Profile
News
Investor Relations
Other Information/Links
LATEST NEWS: |
Posted 04/09/08 00:00
Results
Norish plc announces pre-tax profits of £184,000 for the six months ended 30 June 2008. This compares with pre-tax profits of £320,000 for the same period last year. Turnover from continuing operations decreased by £232,000 to £5,318,000. Earnings per share decreased to 1.4p compared to 2.4p for the same period last year.
The cold stores experienced a slight downturn in trade compared with last year as customers reduced their stock holdings.
Our ambient site at York suffered from significantly reduced stocks, as a result of changes in its major customer’s supply chain, which has resulted in reduced profits compared to last year. Management efforts to source new business continue.
Acquisition
On the 28th March 2008 we completed the purchase of a cold store at Gillingham, Kent for £3,100,000. The acquisition is in a prime location situated close to London. When this store is fully operational it will make a positive contribution to the results in 2009. The purchase was funded by a combination of surplus cash and a 15 year term loan.
Dividend
A final dividend was paid of €1.25c per share in respect of the year 2007, on the 23 May 2008 to those on the register as at 25 April 2008. As with last year, the board do not recommend a payment of an Interim dividend.
Outlook
We have experienced a downturn in trade in 2008 compared to last year and this has carried through into the second half of the year. Although we would expect trading to pick up due to new business wins and seasonal uplift, the performance in the second half of the year is expected to be down on last year.
Financial Strength
Shareholders funds at 30 June 2008 were £6,858,000 compared with £6,816,000 at 31 December 2007. Net debt at 30 June 2008 was £8,249,000, compared with a net debt of £5,424,000 at 31 December 2007.
Ted O’Neill
Chairman
04 September 2008