Final Results

Norish PLC
28 February 2002

                                   NORISH PLC

                PRELIMINARY ANNOUNCEMENT OF THE AUDITED RESULTS

                      FOR THE YEAR ENDED 31 DECEMBER 2001

                                   HIGHLIGHTS

  • TRADING IMPROVES IN SECOND HALF

  • DIVIDEND MAINTAINED

  • IMPROVED OUTLOOK FOR CURRENT YEAR

  • CAPITAL INVESTMENT, COST CUTTING AND CONCERTED SALES DRIVE ENHANCE
    PERFORMANCE



The company returned to profitability in the latter part of the year with
pre-tax profits totalling €0.5 million for the second half compared with a loss
of €0.3 million in the first half. Pre-tax profits for the full year ended 31st
December 2001 were €0.2 million compared with €3.3 million in the previous year.


The loss per share was €1 cent in 2001 compared with earnings per share of €28.9
cent in the previous year.


The Directors are recommending a maintained final dividend of €4 cent per share,
making a same again total of €5.27 cent for the year. It is proposed to pay the
final dividend, subject to shareholder approval, on 24 May 2002, to shareholders
on the register at close of business on 26 April 2002.


The improvement in the second half reflects the success of management in dealing
with the exceptionally difficult circumstances which arose in the earlier part
of the year. Increased efficiencies, reductions in costs and a concerted sales
campaign mitigated the severe impact of foot and mouth disease on cold stores,
the insolvency of a major customer and changes in the cocoa supply chain.


Much of the volume lost in cold storage has been recovered and this improvement
has been maintained to date in the current year. While this business remains
very competitive, the market for support services and ambient storage shows
growth potential. The company is benefiting from providing integrated service
support for major food producers and leading UK multiples.

Commenting on the results today, the Chief Executive of Norish, Paul Byrne said:
'The improvement in the second half of 2001 was steady and, combined with the
current level of trading, suggests that some cautious optimism is not
unreasonable. Capital investment of over €1.2 million during the year has
enhanced the efficiency of our operations. We see further development
opportunities in the general and ambient warehousing area and we are looking
forward to continuing along the path of recovery in 2002.'


The audited profit and loss account, balance sheet and cash flow statement in
sterling currency, with comparatives, are attached. For information purposes
these are also expressed in Euro (€) at the rate of €1 = Stg£0.6085, the
conversion rate applicable on 31 December 2001.


Copies of the Preliminary Announcement can be obtained from Grainne O'Brien,
Murray Consultants, 35 Upper Mount Street. Dublin 2.


Brian A. Joyce

Chairman

28 February 2002

ENDS                                        28 February, 2002

For reference:

Murray Consultants:

Joe Murray / Grainne O'Brien                     Tel: [phone]


                                   NORISH PLC

                      Consolidated Profit and Loss Account

                      for the year ended 31 December 2001
                                                                     2001            2000            2001           2000
                                                                    €'000           €'000        Stg£'000       Stg£'000

                                                                                                (Audited)      (Audited)

Group turnover - continuing operations                             21,873          22,360          13,310         13,606

Cost of sales                                                    (19,162)        (17,310)        (11,660)       (10,533)

                                                                  _______         _______         _______        _______

Gross profit                                                        2,711           5,050           1,650          3,073

Administrative expenses                                           (1,587)         (1,541)           (966)          (938)
Reorganisation costs                                                (340)               -           (207)              -

                                                                  _______         _______         _______        _______

Group operating profit - continuing operations                        784           3,509             477          2,135
                                                                      
Share of operating profit of associated undertaking                     -              33               -             20
                                                                        
Profit on disposal of associated undertaking                            -             417               -            254

                                                                  _______         _______         _______        _______

Profit on ordinary activities before interest                         784           3,959             477          2,409

Interest receivable and other income                                    5              28               3             17
Interest payable and similar charges                                (583)           (670)           (355)          (408)

                                                                  _______         _______         _______        _______

Profit on ordinary activities before taxation                         206           3,317             125          2,018
Tax on profit on ordinary activities                                (289)           (868)           (176)          (528)

                                                                  _______         _______         _______        _______

(Loss)/profit for the financial year                                 (83)           2,449            (51)          1,490

Equity dividends - paid                                             (109)           (110)            (66)           (67)
- proposed                                                          (339)           (347)           (206)          (211)

                                                                  _______         _______         _______        _______

Retained (loss)/profit for the financial year                       (531)           1,992           (323)          1,212

Profit and loss account at beginning of year                        7,208           5,216           4,386          3,174

                                                                  _______         _______         _______        _______

Profit and loss account at end of year                              6,677           7,208           4,063          4,386

                                                                   ======         =======          ======         ======

Basic (loss)/earnings per ordinary share                          €(1.0)c          €28.9c          (0.6)p          17.6p

Diluted (loss)/earnings per ordinary share                        €(1.0)c          €28.8c          (0.6)p          17.5p




                                   NORISH PLC

                           Consolidated Balance Sheet

                              at 31 December 2001



                                                                     2001            2000            2001           2000

                                                                    €'000           €'000        Stg£'000       Stg£'000

                                                                                                (Audited)      (Audited)

Fixed assets
Intangible assets - goodwill                                        6,010           6,345           3,657          3,861
Tangible assets                                                    16,577          17,293          10,087         10,523

                                                                  _______         _______         _______        _______

                                                                   22,587          23,638          13,744         14,384
Current assets
Debtors                                                             5,188           4,937           3,157          3,004
Cash at bank and in hand                                               66             207              40            126
                                                                  _______         _______         _______        _______

                                                                    5,254           5,144           3,197          3,130

Creditors: amounts falling due within one year                    (8,408)         (7,435)         (5,116)        (4,524)

                                                                  _______         _______         _______        _______

Net current liabilities                                           (3,154)         (2,291)         (1,919)        (1,394)
                                                                  _______         _______         _______        _______

Total assets less current liabilities                              19,433          21,347          11,825         12,990

Creditors: amounts falling due after more than one year           (3,546)         (4,932)         (2,158)        (3,001)

Provisions for liabilities and charges                            (1,532)         (1,529)           (932)          (931)
                                                                  _______         _______         _______        _______

Net assets                                                         14,355          14,886           8,735          9,058

                                                                  =======         =======         =======        =======

Capital and reserves
Called up share capital                                             2,454           2,454           1,493          1,493
Share premium account                                               5,186           5,186           3,156          3,156
Capital conversion reserve fund                                        38              38              23             23
Profit and loss account                                             6,677           7,208           4,063          4,386
                                                                  _______         _______         _______        _______

Shareholders' funds - equity                                       14,355          14,886           8,735          9,058

                                                                  =======         =======         =======        =======



                                   NORISH PLC

                      Consolidated Statement of Cash Flows

                      for the year ended 31 December 2001


                                                                     2001            2000            2001           2000

                                                                    €'000           €'000        Stg£'000       Stg£'000

                                                                                                (Audited)      (Audited)

Net cash inflow from operating activities                           2,749           4,675           1,673          2,845

Dividends from associated undertaking                                   -             273               -            166
Returns on investments and servicing of finance                     (442)           (401)           (269)          (244)
                                                                    
Taxation                                                            (606)         (1,131)           (369)          (688)
Capital expenditure and financial investment                      (1,193)         (1,791)           (726)        (1,090)
Acquisitions and disposal                                               -           (891)               -          (542)
Equity dividends paid                                               (455)           (439)           (277)          (267)

                                                                  _______         _______         _______        _______

Cash inflow before financing activities                                53             295              32            180

Financing activities                                                (399)         (2,330)           (243)        (1,418)

                                                                  _______         _______         _______        _______

Decrease in cash in the year                                        (346)         (2,035)           (211)        (1,238)

                                                                  =======         =======         =======        =======




Reconciliation of net cash flow to movement in net debt

                                                                     2001            2000            2001           2000

                                                                    €'000           €'000        Stg£'000       Stg£'000

                                                                                                (Audited)      (Audited)

Decrease in cash in the year                                        (346)         (2,035)           (211)        (1,238)
Decrease in debt                                                      312           2,260             190          1,375
Decrease in finance leases                                             87              89              53             54

                                                                  _______         _______         _______        _______

Change in net debt resulting from cash flows                           53             314              32            191
Interest (non-cash) on zero coupon loan notes                       (137)           (242)            (83)          (147)
                                                                    
                                                                  _______         _______         _______        _______

(Increase)/decrease in net debt in the year                          (84)              72            (51)             44

Net debt at 1 January                                             (8,202)         (8,274)         (4,991)        (5,035)

                                                                  _______         _______         _______        _______

Net debt at 31 December                                           (8,286)         (8,202)         (5,042)        (4,991)

                                                                  =======         =======         =======        =======


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