Final Results Year End 2009.pdf
Volvere plc
(“Volvere” or the “Group”)
Final Results for the year ended 31 December 2009
Volvere plc (AIM:VLE) the turnaround investment company, announces its final results for the year ended 31 December 2009.
Highlights
| · | Cash and marketable securities: £20.4 million (2008: £12.5 million) |
| · | Group net assets: £18.2 million (2008: £11.6 million), stated after deducting a £1.1m non-cash liability (2008: nil) in respect of share capital classified as debt |
| · | Group revenue from continuing businesses: £10.9 million (2008: £3.0 million) |
| · | Group operating profit for the year from continuing businesses: £0.6 million (2008: loss £0.6 million) |
| · | Investment revenues and other gains on investments £0.9m (2008: nil) |
| · | Total basic and diluted earnings per share 113.57p (2008: 5.69p) |
| · | Operating businesses trading satisfactorily in a challenging economic environment |
| · | Environment for turnaround investing continues to generate potential opportunities |
Chairman’s statement
It is with pleasure that I report the continuing strength of the Group in what continue to be challenging economic times. 2009 saw excellent trading performances from our principal businesses, the successful exit from our certification activities and an excellent return on our investments.
The Group’s net assets at the year end were £18.3 million (2008: £11.6 million). This is essentially unchanged from the level at the time of our interim statement, before adjusting for the non-cash cost of the management incentive shares. We entered 2010 with cash and investments totalling £20.4 million (2008: £12.5 million). We continue to examine a wide range of potential opportunities – and I am confident that we will make further value-enhancing acquisitions.
Lord Kalms
Chairman
12 May 2010