Thread: Volvere interims VLE

Have been thinking about this one further after the various posts today. It occurred to me that given that most of the assets of the company are cash/marketable securities (the 50% stake in IPT apart) the should be viewed more as an investment trust and hence perhaps it should be valued in a different way. Investment trusts (and some of the big insurers too due to the nature of their assets and business) are usually valued at the value of...

Sales, cost of sales and admin expenses just relates to the continuing businesses; IPT, Sira security and central costs. The profits of Sira certification are included under 'profit for the period from discontinued operations'. IPT is much much bigger than Sira security but was only bought on 29 September 2008 hence the apparent increase in 6 months to 3 July 2009. It's all explained in note 2 to the accounts. SteMiS - thanks...

I was the first poster on TMF about VLE (a long time ago)! Let's say VLE now have effectively ?22.4m of cash, including the uplift on the bank securities and the post-H1 IPT dividend (although there is another ?600k deferred consideration due to VLE on Sira Cert sale). A ?10m value for IPT is appropriate given its ?1m PBT, plus its growth in a recession and its prospects. Plus say ?500k for Sira Defence (this is probably less than...

Finally dipped my toe in. Looking at the personnel & the current balance sheet & their performance so far, I have to agree with the no-brainer statement.

Thanks for highlighting, the interims do indeed look excellent and I've picked up a small stake this morning. Obviously this is not about the EPS but the assets and I see no reason why VLE should trade less than its cash balance - IPT is performing well so more likely to be generating a positive return for VLE via sale or dividends than absorbing cash. It also strikes me that this is the right time in the business cycle to invest in the...

thanks hansel, this is rewarding me handsomely and i think will continue to do so. and it is all down to your hard work , cheers jonny.

I picked up a few of these recently too. They still look good value so will probably pick up more in time but hate the spread. I was interested in the breakdown of the results between the last two halves... I have subtracted the H1 figures from the full year figures to get H2 figures for last year. Revenue from continuing operations has increased from 2.8m H2 to 5.4m in H1. Gross profit has gone from 1.9m to 3.6m and operating profit of 438k...

Whilst EPS is 121.85p because of the discontinued Sira business sale, it falls to 0.99p on continued operations. I appreciate that the directors of VLE are materially growing the value of the business, but have question marks over the Cost of Sales (?1,820k) and Admin Expenses (?3,152k) which reduce the Op Profit to ?438k. Why are these so high in relation to the 12 mths to 31/12/08? Sales, cost of sales and admin expenses just relates to the...

The discount makes sense, amongst other things, to cover the costs involved if the company actually wanted to liquidate all of its assets and distribute to the shareholders. Shouldn't a discount on the assets also be applied taking this statement into account ? - In March and April 2009 Volvere invested approximately ?1 million in certain UK bank securities. I am pleased to report that those investments have performed extremely well. At...

This share saw some weighty Director share buys last year including a clutch worth about ?250K at just 72p on 1 October which prompted me to look further. And then idleness / forgetfulness / concerns about everything else etc took over and I didn't follow my instincts. Well done to everyone who got in early. Regards RD