Interim Results

NORISH PLC 16 September 1999 INTERIM RESULTS Six Months to 30 June 1999 - PRE-TAX PROFITS INCREASE 7% TO STG£922,000 (1998: STG£864,000) - EPS UP 8.5% TO STG7.7 PENCE FROM STG7.1 PENCE IN 1998 - BELVEDERE ACQUISITION PERFORMS STRONGLY - INTERIM DIVIDEND OF IR1.0 PENCE PER SHARE DECLARED For reference: Paul Byrne, Managing Director, Norish plc +44 1737 221133 Joe Murray / Bevin Cody +353 1 661 4666 NORISH PLC Interim Statement Six Months to 30 June 1999 Norish plc's results for the half year to 30 June 1999 are reported in pounds sterling (with Euro equivalents), as all of the Group's trading activities are now conducted in the UK. We are pleased to report pre tax profits of STG£922,000 for the period, compared with profits of STG£864,000 in the same period last year. Earnings per share were STG7.7 pence compared with STG7.1 pence last year, an increase of 8.5%. Turnover from continuing operations, i.e. the cold storage division, reduced by STG£566,000 to STG£3,529,000. This reduction mainly stemmed from the ongoing impact of the decision taken in 1998 to rationalise certain uneconomic distribution activities. On 7 May the Group completed the purchase of Belvedere Warehousing Group (BWA) for a total consideration of STG£7.0 million, of which STG£4.0 million was paid in cash on completion, and STG£3.0 million in non-interest bearing loan notes to be paid in three equal annual instalments commencing in May 2000. Goodwill of STG£3.3 million arose from the transaction. BWA provides a range of services including importation, storage, part- processing and delivery of cocoa and coffee to commodity dealers and manufacturers in the UK. The Group as a whole traded satisfactorily in the six months to June although some weakening of demand in parts of our cold storage business was experienced in the second quarter and persists to date. In addition, beef stocks are reducing in our Irish associate, and this is expected to continue for the remainder of the year. However, we are encouraged by the strong performance of BWA, which contributed to profits in the seven weeks from completion and is expected to perform well throughout the second half. We continue to actively seek further opportunities to add capacity in both the cold storage and ambient divisions of our business in order to ensure continuing satisfactory returns for our shareholders. A Group-wide programme designed to address the impact of the Year 2000 on our business was implemented in 1998. This programme has now been extended to cover BWA. We do not expect any significant internal problems in achieving Year 2000 compliance. We do not believe that the associated costs will have a material effect on the Group's current financial position, liquidity or results. The Board has decided to pay an interim dividend of IR1.0p per share (1998 IR1.0p). The dividend will be paid on 15 October 1999 to shareholders on the register at 1 October. Brian Joyce Chairman 15 September 1999 NORISH PLC Consolidated Profit and Loss Account Six months to 30 June 1999 Six months Six months Six to to months to 30 June 30 June 30 June 1999 1999 1998 Euro 000 * STG£000 STG£000 (Unaudited) (Unaudited) (Unaudited) Turnover - continuing operations 5,429 3,529 4,095 - acquisitions 2,005 1,303 0 ______ ______ ______ - total 7,434 4,832 4,095 ______ ______ ______ Operating profit - continuing operations 950 617 679 - acquisitions 352 229 0 ______ ______ ______ - total 1,302 846 679 Share of associated Undertaking 202 131 190 ______ ______ ______ Profit on ordinary activities before interest 1,504 977 869 Interest payable less receivable (85) (55) (5) ______ ______ ______ Profit on ordinary activities before taxation 1,419 922 864 Taxation - group (376) (245) (239) - share of associate (40) (26) (29) ______ ______ ______ Profit attributable to group 1,003 651 596 Dividends (111) (72) (70) ______ ______ ______ Retained profit for period 892 579 526 ______ ______ ______ Basic and diluted earnings per share: (Euro cents / STG pence) 11.9 7.7 7.1 ______ ______ ______ Dividend per IR pence IR pence share 1.0 1.0 ______ ______ * The unaudited financial information presented in pounds sterling as of and for the period ended 30 June 1999 is also expressed in Euros, solely for convenience, at the rate of Euro 1 = STG£0.65, the closing rate for the period. No representation is made that the pounds sterling amounts have been, could have been or could be converted into Euros at that or any other rate. NORISH PLC Consolidated Balance Sheet At 30 June 1999 30 June 30 June 31 December 1999 1999 1998 Euro 000 * STG£000 STG£000 (Unaudited) (Unaudited) (Unaudited) Fixed assets Tangible fixed assets 15,855 10,305 7,204 Investment in associated undertaking 245 159 30 Goodwill 5,111 3,322 0 ______ ______ ______ 21,211 13,786 7,234 ______ ______ ______ Current assets Debtors 4,132 2,686 1,845 Cash at bank and in hand 1,915 1,245 1,880 ______ ______ ______ 6,047 3,931 3,725 Creditors: due within one year (7,714) (5,014) (2,784) ______ ______ ______ Net current assets (1,667) (1,083) 941 ______ ______ ______ Total assets less current liabilities 19,544 12,703 8,175 Creditors: due after more than one year (6,873) (4,467) (746) Provisions for liabilities and charges (1,768) (1,149) (921) ______ ______ ______ Net assets 10,903 7,087 6,508 ______ ______ ______ Capital and reserves Called up share capital 2,329 1,514 1,514 Share premium account 4,843 3,148 3,148 Profit and loss account 3,731 2,425 1,846 ______ ______ ______ Shareholders' funds - equity 10,903 7,087 6,508 ______ ______ ______

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