Norish Announces Preliminary Results for 2014

Wednesday, 4th March 2015

Norish plc results for the year ended 31st December 2014 as follows:

Financial Highlights

  • Total Revenue up 3.5% to £23.6m (2013 : £22.8m).
  • Revenue from Commodity trading up 3.5% to £11.8m (2013 :  £11.4m).
  • Revenue from our continuing temperature controlled business increased up 4.5% to £11.7m (2013 : £11.2m ).
  • Gross profit up 50% to £1.6m (2013 : £1.07m).
  • Net assets up 25% to £10.4m (2013 : £8.3m).
  • Net debt decreased by 10% to £7.0m (2013 : £7.8m).
  • Dividend per share up 20% to 1.5 €cent (2013 : 1.25 €cent).

Operational Highlights

  • Group raised £2.1 million (gross) through a Placing and Open Offer in May 2014
  • Group agreed a bank term loan of £1.5 million.
  • Birmingham site acquired in May 2014 for £2.4m, eliminating rental and landlord costs of £400,000 per annum.
  • Blast Freezing facility investment of £665,000, eliminating £165,000 annual rental costs.

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