Preliminary Statement of Annu

RNS Number : 0866I

Norish PLC

04 March 2010

 



Norish plc

Preliminary Statement of Annual Results 2009

Results

 

4 March 2010

Norish plc results for the year ended 31^st December 2009 are as follows:

·      Turnover increased to £10.5m compared with £9.7m for 2008

·      Pre - tax profits of £472,000 compared to £111,000 for 2008.

·      Profit after tax of £831,000 compares with a loss of £356,000 for 2008

·      Net assets increased to £7m compared with £6.4m for 2008.

·      Net debt reduced to £6.8m from £8m.

Financial Strength

Shareholders funds at 31 December 2009 were £7m compared with £6.4m at 31 December 2008. Net debt at 31 December 2009 was £6.8m, compared with a net debt of £8m at 31 December 2008.

Operations

The cold stores' profitability was adversely affected by start-up costs incurred in respect of a new site at Leeds and the effect of some of our customers de-stocking during the year. Furthermore, reduced blast freezing and a slow start to seasonal activity pre-Christmas at some of the sites diluted our performance in Q4. Our Gillingham site which was acquired in 2008 performed well.

Our ambient site at York performed well in 2009 with increased occupancy and throughput.

Acquisition

In February 2009 we agreed to lease a 3,100 pallet cold store at Leeds for an initial rent of £15,000 per annum. Since the year end we have agreed to purchase the site for £750,000. We believe this acquisition will add to the profitability of the business in 2010.

Dividend

The board does not recommend the payment of a final dividend for 2009.An Interim dividend of 1.25 cents was paid in October 2009. The total dividend in respect of the financial year was 1.25 cents per share unchanged from last year.

Board Changes

Raymond French resigned from the board in November 2009. On behalf of the board I would like to thank him for his valuable contribution to the business over the past few years.

Personnel

On behalf of the board, I would like to thank our Managing Director, Norman Hatcliff our Finance Director, Aidan Hughes and their management team and staff for their commitment and contribution in 2009.

Ted O'Neill

Chairman

3 March 2010

The results herein do not represent full accounts.  Full accounts for the year ended 31 December 2009, 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 2008 containing an unqualified audit report from the Auditors have been delivered to the Registrar of Companies.

The audited consolidated income statement, balance sheet and cash flow statement in sterling currency, with comparatives, are attached. 

Statement of Comprehensive Income

for the year ended 31 December 2009

	2009	2008
	£'000	£'000
Continuing operations
Revenue	10,539	9,693
Cost of sales	(9,526)	(8,958)
Gross profit	1,013	735
Other income	-	326
Administrative expenses	(343)	(274)
Operating profit from continuing operations	670	787
Finance expenses	(291)	(696)
Finance income	93	20
Profit on continuing activities before taxation	472	111
Income taxes - Corporation tax	(75)	342
Income taxes - Deferred tax	434	(809)
Profit/(loss) for the period attributable to owners of the parent	831	(356)
Other comprehensive income	-	-
Total comprehensive income/(loss) for the period attributable to owners of the parent	831	(356)
Earnings per share expressed in pence per share:
From continuing operations - basic	9.8p	(4.2)p
- diluted	9.8p	(4.2)p

Statement of Financial Position

at 31 December 2009

	2009	2008
	£'000	£'000
Assets
Non current assets
Goodwill	216	216
Property, plant and equipment	15,026	15,285
	15,242	15,501
Current assets
Trade and other receivables	2,560	2,690
Current tax asset	-	236
Cash and cash equivalents	445	15
	3,005	2,941
Liabilities
Current liabilities
Trade and other payables	(2,274)	(2,068)
Financial liabilities: Fair value of interest rate swaps	(110)	(198)
Current tax liabilities	(84)	-
Borrowings	(633)	(796)
	(3,101)	(3,062)
Net current liabilities	(96)	(121)
Non-current liabilities
Borrowings	(6,634)	(7,267)
Provisions	(568)	(391)
Deferred tax	(899)	(1,332)
	(8,101)	(8,990)
Net assets	7,045	6,390
Equity
Share capital	1,493	1,493
Share premium account	3,156	3,156
Capital conversion reserve fund	23	23
Retained earnings	2,373	1,718
Equity attributable to equity holders of the parent	7,045	6,390

Consolidated Statement of Changes in Equity

For the year ended 31 December 2009

			Capital
	Share	Share	Conversion	Retained
	capital	premium	Reserve	earnings	Total
	£'000	£'000	£'000	£'000	£'000
At 1 January 2008	1,493	3,156	23	2,144	6,816
Net profit for the year	-	-	-	(356)	(356)
Total comprehensive income  for the year	-	-	-	(356)	(356)
Credit in respect of employee share schemes	-	-	-	14	14
Equity dividends paid (recognised directly in equity)				(84)	(84)
At 31 December 2008	1,493	3,156	23	1,718	6,390
Net profit for the year	-	-	-	831	831
Total comprehensive income for the year	-	-	-	831	831
Credit in respect of employee share schemes	-	-	-	16	16
Equity dividends paid (recognised directly in equity)				(192)	(192)
At 31 December 2009	1,493	3,156	23	2,373	7,045

Consolidated Cash Flow Statement

for the year ended 31 December 2009

	Notes	2009	2008
		£'000	£'000
Profit on continuing activities before taxation		472	111
Adjustments for:
Finance expenses		291	696
Finance income		(93)	(20)
Depreciation - property, plant and equipment		576	541
Employee share schemes		16	14
Changes in working capital and provisions:
Decrease/(increase) in trade and other receivables		130	(223)
Increase in payables		118	107
Increase in provisions		177	391
Cash generated from operations		1,687	1,617
Interest paid - bank loans and overdrafts		(291)	(469)
Taxation refund /(paid)		245	(156)
Net cash from operating activities		1,641	992
Investing activities
Interest received		5	20
Fair value losses on interest rate swaps		88	(227)
Disposal of Plant		-	-
Purchase of property, plant and equipment		(317)	(3,325)
Net cash used in investing activities		(224)	(3,532)
Financing activities
Dividends paid to shareholders		(192)	(84)
Term loan advance		-	2,000
Term loan repayments		(633)	(600)
Net cash (used in)/ from financing activities		(825)	1,316
Net increase/(decrease) in cash and cash equivalents and bank overdrafts		592	(1,224)

 

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