Interim Results

Norish PLC
13 September 2002


                                   NORISH plc

                                INTERIM RESULTS

                         Six Months Ended 30 June 2002



  • IMPROVED PROFIT TREND CONTINUES

  • PRE-TAX PROFITS OF £0.4 MILLION COMPARED TO LOSS OF £0.2 MILLION

  • ADJUSTED EPS INCREASES TO 2.2p FROM 0.3p

  • INTERIM DIVIDEND OF €1.27c MAINTAINED

  • OPERATING COSTS, BORROWINGS AND INTEREST REDUCED

  • CURRENT TRADING BETTER THAN LAST YEAR IN DIFFICULT MARKET


Commenting on the results, the Chairman of Norish, Brian Joyce said: 'The
business has gone through a period of consolidation and we are in a better
position than twelve months ago with a reduced cost base, increased capacity and
lower borrowings. Current trading is better than last year but markets remain
difficult. We are meeting our immediate objective of steadily improving the
company's operations.'


ENDS 13th September 2002


For reference:

Norish plc

Paul Byrne, Chief Executive Tel: + 44 1737221133


Murray Consultants:

Joe Murray / Grainne O'Brien Tel: + 353 1 498 0300



                               INTERIM STATEMENT


The improvement in profitability achieved by the Group in the second half of
2001 continued into the first half of the current year. Pre-tax profits for the
six months ended 30 June 2002 were £0.4 million compared with a pre-tax loss of
£0.2m in the same period last year. Adjusted earnings per share increased to
2.2p from 0.3p. An unchanged interim dividend of €1.27c has been declared.


Turnover increased marginally to £6.6m compared with £6.5m. Determined action by
management in reducing costs and generating replacement sales played a key part
in improving profitability. Ongoing investment to enhance efficiencies also
contributed to the better profits. These were achieved in very competitive
markets and in the face of significant external cost increases, particularly in
the area of insurance.


Gross profits increased by 34 per cent to £0.7m compared with £0.5m following a
2.5 per cent reduction in the cost of sales. An exceptional gain from rate
rebates of £0.2m was reduced somewhat by an exceptional loss from the sale of
land at Bury St Edmunds. The proceeds of this sale, amounting to £0.4m were used
to reduce borrowings. This and stronger cash flow saw net debt fall to £4.2m
from £5.7m, giving a debt equity ratio of 47 per cent compared with 64 per cent
a year ago. Lower interest rates and improved cash management contributed to
reducing net interest costs which were £0.1m compared to £0.2m.


The cold storage division performed well in a market still suffering from over
capacity. The Bury St Edmunds and Braintree stores successfully attracted new
customers and achieved high occupancy levels. The West Midlands store secured a
profitable new contract from a major customer which replaces a labour intensive
loss-making contract.


BWA performed better than last year with York trading particularly well. During
the half year, £0.2m was invested in increased capacity to meet demand for
additional volumes from major customers. Felixstowe had a disappointing first
quarter and incurred significant costs in repositioning the business to take
advantage of the company's growth in the ambient warehousing market. Trading
recovered well in the second quarter.


The interim dividend will be paid on 18 October 2002 to shareholders on the
register on 27 September 2002.


Brian A. Joyce

Chairman

13th September 2002




                                                           NORISH plc

                                              CONSOLIDATED PROFIT & LOSS ACCOUNT

                                                    Six Months to 30 June 2002


                                                                      Six months to      Six months to     Six months to
                                                                       30 June 2002       30 June 2002      30 June 2001
                                                                              €'000              £'000             £'000
                                                                        (Unaudited)        (Unaudited)       (Unaudited)

Group turnover - continuing operations                                        10,109            6,571              6,548

Cost of sales                                                                (9,077)          (5,900)            (6,048)
                                                                             _______          _______            _______
Gross profit                                                                   1,032              671                500

Administrative expenses                                                        (597)            (388)              (371)

Exceptional item - reorganisation costs                                            0                0              (197)
- rates rebates                                                                  380              247                 49
                                                                             _______          _______            _______
Group operating profit / (loss) - continuing 
operations                                                                       815              530               (19)

Exceptional item - loss on sale of land                                        (114)             (74)                  0
                                                                             _______          _______            _______
Profit / (loss) on ordinary activities before 
interest                                                                         701              456               (19)

Interest payable less interest receivable                                      (121)             (79)              (185)
                                                                             _______          _______            _______
Profit / (loss) on ordinary activities before 
taxation                                                                         580              377              (204)

Tax on profit on ordinary activities                                           (297)            (193)                 22
                                                                             _______          _______            _______

Profit / (loss) attributable to shareholders                                     283              184              (182)
                                                                                 
Dividends proposed                                                             (106)             (69)               (66)
                                                                             _______          _______            _______
Retained profit / (loss) for period
                                                                                 177              115              (248)
                                                                              ======           ======             ======
Basic and diluted earnings / (loss) per share                                  €3.4c             2.2p             (2.1)p

Adjusted earnings per share: excluding
Goodwill amortisation and exceptional items                                    €3.4c             2.2p               0.3p
                                                                              ======           ======             ======
Dividend per share                                                                             €1.27c             €1.27c
                                                                                               ======             ======

The unaudited financial information presented in pounds sterling as of and for
the period ended 30 June 2002 is also expressed in Euro, solely for convenience,
at the rate of €1 = £0.65, 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 2002





                                                                         30 June 2002      30 June 2002     30 June 2001
                                                                                €'000            £'000             £'000
                                                                          (Unaudited)      (Unaudited)       (Unaudited)
Fixed assets
Intangible assets - goodwill                                                    5,469            3,555             3,759
Tangible fixed assets                                                          14,651            9,523            10,376
                                                                               ______           ______            ______
                                                                               20,120           13,078            14,135
Current assets

Debtors                                                                         5,718            3,717             3,281
Cash at bank and in hand                                                           68               44                41
                                                                               ______           ______            ______
                                                                                5,786            3,761             3,322

Creditors:  due within one year                                               (6,214)          (4,039)           (5,160)
                                                                               ______           ______            ______
Net current liabilities                                                         (428)            (278)           (1,838)
                                                                               ______           ______            ______
Total assets less current liabilities                                          19,692           12,800            12,297

Creditors:       due after more than one year                                 (4,715)          (3,065)           (2,556)

Provisions for liabilities and charges                                        (1,362)            (885)             (931)
                                                                               ______           ______            ______
Net assets                                                                     13,615            8,850             8,810
                                                                               ======           ======            ======
Capital and reserves
Called up share capital                                                         2,297            1,493             1,493
Share premium account                                                           4,855            3,156             3,156
Capital conversion reserve fund                                                    35               23                23
Profit and loss account                                                         6,428            4,178             4,138
                                                                               ______           ______            ______
Shareholders' funds - equity                                                   13,615            8,850             8,810
                                                                               ======           ======            ======

                                                                                                                        
                                                          NORISH plc

                                                CONSOLIDATED CASH FLOW STATEMENT

                                                   Six Months to 30 June 2002


                                                                         30 June 2002     30 June 2002      30 June 2001
                                                                                €'000            £'000             £'000
                                                                          (Unaudited)      (Unaudited)       (Unaudited)

Net cash flow from operating activities                                         2,005            1,303               413

Returns on investments and servicing of finance                                  (91)             (59)             (133)

Taxation                                                                        (165)            (107)             (223)

Capital expenditure and financial investment                                     (40)             (26)             (479)

Equity dividends paid                                                           (317)            (206)             (211)

                                                                               ______           ______            ______
Cash inflow / (outflow) before financing activities                             1,392              905             (633)

Financing activities                                                            (263)            (171)             (451)
                                                                               ______           ______            ______
Increase in cash in the period                                                  1,129              734           (1,084)
                                                                               ======           ======            ======
Reconciliation of Net Cash Flow to Movement in Net Debt

Increase / (decrease) in cash in the period                                     1,129              734           (1,084)

Decrease in debt                                                                  263              171               451
                                                                               ______           ______            ______
Change in net debt resulting from cash flows                                    1,392              905             (633)

Interest (non-cash) on zero coupon loan notes                                    (29)             (19)              (52)
                                                                               ______           ______            ______
Increase / (decrease) in net debt in the period                                 1,363              886             (685)

Net debt at 1 January                                                         (7,757)          (5,042)           (4,991)
                                                                               ______           ______            ______
Net debt at 30 June                                                           (6,394)          (4,156)           (5,676)
                                                                               ======           ======            ======


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