Volvere Shares Slide as Shire Foods Comparatives Cause Profit to Plunge

Volvere plc (LON: VLE) saw its shares fall sharply in early trade after results this morning showed pre-tax profit for the six months to 30 June down to £0.69m from £2.88m a year earlier, as its 80%-owned subsidiary Shire Foods lost last year’s exceptional sales volumes.

Basic and diluted earnings per share fell to 21.86p from 80.30p in the same period last year, reflecting the sharp drop in profit at Shire Foods.

Volvere shares fell 11.2% to 1918p in early trade, down from Tuesday’s close of 2160p, as markets absorbed the sharp profit decline at its subsidiary Shire Foods.

Group revenue fell to £22.20m from £23.78m, a decline almost entirely explained by Shire Foods, whose revenue dropped by £1.59m after around £3.70m of unusually high ‘value’ retail and foodservice sales in the first half of 2025 failed to repeat. Shire also absorbed a new food-waste disposal charge, expected to cost around £0.36m a year, on top of higher raw material, labour and distribution costs. Shire’s underlying pre-tax profit fell to £0.695m from £2.869m.

Despite the weaker trading, Group net assets rose to £48.01m from £43.52m a year earlier, taking net assets per share to £20.13 from £18.25. Volvere held £30.31m in cash and liquid investments against minimal borrowings of around £1.58m, and declared no interim dividend. The Board made no share buybacks in the period, having spent £95,000 on 5,000 shares in the first half of 2025, citing strong retail demand for the stock, though it remains willing to buy back shares including substantial blocks.

Chairman David Buchler said the Group had delivered “a solid set of results, notwithstanding the effects of weaker comparable trading” at Shire Foods, adding: “The expectation is that 2027 will see Shire once again achieve year-on-year profitable growth.” Co-founder Nick Lander said Shire’s internal 2027 revenue target exceeds both the 2026 forecast and the 2025 actual.