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Posted 18/09/07 00:00
Norish plc announces pre-tax profits of £320,000 for the six months ended 30 June 2007. This compares with pre-tax profits of £284,000 for the same period last year. Turnover from continuing operations increased by £323,000 to £5,550,000. Earnings per share increased to 2.5p compared to 2.1p for the same period last year.
All our cold stores preformed better than the first six months last year.
Our ambient food storage business started the year with full occupancy which has subsequently reduced. We expect to see volumes reduce further in the second half of the year.
Outlook
We have had a better than expected first half and have no reason to believe that this will not continue into the second half of the year. However, the reduction in volumes at our ambient food storage business will have some adverse impact on our profitability.
Board Changes
Raymond French was appointed to the board on 1 March 2007. He is currently Chairman of International Securities Trading Corporation and a Director of the funds of Global Asset Management, (GAM) and Anglo Irish Bank Corporation (IOM) PLC.
Financial Strength
Shareholders funds at 30 June 2007 were £6,505,000 compared with £6,297,000 at 31 December 2006. Net debt at 30 June 2007 was £6,350,000, compared with a net debt of £6,416,000 at 31 December 2006.
Dividend
The board has decided not to declare an interim dividend.
Ted O’Neill
Chairman
18 September 2007