12 sep 25   volvere plc - half-year report volvere plc | vle | 2,080 0 0.0% | mkt cap: 45.8m    rns number : 0467z volvere plc 12 september 2025       - 12 september 2025     volvere plc   ("volvere" or the "group")   interim results for the six months ended 30 june 2025   volvere plc (aim: vle), the growth and turnaround investment company, announces its unaudited interim results for the six months ended 30 june 2025.   highlights   £ million except where stated six months ended year ended  30 june 2025 30 june 2024   31 december 2024   group revenue - continuing operations   23.78   22.20   49.04   group profit before tax - continuing operations   2.88   2.17   6.34   profit/(loss) from discontinued operations   -   -   (0.02)   group profit after tax       2.18   1.78   4.84   as at 30 june 2025 as at 30 june 2024 as at 31 december 2024 consolidated net assets per share (excluding non-controlling interests)(1)   £18.25   £15.85   £17.20     group net assets 43.52 38.57 41.90     cash and available-for-sale investments 32.03 24.31 27.84       ·      strong first half driven by good results from shire foods, the group's sweet and savoury products manufacturer ·      market conditions for raw materials showing some signs of stabilising ·      balance sheet and liquidity remain strong with excellent cash generation and treasury investment performance ·      continuing to review investments in the food and other sectors     forward-looking statements: this report may contain certain statements about the future outlook for volvere plc. although the directors believe their expectations are based on reasonable assumptions, any statements about future outlook may be influenced by factors that could cause actual outcomes and results to be materially different.   the information contained within this announcement is deemed by the company to constitute inside information as stipulated under the market abuse regulations (eu) no. 596/2014 as it forms part of uk domestic law by virtue of the european union (withdrawal) act 2018 ("uk mar").   note   1      based on the net assets attributable to owners of the parent company and the respective period end shares in issue (excluding treasury shares), which were 2,203,922 at 30 june 2025, 2,223,922 at 30 june 2024, and 2,208,922 at 31 december 2024.     for further information: volvere plc  nick lander, co-founder & director tel: +44 (0) 20 7634 9707  www.volvere.co.uk     cairn financial advisers llp (nominated adviser) sandy jamieson / james caithie       tel: + 44 (0) 20 7213 0880   canaccord genuity limited (joint broker) bobbie hilliam / alex aylen hobart capital markets llp (joint broker) lee richardson       tel: + 44 (0) 207 523 8000     tel: +44 (0) 20 7070 5691   chairman's statement   for the six months to 30 june 2025 the group has delivered a robust set of results, with revenue and profit before tax from continuing operations of £23.78 million and £2.88 million respectively (30 june 2024: revenue £22.20 million, profit before tax £2.17 million; 31 december 2024: revenue £49.04 million, profit before tax £6.34 million).   group net assets grew to £43.52 million (30 june 2024: £38.57 million, 31 december 2024: £41.90 million) of which cash and available-for-sale investments were £32.03 million (30 june 2024: £24.31 million, 31 december 2024: £27.84 million).   net assets per share(1) increased to £18.25 (30 june 2024: £15.85, 31 december 2024: £17.20).  further treasury share purchases totalling approximately £0.10 million were made in the period (30 june 2024: £1.29 million; 31 december 2024: £1.51 million).   we are pleased to see that the underlying value of the group is becoming better reflected in the group's share price and we will continue to purchase the company's own shares for treasury where appropriate.    the focus of the board is on the long-term value growth of the group. to that end, we continue to review acquisitions that we think would be strategically complementary to shire foods as well as looking at step-change investments in shire itself over the next two years. in parallel with this, we continue to review potential investments in other sectors, in line with our investing strategy.       david buchler chairman   12 september 2025   note 1: net assets attributable to owners of the parent company divided by total number of ordinary shares outstanding at the reporting date (less those held in treasury) - see note 7.     executive management statement         overview   i am delighted to report another strong set of results for the first half of 2025. group revenue (all of which related to shire foods) increased by 7.1% to a record £23.78 million (30 june 2024: £22.20 million), with group profit before tax of £2.88 million (30 june 2024: £2.17 million).   group net assets at the period end increased to £43.52 million (30 june 2024: £38.57 million, 31 december 2024: £41.90 million) and net assets per share increased to £18.25 (30 june 2024: £15.85, 31 december 2024: £17.20).   financial performance   food manufacturing segment - shire foods   shire foods' revenues reached an all-time high of £23.78 million (30 june 2024: £22.20 million, 31 december 2024: £49.04 million). like-for-like revenue growth in the first half was muted due to the offsetting effect of the loss of a low margin product, which ceased supply in 2025, but which was included in the comparative period.  in spite of this, however, we saw pleasing underlying growth.   profit before tax and intra-group management and interest charges(2) increased to £2.87 million (30 june 2024: £2.09 million, 31 december 2024: £6.17 million).   a summary of shire's recent financial performance is set out in table a below.   table a   6 months to 30 june 2025 £'000   6 months to 30 june 2024 £'000 year ended 31 december 2024 £'000 year ended 31 december 2023 £'000 year ended 31 december 2022 £'000       revenue 23,780 22,200 49,040 42,950 38,027             underlying profit before tax, intra-group interest and management charges(2)   2,869   2,085   6,171   3,861   2,777   intra-group interest and management charges   (125)   (125)   (350)   (350)   (348)         profit before tax   2,744   1,960   5,821   3,511   2,429       note 2: profit before intra-group interest and management charges is considered to be a relevant and useful interpretation of the trading results of the business such that its performance can be understood on a basis which is independent of its ownership by the group.   notwithstanding this excellent performance, i do, however, want to reiterate the note of caution that i sounded when we announced our full year results in may.  we flagged that the food sector, as a whole, was facing higher labour costs and that we had started to see increases in our costs after a relatively stable start to the year.  this has continued in quarter two and into quarter three, which has impacted (and continues to impact) gross margins. we have worked hard to mitigate these increases where we can, mainly through revised terms with customers and these will feed into our results in quarters three and four. as i noted in may, we still expect shire to deliver a creditable performance for 2025, albeit that we will most probably not see the level of profit growth that we have seen in previous years.   whilst this is mildly frustrating, we consider it to be in line with our sector and, more importantly, believe that 2026 will once again provide further growth as new accounts and products come on stream for the full year. it is encouraging that we have continued to extend our product supply into two of our major customers (as well as others) and have won several new lines with a fuel station food-to-go customer whose emphasis is on quality and category innovation. this year has seen the largest number of new product launches in memory, most of which have related to launches towards the second half of the year. whilst introducing these involves an enormous amount of work and often not insignificant costs, they are expected to deliver incremental sales in 2026.   we are currently assessing whether to invest in a second site to allow us to increase manufacturing capacity further. our broad plan would be to extend the current site's operations by relocating non-yielding, but essential, storage space to another location nearby. this will involve investment in both the existing site and a new one. there are multiple benefits from this, not least the ability to widen our product portfolio to include non-pastry product manufacturing and to undertake certain activities that our upward and downward supply chains currently perform for us at a direct cost.   in the meantime, we have continued to invest in the existing site, with two new carton machines installed, along with a higher capacity cooking vessel. capital expenditure in the period was £0.68 million (30 june 2024: £0.51 million, 31 december 2024: £0.72 million).   shire paid a dividend in the period amounting to £5.00 million, of which £1.00 million was payable to shire's minority shareholders, with the balance to the group. this brought the total dividends received to date by the group to £6.40 million. there remains no group indebtedness.   investing and management services segment   this segment represents our central functions covering group management, treasury, finance and it services.  the segment result is the net of the underlying costs of these group activities, offset by investment revenues and other gains and losses. the profit before tax and intra-group management and interest charges(2) for the period was £0.01 million (30 june 2024: £0.09 million, 31 december 2024: £0.17 million). the reduction in the period is due to a fall in investment yields on cash deposits in line with prevailing interest rates.   the group continued its approach of using leverage within trading companies whenever appropriate and without recourse to the remainder of the group.   earnings per share   basic and diluted profit per ordinary share from continuing operations was 80.30p (30 june 2024: 64.05p, 31 december 2024: 177.47p). basic and diluted loss per ordinary share from discontinued operations was nil (30 june 2024: loss (0.17)p, 31 december 2024: loss (0.82)p). total basic and diluted profit per ordinary share was 80.30p (30 june 2024: 63.88p, 31 december 2024: 176.65p).     statement of financial position   working capital   group cash at 30 june was £28.52 million (30 june 2024: £22.14 million, 31 december 2024: £25.05 million). the consolidated statement of cash flows sets out the details of cash movements in the period. significant outflows related to the shire minority dividend (£0.99 million), capital expenditure (£0.68 million) and corporation tax (£0.76 million).   with increased manufacturing capacity in shire, we have been able to reduce inventory levels to £6.04 million compared to last year (30 june 2024: £7.65 million).  we are aligning output more closely with demand, albeit that there can be a degree of resilience lost from this approach.  since the period end, we have increased inventory to meet the seasonally higher demand expected in second half of the year, though this is being offset by increases in supplier credit.   at the period end there was an investment in available-for-sale investments with a carrying value of £3.51 million (30 june 2024: £2.17 million, 31 december 2024: £2.79 million). the difference between the carrying value of the investment at the period end and the original cost has been credited to reserves, net of deferred tax.   purchase of own shares   the company acquired 5,000 ordinary shares for a total consideration including costs of £95,000 during the period (30 june 2024: 104,000 shares for £1,289,000, 31 december 2024: 119,000 shares for £1,512,000).   hedging   it is not the group's policy to enter into derivative instruments to hedge interest rate or foreign exchange risk.   key performance indicators (kpis)   the group uses key performance indicators suitable for the nature and size of the group's businesses.  the key financial performance indicators are revenue and profit before tax. the performance of the group and the individual trading businesses against these kpis is outlined above, in the executive management statement and disclosed in note 3.   internally, management uses a variety of non-financial kpis in respect of the food manufacturing segment, including order intake, manufacturing output and sales, all of which are monitored weekly and reported monthly.   principal risk factors   the company and group face a number of specific business risks that could affect the company's or group's success.  the company and group invests in distressed businesses and securities, which by their nature often carry a higher degree of risk than those that are not distressed. the group's businesses are principally engaged in the provision of goods and services that are dependent on the continued employment of the group's employees and availability of suitable, profitable workload. in the food manufacturing segment, there is a dependency on a small number of customers and a reduction in the volume or range of products supplied to those customers or the loss of any one of them could impact the group materially. rising inflation, including increases in raw materials and overhead costs, may not be able to be passed on to customers through increased prices and this could result in reduced profitability. any pandemic or other such similar event which could affect the consumers, suppliers, customers or staff may limit or inhibit the group's operations.   these risks are managed by the board in conjunction with the management of the group's businesses.   acquisitions and future strategy   the start to this year has been, for the most part, positive, with only sector-wide inflationary cost pressures bringing some short-term challenges. our continuing focus on shire and its development remain a primary focus and that has proven successful. our strong capital base provides the platform to extend shire's own manufacturing infrastructure and broaden its product offerings and will, i think, further enhance shareholder value.   we are continuing to look at a small number of potential targets in the food sector that we believe could provide interesting opportunities for the group.  we will, however, only acquire or invest in businesses where we believe we can add further value and where the deal terms make it worthwhile.   although the wider turnaround environment is somewhat flat at present in terms of deal flow, we are continuing to review opportunities as they arise. in terms of deploying capital, we will continue to buy in shares in the market when we are able to provide shareholders with liquidity.   finally, i would like to thank my colleagues and staff for their support and hard work in what has been a relentlessly demanding period, but which i am quietly confident will provide the basis for success into 2026 and beyond.     nick lander co-founder & director   12 september 2025            consolidated income statement               note 6 months to 30 june 2025 6 months to 30 june 2024 year ended 31 december 2024   £'000 £'000 £'000 continuing operations     revenue 3 23,780 22,200 49,040 cost of sales  (18,815) (17,964) (38,364)      gross profit  4,965 4,236 10,676      distribution costs  (1,475) (1,414) (3,078) administrative expenses  (1,171) (1,130) (2,219)      operating profit  2,319 1,692 5,379      finance expense 4 - (73) (100) finance income 4 563 552 1,057 (loss)/profit on sale of tangible fixed assets  (7) - 1      profit before tax  2,875 2,171 6,337 income tax expense  (693) (385) (1,483) profit for the period from continuing operations  2,182 1,786 4,854   (loss)/profit for the period from discontinued operations  - (4) (18)      profit for the period  2,182 1,782 4,836      attributable to:     - equity holders of the parent  1,772 1,455 3,967 - non-controlling interests 6 410 327 869   2,182 1,782 4,836      earnings/(loss) per share 5              basic and diluted - from continuing operations  80.30p 64.05p 177.47p - from discontinued operations  - (0.17)p (0.82)p total  80.30p 63.88p 176.65p           consolidated statement of comprehensive income   6 months to 30 june 2025 6 months to 30 june 2024 year ended 31 december 2024   £'000 £'000 £'000      profit for the period  2,182 1,782 4,836           other comprehensive income     revaluation of freehold land and buildings  - - 200 revaluation of available-for-sale investments  719 573 1,190 deferred tax recognised directly in equity  (180) - (328)      total comprehensive income for the period  2,721 2,355 5,898      attributable to:          equity holders of the parent  2,311 2,028 4,999 non-controlling interests   410   327   899   2,721 2,355 5,898            consolidated statement of changes in equity six months to 30 june 2025   share capital £'000 share premium £'000   revaluation reserve £'000 retained earnings £'000 total £'000  non-controlling interests £'000 total £'000                                 profit for the period - - - 1,772 1,772 410 2,182 revaluation of available-for-sale investments - - - 719 719 - 719 deferred tax recognised directly in equity - - - (180) (180) - (180)                 total comprehensive income for the period - - - 2,311 2,311 410 2,721  balance at 1 january 50 7,885 947 29,122 38,004 3,891 41,895                 transactions with owners:                               dividend paid to non-controlling interests - - - - - (1,000) (1,000)   purchase of own treasury shares - - -   (95)   (95)   -   (95)                 total transactions with owners - - - (95) (95) (1,000) (1,095)                                 balance at 30 june 50 7,885 947 31,338 40,220 3,301 43,521                 six months to 30 june 2024 share capital £'000 share premium £'000   revaluation reserve £'000 retained earnings £'000 total £'000  non-controlling interests £'000 total £'000                                 profit for the period - - - 1,455 1,455 327 1,782 revaluation of available-for-sale investments - - - 573 573 - 573 deferred tax recognised directly in equity - - - - - - -                 total comprehensive income for the period - - - 2,028 2,028 327 2,355  balance at 1 january 50 7,885 827 25,755 34,517 2,992 37,509                 transactions with owners:                 dividend paid to non-controlling interests - - - - - - -   purchase of own treasury shares - - -   (1,289)   (1,289)   -   (1,289)                 total transactions with owners - - - (1,289) (1,289) - (1,289)                                 balance at 30 june 50 7,885 827 26,494 35,256 3,319 38,575                 year ended 31 december 2024 share capital £'000 share premium £'000   revaluation reserve £'000 retained earnings £'000 total £'000  non-controlling interests £'000 total £'000                                 profit for the year - - - 3,967 3,967 869 4,836   revaluation of property - - 160 - 160 40 200   revaluation of available for sale investments - - - 1,190 1,190 - 1,190   deferred tax recognised directly in equity - - (40) (278) (318) (10) (328)                 total comprehensive income for the year - - 120 4,879 4,999 899 5,898  balance at 1 january 50 7,885 827 25,755 34,517 2,992 37,509                 transactions with owners:                 dividend paid to non-controlling interests - - -   -   -   -   -   purchase of own treasury shares - -   - (1,512) (1,512) - (1,512)                 total transactions with owners - - - (1,512) (1,512) - (1,512)                                 balance at 31 december 50 7,885 947 29,122 38,004 3,891 41,895                   consolidated statement of financial position      30 june 2025 30 june 2024 31 december 2024  note £'000 £'000 £'000 assets     non-current assets     property, plant & equipment  7,796 7,886 7,698      total non-current assets  7,796 7,886 7,698      current assets     inventories  6,038 7,645 6,235 trade and other receivables  7,459 7,380 9,123 cash and cash equivalents  28,523 22,141 25,053 available-for-sale investments  3,508 2,173 2,789      total current assets  45,528 39,339 43,200      total assets  53,324 47,225 50,898      liabilities      current liabilities     loans and other borrowings  (124) (120) (98) leases  (137) (368) (209) trade and other payables  (7,016) (6,209) (6,249)      total current liabilities  (7,277) (6,697) (6,556)      non-current liabilities     loans and other borrowings  (507) (638) (573) leases  (232) (172) (267)      total non-current liabilities  (739) (810) (840)           total liabilities  (8,016) (7,507) (7,396)      provisions - deferred tax  (1,787) (1,143) (1,607)           net assets  43,521 38,575 41,895      equity     share capital  50 50 50 share premium account  7,885 7,885 7,885 revaluation reserves  947 827 947 retained earnings  31,338 26,494 29,122      capital and reserves attributable to equity holders of the company  40,220 35,256 38,004 non-controlling interests 6 3,301 3,319 3,891      total equity  43,521 38,575 41,895          consolidated statement of cash flows   6 months to 30 june 2025 6 months to 30 june 2025 6 months to 30 june 2024 6 months to 30 june 2024 year ended 31 december 2024 year ended 31 december 2024  note £'000 £'000 £'000 £'000 £'000 £'000          profit/(loss) for the period    2,182  1,782  4,836          adjustments for:         finance expense 4 -   73  100  finance income 4 (563)   (552)  (1,057)  depreciation  562   531  1,124  operating lease rentals  (4)   (6)  (11)  income tax expense  693   385  1,483  (gain)/loss on disposal of fixed assets  7   -  (1)  loss from discontinued operations  -   4  18                        695  435  1,656          operating cash flows before movements in working capital    2,877  2,217  6,492          decrease in trade and other receivables  1,797   1,389  407  increase in trade and other payables  703   1,083  147  decrease/(increase) in inventories  197   (1,720)  (310)                    net movements in working capital    2,697  752  244                   operating cash generated from continuing operations    5,574  2,969  6,736          operating cash (used by)/generated from discontinued operations    -  (270)  (270)   corporation tax paid     (758)   (978)   (1,739)            net cash generated from operations    4,816  1,721  4,727          investing activities         interest received  515   497  972  income from investments  57   55  85  purchase of property, plant and equipment  (675)   (512)  (599)  sale of property, plant and equipment  10   -  1  purchase of available-for-sale investments  -   -  -  disposal of available-for-sale investments  -   -  -                    cash generated (used by)/generated from continuing investing activities    (93)  40  459          cash generated from discontinued investing activities    -  -  -                   net cash generated from/(used by) investing activities    (93)  40  459          financing activities         interest paid  -   (72)  (98)  purchase of own shares (treasury shares) 7 (95)   (1,289)  (1,512)  dividend paid to non-controlling interests  (990)   -  -  net repayment of borrowings  (168)   (398)  (662)                    cash used by continuing financing activities    (1,253)  (1,759)  (2,272)          cash used by discontinued financing activities    -  -  -                   net cash used by financing activities    (1,253)  (1,759)  (2,272)          net increase in cash    3,470  2  2,914   cash at beginning of period    25,053  22,139  22,139                   cash at end of period    28,523  22,141  25,053                 notes forming part of the unaudited interim results for the period ended 30 june 2025   1          financial information and basis of accounting   these interim financial statements have been prepared using accounting policies consistent with ifrss as adopted by the european union.   these interim financial statements should be read in accordance with the group's last annual consolidated financial statements as at and for the year ended 31 december 2024.  they do not include all the information required for a complete set of ifrs financial statements.  however, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the group's financial position and performance since the last annual financial statements.  aim-listed companies are not required to comply with ias 34 interim financial reporting and accordingly the group has taken advantage of this exemption.   the comparative figures for the year ended 31 december 2024 have been prepared under ifrs.  they do not constitute statutory accounts as defined by the companies act 2006.  the accounts for the 12 months ended 31 december 2024 received an unmodified auditor's report and have been filed with the registrar of companies.   copies of this statement will be available to members of the public at the company's registered office: shire house, tachbrook road, leamington spa cv31 3sf and on its website www.volvere.co.uk.   2          significant accounting policies   the accounting policies applied in these interim financial statements are the same as those applied in the group's consolidated financial statements as at and for the year ended 31 december 2024.   3          operating segments   an analysis of key financial data by business segment is provided below.  the group's food manufacturing segment is engaged in the production and sale of food products to third party customers, and the investing and management services segment incurs central costs, provides management services and financing to other group segments and undertakes treasury management on behalf of the group.   analysis by business segment:         period ended 30 june 2025     food manufacturing £'000 investing and  management  services £'000     total £'000       revenue   23,780 - 23,780       profit before tax(1)   2,869 6 2,875             period ended 30 june 2024     food manufacturing £'000   investing and management  services £'000     total £'000 revenue   22,200 - 22,200       profit before tax (1)   2,085 86 2,171             year ended 31 december 2024     food manufacturing £'000 investing and management services £'000     total £'000       revenue   49,040 - 49,040       profit before tax(1)   6,171 166 6,337             as at 30 june 2025           food manufacturing £'000 investing and management services £'000     total £'000       assets   25,342 27,982 53,324 liabilities/provisions   (9,191) (612) (9,623)   net assets(2)     16,151   27,370   43,521             as at 30 june 2024     food manufacturing £'000 investing and management services £'000     total £'000       assets   24,649 22,576 47,225 liabilities/provisions   (8,310) (340) (8,650)   net assets(2)     16,339   22,236   38,575             as at 31 december 2024        food manufacturing £'000 investing and management services £'000     total £'000       assets   27,668 23,230 50,898 liabilities/provisions   (8,566) (437) (9,003)       net assets(2)   19,102 22,793 41,895             continuing operations   six months to 30 june 2025     food manufacturing £'000 investing and management services £'000     total £'000       capital spend   675 - 675 depreciation   562 - 562 interest income (non-group)   (64) (442) (506) interest expense (non-group)   - - - tax expense   693 - 693           six months to 30 june 2024     food manufacturing £'000 investing and management services £'000     total £'000             capital spend   512 - 512 depreciation   531 - 531 interest income (non-group)   - (497) (497) interest expense (non-group)   73 - 73 tax expense   326 59 385           year ended 31 december 2024     food manufacturing £'000 investing and management services £'000     total £'000       capital spend   717 - 717 depreciation   1,124 - 1,124 interest income (non-group)   - (972) (972) interest expense (non-group)   100 - 100 tax expense   1,479 4 1,483            geographical analysis:   external revenue by location of customers   non-current assets by location of assets  6 months to 30 june 2025 6 months to 30 june 2024 year ended 31 december 2024   30 june 2025   30 june 2024   31 december 2024  £'000 £'000   £'000 £'000 £'000   £'000 uk 23,780 22,200 47,842 7,796 7,886 7,698 rest of europe - - 1,198 - - - usa - - - - - -         23,780 22,200 49,040 7,796 7,886 7,698   notes: (1)     stated before intra-group interest and management charges (2)     assets and liabilities stated excluding intra-group balances   4          investment revenues, other gains and losses and finance income and expense   finance income 30 june 2025 £'000 30 june 2024 £'000 31 december 2024 £'000     bank interest receivable 506 497 972 investment revenues 57 55 85 other gains and losses - - -   563 552 1,057   finance expense 30 june 2025 £'000 30 june 2024 £'000 31 december 2024 £'000     bank interest payable - (72) (2) lease interest - (1) (53) other interest and finance charges - - (45)   - (73) (100)   5          earnings per share   the calculation of the basic and diluted earnings per share is based on the following data:  6 months to 30 june 2025 £'000   6 months to 30 june 2024 £'000   year ended 31 december 2024 £'000 earnings for the purposes of earnings per share:     profit/(loss) attributable to equity holders of the parent company:    from continuing operations 1,772 1,459 3,985 from discontinued operations - (4) (18)      no. no. no. weighted average number of ordinary shares for the purposes of earnings per share:    weighted average number of ordinary shares in issue 2,206,942 2,277,834 2,245,533 dilutive effect of potential ordinary shares - - -   weighted average number of ordinary shares for diluted eps   2,206,942   2,277,834   2,245,533     there were no share options (or other dilutive instruments) in issue during the period in respect of the parent company's shares (30 june 2024: nil; 31 december 2024: nil).   6          non-controlling interests   the non-controlling interests of £3.30 million relate to the net assets attributable to the shares not held by the group at 30 june 2025 in the following subsidiaries:    30 june 2025 £'000 30 june 2024 £'000 31 december 2024 £'000     nmt group limited 71 69 70 shire foods limited 3,230 3,250 3,821   3,301 3,319 3,891   the group owns approximately 80% of shire foods and 98.6% of nmt.   7          purchase of own shares   the company acquired 5,000 ordinary shares for a total consideration including costs of £95,000 during the period (30 june 2024: 104,000 shares for £1,289,000, 31 december 2024: 119,000 shares for £1,512,000).  this brought the total number of ordinary shares held in treasury at the period end to 4,003,152 shares (30 june 2024: 3,983,152, 31 december 2024: 3,998,152) with an aggregate nominal value of less than £1.   at the period end, the total number of ordinary shares outstanding (excluding treasury shares), was 2,203,922 (30 june 2024: 2,223,922, 31 december 2024: 2,208,922).   8          dividend   the board is not recommending the payment of an interim dividend for the period ended 30 june 2025.   - ends - this information is provided by rns, the news service of the london stock exchange. rns is approved by the financial conduct authority to act as a primary information provider in the united kingdom. terms and conditions relating to the use and distribution of this information may apply. for further information, please contact rns@lseg.com or visit www.rns.com.  rns may use your ip address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on 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Label: Neutral