Turn-around investment firm and frozen pie maker Volvere has seen its profit more than double after its food manufacturing division saw the cost of raw materials stabilise, it said today.
The London-listed company, which owns frozen pie producer Shire Foods, saw its revenue increase to £22.2m in the six months ending June 30, 2024 – a record high – up from £19m in the same period last year.
Its pre-tax profit also increased, hitting £2.2m from £440,000 in the same period of 2023.
Volvere said these results had been bolstered by the fact that the cost of its raw materials had remained “largely stable”, although the company’s energy and labour spending had increased.
It said it had increased its stock levels in anticipation of its second half, which it predicts will see increased trade as the colder weather sets in.
In preparation for 2025, Volvere said it had invested £500,000 in its site, with capital already committed to increase its production capacity further.
In a statement published to the London Stock Exchange Friday morning, director Nick Lander said: “I am delighted to report on the first half of 2024, which has again delivered improved like-for-like performance compared to the first half of 2023.
“Shire Foods’ results, as our only subsidiary, impacts significantly on how the Group performs and its strong trading has been encouraging, reflecting the commitment of our management and staff.
In its last financial year Volvere returned to the black after struggling with the impact of inflation and reduced customer spending.
It announced net profits of more than £2.7m for the year ending December 30, 2023, up from a loss of £600,000 in the year prior.
In 2023 the company spent £790,000 on improving its operations, with a focus on offering a wider range of products and packaging options.