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Posted 08/09/06 00:00
Norish plc announces pre-tax profits of £0.3m for the six months ended 30 June 2006. This compares with pre-tax profits of £0.9m (after net exceptional gains of £0.7m) for the same period last year. Turnover from continuing operations increased by £0.7m to £5.2m. The adjusted earnings per share increased to 2.2p compared to 1.7p for the same period last year.
We started the year with high occupancy levels which have subsequently reduced across the business.
The Bury St Edmunds site did not perform as well as expected due to the loss of storage product from the closure of a customer’s factory. We are confident that we will replace this lost business in the second half of the year.
Our ambient food storage business experienced full occupancy for the first 6 months resulting in the use of third party warehouses to help cope with the additional volumes. This is likely to continue well into the second half of the year.
The group generated cash of £0.5m in the first half of the year to reduce the net debt of the company to £6.7m.
Outlook
As is being experienced throughout industry, we are struggling to pass the full impact of high energy costs to our customers. Our trading environment continues to be difficult and I would caution against over-optimism in the second half of the year.
Board Changes
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.
Norman Hatcliff has been appointed Managing Director. He joined the company in 2000 and was appointed to the board as Operations Director in July 2005.
Financial Strength
Shareholders funds at 30 June 2006 were £6.3m compared with £6.1m at 31 December 2005. Net debt at 30 June 2006 was £6.7m, compared with a net debt of £7.2m at 31 December 2005.
.Dividend
The board has decided to declare an unchanged interim dividend of €1.25c (2005:€1.25c) to be payable on 27 October 2006 for those shareholders on the record as at 29 September 2006.
Ted O’Neill
Executive Chairman
8 September 2006