Final Results

Norish PLC 06 March 2008 Norish plc Preliminary Statement of Annual Results 6 March 2008 I am pleased to present the Annual Report of Norish Plc for 2007. During 2007 the Group performed well compared to 2006, mainly as a result of additional sales activity and a reduction in the group administrative expenses following the closure of the Dartford Head office. Results The Group announces pre-tax profits of £0.6m. This compares with pre-tax profits of £0.5m for last year. The profit per share from operations is 6.0p compared to 3.5p for last year. Net debt at the year-end decreased by £1.0m from £6.4m to £5.4m. Operations All of our cold stores performed better than last year. However, performance in the second half of the year was restricted by outbreaks of Avian Flu and Foot and Mouth Disease, adversely affecting inbound and outbound movements of stock at several of our sites. Our ambient site at York opened the year with high occupancy but, as a result of changes in a major customer's supply chain, storage volume declined resulting in the site currently making a marginal profit. A focused sales strategy has been initiated for the site which we are confident will deliver new opportunities. The Bury St Edmunds, Wrexham and East Kent sites all secured new business with high throughput which has resulted in the improved performance from these stores. Dividend The board recommends the payment of a final dividend of €1.25c per share. Subject to shareholder approval this dividend will be paid on 23 May 2008 to those shareholders on the register on 25 April 2008. This will bring the total dividend in respect of the financial year to €1.25c per share, unchanged from last year. Board I am very pleased to report that Raymond French was appointed to the board on 1 March 2007. He is also a Director of the funds of Global Asset Management, (GAM) and Anglo Irish Bank Corporation (IOM) plc. Personnel On behalf of the board, I would like to thank our Managing Director, Norman Hatcliff, our Finance Director, Aidan Hughes and their management team and staff for their commitment and contribution in 2007. Trading Outlook We have started 2008 with good occupancy levels and would expect our cold storage division to continue to perform well. However, the reduction in volumes at our ambient food storage business poses challenges to the profitability of this area of the business. Ted O'Neill Chairman 6 March 2008 The results herein do not represent full accounts. Full accounts for the year ended 31 December 2007, upon which the Auditors have given an unqualified audit report, have not yet been filed with the Registrar of Companies. Full accounts for the year ended 31 December 2006 containing an unqualified audit report from the Auditors have been delivered to the Registrar of Companies. The audited consolidated income statement, 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 = £0.733, the conversion rate applicable on 31 December 2007. The Euro (€) figures are not audited. Norish plc Consolidated Income Statement for the year ended 31 December 2007 2007 2007 2006 €'000 £'000 £'000 Continuing operations Revenue 14,999 10,994 10,671 Cost of sales (13,232) (9,699) (9,474) ---------------------------- Gross profit 1,767 1,295 1,197 ---------------------------- Administrative expenses (367) (269) (368) ---------------------------- Operating profit from continuing operations 1,400 1,026 829 ---------------------------- Finance expenses (596) (437) (425) Finance income 38 28 84 ---------------------------- Profit on continuing activities before taxation 842 617 488 ---------------------------- Income taxes (153) (112) (190) ---------------------------- Profit for the period attributable to shareholders 689 505 298 ============================ Earnings per share expressed in pence per share: From continuing operations - basic 8.2cent 6.0p 3.5p - diluted 8.2cent 6.0p 3.5p Norish plc Consolidated Balance Sheet at 31 December 2007 2007 2007 2006 €'000 £'000 £'000 Assets Non current assets Goodwill 295 216 216 Property, plant and equipment 17,055 12,501 12,903 ------------------------- 17,350 12,717 13,119 ------------------------- Current assets Trade and other receivables 3,326 2,438 2,762 Financial assets: Fair value of interest rate swaps 39 29 44 Cash and cash equivalents 1,468 1,076 584 ------------------------- Total assets 4,833 3,543 3,390 ------------------------- Liabilities Current liabilities Trade and other payables (2,945) (2,159) (2,394) Current tax liabilities (357) (262) (154) Borrowings (682) (500) (500) -------------------------- (3,984) (2,921) (3,048) -------------------------- Net current assets 849 622 342 -------------------------- Non-current liabilities Borrowings (8,186) (6,000) (6,500) Deferred tax (714) (523) (664) -------------------------- (8,900) (6,523) (7,164) -------------------------- Net assets 9,299 6,816 6,297 -------------------------- Equity Share capital 2,037 1,493 1,493 Share premium account 4,306 3,156 3,156 Capital conversion reserve fund 31 23 23 Retained earnings 2,925 2,144 1,625 -------------------------- Equity attributable to equity holders of the parent 9,299 6,816 6,297 -------------------------- Norish plc Consolidated Statement of Changes in Equity for the year ended 31 December 2007 Capital Share Share Conversion Retained capital premium Reserve earnings Total £'000 £'000 £'000 £'000 £'000 At 1 January 2006 1,493 3,156 23 1,471 6,143 ------------------------------------------------ Net profit for the year - - - 298 298 ------------------------------------------------ Total recognised income and expense for the year - - - 298 298 Equity dividends paid (recognised directly in equity) - - - (144) (144) ----------------------------------------------- At 31 December 2006 1,493 3,156 23 1,625 6,297 ----------------------------------------------- Net profit for the year - - - 505 505 ------------------------------------------------ Total recognised income and expense for the year - - - 505 505 Credit in respect of employee share schemes - - - 14 14 ----------------------------------------------- At 31 December 2007 1,493 3,156 23 2,144 6,816 =============================================== Norish plc Consolidate Cash Flow Statement for the year ended 31 December 2007 2007 2007 2006 €'000 £'000 £'000 Profit on continuing activities before taxation 842 617 488 Adjustments for: Finance expenses 596 437 425 Finance income (38) (28) (84) Depreciation - property, plant and equipment 756 554 521 Employee share schemes 19 14 - Changes in working capital: Decrease in trade and other receivables 462 339 142 Decrease in payables (320) (235) (15) ------------------------- Cash generated from operations 2,317 1,698 1,477 ------------------------- Interest paid - bank loans and overdrafts (596) (437) (420) Taxation (paid) / refunded (198) (145) 194 ------------------------- Net cash from operating activities 1,523 1,116 1,251 ------------------------- Investing activities Interest received 59 43 40 Fair value gains on swaps adjustment (21) (15) - Disposal of Plant 27 20 - Purchase of property, plant and equipment (235) (172) (347) ------------------------- Net cash used in investing activities (170) (124) (307) ------------------------- Financing activities Dividends paid to shareholders - - (144) Term loan repayments (682) (500) (500) ------------------------- Net cash used in financing activities (682) (500) (644) ------------------------- ------------------------- Net increase in cash and cash equivalents 671 492 300 ------------------------- This information is provided by RNS The company news service from the London Stock Exchange

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