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Trading improved in second half.
Dividend Maintained.
Improved outlook for current year.
Capital investment, cost cutting and concerted sales drive enhance performance.
The company returned to profitability in the latter part of the year with pre-tax profits totalling €0.5 million for the second half compared with a loss of €0.3 million in the first half. Pre-tax profits for the full year ended 31st December 2001 were €0.2 million compared with €3.3 million in the previous year.
The loss per share was €1 cent in 2001 compared with earnings per share of €28.9 cent in the previous year.
The Directors are recommending a maintained final dividend of €4 cent per share, making a same again total of €5.27 cent for the year. It is proposed to pay the final dividend, subject to shareholder approval, on 24 May 2002, to shareholders on the register at close of business on 26 April 2002.
The improvement in the second half reflects the success of management in dealing with the exceptionally difficult circumstances which arose in the earlier part of the year. Increased efficiencies, reductions in costs and a concerted sales campaign mitigated the severe impact of foot and mouth disease on cold stores, the insolvency of a major customer and changes in the cocoa supply chain.
Much of the volume lost in cold storage has been recovered and this improvement has been maintained to date in the current year. While this business remains very competitive, the market for support services and ambient storage shows growth potential. The company is benefiting from providing integrated service support for major food producers and leading UK multiples.
Commenting on the results today, the Chief Executive of Norish, Paul Byrne said: "The improvement in the second half of 2001 was steady and, combined with the current level of trading, suggests that some cautious optimism is not unreasonable. Capital investment of over €1.2 million during the year has enhanced the efficiency of our operations. We see further development opportunities in the general and ambient warehousing area and we are looking forward to continuing along the path of recovery in 2002."
The audited profit and loss account, balance sheet and cash flow statement in sterling currency, with comparatives, are attached. For information purposes these are also expressed in Euro (€) at the rate of €1 = Stg£0.6085, the conversion rate applicable on 31 December 2001.
Copies of the Preliminary Announcement can be obtained from Grainne O'Brien, Murray Consultants, 35 Upper Mount Street. Dublin 2.
Brian A. Joyce
Chairman
28 February 2002
For reference:
Murray Consultants:
Joe Murray / Grainne O'Brien Tel: +353 1 632 6400