Interim Results 2009

RNS Number : 5179Y

Norish PLC

04 September 2009

 

Norish plc

Interim Results

4 September 2009

Results

Norish plc announces an increase of 39% in pre-tax profits to £256,000 for the six months ended 30 June 2009. This compares with pre-tax profits of £184,000 for the same period last year. Turnover from continuing operations increased by 5% to £4,939,000. Earnings per share increased to 2.0p compared to 1.4p for the same period last year.

The majority of our coldstores performed better than in the equivalent period last year. The only real exception is our store at Wrexham where management are concentrating on trying to improve business volumes.

Our ambient site at York has performed very well in the period to the end of June and the contribution from the site has significantly improved over the same period in 2008.

Dividend

The board recommends the payment of an interim dividend of 1.25 cent per share. This will be paid on the 26th October 2009 to those shareholders on the register on the 25th September 2009. No Interim dividend was paid last year.

Outlook

Despite continuing pressure on margin, we are satisfied with our performance in the first half of the year and would be hopeful that this positive trend will continue for the remainder of the year. 

Financial Strength

Shareholders funds at 30 June 2009 were £6,471,000 compared with £6,390,000 at 31 December 2008. Net debt at 30 June 2009 was £7,895,000, compared with a net debt of £8,048,000 at 31 December 2008.

Ted O'Neill

Chairman

04 September 2009

Norish plc
Consolidated income statement
For the six months ended 30 June 2009
		Six months	Six months	Year
		ended	ended	ended
		30 June	30 June	31 December
		2009	2008	2008
		(Unaudited)	(Unaudited)	(Audited)
		£'000	£'000	£'000
Continuing operations
Revenue		4,939	4,718	9,693
Cost of sales		(4,450)	(4,314)	(8,958)
Gross profit		489	404	735
Other income		-	100	326
Administrative expenses		(158)	(120)	(274)
Operating profit from continuing operations		331	384	787
Finance expenses		(149)	(230)	(696)
Finance income		74	30	20
Profit on continuing activities before taxation		256	184	111
Tax on profit on ordinary activities		(86)	(64)	(467)
Profit for the period attributable to shareholders		170	120	(356)
Profit per share expressed in pence per share:
From continuing operations  - basic		2.0p	1.4p	(4.2)p
Weighted average number of ordinary shares		8,466,230	8,466,230	8,466,230
- diluted		2.0p	1.4p	(4.2)p
Weighted average number of diluted ordinary shares		8,466,230	8,466,230	8,466,230

Norish plc
Interim balance sheet
As at 30 June 2009
	As at	As at	As at
	30 June	30 June	31 December
	2009	2008	2008
	(Unaudited)	(Unaudited)	(Audited)
	£'000	£'000	£'000
Assets
Non current assets
Goodwill	216	216	216
Property, plant and equipment	15,088	15,517	15,285
	15,304	15,733	15,501
Current assets
Trade and other receivables	2,788	2,927	2,690
Financial assets: Fair value of interest rate swaps	-	44	-
Current tax asset	-	-	236
Cash and cash equivalents	35	13	15
	2,823	2,984	2,941
Liabilities
Current liabilities
Trade and other payables	(1,784)	(2,372)	(2,068)
Financial liabilities: Fair value of interest rate swaps	(129)	-	(198)
Current tax liabilities	(65)	(326)	-
Bank overdraft and loans	(946)	(678)	(796)
	(2,924)	(3,376)	(3,062)
Net current assets	(101)	(392)	(121)
Non-current liabilities
Bank loans	(6,984)	(7,584)	(7,267)
Provisions	(378)	(376)	(391)
Deferred tax	(1,370)	(523)	(1,332)
	(8,732)	(8,483)	(8,990)
Net assets	6,471	6,858	6,390
Equity
Share capital	1,493	1,493	1,493
Share premium account	3,156	3,156	3,156
Capital conversion reserve fund	23	23	23
Retained earnings	1,799	2,186	1,718
Equity attributable to equity holders of the parent	6,471	6,858	6,390

Norish plc
Consolidated statement of changes in equity
For the six months ended 30 June 2009
			Capital
	Share	Share	Conversion	Retained
	capital	premium	Reserve	earnings	Total
	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)
	£'000	£'000	£'000	£'000	£'000
At 1 January 2008	1,493	3,156	23	2,144	6,816
Net profit for the period	-	-	-	120	120
Credit in respect of employee share schemes	-	-	-	7	7
Equity dividends paid (recognised directly in equity)	-	-	-	(85)	(85)
At 30 June 2008	1,493	3,156	23	2,186	6,858
Net profit for the period	-	-	-	(475)	(475)
Credit in respect of employee share schemes	-	-	-	7	7
At 31 December 2008	1,493	3,156	23	1,718	6,390
Net profit for the period	-	-	-	170	170
Credit in respect of employee share schemes	-	-	-	7	7
Equity dividends paid (recognised directly in equity)	-	-	-	(96)	(96)
At 30 June 2009	1,493	3,156	23	1,799	6,471

Norish plc
Consolidated cash flow statement
For the six months ended 30 June 2009
	Six months	Six months	Year
	Ended	ended	Ended
	30 June	30 June	31 December
	2009	2008	2008
	(Unaudited)	(Unaudited)	(Audited)
	£'000	£'000	£'000
Profit on continuing activities before taxation	256	184	111
Adjustments for:
Finance expenses	149	230	696
Finance income	(74)	(30)	(20)
Depreciation - property, plant and equipment	285	249	541
Employee share schemes	7	7	14
Changes in working capital:
(Increase)/decrease in trade and other receivables	(98)	(489)	(252)
Increase/(decrease) in payables	(284)	213	(91)
(Decrease)/Increase in provisions	(13)	376	391
Cash generated from operations	228	740	1,390
Interest paid - bank loans and overdrafts	(149)	(230)	(469)
Taxation refunded / (paid)	253	-	(156)
Net cash from operating activities	332	510	765
Investing activities
Interest received	5	15	20
Purchase of property, plant and equipment	(88)	(3,265)	(3,325)
Net cash used in investing activities	(83)	(3,250)	(3,305)
Financing activities
Dividends paid to shareholders	(96)	(85)	(84)
Net cash used in financing activities	(96)	(85)	(84)
Net increase in cash and cash eqivalents	153	(2,825)	(2,624)
Cash and cash equivalents at the beginning of the period	(8,048)	(5,424)	(5,424)
Cash and cash equivalents at end of period	(7,895)	(8,249)	(8,048)

Note: The accounting policies applied throughout the period are consistent with those applied for the year ended 31 December 2008, as set out in the 2008 Annual Report

 

END

 

 

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