Preliminary Results

Norish PLC 02 March 2007 Norish plc Preliminary Statement of Annual Results I am pleased to present the preliminary statement of annual results of Norish Plc for 2006. During 2006 the Group had to cope with increased energy costs and continuing over-capacity in the cold storage market. As a result of increased energy costs we have invested capital in various projects aimed at reducing energy consumption. We are continually reviewing our structure and cost base and as part of this review we have decided to close our administration office at Dartford. This closure will have no negative effect on the management of the business. Results The Group announces pre-tax profits of £0.4m. This compares with pre-tax profits of £1.0m (after net exceptional gains of £0.8m and operating losses from discontinued operations of £0.4m) for last year. The profit per share from continuing operations is 3.0p compared to 3.3p for last year. Net debt at the year-end decreased from £7.2m to £6.4m. Operations Our cold stores did not perform as well as last year in a market still suffering from overcapacity and increased energy costs. However, as a result of sales and marketing activities our stores finished the year with high occupancy levels. Due to the closure of a customer's factory, the contribution of the Bury St Edmunds site fell short of expectations. We successfully replaced this business in the final quarter of the year. The Wrexham and West Midlands sites struggled with low occupancy during the year whilst increased activity at the Braintree, East Kent and York sites produced an improvement on last year. Dividend At the interim stage we declared a dividend of €1.25c per share. The board does not recommend the payment of a final dividend. This will bring the total dividend for the year to €1.25c per share, (€2.5c last year). Board I am very pleased to report that Norman Hatcliff has been appointed Managing Director. He was appointed to the board as Operations Director in July 2005 and has made a very significant contribution since he joined the company in 2000. I am also pleased to report that Aidan Hughes was appointed to the board on the 7th September 2006 as Finance Director. He joined the company in 1996 and has been responsible for the Company's finance function over the past year. He will also continue in the role as Company Secretary. Personnel The Board would like to thank the staff for their contribution in a difficult trading environment in 2006. Trading Outlook We have started 2007 with high occupancy levels. This level of occupancy together with the reduced cost base should help to combat the ongoing challenges in the market place during the current year. Ted O'Neill Chairman 1 March 2007 The results herein do not represent full accounts. Full accounts for the year ended 31 December 2006, 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 2005 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 = £0.67, the conversion rate applicable on 31 December 2006. The Euro (€) figures are not audited. Norish plc Consolidated profit and loss account for the year ended 31 December 2006 2006 2006 2005 €'000 £'000 £'000 Group turnover - continuing operations 15,927 10,671 9,485 - discontinued operations - - 1,943 ______ ______ _______ 15,927 10,671 11,428 Cost of sales (14,140) (9,474) (10,677) Gross profit 1,787 1,197 751 Administrative expenses (548) (367) (421) Goodwill amortisation (22) (15) (15) Group operating profit before exceptional item 1,217 815 315 Exceptional item - reorganisation costs - continuing operations - - (219) Group operating profit/(loss) - continuing operations 1,217 815 537 - discontinued operations - - (441) ______ ______ ______ 1,217 815 96 Exceptional item - Profit on disposal of property - discontinued operations - - 1,000 ______ _______ ______ 1,217 815 1,096 Interest receivable and other income 60 40 40 Interest payable and similar charges (635) (425) (106) Profit on ordinary activities before taxation 642 430 1,030 Tax on profit on ordinary activities (264) (177) (59) ______ ________ _______ Profit for the financial year 378 253 971 ====== ======== ======= Basic and diluted earnings per ordinary share - continuing operations 3.0p 3.3p - discontinued operations - 8.2p ________ _______ - total 3.0p 11.5P ======== ======= Norish plc Consolidated balance sheet at 31 December 2006 2006 2006 2005 €'000 £'000 £'000 Fixed assets Intangible assets - goodwill 300 201 216 Tangible assets 19,258 12,903 13,077 ______ ______ _______ 19,558 13,104 13,293 Current assets Debtors 4,122 2,762 3,103 Cash at bank and in hand 872 584 284 ______ _______ _______ 4,994 3,346 3,387 Creditors: amounts falling due within one year (4,545) (3,045) (2,902) ______ _______ ________ Net current assets 449 301 485 Total assets less current liabilities 20,007 13,405 13,778 Creditors: amounts falling due after more than one year (9,701) (6,500) (7,000) Provisions for liabilities and charges (972) (651) (633) ______ _______ ________ Net assets 9,334 6,254 6,145 ====== ======= ======== 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 2,361 1,582 1,473 ______ _______ _______ Shareholders' funds 9,334 6,254 6,145 ====== ======= ======= Norish plc Consolidated statement of cash flows for the year ended 31 December 2006 2006 2006 2005 €'000 £'000 £'000 Net cash inflow from operating activities 2,204 1,477 657 Returns on investments and servicing of finance (567) (380) (39) Taxation 290 194 (354) Capital expenditure and financial investment (518) (347) (5,322) Dividends paid (215) (144) (191) Cash inflow/(outflow) before financing activities 1,194 800 (5,249) Financing activities (746) (500) 6,010 _______ ________ _______ Increase in cash in the year 448 300 761 ======= ======== ======= Reconciliation of net cash flow to movement in net debt 2006 2006 2005 €'000 £'000 £'000 Increase in cash in the year 448 300 761 Decrease/(Increase) in debt 746 500 (6,050) Decrease in finance leases - - 40 ________ _______ _______ Change in net debt resulting from cash flows 1,194 800 (5,249) Non-cash movements - - - ________ _______ _______ Decrease/(increase) in net debt in the year 1,194 800 (5,249) Net debt at 1 January (10,770) (7,216) (1,967) ________ _______ _______ Net debt at 31 December (9,576) (6,416) (7,216) ======== ======= ======= Norish plc Adjusted Earnings Per Share Statement for the year ended 31 December 2006 Earnings Earnings 2006 per share 2005 per share £'000 - pence £'000 - pence Profit attributable to shareholders 253 3.0 971 11.5 Goodwill amortisation 15 0.2 15 0.2 Exceptional items - Reorganisation costs (after effective tax credit at 28%) - - 158 1.9 - Profit on disposal of property (nil tax arising) - - (1,000) (11.8) Operating loss on discontinued operations (after effective tax credit of 30%) - - 309 3.6 ______ ______ _______ ______ Adjusted earnings 268 3.2 453 5.4 ====== ====== ======= ====== Weighted average number of ordinary shares 8,466,230 8,466,230 Adjusted earnings per share 3.2p 5.4p ========= ========= This information is provided by RNS The company news service from the London Stock Exchange

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