ResultsNorish 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.
AcquisitionOn 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.
DividendA 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.
OutlookWe 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
StrengthShareholders 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'NeillChairman04 September
2008
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