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Volvere (LSE:VLE) saw its shares surge by over 13% on Friday morning following a significant boost in profits, driven largely by exceptional results from its subsidiary, Shire Foods.
In its latest financial update, Volvere reported a substantial increase in post-tax profit, which climbed from £0.44 million to £1.78 million for the first half of the year. This remarkable growth was supported by a 16% rise in revenue, reaching £22.2 million. The revenue increase was attributed to Shire Foods achieving a record performance, marking a period of outstanding success for the subsidiary.
Volvere highlighted that costs for Shire Foods have stabilized, and the company has proactively built up stock levels in anticipation of the busier winter months. This strategic approach has positioned Shire Foods to meet increased demand effectively, contributing to the strong financial results reported.
The positive financial performance and the robust operational management at Shire Foods led to a notable 13.2% rise in Volvere’s share price, reaching 1,595p on Friday. This sharp increase reflects investor confidence in the company’s continued growth and successful performance of its subsidiary.
The results underscore Volvere’s strategic focus on turnaround investments and the successful execution of its business strategy, particularly through its investments in high-performing subsidiaries like Shire Foods.
