Prelminary Statement

Norish PLC 03 March 2006 Norish plc Preliminary Statement of Annual Results Highlights 2005 • Earnings per share increased to 11.5p from 2.7p • Adjusted earnings per share increased to 5.4p from 2.7p • Total dividend increased to €2.5c from €2.0c up 25% • Belvedere property disposed for £2.9m - profit on sale £1m • Freehold properties acquired at York and Wrexham - total cost £7.8m • Net debt increased from £2.0m to £7.2m • Moved from Irish Stock Exchange and from London Stock Exchange to AIM • Now exited from commodity and non-food storage - operating loss from discontinued activities £0.4m • Reorganisation costs incurred £0.2m Norish plc Preliminary Statement of Annual Results I am pleased to present the preliminary statement of annual results of Norish Plc for 2005. In March 2005 we availed of the fast track admission procedures and moved from the Official List of the United Kingdom Listing Authority to the Alternative Investment Market of the London Stock Exchange ('AIM'), and delisted from the Official List of the Irish Stock Exchange. The AIM market is better suited to a company of our size as it gives us the ability to complete necessary transactions in a time efficient and cost effective manner. As part of the Group's strategy in exiting the coffee and cocoa commodity storage market we were able to dispose of our Belvedere, Kent premises, in April 2005 for a cash consideration of £2.9m, which gave rise to a profit on disposal of £1.0m. We have now taken the decision to exit the non-food storage sector and have successfully agreed to sub-let our leased facility at Felixstowe. The total operating loss incurred in exiting these activities amounted to £0.4m. In August 2005 we exercised our option to acquire the land and property of the ambient food storage facility at York, from RSH Properties for a total consideration of £2.0m. The company had leased this facility for a period of five years since July 2000. The property covers an area of approximately 10 acres, within six miles of the city of York. Just before the year end we acquired the land and property at Wrexham, for £5.8m. This is a cold storage facility on a freehold site of approximately 14 acres, which has been leased by the company since 1994. The company incurred an exceptional reorganisation cost of £0.2m in restructuring the business to meet its current needs. Results The Group announces pre-tax profits of £1.0m (after net exceptional gains of £0.8m and operating losses from discontinued operations of £0.4m). This compares with pre-tax profits of £0.3m for last year. Turnover from continuing operations increased by £0.8m to £9.5m. The total profit per share is 11.5p compared with 2.7p last year and profit per share from continuing operations is 3.3p compared to 2.5p for last year. Net debt at the year-end increased to £7.2m, from £2.0m. The increase in debt arose mainly as a result of the purchase of the York and Wrexham properties. Operations Our cold stores performed well last year in a market still suffering from overcapacity and increased energy costs. We started the year better than expected which helped to contribute to the improved performance. Our stores finished the year with high occupancy levels. The Bury St Edmunds site was operating at reduced capacity for 3 months, while essential maintenance work was undertaken. This resulted in the contribution from this site falling short on expectations. We are encouraged by improved results at Wrexham, West Midlands and Braintree cold stores. Following the exit from commodity and non-food business we no longer operate from Belvedere and Felixstowe. We are now concentrating on the storage of temperature controlled and ambient food products. Dividend At the interim stage we declared a dividend of €1.25c per share. The board recommend the payment of a final dividend of €1.25c per share. This will bring the total dividend (paid and proposed) for the year to €2.5c per share which compares with €2.0c per share in respect of last year's results. This represents an increase of 25%. Under new accounting standards proposed dividends are not provided in the year end results. Personnel The Board again would like to thank the staff for their contribution in a difficult trading environment in 2005. Trading Outlook We have started 2006 with high occupancy levels in all our stores. However, in line with industry experience, we are incurring high energy costs and are struggling to recover the full impact of these increases from our customers. We are continuously introducing initiatives to reduce our consumption. The group will continue to operate in the areas of both temperature controlled and ambient food storage. Ted O'Neill Executive Chairman 3 March 2006 The results herein do not represent full accounts. Full accounts for the year ended 31 December 2005, 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 2004 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 = £0.69, the conversion rate applicable on 31 December 2005. The Euro (€) figures are not audited. Norish plc Consolidated profit and loss account for the year ended 31 December 2005 2005 2005 2004 €'000 £'000 £'000 Group turnover - continuing operations 13,746 9,485 8,731 - discontinued operations 2,816 1,943 3,512 ------ ------ ----- 16,562 11,428 12,243 Cost of sales (15,474) (10,677) (11,294) -------- --------- -------- Gross profit 1,088 751 949 Administrative expenses (610) (421) (559) Goodwill amortisation (22) (15) (15) -------- ------- -------- Group operating profit before exceptional item - continuing operations 1,095 756 353 - discontinued operations (639) (441) 22 --------- -------- ------- 456 315 375 Exceptional item - reorganisation costs - continuing operations (317) (219) - --------- -------- ------- Group operating profit/(loss) - continuing operations 778 537 353 - discontinued operations (639) (441) 22 ---------- --------- ------- 139 96 375 Exceptional item - profit on disposal of property - discontinued operations 1,449 1,000 - ------- ------ ---- 1,588 1,096 375 Interest receivable and other income 58 40 24 Interest payable and similar charges (153) (106) (135) ------- ------- ----- Profit on ordinary activities before taxation 1,493 1,030 264 Tax on profit on ordinary activities (86) (59) (35) -------- ------- ----- Profit for the financial year 1,407 971 229 -------- ------- ----- Basic and diluted earnings per ordinary share - continuing operations 3.3p 2.5p - discontinued operations 8.2p 0.2p ------ ------ - total 11.5p 2.7p ====== ====== Norish plc Consolidated balance sheet at 31 December 2005 2005 2005 2004 As restated * €'000 £'000 £'000 Fixed assets Intangible assets - goodwill 313 216 231 Tangible assets 18,952 13,077 7,402 ------- ------- ------ 19,265 13,293 7,633 Current assets Debtors 4,498 3,103 2,800 Cash at bank and in hand 411 284 49 -------- -------- ------ 4,909 3,387 2,849 Creditors: amounts falling due within one year (4,206) (2,902) (3,604) -------- ------- ------- Net current assets/(liabilities) 703 485 (755) -------- ------- ------- Total assets less current liabilities 19,968 13,778 6,878 Creditors: amounts falling due after more than one year (10,145) (7,000) (859) Provisions for liabilities and charges (917) (633) (654) -------- -------- ------- Net assets 8,906 6,145 5,365 ======== ======== ======= Capital and reserves Called up share capital 2,163 1,493 1,493 Share premium account 4,574 3,156 3,156 Capital conversion reserve fund 33 23 23 Profit and loss account 2,136 1,473 693 ------- ------ ------ Shareholders' funds 8,906 6,145 5,365 ======= ====== ====== * Under FRS 21 'Events After the Balance Sheet Date' proposed dividends are not reflected in the balance sheet. Norish plc Consolidated statement of cash flows for the year ended 31 December 2005 2005 2005 2004 €'000 £'000 £'000 Net cash inflow from operating activities 952 657 1,373 Returns on investments and servicing of finance (57) (39) (111) Taxation (513) (354) 19 Capital expenditure and financial investment (7,713) (5,322) (472) Equity dividends paid (277) (191) (76) -------- -------- ------ Cash (outflow)/inflow before financing activities (7,608) (5,249) 733 Financing activities 8,710 6,010 (653) ------- ------- ------ Increase in cash in the year 1,102 761 80 ======= ======= ====== Reconciliation of net cash flow to movement in net debt 2005 2005 2004 €'000 £'000 £'000 Increase in cash in the year 1,102 761 80 (Increase)/decrease in debt (8,768) (6,050) 600 Decrease in finance leases 58 40 53 ------- ------- ------ Change in net debt resulting from cash flows (7,608) (5,249) 733 Non-cash movements - - - ------- ------- ------ (Increase)/decrease in net debt in the year (7,608) (5,249) 733 Net debt at 1 January (2,850) (1,967) (2,700) ------- -------- ------- Net debt at 31 December (10,458) (7,216) (1,967) ======== ======== ======= Norish plc Adjusted Earnings Per Share Statement for the year ended 31 December 2005 Earnings Earnings 2005 per share 2004 per share £'000 - pence £'000 - pence Profit attributable to shareholders 971 11.5 229 2.7 Goodwill amortisation 15 0.2 15 0.2 Exceptional items - Reorganisation costs (after tax at 28%) 158 1.9 - - - Profit on sale of property (1,000) (11.8) - - Operating loss/(profit) on discontinued operations (after tax at 30%) 309 3.6 (16) (0.2) ------- ------ ------ ------ Adjusted earnings 453 5.4 228 2.7 ======= ====== ====== ====== Weighted average number of ordinary shares 8,466,230 8,466,230 Adjusted earnings per share 5.4p 2.7p ========= ========= This information is provided by RNS The company news service from the London Stock Exchange

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