Tooru: S-Ventures' FY24 results affirm strength of recent acquisitions
(formerly Riverfort Gobal Oportunities) , a health and wellness-focused company, noted the publication by () of its final results for the year ended December 31, 2024 (FY24). S-Ventures' wellness portfolio was acquired by Riverfort in May 2025, thereby transforming the latter into an operational company in the health and wellness sector under the name ().
The enlarged group inherited a diverse portfolio of businesses from S-Ventures, including plantain snack brand We Love Purely, protein bar manufacturer Pulsin, gluten-free food specialist Juvela, and e-commerce consultancy Market Rocket. The results published today reflect the performance of these businesses prior to the acquisition.
Overall, reported positive FY24 results, with net sales of £13.9m yielding a positive EBITDA of £1.6m. Trading margins improved across the group from 45% to 58%. Following the reverse takeover transaction with Tooru, three board members took senior board positions in the company, and S-Ventures is now the largest shareholder in Tooru with 27.8% interest. Under the terms of the reverse takeover, S-Ventures' debt was fully settled.
The group's businesses performed well prior to the acquisition. By year-end, Pulsin, Juvela and Market Rocket were delivering positive EBITDA on a monthly basis. In terms of product development, particularly noteworthy was the launch of "OAF", 's new challenger gluten-free bread brand developed by Juvela.
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S-Ventures' operating businesses, acquired by Riverfort (now Tooru) in a reverse takeover in May 2025, performed exceptionally well during their last financial year. delivered positive EBITDA on net revenues of £13.9m in FY24, and so did three of its operating businesses on a month-on-month basis. Margins jumped 13 points to 58%. The reverse takeover made S-Ventures the largest shareholder in Tooru with 27.8% interest and a significant board presence.
The results clearly demonstrate that 's operating businesses were an attractive acquisition for Tooru, expected to generate significant near-term revenue and operating cashflow, spearheaded by Juvela's recent launch of a gluten-free bread line featuring an innovative technology that provides a distinct competitive edge.
Overall, Riverfort's transformation into an operating company under () offers significant upside, driven by ongoing investment and development of S-Ventures' businesses, benefitting from cross-selling opportunities, efficiency improvements, and economies of scale. Additional acquisition opportunities are also being explored, promising further growth. Going forward, Tooru's cash forecasts are based on trading as an operating company. Based on these, the group should have sufficient cash runway until at least June 2026 and likely far beyond.
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