1,215) (537)
- Non-controlling interests 6 124 96 475
--------- -------------- -----------
437 (1,119) (62)
Earnings/(loss) per share 5
Basic and Diluted
- from continuing operations 13.45p 11.48p 74.36p
- from discontinued operations (0.17)p (59.41)p (95.89)p
--------- -------------- -----------
Total 13.28p (47.93)p (21.53)p
========= ============== ===========
Consolidated statement of comprehensive income
As restated
6 months 6 months Year ended
to to 31
30 June 30 June December
2023 2022 2022
GBP'000 GBP'000 GBP'000
Profit/(loss) for the period 437 (1,119) (62)
Other comprehensive income
Revaluation of freehold
land and buildings - 1,114 1,188
Revaluation of available-for-sale
investments (53) (92) (36)
Transfer to income statement
on disposal of property (55) - -
Deferred tax recognised
directly in equity - (278) (297)
Total comprehensive income
for the period 329 (375) 793
========= ============ ===========
Attributable to:
Equity holders of the parent 205 (471) 318
Non-controlling interests 124 96 475
--------- ------------ -----------
329 (375) 793
========= ============ ===========
Consolidated statement of changes in equity
Share Share Revaluation Retained Non-controlling
Six months to 30 capital premium reserve earnings Total interests Total
June 2023 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Profit for the period - - - 313 313 124 437
Revaluation of available-for-sale
investments - - (53) - (53) - (53)
Disposal of revalued
property - - (55) - (55) - (55)
Deferred tax recognised
directly in equity - - - - - - -
Total comprehensive
income for the period - - (108) 313 205 124 329
Balance at 1 January 50 7,885 1,682 23,258 32,875 2,877 35,752
Transactions with
owners:
Purchase of own
treasury shares - - - (248) (248) - (248)
Dividend paid to
non-controlling interests - - - - - (500) (500)
Total transactions
with owners - - - (248) (248) - (748)
Balance at 30 June 50 7,885 1,574 23,323 32,832 2,501 35,333
Share Share Revaluation Retained Non-controlling
Six months to 30 capital premium reserve earnings Total interests Total
June 2022 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Loss for the period - - - (1,215) (1,215) 96 (1,119)
Revaluation of available-for-sale
investments - - (92) - (92) - (92)
Revaluation of property - - 1,114 - 1,114 - 1,114
Deferred tax recognised
directly in equity - - (278) - (278) - (278)
Total comprehensive
income for the period - - 744 (1,215) (471) 96 (375)
Balance at 1 January 50 7,885 827 25,886 34,648 2,402 37,050
Transactions with
owners:
Purchase of own
treasury shares - - - (622) (622) - (622)
Total transactions
with owners - - - (622) (622) - (622)
Balance at 30 June 50 7,885 1,571 24,049 33,555 2,498 36,053
Share Share Revaluation Retained Non-controlling
Year ended 31 December capital premium reserve earnings Total interests Total
2022 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Loss for the year - - - (537) (537) 475 (62)
Revaluation of property - - 1,188 - 1,188 - 1,188
Revaluation of available
for sale investments - - (36) - (36) - (36)
Deferred tax recognised
directly in equity - - (297) - (297) - (297)
Total comprehensive
income for the year - - 855 (537) 318 475 793
Balance at 1 January 50 7,885 827 25,886 34,648 2,402 37,050
Transactions with
owners:
Purchase of own
treasury shares - - - (2,091) (2,091) - (2,091)
Total transactions
with owners - - - (2,091) (2,091) - (2,091)
Balance at 31 December 50 7,885 1,682 23,258 32,875 2,877 35,752
Consolidated statement of financial position
30 June 30 June 31 December
2023 2022 2022
Note GBP'000 GBP'000 GBP'000
Assets
Non-current assets
Property, plant & equipment 8,011 10,311 8,142
Total non-current assets 8,011 10,311 8,142
Current assets
Inventories 6,899 5,899 3,777
Trade and other receivables 5,606 6,663 9,315
Cash and cash equivalents 19,810 18,802 19,136
Assets held for sale 1,447 - 2,103
Available-for-sale investments 1,595 1,592 1,649
Total current assets 35,357 32,956 35,980
-------- -------- ------------
Total assets 43,368 43,267 44,122
-------- -------- ------------
Liabilities
Current liabilities
Loans and other borrowings (553) (111) (1,258)
Leases (411) (359) (372)
Trade and other payables (5,120) (4,457) (4,807)
Total current liabilities (6,084) (4,927) (6,437)
Non-current liabilities
Loans and other borrowings (759) (878) (818)
Leases (534) (590) (452)
Total non-current liabilities (1,293) (1,468) (1,270)
Total liabilities (7,377) (6,395) (7,707)
Provisions - deferred tax (658) (819) (663)
NET ASSETS 35,333 36,053 35,752
======== ======== ============
Equity
Share capital 50 50 50
Share premium account 7,885 7,885 7,885
Revaluation reserves 1,574 1,571 1,682
Retained earnings 23,323 24,049 23,258
-------- -------- ------------
Capital and reserves attributable
to equity holders of the Company 32,832 33,555 32,875
Non-controlling interests 6 2,501 2,498 2,877
-------- -------- ------------
TOTAL EQUITY 35,333 36,053 35,752
======== ======== ============
Consolidated statement of cash flows
As restated As restated Year Year
6 months 6 months 6 months 6 months ended ended
to 30 to 30 to 30 to 30 31 December 31 December
June June June June 2022 2022
2023 2023 2022 2022
Note GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Profit/(loss) for the
period 437 (1,119) (62)
Adjustments for:
Finance expense 4 65 69 138
Finance income 4 (287) (396) (698)
Depreciation 497 455 933
Operating lease
rentals (7) - (14)
Income tax expense - - -
(Gain)/loss on
disposal
of fixed assets (23) - (18)
Loss from
discontinued
operations 4 1,506 2,391
249 1,634 2,732
Operating cash flows
before movements in working
capital 686 515 2,670
Decrease/(increase) in
trade and other receivables 2,758 1,694 (1,116)
Increase in trade and
other payables 855 1,010 1,126
(Increase)/decrease in
inventories (3,534) (1,092) 291
Operating cash generated
from continuing operations 765 2,127 2,971
Operating cash generated
from/(used by) discontinued
operations 695 (1,293) (1,051)
Net cash generated from
operations 1,460 834 1,920
Investing activities
Interest received 235 - 8
Income from investments 52 86 109
Purchase of property,
plant and equipment (62) (388) (889)
Sale of property, plant
and equipment 34 - 42
Purchase of available-for-sale
investments - (4,548) (6,886)
Disposal of available-for-sale
investments - 3,174 5,782
Cash generated from/(used
by) continuing investing
activities 259 (1,676) (1,834)
Cash generated from
discontinued investing
activities 720 (68) 29
Net cash generated from/(used
by) investing activities 979 (1,744) (1,805)
Financing activities
Interest paid (64) (67) (132)
Purchase of own shares
(treasury shares) 7 (248) (622) (2,090)
Dividend paid to
non-controlling
interests (500) - -
Net repayment of borrowings (948) (1,432) (577)
Cash used by continuing
financing activities (1,760) (2,121) (2,799)
Cash used by discontinued
financing activities (5) (38) (51)
Net cash used by financing
activities (1,765) (2,159) (2,850)
Net (decrease)/ increase
in cash 674 (3,069) (2,735)
Cash at beginning of
period 19,136 21,871 21,871
Cash at end of period 19,810 18,802 19,136
========= ============ =============
Notes forming part of the unaudited interim results for the
period ended 30 June 2023
1 Financial information and basis of accounting
These interim financial statements have been prepared using
accounting policies consistent with IFRSs as adopted by the
European Union.
These interim financial statements should be read in accordance
with the Group's last annual consolidated financial statements as
at and for the year ended 31 December 2022. They do not include all
the information required for a complete set of IFRS financial
statements. However, selected explanatory notes are included to
explain events and transactions that are significant to an
understanding of the changes in the Group's financial position and
performance since the last annual financial statements. AIM-listed
companies are not required to comply with IAS 34 Interim Financial
Reporting and accordingly the Group has taken advantage of this
exemption.
The comparative figures for the year ended 31 December 2022 have
been prepared under IFRS. They do not constitute statutory accounts
as defined by the Companies Act 2006. The accounts for the 12
months ended 31 December 2022 received an unmodified auditor's
report and have been filed with the Registrar of Companies.
Copies of this statement will be available to members of the
public at the Company's registered office: Shire House, Tachbrook
Road, Leamington Spa CV31 3SF and on its website www.volvere.co.uk
.
2 Significant accounting policies
The accounting policies applied in these interim financial
statements are the same as those applied in the Group's
consolidated financial statements as at and for the year ended 31
December 2022.
3 Operating segments
An analysis of key financial data by business segment is
provided below. The Group's food manufacturing segment is engaged
in the production and sale of food products to third party
customers, and the investing and management services segment incurs
central costs, provides management services and financing to other
Group segments and undertakes treasury management on behalf of the
Group.
Analysis by business segment:
Period ended 30 June 2023 Investing and
Food Management
manufacturing services Total
GBP'000 GBP'000 GBP'000
Revenue 19,090 - 19,090
---------------- --------------------- ------------
Profit/(loss) before tax(1) 745 (304) 441
================ ===================== ============
Period ended 30 June 2022 Investing and
Food Management
manufacturing services Total
GBP'000 GBP'000 GBP'000
(as restated)
Revenue 15,789 - 15,789
---------------- --------------------- ------------
Profit/(loss) before tax (1) 577 (190) 387
================ ===================== ============
Year ended 31 December 2022 Investing and
Food management services
manufacturing GBP'000 Total
GBP'000 GBP'000
Revenue 38,027 - 38,027
---------------- --------------------- ----------
Profit/(loss) before tax(1) 2,777 (448) 2,329
================ ===================== ==========
As at 30 June 2023
Investing and
Food manufacturing management Discontinued
GBP'000 services operations Total
GBP'000 GBP'000 GBP'000
Assets 20,483 21,321 1,564 43,368
Liabilities/provisions (8,290) 559 (304) (8,035)
-------------------- --------------------- -------------------- --------------
Net assets(2) 12,193 21,880 1,260 35,333
==================== ===================== ==================== ==============
As at 30 June 2022 (as Investing and
restated) Food manufacturing management Discontinued
GBP'000 services operations Total
GBP'000 GBP'000 GBP'000
Assets 19,021 19,361 4,885 43,267
Liabilities/provisions (6,899) 483 (798) (7,214)
-------------------- --------------------- -------------------- --------------
Net assets(2) 12,122 19,844 4,087 36,053
As at 31 December 2022 Investing and
(restated for Food manufacturing management Discontinued
additional comparative GBP'000 services operations Total
information only) GBP'000 GBP'000 GBP'000
Assets 22,072 18,430 3,620 44,122
Liabilities/provisions (8,015) 504 (859) (8,370)
-------------------- --------------------- -------------------- --------------
Net assets(2) 14,057 18,934 2,761 35,752
==================== ===================== ==================== ==============
Continuing operations Investing and
Food manufacturing management services
Six months to 30 June GBP'000 GBP'000 Total
2023 GBP'000
Capital spend 62 - 62
Depreciation 497 - 497
Interest income
(non-Group) - 235 235
Interest expense
(non-Group) (64) - (64)
Tax (credit)/expense - - -
===================== ==================== ==============
Six months to 30 June Investing and
2022 (as restated) Food manufacturing management services
GBP'000 GBP'000 Total
GBP'000
(as restated) (as restated)
Capital spend 388 - 388
Depreciation 454 1 455
Interest income - - -
(non-Group)
Interest expense
(non-Group) (60) (9) (69)
Tax (credit)/expense - - -
===================== ==================== ==============
Year ended 31 December Investing and
2022 Food manufacturing management services
GBP'000 GBP'000 Total
GBP'000
Capital spend 1,014 - 1,014
Depreciation 932 1 933
Interest income
(non-Group) (8) - (8)
Interest expense
(non-Group) 138 - 138
Tax (credit)/expense (50) 50 -
===================== ==================== ==============
Geographical
analysis: External revenue by location of customers Non-current assets by location of
assets
6 months to 6 months to Year ended
30 June 30 June 31 30 June 30 June 31 December 2022
2023 2022 December 2023 2022
2022
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
(as restated)
UK 19,090 15,320 36,830 8,011 10,311 8,142
Rest of
Europe - 469 1,197 - - -
USA - - - - - -
------------ ---------------- ----------- ------------ ------------ --------------------
19,090 15,789 38,027 8,011 10,311 8,142
============ ================ =========== ============ ============ ====================
Notes:
(1) stated before intra-group management and interest charges
(2) assets and liabilities stated excluding intra-group balances
4 Investment revenues, other gains and losses and finance income and expense
Finance income 30 June 30 June 31 December
2023 2022 2022
GBP'000 GBP'000 GBP'000
Bank interest receivable 235 - 8
Investment revenues 52 86 109
Other gains and losses - 310 581
287 396 698
========= ========= ============
During 2022 the Group realised gains on the disposal of
available for sale investments, which are reported above as other
gains and losses. No such disposals took place in 2023.
Finance expense 30 June 30 June 31 December
2023 2022 2022
GBP'000 GBP'000 GBP'000
Bank interest payable (64) (67) (41)
Lease interest (1) (2) (44)
Other interest and finance charges - - (53)
(65) (69) (138)
========= ========= ============
5 Earnings per share
The calculation of the basic and diluted earnings per share is
based on the following data:
6 months Year ended
to 6 months 31 December
30 June to 2022
2023 30 June GBP'000
GBP'000 2022
GBP'000
As restated
Earnings for the purposes of earnings
per share:
Profit/(loss) attributable to equity
holders of the parent company:
From continuing operations 317 291 1,854
From discontinued operations (4) (1,506) (2,391)
============ ============== =============
No. No. No.
Weighted average number of ordinary
shares for the purposes of earnings
per share:
Weighted average number of ordinary
shares in issue 2,357,317 2,534,856 2,493,592
Dilutive effect of potential ordinary - - -
shares
------------ -------------- -------------
Weighted average number of ordinary
shares for diluted EPS 2,357,317 2,534,856 2,493,592
============ ============== =============
There were no share options (or other dilutive instruments) in
issue during the period in respect of the parent company's shares
(30 June 2022: nil; 31 December 2022: nil).
6 Non-controlling interests
The non-controlling interests of GBP2.50 million relate to the
net assets attributable to the shares not held by the Group at 30
June 2023 in the following subsidiaries:
30 June 30 June 31 December
2022 2022 2022
GBP'000 GBP'000 GBP'000
NMT Group Limited 67 67 67
Shire Foods Limited 2,434 2,431 2,810
2,501 2,498 2,877
========= ========= ============
The Group owns approximately 80% of Shire Foods and 98.6% of
NMT.
7 Purchase of own shares
The Company acquired 21,000 Ordinary shares for a total
consideration including costs of GBP248,000 during the period (30
June 2022: 52,000 shares for GBP622,000, 31 December 2022: 204,000
shares for GBP2,090,000). This brought the total number of Ordinary
shares held in treasury at the period end to 3,863,652 shares (30
June 2022: 3,690,652, 31 December 2022: 3,842,652) with an
aggregate nominal value of less than GBP1.
At the period end, the total number of Ordinary shares
outstanding (excluding treasury shares), was 2,343,422 (30 June
2022: 2,516,422, 31 December 2022: 2,364,422).
8 Dividend
The Board is not recommending the payment of an interim dividend
for the period ended 30 June 2023.
- Ends -
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END
IR DZGMLVRRGFZM
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September 19, 2023 02:00 ET (06:00 GMT)
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