Final Results

RNS Number : 3463C

Norish PLC

04 March 2011

 

Norish plc

Preliminary Statement of Annual Results 2010

 

Results

Norish plc results for the year ended 31^st December 2010 are as follows:

·   Turnover increased to £10.7m compared with £10.5m for 2009.

·   Pre - tax profits of £552,000 compared to £472,000 for 2009.

·   Net assets increased to £7.5m compared with £7m for 2009.

·   Net debt increased to £6.9m from £6.8m.

Financial Strength

Shareholders funds at 31 December 2010 were £7.5m compared with £7m at 31 December 2009. Net debt at 31 December 2010 was £6.9m which increased from £6.8m as at 31 December 2009.

Operations

The cold stores' profitability was adversely affected by pressure on rates and increased power costs. Performance in the second half of the year was better than expected following a poor first half.

Our ambient site at York did not perform well in 2010 with decreased occupancy.

We completed the acquisition of a new site at Leeds at a total cost of £790,000. This site which was previously leased was profitable in 2010 which is a significant improvement on the previous year.

We currently use R22 refrigeration gas at 3 of our cold stores.  R22 is a Hydrochlorofluorcarbon (HCFC) which is classed as an ozone depleting gas and with effect from 1^st January 2010 it is no longer possible to purchase virgin R22. However, the use of re-cycled R22 is still permitted until 31^st December 2014. We currently have an option to purchase 44,808 kg of re-cycled R22 at £4.05 per kg which is below the current market value. Under IAS39 Financial Instruments(Recognition and measurement) we have accounted for an unrealised profit of £410,000 for the year.

Dividend

The board recommends the payment of a final dividend of 1.25 cent per share. This will be paid on the 20th May 2011 to those shareholders on the register on the 15th April 2011. It will bring the total dividend in respect of the financial year to 1.25 cent per share unchanged from last year.

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 2010.

Ted O'Neill

Chairman

3 March 2011

The results herein do not represent full accounts.  Full accounts for the year ended 31 December 2010, 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 2009 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. 

Statement of Comprehensive Income

for the year ended 31 December 2010

		2010	2009
		£'000	£'000
Continuing operations
Revenue		10,654	10,539
Cost of sales		(9,850)	(9,526)
Gross profit		804	1,013
Other income		410	-
Administrative expenses		(481)	(343)
Operating profit from continuing operations		733	670
Finance expenses		(278)	(291)
Finance income		97	93
Profit on continuing activities before taxation		552	472
Income taxes - Corporation tax		81	(75)
Income taxes - Deferred tax		(192)	434
Profit for the period attributable to owners of the parent		441	831
Other comprehensive income		-	-
Total comprehensive income for the period attributable to owners of the parent		441	831
Earnings per share expressed in pence per share:
From continuing operations - basic		5.2p	9.8p
- diluted		5.2p	9.8p

Statement of Financial Position

at 31 December 2010

		2010	2009
		£'000	£'000
Assets
Non current assets
Goodwill		216	216
Property, plant and equipment		15,384	15,026
Derivative financial instruments		479	-
		16,079	15,242
Current assets
Trade and other receivables		2,494	2,560
Current tax asset		10	-
Cash and cash equivalents		194	445
Total assets		2,698	3,005
Liabilities
Current liabilities
Trade and other payables		(2,556)	(2,274)
Financial liabilities: Fair value of interest rate swaps/caps		(13)	(110)
Current tax liabilities		-	(84)
Borrowings		(666)	(633)
		(3,235)	(3,101)
Net current liabilities		(537)	(96)
Non-current liabilities
Borrowings		(6,442)	(6,634)
Provisions		(509)	(568)
Deferred tax		(1,091)	(899)
		(8,042)	(8,101)
Net assets		7,500	7,045
Equity
Share capital		1,493	1,493
Share premium account		3,156	3,156
Capital conversion reserve fund		23	23
Retained earnings		2,828	2,373
Equity attributable to equity holders of the parent		7,500	7,045

 

Consolidated Statement of Changes in Equity

For the year ended 31 December 2010

			Capital
	Share	Share	Conversion	Retained
	capital	premium	Reserve	earnings	Total
	£'000	£'000	£'000	£'000	£'000
At 1 January 2009	1,493	3,156	23	1,718	6,390
Net profit for the year	-	-	-	831	831
Total comprehensive income  for the year	-	-	-	831	831
Credit in respect of employee share schemes	-	-	-	16	16
Equity dividends paid (recognised directly in equity)				(192)	(192)
At 31 December 2009	1,493	3,156	23	2,373	7,045
Net profit for the year	-	-	-	441	441
Total comprehensive income  for the year	-	-	-	441	441
Credit in respect of employee share schemes	-	-	-	14	14
At 31 December 2010	1,493	3,156	23	2,828	7,500

Consolidated Cash Flow Statement

for the year ended 31 December 2010

		2010	2009
		£'000	£'000
Profit on continuing activities before taxation		552	472
Adjustments for:
Finance expenses		278	291
Finance income		(97)	(93)
Fair value gains on interest rate swaps		97	88
Depreciation - property, plant and equipment		608	576
Employee share schemes		14	16
Changes in working capital and provisions:
(Increase)/decrease in trade and other receivables		(413)	130
Increase in payables		186	118
(Decrease)/increase in provisions		(60)	178
Cash generated from operations		1,165	1,776
Interest paid - bank loans and overdrafts		(278)	(291)
Taxation (paid)/refund		(13)	245
Net cash from operating activities		874	1,730
Investing activities
Interest received		-	5
Purchase of property, plant and equipment		(966)	(317)
Net cash used in investing activities		(966)	(312)
Financing activities
Dividends paid to shareholders		-	(192)
Term loan advance		500	-
Term loan repayments		(659)	(633)
Net cash used in financing activities		(159)	(825)
Net (decrease)/increase  in cash and cash equivalents		(251)	593
Cash and cash equivalents and bank overdrafts, beginning of period		445	(148)
Cash and cash equivalents end of period		194	445

 

END

 

 

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