Volvere PLC on Friday said it expects annual profit and revenue to rise, helped by strong trading at its frozen pastry subsidiary Shire Foods and increased returns from treasury deposits.

The growth and turnaround investment firm anticipates reporting pretax profit of £6.3 million for 2024, up from £3.6 million the year before. Revenue is forecast to increase to £49.0 million from £43.0 million, all of which is attributed to Shire Foods, the group’s 80% percent owned frozen pastry products manufacturer.

Net assets per share are expected to improve to £17.19 as of December 31, from £14.83 a year prior. Total group net assets rose to £41.8 million from £37.5 million, while cash and available-for-sale investments increased to £27.8 million from £23.7 million.

Volvere said it spent £1.5 million on share buybacks during the year, compared to £430,000 in 2023.

‘The year was underpinned by strong trading at Shire Foods and good returns on our treasury deposits,’ said Co-founder & Director Nick Lander. ‘This is reflected in our increasing cash reserves, notwithstanding the significant treasury share purchases.’

Looking ahead, Lander warned of industry-wide pressures in 2025, including rising labour, raw material, packaging, and transport costs. Still, he expects Volvere to deliver a ‘creditable performance’ and said the group is investing in additional capacity to support future growth.

Volvere said it continues to evaluate acquisition opportunities across all sectors but has not yet identified a suitable target. Final results for the year ended December 31 will be published ‘on or around’ May 23.

Shares in Volvere were up 5.3% at 1,896.00 pence in London on Friday afternoon.

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