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Volvere
- BY: Andrew Hore |
- POSTED: 26/03/2015 |
Turnaround specialist Volvere is using some of its spare cash to acquire automotive consultancy Impetus Automotive for £1.3m.
UK-based Impetus (www.impetusautomotive.com) has offices in Germany, China and Japan. In the 10 months to January 2015, Impetus made a small loss on revenues of £9.7m. In the previous 12 months it made a profit of £1.5m on revenues of £15.6m – excluding any allocation of central costs from the parent company.
Volvere intends to issue shares in Impetus to stakeholders and thereby reduce its stake.
Volvere has a wide range of interests. The other operations of the company are transport planning and engineering, security and food manufacturing.
At 340p a share, up 35p, Volvere is valued at £13.9m. At the end of June 2014, the NAV was £17.1m, including net cash of £9.26m and available for sale assets of £1m. Subsequently, £209,000 was spent on buying back shares.
AIM Journal March 2015 available.
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