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Posted 05/03/11 12:34
Norish plc results for the year ended 31st December 2010 are as follows:
• Turnover increased to £10.7m compared with £10.5m for 2009.
• Pre - tax profits of £552,000 compared to £472,000 for 2009.
• Net assets increased to £7.5m compared with £7m for 2009.
• Net debt increased to £6.9m from £6.8m.
Financial Strength
Shareholders funds at 31 December 2010 were £7.5m compared with £7m at 31 December 2009. Net debt at 31 December 2010 was £6.9m which increased from £6.8m as at 31 December 2009.
Operations
The cold stores’ profitability was adversely affected by pressure on rates and increased power costs. Performance in the second half of the year was better than expected following a poor first half.
Our ambient site at York did not perform well in 2010 with decreased occupancy.
We completed the acquisition of a new site at Leeds at a total cost of £790,000. This site which was previously leased was profitable in 2010 which is a significant improvement on the previous year.