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Growth and turnaround investor Volvere swung to a small annual profit, buoyed by higher sales at food manufacturing business Shire Foods.
Net profit for the year slumped to £3.2m, down from £21.1m on-year, when the company booked a large gain on a discontinued operation.
Pre-tax profit from continuing operations amounted to £0.14m, compared to a loss of £2.5m on-year. Revenue rose 26% to £23.0m.
The company did not declare a final dividend.
'The group's trading businesses are both food manufacturers and, as a result, have an important part to play during the current Covid-19 pandemic,' chief executive Jonathan Lander said.
'In the first quarter of 2020 there has been an uplift in sales made to our retail customers when compared with the comparable period of 2019.'
'However, it is too early to say whether this will be sustained and ultimately translate into higher sales for the group for the year overall.'
'In both Shire and Indulgence there are foodservice customers from whom we have seen a downturn in orders.'