Interim Results

Norish PLC
13 September 2001


                                  NORISH PLC

                               INTERIM RESULTS

                       Six Months Ended 30th June 2001

Norish plc announces pre-tax losses of Stg£0.2 million for the six months
ended June 30th, 2001. This compares with pre-tax profits of Stg£1.1m for the
same period last year. Turnover fell by 4 per cent from Stg£6.8m to Stg£6.5m.
The loss per share is (Stg2.1p) compared with earnings per share of Stg10.1p.
The results include an exceptional reorganisation cost of Stg£0.2m.


The Board has decided to pay a same-again interim dividend of Euro1.27 cent
per share (IR1.0p). The dividend will be paid on 19 October 2001 to
shareholders on the register at 21 September 2001.


The company's cold storage operations which are largely focussed on food
producers were severely impacted by the foot and mouth crisis in the United
Kingdom. Stocks of poultry declined dramatically and trade in the remainder of
the meat sector was also affected.


In addition, one major customer ceased to trade and one other ceased
production of frozen foods. While Norish successfully recovered monies due,
the loss of continuing revenues from these sources had a negative impact.
Implementation problems relating to the servicing of a major new contract were
also a contributory factor.


The company has engaged in a concerted sales drive which has shown some
success in attracting new business to its cold stores and trading has improved
in the second half of the year.


Norish continued to build its presence in the general warehousing market and
its warehouses in Felixstowe, Belvedere and York achieved good occupancy
levels towards the end of the period. An investment programme both increased
capacity and upgraded our systems capabilities.


The outlook remains positive for the general warehousing activities which are
well located in areas of strong demand. The company is continuing to expand
its customer base in this sector and by the end of the period under review had
doubled its general product storage.


In response to reduced demand for cocoa storage, the company has also
converted some cocoa storage facilities to general warehousing. Some major
cocoa users changed their supply and storage practices, resulting in loss of
business for the Group. These revenues are gradually being replaced by general
warehousing business. During the first half of the year these changes impacted
negatively on profits.

Shareholders funds at 30 June 2001 were Stg£8.8 million compared with Stg£9.1
million at 31 December 2000. Net debt was Stg£5.7 million giving a debt equity
ratio of 65 per cent (31 December 2000: Stg£5.0 million, 55 per cent).


Trading in the second half of the year, while still challenging, is showing
signs of improvement in all parts of the business. This is augmented by
administrative and management improvements which will reduce costs. The Group
offers a flexible, responsive and competitive service to customers which
positions it well in a distinctive niche of the supply chain market. This
presents future development opportunities for the Group's operations.


ENDS                                        13th September 2001


For reference:


Norish plc:

Paul Byrne, Chief Executive               Tel: [phone]

Murray Consultants:

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

Norish plc

Consolidated Profit & Loss Account
Six months to 30 June 2001

                                           Six months  Six months  Six months
                                               to          to          to
                                             30 June     30 June     30 June
                                                          2001        2000
                                              2001

                                             Euro000     STG£000     STG£000
                                           (Unaudited) (Unaudited) (Unaudited)

Group turnover - continuing operations          10,734       6,548       6,836

Cost of sales                                  (9,834)     (5,999)     (5,382)

Gross profit                                       900         549       1,454

Administration expenses                          (608)       (371)       (398)

Exceptional item - reorganisation                (323)       (197)           0
cost

Group operating (loss) / profit -
continuing operations                             (31)        (19)       1,056

Share of profit of associated                        0           0          20
undertaking

Profit on sale of investment in                      0           0         254
associate

(Loss) / profit on ordinary
activities before interest                        (31)        (19)       1,330

Interest payable less interest                   (303)       (185)       (196)
receivable

(Loss) / profit on ordinary
activities before taxation                       (334)       (204)       1,134

Tax on profit on ordinary activities                36          22       (278)

(Loss) / profit attributable to                  (298)       (182)         856
shareholders

Dividends proposed                               (108)        (66)        (68)

Retained (loss) / profit for                     (406)       (248)         788
period

Basic and diluted loss / earnings per            (3.5)       (2.1)        10.1
share

Adjusted earnings per share: excluding
Goodwill amortisation and exceptional              2.3         1.4         8.2
items
                                                              cent        cent
Dividend per share                                            1.27        1.27

The unaudited financial information presented in pounds sterling as of and for
the period ended 30 June 2001 is also expressed in Euro, solely for
convenience, at the rate of 1 Euro = Stg£0.61, the closing rate for the
period. No representation is made that the pounds sterling amounts have been,
could have been or could be converted into Euro at that or any other rate.

Norish plc

Consolidated Balance Sheet
at 30 June 2001

                                              30 June     30 June     30 June
                                               2001        2001        2000

                                              Euro000     STG£000     STG£000

                                            (Unaudited) (Unaudited) (Unaudited)

Fixed assets

Intangible assets - goodwill                      6,162       3,759       3,649

Tangible fixed assets                            17,010      10,376       9,987

                                                 23,172      14,135      13,636

Current assets

Debtors                                           5,379       3,281       3,347

Cash at bank and in hand                             67          41          62

                                                  5,446       3,322       3,409

Creditors:     due within one year              (8,359)     (5,160)     (4,219)

Net current liabilities                         (3,013)     (1,838)       (810)

Total assets less current liabilities            20,159      12,297      12,826

Creditors:     Due after more than one year      (4,190)     (2,556)     (3,260)
                                                
Provisions for liabilities and charges          (1,526)       (931)       (932)

Net assets                                       14,443       8,810       8,634

Capital and reserves

Called up share capital                           2,448       1,493       1,493

Share premium account                             5,174       3,156       3,156

Capital conversion reserve fund                      38          23          23

Profit and loss account                           6,783       4,138       3,962

Shareholders' funds - equity                     14,443       8,810       8,634

Norish plc

Consolidated Cash Flow Statement
Six months to 30 June 2001

                                              30 June     30 June     30 June
                                               2001        2001        2000

                                              Euro000     STG£000     STG£000

                                            (Unaudited) (Unaudited) (Unaudited)
Net cash flow from operating activities             677         413         996

Dividend from associated undertaking                  0           0         166

Returns on investments and servicing of           (218)       (133)       (112)
finance

Taxation                                          (366)       (223)       (177)

Capital expenditure and financial                 (785)       (479)       (309)
investment

Acquisition and disposal                              0           0       (194)

Equity dividends paid                             (346)       (211)       (200)

Cash (outflow) / inflow before financing
activities                                      (1,038)       (633)         170

Financing activities                              (739)       (451)     (1,266)

Decrease in cash in the period                  (1,777)     (1,084)     (1,096)

Reconciliation of Net Cash Flow to
Movement in Net Debt

Decrease in cash in the period                  (1,777)     (1,084)     (1,096)

Decrease in debt                                    739         451       1,361

Change in net debt resulting from cash          (1,038)       (633)         265
flow

Interest on zero coupon loan notes                 (85)        (52)        (84)

Net debt at 1 January                           (8,182)     (4,991)     (5,035)

Net debt at 30 June                             (9,305)     (5,676)     (4,854)