Volvere plc (‘Volvere’ or ‘the Company’), the turnaround investment company, announces its final results for the year ended 31 December 2008.
HIGHLIGHTS
- Group net assets: £11.6m (2007: £10.8m) of which cash and government bonds represented £12.5m (2007: £11.7m)
- Group net assets and cash (including government bonds) per share of £2.05 and £2.20 respectively (2007: £1.91 and £2.07)
- Group revenue from continuing operations: £7.3m (2007: £3.8m)
- Group profit for the year from continuing operations: £0.5m (2007: loss £0.4m)
- Interactive Prospect Targeting (“IPT”) acquisition made in September 2008 performing strongly: revenue and operating profit for the 3 months following acquisition of £2.6m and £0.4m respectively. The Group has consolidated this company as a 50% subsidiary as it has control over it.
- Since acquisition IPT has repaid £1.2m to the Group, bringing the net investment to £0.2m
- Sira Certification continued to grow strongly with revenue and profit (before interest, tax, and amortisation of goodwill) of £4.3m and £0.87m respectively (2007: £3.6m and £0.56m)
- Deal flow for distressed investing remains strong and Group’s resources mean it is well positioned to benefit from these opportunities
- Basic and diluted earnings per share from continuing operations 5.69p (2007: loss 6.46p); total basic and diluted earnings per share 5.69p (2007: 57.74p, which included the gain on disposal of a discontinued business)
CHAIRMAN’S STATEMENT
I am pleased to report on the results for the year ended 31 December 2008.
Once again, the Group’s businesses have delivered strong performances. Particularly encouraging was the contribution from newly-acquired Interactive Prospect Targeting Limited and the growth in our Certification business. Our balance sheet remains strong, with year-end consolidated net assets of £11.6m and cash (including government bond investments) of £12.5m (2007: £10.8m and £11.7m respectively).
OUTLOOK
I believe the uncertain economic environment will continue to present opportunities for the Group’s growth.
Lord Kalms Chairman
12 May 2009