TIDMVLE
RNS Number : 0651B
Volvere PLC
29 September 2022
Volvere plc
("Volvere" or the "Group")
Interim Results for the six months ended 30 June 2022
Volvere plc (AIM: VLE), the growth and turnaround investment
company, announces its unaudited Interim Results for the six months
ended 30 June 2022.
Highlights
GBP million except where stated Six months ended Year ended
30 June 30 June 31 December
2022 2021 2021
Group revenue 17.87 15.72 35.58
Group (loss)/profit before tax (1.12) (0.29) 0.07
As at As at As at 31
30 June 30 June December
2022 2021 2021
Consolidated net assets per share
(excluding non-controlling interests)(1) GBP13.33 GBP13.50 GBP13.49
Group net assets 36.05 36.89 37.05
Cash and available-for-sale investments 20.39 23.13 21.87
-- Acceptable result from Shire Foods, the Group's savoury products manufacturer
-- Poor performance from Indulgence Patisserie, the Group's frozen desserts manufacturer
-- Liquidity and financial position remain strong
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 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 2,516,422 at 30 June 2022, 2,571,922
at 30 June 2021, and 2,568,422 at 31 December 2021.
For further information:
Volvere plc
Jonathan Lander, CEO Tel: +44 (0) 20 7634 9707
www.volvere.co.uk
Cairn Financial Advisers LLP (Nominated Tel: + 44 (0) 20 7213 0880
Adviser)
Sandy Jamieson/James Lewis
Canaccord Genuity Limited (Joint Broker) Tel: + 44 (0) 207 523 8000
Bobbie Hilliam
Hobart Capital Markets LLP (Joint
Broker)
Lee Richardson Tel: +44 (0) 20 7070 5691
Chairman's Statement
I set out below the results for the six months to 30 June
2022.
The Group's performance in the period was below our
expectations. Whilst Shire Foods performed well in the
circumstances, Indulgence Patisserie's performance was worse than
we had hoped for due to the impact of increased raw material
prices. The effect on net assets per share has, however, been
substantially mitigated by a GBP1.1 million increase in the value
of the Indulgence properties and modest gains on our treasury
investments. The Group has taken steps to curtail the losses in
Indulgence through refocused and reduced activities.
Net assets per share (1) fell slightly to GBP13.33 in the period
(30 June 2021: GBP13.50, 31 December 2021: GBP13.49).
The Group's financial position remains strong, with significant
cash reserves.
David Buchler
Chairman
29 September 2022
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 8.
Chief Executive's Statement
The first half trading performance of 2022 was disappointing.
The tragic war in Ukraine and the related rise and volatility in
raw material, energy, and labour costs has made it very difficult
to price products for customers with reasonable certainty of
acceptable profit.
Shire Foods and Indulgence Patisserie have both been affected by
cost inflation, but Shire entered the period from a much stronger
position, with its energy costs fixed for the longer term, and as
an established market player. Indulgence on the other hand faced
the same environment without energy price certainty and with the
added challenges of a turnaround.
Indulgence's losses have been partly offset by the more than
doubling in the value of its properties. We also enjoyed some gains
on a more actively managed treasury portfolio in H1 2022. Following
some share repurchases in the period, the fall in net assets per
share was contained to less than 2%.
Overall Group revenue rose to GBP17.87 million for the period
(30 June 2021: GBP15.72 million, 31 December 2021: GBP35.58
million). The Group's loss before tax was GBP1.12 million (30 June
2021: loss GBP0.29 million, year to 31 December 2021: profit
GBP0.07 million).
The performance of each of the Group's food manufacturing
businesses is set out below and discussed further in the Financial
Review.
Shire Foods
Revenues increased year-on-year by 13.9%, to reach GBP15.78
million (30 June 2021: GBP13.85 million, 31 December 2021: GBP30.61
million). Although revenues grew, profit before tax and intra-Group
management and interest charges(2) remained largely static at
GBP0.58 million (30 June 2021: GBP0.60 million, 31 December 2021:
profit GBP2.14 million).
Whilst it is positive that we have been able to operate
profitably in the period, the benefit of revenue growth has been
eroded by the increasing cost of materials, labour and other
overheads. Actions to pass on cost increases to customers have,
however, intensified through 2022 and we are seeing a greater
acceptance of periodic price rises with our customers. This is
expected to stabilise or increase margins in the second half, which
is also typically our stronger sales period.
Indulgence Patisserie
Revenues increased to GBP2.09 million from GBP1.87 million in
the comparable period (31 December 2021: GBP4.97 million). The loss
before tax and intra-Group management and interest charges(2) was a
disappointing GBP1.51 million (30 June 2020: loss GBP0.36 million,
31 December 2020: loss GBP1.01 million).
Significant raw material price increases took effect in the
period and we were unable to mitigate the effects of these fully by
increasing selling prices. We also decided to exit entirely the
manufacturing of retail products. Retail manufacture was part of
our original turnaround strategy but that strategy is not viable
with the current volatility in prices. This has led to one-off
costs of approximately GBP0.28 million associated with the write
down of raw materials used solely for retail customers and which is
included in the loss before tax for the period.
Following the period end, headcount has been reduced and, in
order to generate cash, manufacturing has been suspended
indefinitely as finished stock levels of GBP0.60 million are
sufficient to satisfy foodservice and existing retail customers for
several months. We continue to assess the ongoing viability of the
Indulgence business in the light of the future sales opportunities,
product margins and overhead costs associated with it.
On a more positive note, the company's properties (which are
freehold) were independently valued during the period at GBP2.03
million, an increase of GBP1.11 million compared to the carrying
value of GBP0.92 million.
Further information relating to Shire and Indulgence is set out
in the financial review below and in note 3.
Acquisitions and future strategy
There is a significant degree of instability across the UK
economy and consequently we are seeing an increase in potential
investment opportunities. Not surprisingly we have reviewed a
number of businesses where the continuing uncertainty in relation
to energy costs is a particular challenge. Our preference is for
investments in companies where we can make a substantive change to
effect a turnaround, but high energy costs are not something we can
influence. We believe some good opportunities will emerge, but
timing is critical and the current macroeconomic and geopolitical
situation make that issue very challenging.
Jonathan Lander
Chief Executive
29 September 2022
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.
Financial Review
This financial review covers the Group's performance during the
period ended 30 June 2022. It should be read in conjunction with
the Chairman's and Chief Executive's Statements.
Overview
Group revenues for the period reached GBP17.87 million, an
increase of GBP2.15 million compared to the prior comparable period
(30 June 2021: GBP15.72 million, 31 December 2021: GBP35.58
million). The increase was principally in Shire Foods (GBP1.93
million), with the balance in Indulgence Patisserie (GBP0.22
million).
The Group's loss before tax for the period was GBP1.12 million,
an increase of GBP0.83 million compared to the prior comparable
period. This reflects increased losses in Indulgence, partially
offset by gains arising from treasury management activities. Group
net assets fell to GBP36.05 million from GBP37.05 million at 31
December 2021 (30 June 2021: GBP36.89 million).
Further comment on the statement of financial position is set
out below and detailed information about the Group's segments and
is set out in note 3 to these interim results, which should be read
in conjunction with this financial review.
Food manufacturing
The results of Shire Foods and Indulgence Patisserie, which
represent the food manufacturing segment, are shown in the tables
below.
Shire Foods
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 2021 2020 2019
2022 2021 GBP'000 GBP'000 GBP'000
GBP'000 GBP'000
Revenue 15,776 13,850 30,605 27,189 23,036
Underlying profit
before tax,
intra-group
management and
interest charges 580 599 2,139 1,813 1,384
Intra-group
management and
interest charges (98) (75) (252) (200) (200)
Profit before tax 482 524 1,887 1,613 1,184
============== ============== ==================== ==================== ====================
The additional contribution from the growth in revenues was
eroded by a fall in the materials margin, which reduced by
approximately 4.2% compared to the first half of 2021 and by 4.7%
compared to the whole of 2021. This was due to the rapid increase
in raw materials' costs which were not, in the timescales
available, able to be passed on to customers. Following the period
end a number of selling prices have been reset with customers and
it is hoped that this will ensure a recovery in margins over time.
It is, however, difficult to predict given the continuing
inflationary pressures across the economy as a whole.
The margin percentage reduction, along with broadly higher costs
for labour and overheads, meant the profit before tax was similar
to the previous period, in spite of the increased revenues.
Investment increased in new plant and equipment, with additions
in the period of GBP0.39 million (30 June 2021: GBP0.18 million, 31
December 2021: GBP0.27 million). All of these were funded from the
Company's own resources and there were no Group loans outstanding
at 30 June 2022 (30 June 2021: nil, 31 December 2021: nil).
Indulgence Patisserie
A summary of Indulgence's recent financial performance is set
out in Table B below.
Table B
6 months to 6 months to Year ended 31 December
30 June 30 June 2021
2022 2021 GBP'000
GBP'000 GBP'000
Revenue 2,091 1,867 4,973
Underlying loss before tax, intra-group management and
interest charges (1,506) (360) (1,007)
Intra-group management and interest charges - - (92)
-------------- -------------------------
Loss before tax (1,506) (360) (1,099)
============== ============== =========================
The increased losses at Indulgence have been driven to a large
extent by continuing raw material price increases - particularly in
dairy costs - since the start of 2022. The nature of Indulgence's
products (many having a large dairy element) is such that the
effect on margins has been significant. Whilst we were able to
increase prices with some retail customers, we had to terminate
supply with others in view of the mounting costs of ingredients.
The risk of continuing to supply product would have been too great
in the current inflationary environment. Foodservice margins
started to show improvement as price rises took effect later in the
period.
As noted in the Chief Executive's Statement, the decision has
been taken to cease manufacturing for retail customers, resulting
in approximately GBP0.28 million of one-off costs being recognised
in the period. Indulgence has suspended manufacturing altogether
since early August and reduced its headcount, as finished goods
inventory levels for the foodservice sector had been bolstered in
preparation for retail Christmas period launches but, with that
retail capacity no longer needed, a period of de-stocking of
finished goods is now underway.
The Group continued to make loans during the period in view of
the losses. The loans outstanding at the period end (including the
original acquisition price and incidental costs of GBP1.31 million)
amounted to GBP6.83 million (30 June 2021: GBP4.71 million, 31
December 2021: GBP5.56 million).
The three wholly-owned properties occupied by the business (of
which two are physically linked) were independently valued in July
2022, resulting in an upwards revaluation of GBP1.11 million
(before a deferred tax liability of GBP0.28 million). This has been
credited to reserves. The properties are owned by an entity
separate from the trading entity (and their cost is included in the
acquisition price of GBP1.31m), although they are presented as one
business above.
Investing and management services
This segment represents our central functions covering Group
management, treasury, finance and IT services. The loss before tax
and intra-Group management and interest charges(2) for the period
was GBP0.19 million (30 June 2021: loss GBP0.53 million, 31
December 2021: loss GBP1.07 million). This is stated after
investment income and realised gains from disposal of
available-for-sale investments totalling GBP0.40 million (30 June
2021 and 31 December 2021: nil).
Investment revenues and other gains and losses
During the period the Group invested GBP4.55 million in
available-for-sale investments, the income from which amounted to
GBP86,000. Some of these investments were subsequently sold in the
period, realising gains on disposal of GBP310,000. There was no
comparable income or gains in prior periods. The remaining
available-for-sale investments are explained further below.
Finance income and expense
The Group's net finance expense was GBP0.07 million in the
period, reflecting low interest rates on cash deposits offset by
debt servicing costs (30 June 2021: GBP0.06 million, 31 December
2021: GBP0.14 million). In line with previous years, individual
Group trading companies utilised leverage wherever appropriate and
possible, and without recourse to the remainder of the Group. In
the period in question, only Shire Foods borrowed externally, with
Indulgence funded from Group resources.
Statement of financial position
Cash and available-for-sale investments
Cash at the period end was GBP18.80 million (30 June 2021:
GBP23.13 million, 31 December 2021: GBP21.87 million). In overview,
cash outflows reflect the trading losses, repayment of debt and
share buy-backs and the purchase of fixed assets and
available-for-sale investments. Full details of cash movements are
shown in the consolidated statement of cash flows.
At the end of the period there was an investment in
available-for-sale investments with a period end value of GBP1.59
million. The carrying value of this is below the original cost and
the unrealised loss of GBP0.09 million has been debited to
reserves.
Earnings per share and share capital
Total basic and diluted loss per ordinary share were (47.9)
pence (30 June 2021: loss (15.2) pence; year ended 31 December
2021: loss (11.6) pence).
Purchase of own shares
The Company acquired 52,000 ordinary shares for a total
consideration including costs of GBP622,000 during the period (30
June 2021: nil, 31 December 2021: 3,500 shares for GBP44,000).
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 Chief Executive's
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.
Nick Lander
Chief Financial & Operating Officer
29 September 2022
Consolidated income statement
6 months 6 months Year ended
to to 31
30 June 30 June December
Note 2022 2021 2021
GBP'000 GBP'000 GBP'000
Continuing operations
Revenue 3 17,867 15,718 35,578
Cost of sales (16,466) (13,359) (29,682)
--------- --------- -----------
Gross profit 1,401 2,359 5,896
Distribution costs (1,090) (991) (2,223)
Administrative expenses (1,757) (1,591) (3,470)
Operating (loss)/profit (1,446) (223) 203
Investment revenues 4 86 - -
Other gains and losses 4 310 - -
Finance expense 5 (69) (63) (137)
Finance income 5 - - -
(Loss)/profit before tax (1,119) (286) 66
Income tax expense - - (11)
(Loss)/profit for the period (1,119) (286) 55
========= ========= ===========
Attributable to:
- Equity holders of the parent (1,215) (390) (299)
- Non-controlling interests 7 96 104 354
--------- --------- -----------
(1,119) (286) 55
Earnings per share 6
Basic and Diluted
- loss from continuing operations (47.9)p (15.2)p (11.6)p
- earnings from discontinued operations - - -
--------- --------- -----------
Total (47.9)p (15.2)p (11.6)p
========= ========= ===========
Consolidated statement of comprehensive income
6 months 6 months Year ended
to to 31
30 June 30 June December
2022 2021 2021
GBP'000 GBP'000 GBP'000
(Loss)/profit for the period (1,119) (286) 55
Other comprehensive income
Deferred tax recognised
directly in equity - - (140)
Revaluation of property
net of deferred tax 836 - -
Revaluation of available-for-sale
investments (92) - -
--------- --------- -----------
Total comprehensive income
for the period (375) (286) (85)
========= ========= ===========
Attributable to:
Equity holders of the parent (471) (390) (411)
Non-controlling interests 96 104 326
--------- --------- -----------
(375) (286) (85)
========= ========= ===========
Consolidated statement of changes in equity
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
Six months to 30 capital premium reserve earnings Total interests Total
June 2021 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Loss for the period - - - (390) (390) 104 (286)
Total comprehensive
income for the period - - - (390) (390) 104 (286)
Balance at 1 January 50 7,885 939 26,229 35,103 2,076 37,179
Transactions with
owners:
Purchase of own - - - -
treasury shares - - -
Total transactions - - - -
with owners - - -
Balance at 30 June 50 7,885 939 25,839 34,713 2,180 36,893
Share Share Revaluation Retained Non-controlling
Year ended 31 December capital premium reserve earnings Total interests Total
2021 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Loss for the year - - - (299) (299) 354 55
Deferred tax recognised
directly in equity - - (112) - (112) (28) (140)
Total comprehensive
income for the year - - (112) (299) (411) 326 (85)
Balance at 1 January 50 7,885 939 26,229 35,103 2,076 37,179
Transactions with
owners:
Purchase of own
treasury shares - - - (44) (44) - (44)
Total transactions
with owners - - - (44) (44) - (44)
Balance at 31 December 50 7,885 827 25,886 34,648 2,402 37,050
Consolidated statement of financial position
30 June 30 June 31 December
2022 2021 2021
Note GBP'000 GBP'000 GBP'000
Assets
Non-current assets
Property, plant & equipment 10,311 9,670 9,306
Total non-current assets 10,311 9,670 9,306
Current assets
Inventories 5,899 5,830 4,384
Trade and other receivables 6,663 5,453 8,874
Available-for-sale investments 1,592 - -
Cash and cash equivalents 18,802 23,130 21,871
Total current assets 32,956 34,413 35,129
-------- -------- ------------
Total assets 43,267 44,083 44,435
-------- -------- ------------
Liabilities
Current liabilities
Loans and other borrowings (111) (483) (1,452)
Finance leases (359) (377) (392)
Trade and other payables (4,457) (4,065) (3,379)
Total current liabilities (4,927) (4,925) (5,223)
Non-current liabilities
Loans and other borrowings (878) (988) (933)
Finance leases (590) (888) (691)
Total non-current liabilities (1,468) (1,876) (1,624)
Total liabilities (6,395) (6,801) (6,847)
Provisions - deferred tax (819) (389) (538)
NET ASSETS 36,053 36,893 37,050
======== ======== ============
Equity
Share capital 50 50 50
Share premium account 7,885 7,885 7,885
Revaluation reserves 1,571 939 827
Retained earnings 24,049 25,839 25,886
-------- -------- ------------
Capital and reserves attributable
to equity holders of the Company 33,555 34,713 34,648
Non-controlling interests 7 2,498 2,180 2,402
-------- -------- ------------
TOTAL EQUITY 36,053 36,893 37,050
======== ======== ============
Consolidated statement of cash flows
6 months 6 months 6 months 6 months Year Year
to 30 to 30 to 30 to 30 ended ended
June June June June 31 December 31 December
2022 2022 2021 2021 2021 2021
Note GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
(Loss)/profit for the
period (1,119) (286) 55
Adjustments for:
Investment revenues (86) - -
Other gains and losses (310)
Finance expense 5 69 63 137
Finance income 5 - - -
Depreciation 572 559 1,131
Operating lease rentals (38) (50) (68)
Income tax expense - - 11
207 572 1,211
Operating cash flows
before movements in working
capital (912) 286 1,266
Decrease/(increase) in
trade and other receivables 2,113 1,732 (1,688)
Increase in trade and
other payables 1,139 719 42
Increase in inventories (1,506) (1,939) (379)
Tax paid - - -
Net cash generated from/(used
by) operating activities 834 798 (759)
Investing activities
Purchase of property,
plant and equipment (456) (273) (467)
Purchase of available-for-sale
investments (4,548) - -
Proceeds from disposal
of available-for-sale
investments 3,174 - -
Income from investments 86 - -
Interest received - - -
Net cash used by investing
activities (1,744) (273) (467)
Financing activities
Interest paid (67) (59) (130)
Purchase of own shares
(treasury shares) 8 (622) - (44)
Sale of own shares (treasury
shares) - - -
Net repayment of borrowings (1,470) (1,047) (440)
Net cash used by financing
activities (2,159) (1,106) (614)
Net (decrease)/ increase
in cash (3,069) (581) (1,840)
Cash at beginning of
period 21,871 23,711 23,711
Cash at end of period 18,802 23,130 21,871
========= ========= =============
Notes forming part of the unaudited interim results for the
period ended 30 June 2022
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 2021. 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 2021 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 2021 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 2021.
3 Operating segments
An analysis of key financial data by business segment (excluding
intra-Group interest and management charges and balances) is
provided below. The Group's food manufacturing segment, which is an
aggregation of the separate segments of savoury pastry and cake and
desserts manufacturing, 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 2022 Investing and
Food Management
manufacturing services Total
GBP'000 GBP'000 GBP'000
Revenue 17,867 - 17,867
---------------- ---------------------------------- ----------
Loss before tax(1) (929) (190) (1,119)
================ ================================== ==========
Period ended 30 June 2021 Investing and
Food Management
manufacturing services Total
GBP'000 GBP'000 GBP'000
Revenue 15,718 - 15,718
---------------- ---------------------------------- ----------
Profit/(loss) before tax (1) 239 (525) (286)
================ ================================== ==========
Year ended 31 December Investing and management services
2021 Food GBP'000
manufacturing Total
GBP'000 GBP'000
Revenue 35,578 - 35,578
---------------- ---------------------------------- ------------
Profit/(loss) before
tax(1) 1,133 (1,067) 66
================ ================================== ============
As at 30 June 2022
Investing and
Food manufacturing management
GBP'000 services Total
GBP'000 GBP'000
Assets 23,906 19,361 43,267
Liabilities/provisions (7,697) 483 (7,214)
--------------------- ---------------------------------- ---------------
Net assets(2) 16,209 19,844 36,053
===================== ================================== ===============
As at 30 June 2021 Investing and
Food manufacturing management
GBP'000 services Total
GBP'000 GBP'000
Assets 21,440 22,643 44,083
Liabilities/provisions (7,500) 310 (7,190)
--------------------- ---------------------------------- ---------------
Net assets(2) 13,940 22,953 36,893
As at 31 December 2021 Investing and
Food manufacturing management
GBP'000 services Total
GBP'000 GBP'000
Assets 22,929 21,506 44,435
Liabilities/provisions (7,850) 465 (7,385)
--------------------- ---------------------------------- ---------------
Net assets(2) 15,079 21,971 37,050
===================== ================================== ===============
Six months to 30 June 2022 Investing and management services
Food manufacturing GBP'000
GBP'000 Total
GBP'000
Capital spend 456 - 456
Depreciation 566 1 567
Interest income (non-Group) - - -
Interest expense (non-Group) (60) (9) (69)
Tax (credit)/expense - - -
===================== ================================== ===============
Six months to 30 June 2021 Investing and management services Total
Food manufacturing GBP'000 (as restated)
GBP'000 GBP'000
Capital spend 273 - 273
Depreciation 559 - 559
Interest income (non-Group) - - -
Interest expense (non-Group) (63) - (63)
Tax (credit)/expense - - -
===================== ================================== ===============
Year ended 31 December 2021 Investing and management services
Food manufacturing GBP'000
GBP'000 Total
GBP'000
Capital spend 467 - 467
Depreciation 1,130 1 1,131
Interest income (non-Group) - - -
Interest expense (non-Group) 137 - 137
Tax (credit)/expense 189 (178) 11
===================== ================================== ===============
Geographical
analysis: External revenue by location of Non-current assets by location of assets
customers
6 months to 6 months to Year ended
30 June 30 June 31 December 30 June 30 June 31 December 2021
2022 2021 2021 2022 2021
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
UK 16,733 15,010 33,537 10,311 9,670 9,306
Rest of
Europe 1,134 708 1,906 - - -
USA - - 135 - - -
------------ ------------- ------------ ------------- ------------- --------------------
17,867 15,718 35,578 10,311 9,670 9,306
============ ============= ============ ============= ============= ====================
Notes:
(1) stated before intra-group management and interest charges
(2) assets and liabilities stated excluding intra-group balances
4 Investment revenues and other gains and losses
During the period the Group invested in available-for-sale
investments, the income from which amounted to GBP86,000. Some of
these investments were sold in the period, realising gains on
disposal of GBP310,000. There was no comparable income or gains in
prior periods.
5 Finance income and expense
Finance income represents bank interest receivable. Finance
expense relates to bank interest, lease interest and other interest
payable arising from the Group's investing and treasury management
policies.
6 Earnings per share
The calculation of the basic and diluted earnings per share is
based on the following data:
6 months 6 months Year ended
to to 31 December
30 June 30 June 2021
2022 2021 GBP'000
GBP'000 GBP'000
Earnings for the purposes of earnings
per share:
Loss attributable to equity holders
of the parent company (1,215) (390) (299)
============ ============ =============
No. No. No.
Weighted average number of ordinary
shares for the purposes of earnings
per share:
Weighted average number of ordinary
shares in issue 2,534,856 2,571,922 2,571,132
Dilutive effect of potential ordinary - - -
shares
------------ ------------ -------------
Weighted average number of ordinary
shares for diluted EPS 2,534,856 2,571,922 2,571,132
============ ============ =============
There were no share options (or other dilutive instruments) in
issue during the period in respect of the parent company's shares
(30 June 2021: nil; 31 December 2021: nil).
7 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 2022 in the following subsidiaries:
30 June 30 June 31 December
2022 2021 2021
GBP'000 GBP'000 GBP'000
NMT Group Limited 67 68 68
Shire Foods Limited 2,431 2,112 2,334
2,498 2,180 2,402
========= ========= ============
The Group owns approximately 80% of Shire Foods and 98.6% of
NMT.
8 Purchase of own shares
The Company acquired 52,000 ordinary shares for a total
consideration including costs of GBP622,000 during the period (30
June 2021: nil, 31 December 2021: 3,500 shares for GBP44,000). For
reference, the total number of ordinary shares held in treasury at
the period end was 3,690,652 shares and the number of shares in
issue, excluding treasury shares, at the period end was 2,516,422
(30 June 2021: 2,571,922, 31 December 2021: 2,568,422).
9 Dividend
The Board is not recommending the payment of an interim dividend
for the period ended 30 June 2022.
- Ends -
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END
IR FZGZLVRLGZZM
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