Final Results

Norish PLC
27 February 2004


                                   Norish plc
                    Preliminary Statement of Annual Results

I am pleased to present my first Annual Report since joining the Board as
Chairman on 1 May 2003.

Following the resignation of our Chief Executive Paul Byrne I became Executive
Chairman in July. The Board would like to take this opportunity to thank Paul
for his significant contribution to the development of the business, in an
extremely difficult trading environment over the last five years.

In conjunction with the executive management a review has been undertaken of our
business base, comprising temperature controlled, ambient and commodity
warehousing.

We are committed to the further development of our temperature-controlled
activity, which is a strong performer in a difficult market. We recognise the
need for consolidation in this area and anticipate being a part of this change.
Ambient warehousing is very fragmented, however there are opportunities in which
we are interested and will be pursuing them in the coming months. In commodities
we see a lesser opportunity to develop in a declining UK cocoa market, this is
emphasised by the recent communication from a major customer of their intention
to change their cocoa processing procedure which will adversely affect our
income streams. This change will occur in 2005. However, we believe there is
further growth potential in the coffee market.

As part of this overall review we have reduced central and operational costs
through the closure of the Reigate head office and by reducing the number of
management and administrative personnel employed in the business. These changes
have streamlined the control of the business and reflect a structure more in
keeping with the present size of the Group.

Currently we are assessing the best use of the company asset base in developing
shareholder value.

Results

The Group has declared a pre-tax loss of £0.4m (2002 loss of £2.5m).

After excluding the effect of goodwill amortisation and exceptional items, the
adjusted pre-tax profits of £0.5m compare with £0.8m adjusted pre-tax profits in
2002. This year's result includes exceptional items of £0.6m of reorganisation
costs as well as an amount of £0.3m in respect of handling and storage revenue
charged in advance. Handling revenue has previously been accounted for on
receipt of goods, rather than apportioning some of the revenue against the cost
incurred when the goods are despatched from store. Storage revenue billed in
advance is now apportioned over the full weekly rental period. These treatments
are acceptable and prudent practices in the storage industry.
Adjusted earnings per share decreased from 5.9p to 4.3p

Borrowings were reduced by £0.9m to £2.7m. This was helped with the sale of our
Liverpool site for £0.3m. This property does not feature in our strategy and was
sold at book value.


Dividend

At the interim stage we declared a dividend of € 1.27c per share. Despite the
loss reported the directors are recommending a final dividend of €1.27c, subject
to shareholders' approval. This brings the total dividend for the year to
€2.54c. (2002 - €5.27c)

Whilst this is a reduction on previous years, the company needs to preserve its
resources to both strengthen and re-position itself in the market place.

Operations

The results reflect the full effect of the increased insurance costs, £0.2m
higher than last year.

Temperature Controlled

This division performed reasonably well despite further significant increases in
insurance costs. Our stores are relatively full but due to the over-capacity in
the industry our storage and handling rates are not yet at acceptable economic
levels. Turnover has increased by 1%, which arose mainly as a result of new
business won at Wrexham and, to a lesser extent, East Kent. However this was
offset by small reductions in turnover at other sites.

Ambient and Commodity

Turnover has reduced by 12% predominantly as a result of the continued decline
in cocoa volumes.
The performance of our ambient and commodity business is down on the previous
year. This is mainly as a result of a reduced contribution at Felixstowe, due to
the loss of a coffee retailer, who transferred their operation to the continent
at the start of 2003. We are making a concerted effort to attract new business
to Felixstowe to bring it to an acceptable level of profitability.
We have changed our commodity storage strategy by taking the opportunity to
reduce fixed costs by exiting a substantial lease commitment and utilising third
party warehouse facilities on variable rates.
Our York store continues to perform well. We have invested a further £0.3m in
new facilities at York where we are experiencing increased demand from our
customers.
The introduction of our new commodity warehouse system has greatly improved both
our administration and customer information capabilities.

Board

In addition to the Board changes highlighted above, there were other Board
changes during the year:

I am pleased to announce that Willie McCarter was appointed to the Board at last
year's Annual General Meeting. He has been appointed our Senior Independent Non
- Executive Director.

John Paterson stepped down at the Annual General Meeting having served the Board
for 10 years, latterly as Chairman. John made a significant contribution to the
group and we wish him a long and happy retirement.

Robert Noonan resigned from the Board on 13th March 2003.

Personnel

We are very grateful to have dedicated and hard working employees who understand
the needs of our customers in our sector of the competitive service industry.
The Board would like to thank them for their contribution.

Outlook

Conditions in the markets in which we operate are expected to remain challenging
in the current year. This is emphasised by the need to replace business that
will be lost in 2005 referred to earlier. All necessary steps are being taken to
both consolidate and grow the Group's business base and we are targeting a
number of initiatives to achieve these aims.

Ted O'Neill
Executive Chairman
27 February 2004

For reference:
Murray Consultants
Joe Murray Tel: [phone]

The results herein do not represent full accounts. Full accounts for the year
ended 31 December 2003, upon which the Auditors have given an unqualified audit
report, have not yet been filed with the Registrar of Companies. Full accounts
for the year ended 31 December 2002 containing an unqualified audit report from
the Auditors have been delivered to the Registrar of Companies.

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 = £0.70, the conversion
rate applicable on 31 December 2003. The Euro (€) figures are not audited.



                                   Norish plc
                      Consolidated profit and loss account
                      for the year ended 31 December 2003


                                                          2003     2003     2002
                                                         €'000    £'000    £'000


Turnover before exceptional item                        18,130   12,691   13,082
Exceptional item - redelivery and storage 
income deferred                                           (376)    (263)       -

Group turnover - continuing operations                  17,754   12,428   13,082
                                                   
Cost of sales                                          (16,358) (11,450) (11,336)

Gross profit                                             1,396      978    1,746

Administrative expenses                                   (823)    (576)    (748)
Goodwill amortisation - normal                             (21)     (15)    (204)
Exceptional items
     - reorganisation costs                               (881)    (617)       -
     - impairment of goodwill and tangible fixed assets      -        -   (3,272)
     - rates rebates                                         -        -      285

Group operating loss - continuing operations              (329)    (230)  (2,193)

Loss on disposal of land - continuing operations             -        -      (74)

Loss on ordinary activities before interest               (329)    (230)  (2,267)

Interest receivable and other income                         3         2       3
Interest payable and similar charges                      (238)    (167)    (222)

Loss on ordinary activities before taxation               (564)    (395)  (2,486)
Tax credit/(charge) on loss on ordinary activities         129       90     (369)

Loss for the financial year                               (435)    (305)  (2,855)

Equity dividends      - paid                              (109)     (76)     (67)
                      - proposed                          (109)     (76)    (220)

Retained loss for the financial year                      (653)    (457)  (3,142)

Profit and loss account at beginning of year             1,316      921    4,063

Profit and loss account at end of year                     663      464      921

Basic loss per ordinary share                          €(5.1)c   (3.6)p  (33.7)p

Adjusted earnings per ordinary share                     €6.1c     4.3p     5.9p





                                   Norish plc
                           Consolidated balance sheet
                              at 31 December 2003
                                                          2003     2003     2002
                                                         €'000    £'000    £'000
Fixed assets
Intangible assets - goodwill                               351      246      261
Tangible assets                                         11,181    7,827    8,821

                                                        11,532    8,073    9,082
Current assets
Debtors                                                  4,227    2,959    3,110
Cash at bank and in hand                                    67       47       60

                                                         4,294    3,006    3,170

Creditors: amounts falling due within
one year                                                (5,297)  (3,708)  (3,408)

Net current liabilities                                 (1,003)    (702)    (238)
Total assets less current liabilities                   10,529    7,371    8,844

Creditors: amounts falling due after more
than one year                                           (2,167)  (1,517)  (2,412)

Provisions for liabilities and charges                  (1,025)    (718)    (839)

Net assets                                               7,337    5,136    5,593

Capital and reserves
Called up share capital                                  2,133    1,493    1,493
Share premium account                                    4,509    3,156    3,156
Capital conversion reserve fund                             33       23       23
Profit and loss account                                    662      464      921

Shareholders' funds - equity                             7,337    5,136    5,593






                                   Norish plc
                      Consolidated statement of cash flows
                      for the year ended 31 December 2003

                                                          2003     2003     2002
                                                         €'000    £'000    £'000

Net cash inflow from operating activities                2,583    1,808    2,174

Returns on investments and servicing of finance           (234)    (164)    (199)
Taxation                                                  (530)    (371)    (283)
Capital expenditure and financial investment              (167)    (117)      83
Equity dividends paid                                     (423)    (296)    (273)

Cash inflow before financing activities                  1,229      860    1,502

Financing activities                                    (1,217)    (852)  (1,388)

Increase in cash in the year                                12        8      114


Reconciliation of net cash flow to movement in net debt

                                                          2003     2003     2002
                                                         €'000    £'000    £'000

Increase in cash in the year                                12        8      114
Decrease in debt                                         1,143      800    1,335
Decrease in finance leases                                  74       52       53

Change in net debt resulting from cash flows             1,229      860    1,502
Interest (non-cash) on zero coupon loan notes                -        -      (20)
Decrease/(increase) in net debt in the year              1,229      860    1,482

Net debt at 1 January                                   (5,086)  (3,560)  (5,042)

Net debt at 31 December                                 (3,857)  (2,700)  (3,560)



                                   Norish plc
                     Adjusted Earnings Per Share Statement
                      for the year ended 31 December 2003

                                                       (Loss)/           (Loss)/
                                                     earnings          earnings
                                               2003 per share    2002 per share
Adjusted                                        £'000 - pence     £'000 - pence

Loss attributable to shareholders                (305)  (3.6)    (2,855) (33.7)
Goodwill amortisation - normal                     15    0.2        204    2.4
Exceptional items
- Impairment of goodwill and tangible fixed assets -      -       3,272   38.6
- Redelivery income deferred (after tax at 30%)   184    2.2          -      -
- Loss on disposal of land                          -      -         74    0.9
- Reorganisation costs (after effective
tax rate of 24%)                                  470    5.5          -      -
- Rates rebates (after tax at 30%)                  -      -       (199)  (2.3)
Adjusted earnings                                 364    4.3        496    5.9

Weighted average number of ordinary shares  8,466,230         8,466,230
Adjusted earnings per share                      4.3p              5.9p






                      This information is provided by RNS
            The company news service from the London Stock Exchange