Interim Results

Norish PLC 10 September 2004 Norish plc Interim Report to Shareholders For the six months to 30 June 2004 Results Norish plc announces pre-tax profits of £0.2m for the six months ended 30 June 2004. This compares with pre-tax losses of £0.8m (after exceptional items of £1.0m) for the same period last year. Turnover remained unchanged at £6m. The profit per share is 1.2p compared with a loss of 7.0p for the same period last year. The cold storage division performed well in a market still suffering from overcapacity and pressure on rates as well as increasing electricity costs. In addition a number of our sites suffered as a result of the outbreak of Asian flu. This business has recently returned to a more stable basis. Despite these difficult trading conditions our cold storage division results are marginally ahead on the same period last year. As a result of increased marketing activity we have been successful in attracting a significant contract for our Braintree store. Our commodity stores have started to feel the earlier than expected loss of our major cocoa contract reported in our last annual report. This business is spread across our Belvedere and Felixstowe operations and will finish by the end of the third quarter. Trading has been extremely difficult at Felixstowe where currently we have excess capacity. A number of actions have been taken to reduce losses at this location. At Belvedere we have a coffee storage business that we hope to expand during the second half of the year. Our York facility continues to perform well, and is experiencing increased demand. As reported previously the company has reduced its central and operational costs through the closure of the Reigate head office. The benefit of this is reflected in the results with administrative expenses reducing from £0.4m to £0.3m. Outlook Trading in both our commodity and ambient businesses continues to be difficult, particularly due to the decline of our cocoa storage business. The cold storage division historically performs well in the second half of the year and at this stage we have no reason to believe that this will not be the case. Financial Strength Shareholders funds at 30 June 2004 were £5.2m compared with £5.1m at 31 December 2003. Net debt at 30 June 2004 was £2.6m, giving a debt equity ratio of 50% (31 December 2003: £2.7m, 53%). Dividend The Board announced on 6 September 2004 that it has received an approach, which may or may not lead to an offer being made for the company. Discussions regarding this approach are still at a preliminary stage. As a consequence of these discussions the Board has decided that an interim dividend will not be paid. Ted O'Neill Executive Chairman 10 September 2004 Norish plc Consolidated Profit & Loss Account Six Months to 30 June 2004 Six months to Six months to Six months to 30 June 2004 30 June 2004 30 June 2003 €'000 £'000 £'000 (Unaudited) (Unaudited) (Unaudited) Turnover before exceptional item 8,991 6,024 6,324 Exceptional item- redelivery and storage income deffered (0) (0) (309) ------------ ----------- ----------- Group turnover - continuing operations 8,991 6,024 6,015 Cost of sales (8,240) (5,521) (5,649) _______ _______ _______ Gross profit 751 503 366 Administrative expenses (388) (260) (355) Exceptional item - reorganisation costs 0 0 (725) ____________________________________________ Profit / (loss) on ordinary activities before interest 363 243 (714) Interest payable less interest receivable (97) (65) (89) _______ _______ _______ Profit / (loss) on ordinary activities before taxation 266 178 (803) Tax on profit /(loss) on ordinary (120) (80) 213 activities _______ _______ _______ Profit / (loss) attributable to shareholders 146 98 (590) Dividends proposed 0 0 (76) _______ _______ _______ Retained profit/(loss)for period 146 98 (666) ====== ====== ====== Basic and diluted earnings / (loss) per share €1.7c 1.2p (7.0)p Adjusted earnings per share; excluding goodwill amortisation €1.7c 1.2p 1.7p and exceptional items Dividend per share Nil Nil €1.27c ====== ====== ====== The unaudited financial information presented in pounds sterling as of and for the period ended 30 June 2004 is also expressed in Euro, solely for convenience, at the rate of €1 = £0.67, 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 As at 30 June 2004 30 June 2004 30 June 2004 30 June 2003 €'000 £'000 £'000 (Unaudited) (Unaudited) (Unaudited) Fixed assets Intangible assets - goodwill 357 239 253 Tangible fixed assets 11,329 7,591 8,512 ______ ______ ______ 11,686 7,830 8,765 Current assets Debtors 5,187 3,475 3,543 Cash at bank and in hand 69 46 56 ______ ______ ______ 5,256 3,521 3,599 Creditors: due within one year (5,890) (3,946) (3,971) ______ ______ ______ Net current liabilities (634) (425) (372) ______ ______ ______ Total assets less current liabilities 11,052 7,405 8,393 Creditors: due after more than one year (1,901) (1,274) (2,219) Provisions for liabilities and charges (1,339) (897) (1,247) ______ ______ ______ Net assets 7,812 5,234 4,927 ====== ====== ====== Capital and reserves Called up share capital 2,228 1,493 1,493 Share premium account 4,711 3,156 3,156 Capital conversion reserve fund 34 23 23 Profit and loss account 839 562 255 ______ ______ ______ Shareholders' funds - equity 7,812 5,234 4,927 ====== ====== ====== Norish plc Consolidated Cash Flow Statement Six Months to 30 June 2004 30 June 2004 30 June 2004 30 June 2003 €'000 £'000 £'000 (Unaudited) (Unaudited) (Unaudited) Net cash flow from operating activities 981 657 949 Returns on investments and servicing of finance (97) (65) (89) Taxation 7 5 (271) Capital expenditure and financial investment (331) (222) (287) Equity dividends paid (328) (220) (220) ______ ______ ______ Cash inflow before financing activities 232 155 82 Financing activities (257) (172) (171) ______ ______ ______ Decrease in cash in the period (25) (17) (89) ====== ====== ====== Reconciliation of Net Cash Flow to Movement in Net Debt Decrease in cash in the period (25) (17) (89) Decrease in debt 257 172 171 ______ ______ ______ Change in net debt resulting from cash flows 232 155 82 Net debt at 1 January (4,030) (2,700) (3,560) ______ ______ ______ Net debt at 30 June (3,798) (2,545) (3,478) ====== ====== ====== Norish plc Adjusted Earnings per Share Six Months to 30 June 2004 30 June 2004 30 June 2004 30 June 2003 €'000 £'000 £'000 (Unaudited) (Unaudited) (Unaudited) Profit / (loss) attributable to shareholders 146 98 (590) Goodwill amortisation - normal 10 7 7 Exceptional items (after tax at 30% where appropriate) - Reorganisation costs - - 508 - Redelivery and storage income deferred - - 216 --------- --------- --------- Adjusted Earnings 156 105 141 ====== ====== ====== Weighted average number of ordinary shares 8,466,230 8,466,230 8,466,230 Adjusted earnings per share €1.7c 1.2p 1.7p ====== ======= ======= The adjusted earnings per share figure is presented in order to illustrate earnings per share on a consistent basis over time after eliminating the impact of goodwill amortisation and significant non-recurring items. INFORMATION FOR SHAREHOLDERS Register The Company's share register and related records are now maintained by Computershare Services (Ireland) Ltd., to whom shareholder enquires should be addressed. Their address is Heron House, Corrig Road, Sandyford Industrial Estate, Dublin 18, Ireland. Telephone +353 (1) 2163100. Website The group's website can be accessed at www.norish.com This information is provided by RNS The company news service from the London Stock Exchange

Companies

Roebuck Food Group Public Limited Company (CDI) (RFG)
UK 100
FTSE quotes by TradingView

Latest directors dealings

All directors dealings today