Final Results

Norish PLC
1 March 2001


                                  NORISH PLC


               Preliminary Announcement of the Audited Results

                     for the year ended 31 December 2000

The Directors report profits before tax of Stg£2.02m (Euro3.23m) compared with
Stg£2.32m (Euro3.74m) in 1999.

Basic earnings per share were Stg17.6p (Euro28.2c) compared with Stg19.1p
(Euro30.7c) per share in 1999. Adjusted earnings per share (excluding
goodwill, share of operating profit of and profit on disposal of associate)
amounted to Stg16.6p (Euro26.6c) compared with Stg18.3p (Euro29.3c) in 1999.

Included in profits is compensation of Stg£0.58m received for loss, damage and
expense sustained in relation to one of the group's premises.

At the interim stage we declared a dividend of Ir1.0p per ordinary share
(1999: Ir1.0p). In anticipation of the changeover to Euro in January 2002 the
Board is recommending a final dividend for 2000 of Euro4.0c per share (1999:
Ir3.0p). This represents a 5% increase on the 1999 final dividend. The company
operates a twin share scheme, and shareholders will in future receive
dividends in Euro unless they elect to be paid in pounds sterling.

It is proposed to pay the final dividend on 25 May 2001, to shareholders on
the register at close of business on 27 April 2001.

Over-capacity in the UK cold storage industry continues to depress demand for
our temperature-controlled services, and I believe that our cold stores
performed well in difficult circumstances. Cocoa imports can vary from year to
year against the background of relatively static consumption levels, and we
experienced a marked reduction in UK cocoa imports in 2000. While this clearly
affected our BWA subsidiary, it was partly offset by growth in our general
warehousing activities.

We made two small acquisitions during the year, a cold storage company in Kent
and an ambient warehousing business in York. Total acquisition expenditure was
Stg£0.8m.

In the current year our cold storage division continues to experience the
effects of over-capacity in the UK market, causing downwards pressure on
charging rates, activity levels and occupancies. There are signs however that
some rationalisation of capacity may take place in the short to medium term.
We expect our ambient division to derive some benefit from increased UK cocoa
imports later this year.

We continue to seek additional well-located cold storage and ambient
warehousing businesses.

A profit and loss statement, balance sheet and cash flow statement are
attached.

Copies of the Preliminary Announcement can be obtained from the Secretary,
Norish plc, 1 Stokes Place, St. Stephen's Green, Dublin 2.


Brian A. Joyce
Chairman
1 March 2001


ENDS

For reference:

Murray Consultants:

Joe Murray / Grainne O'Brien               Tel: [phone]



                                  NORISH PLC


                     Consolidated Profit and Loss Account

                     for the year ended 31 December 2000

                                                         2000      2000    1999

                                                      Euro000   Stg£000 Stg£000

Group turnover
Continuing operations                                  20,498    12,793  12,617
Acquisitions                                            1,303       813       -

                                                       ______    ______  ______
                                                       21,801    13,606  12,617
Cost of sales                                        (16,877)  (10,533) (9,492)

                                                       ______    ______  ______
Gross profit                                            4,924     3,073   3,125
Administrative expenses                               (1,503)     (938)   (742)

                                                       ______    ______  ______
Group operating profit
Continuing operations                                   3,248     2,027   2,383
Acquisitions                                              173       108       -

                                                       ______    ______  ______
                                                        3,421     2,135   2,383
Share of operating profit of associated undertaking        32        20     194

Profit on disposal of associated undertaking              407       254       -

                                                       ______    ______  ______
Profit on ordinary activities before interest           3,860     2,409   2,577
Interest receivable and other income                       27        17      63
Interest payable and similar charges                    (654)     (408)   (320)

Share of net interest of associated undertaking             -         -       2

                                                       ______    ______  ______
Profit on ordinary activities before taxation           3,233     2,018   2,322
Tax on profit on ordinary activities                    (846)     (528)   (709)

                                                       ______    ______  ______
Profit on ordinary activities after taxation            2,387     1,490   1,613
Equity dividends - paid                                 (107)      (67)    (83)
- proposed                                              (338)     (211)   (200)

                                                       ______    ______  ______
                                                        (445)     (278)   (283)

                                                       ______    ______  ______
Retained profit for the year                            1,942     1,212   1,330
Profit and loss account at beginning of year            5,086     3,174   1,846
Foreign currency translation movement                       -         -     (2)

                                                        _____    ______  ______
Profit and loss account at end of year                  7,028     4,386   3,174

                                                        =====     =====   =====

Basic earnings per ordinary share                       28.2c     17.6c   19.1p
Diluted earnings per ordinary share                     28.1c     17.5p   19.0p
Adjusted earnings per ordinary share                    26.6c     16.6p   18.3p
                                                         ====      ====    ====


                                  NORISH PLC


                          Consolidated Balance Sheet

                             at 31 December 2000

                                                           2000    2000    1999

                                                        Euro000 Stg£000 Stg£000

Fixed assets
Intangible assets - goodwill                              6,187   3,861   3,311
Tangible fixed assets                                    16,861  10,523  10,063
Investment in associated undertaking                          -       -      26
                                                         ______  ______  ______

                                                         23,048  14,384  13,400

Current assets
Debtors                                                   4,813   3,004   2,872
Cash at bank and in hand                                    202     126     775

                                                         ______  ______  ______

                                                          5,015   3,130   3,647
                                                          

Creditors: amounts falling due within one year          (7,249) (4,524) (3,829)

                                                         ______  ______  ______

Net current liabilities                                 (2,234) (1,394)   (182)

                                                         ______  ______  ______

Total assets less current liabilities                    20,814  12,990  13,218

Creditors: amounts falling due after more than one year

                                                        (4,809) (3,001) (4,451)

Provisions for liabilities and charges                  (1,492)   (931)   (932)

                                                         ______  ______  ______

Net assets                                               14,513   9,058   7,835

                                                          =====   =====   =====

Capital and reserves
Called up share capital                                   2,392   1,493   1,490
Share premium account                                     5,057   3,156   3,148
Capital conversion reserve fund                              36      23      23
Profit and loss account                                   7,028   4,386   3,174

                                                         ______  ______  ______

Shareholders' funds - equity                             14,513   9,058   7,835

                                                          =====   =====   =====




                                  NORISH PLC

                     Consolidated Statement of Cash Flows

                     for the year ended 31 December 2000
                                                        2000     2000     1999

                                                     Euro000  Stg£000  Stg£000


Net cash inflow from operating activities              4,558    2,845    3,112

Dividends from associated undertaking                    266      166      101
Returns on investments and servicing of finance        (391)    (244)    (128)
Taxation                                             (1,102)    (688)  (1,392)
Capital expenditure and financial investment         (1,747)  (1,090)    (333)
Acquisitions and disposals                             (868)    (542)  (3,492)
Equity dividends paid                                  (428)    (267)    (301)
                                                      ______   ______   ______

Cash inflow/(outflow) before financing activities        288      180  (2,433)

Financing activities                                 (2,272)  (1,418)    1,715
                                                      ______   ______   ______

Decrease in cash in the year                         (1,984)  (1,238)    (718)
                                                      ======   ======   ======

Reconciliation of net cash flow to

movement in net debt

                                                        2000     2000     1999

                                                     Euro000  Stg£000  Stg£000

Decrease in cash in the year                         (1,984)  (1,238)    (718)
Decrease/(increase) in debt                            2,203    1,375  (1,715)
Decrease in finance leases                                87       54        -
                                                      ______   ______   ______

Change in net debt resulting from cash flows             306      191  (2,433)
Finance leases acquired with subsidiary                    -        -    (340)
Deferred consideration on acquisition of subsidiary        -        -  (2,750)
Interest on zero coupon loan notes                     (236)    (147)        -
                                                      ______   ______   ______

Decrease/(increase) in net debt in the year               70       44  (5,523)

Net debt at I January                                (8,067)  (5,035)      488
                                                      ______   ______   ______

Net debt at 31 December                              (7,997)  (4,991)  (5,035)
                                                      ======   ======   ======