Interim Results

Norish PLC 8 September 2000 NORISH PLC INTERIM RESULTS Six months ended June 30th, 2000 * PRE-TAX PROFITS INCREASE 23% TO STG£1.1m * TURNOVER UP 41% TO STG£6.8m * EARNINGS PER SHARE - BASIC UP 31 % AT STG10.1p - ADJUSTED 4% HIGHER AT STG8.2p * SAME AGAIN INTERIM DIVIDEND OF IR1p * SHORT TERM IMPACT FROM DECREASE IN COCOA IMPORTS * COMPETITIVE TRADING ENVIRONMENT IN COLD STORAGE * STRONG PERFORMANCE FROM GENERAL WAREHOUSING Commenting on the results today, the Chairman of Norish, Brian Joyce said: 'Excess capacity continues to be a feature of the cold storage market, making trading conditions more competitive. The reduction in current year imports of cocoa will have a short-term impact on the ambient warehousing division although we expect that this will be partly offset by growth which we are generating in general warehousing.' 8th September 2000 For reference: Norish plc Paul Byrne, Chief Executive Tel: + 44 1737 221 133 Murray Consultants: Joe Murray Tel: + 353 1 632 6400 Interim Report to Shareholders for the six months to 30 June 2000 Norish plc announces an increase of 23% in profit before taxation to STG£1.13m for the six months to 30 June 2000. Basic earnings per share increased by 31% to STG10.1p, while adjusted earnings per share, which excludes the effect of goodwill amortisation and exceptional items, increased by 4% to STG8.2p. The share of profit from the Group's interest in its associated undertaking in Ireland, which was disposed of during the first half, declined from STG£131,000 to STG£20,000 and impacted negatively on EPS. East Kent Cold Storage Company Ltd was acquired in March for a consideration of STG£0.45m. Since the end of the period, the ambient warehousing business carried on at Beningbrough, York by RSH Flowers (Distribution) Ltd has been acquired for a cash consideration of STG£0.35m. Group turnover increased by 41% to STG£6.84m, reflecting a full six months contribution from BWA, which was acquired on 7 May 1999. The net interest charge increased from STG£0.06m to STG£0.20m, mainly due to the financing costs of the BWA acquisition. The Group as a whole traded satisfactorily in the first half although over-capacity in the cold storage industry affected demand. UK Cocoa imports are running at lower levels this year with a consequent reduction in trading activity and handling revenues at BWA. Normal trading patterns would indicate that stocks of cocoa will need replenishment in due course. A strong performance from BWA's growing general warehousing business and from coffee storage has helped to offset the reduction in cocoa activity. Management has initiated a programme of systems upgrading intended to enhance significantly the quality of its service offering to customers. When the programme is complete customers will be offered interactive Internet access to the Group's warehouse management system. The Group's newly designed website is now operational and can be accessed at www.norish.com. Shareholders' funds at 30 June 2000 were STG£8.63m compared with STG£7.84m at 31 December 1999. Net debt at 30 June 2000 was STG£4.85m, giving a debt/equity ratio of 56% (31 December 1999: STG£5.04m, 64%). Acquisition and capital expenditure amounted to STG£0.80m. An interim dividend of IR1.0p per share (1999: IR1.0p) has been declared. The dividend will be paid on 19 October 2000 to shareholders on the register at 29 September 2000. With effect from 21 July 2000 the FTSE Global Classification Committee agreed to reclassify Norish plc's shares from 'Transport' to 'Support Services.' This reclassification more accurately reflects the nature of Norish's current business, which is focused on the provision of warehousing and allied services to the food and non-food sectors. Norish adds value in a temperature-controlled environment through its cold storage division, Norish Food Care, and through ambient warehouses operated by BWA. Norish Food Care and BWA have built strong positions in their respective markets in the UK. Brian Joyce Chairman 8th September 2000 NORISH PLC CONSOLIDATED PROFIT AND LOSS ACCOUNT Six Months to 30 June 2000 Six Six months Six months months to to to 30 June 30 June 30 June 2000 2000 1999 EUR000 STG£000 STG£000 (Unaudited) (Unaudited) (Unaudited) Turnover - continuing operations 10,486 6,606 4,832 - acquisitions 365 230 0 ______ ______ ______ - total 10,851 6,836 4,832 ===== ===== ===== Operating profit - continuing operations 1,586 999 846 - acquisitions 90 57 0 ______ ______ ______ - total 1,676 1,056 846 Share of profit of associated undertaking - discontinued operation 32 20 131 Exceptional item - profit on sale of investment in associate 403 254 0 ______ ______ ______ Profit on ordinary activities before interest 2,111 1,330 977 Interest payable less interest receivable (311) (196) (55) ______ ______ ______ Profit on ordinary activities before taxation 1,800 1,134 922 Tax on profit on ordinary activities (441) (278) (271) ______ ______ ______ Profit attributable to shareholders 1,359 856 651 Dividends proposed (108) (68) (72) ______ ______ ______ Retained profit for period 1,251 788 579 ===== ===== ===== EUR cents STG pence STG pence Basic and diluted earnings per share 16.0 10.1 7.7 Adjusted earnings per share: excluding goodwill amortisation and exceptional items 13.0 8.2 7.9 ===== ===== ===== IR pence IR pence Dividend per share 1.0 1.0 ===== ===== The unaudited financial information presented in pounds sterling as of and for the period ended 30 June 2000 is also expressed in Euro, solely for convenience, at the rate of EUR1 = STG£0.63, 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 Euro at that or any other rate. NORISH PLC CONSOLIDATED BALANCE SHEET at 30 June 2000 30 June 2000 30 June 2000 31 Dec 1999 EUR000 STG£000 STG£000 (Unaudited) (Unaudited) (Audited) Fixed assets Intangible assets - goodwill 5,792 3,649 3,311 Tangible fixed assets 15,852 9,987 10,063 Investment in associated undertaking - - 26 ______ ______ ______ 21,644 13,636 13,400 Current assets Debtors 5,313 3,347 2,872 Cash at bank and in hand 98 62 775 ______ ______ ______ 5,411 3,409 3,647 Creditors: due within one year (6,696) (4,219) (3,829) ______ ______ ______ Net current liabilities (1,285) (810) (182) ______ ______ ______ Total assets less current liabilities 20,359 12,826 13,218 Creditors: due after more than one year (5,175) (3,260) (4,451) Provisions for liabilities and charges (1,479) (932) (932) ______ ______ ______ Net assets 13,705 8,634 7,835 ===== ===== ===== Capital and reserves Called up share capital 2,370 1,493 1,490 Share premium account 5,010 3,156 3,148 Capital conversion reserve fund 37 23 23 Profit and loss 6,288 3,962 3,174 account _____ _____ ______ Shareholders' funds - equity 13,705 8,634 7,835 ===== ===== ===== NORISH PLC CONSOLIDATED CASH FLOW STATEMENT Six Months to 30 June 2000 Six months Six months Six months to to to 30 June 30 June 30 June 2000 2000 1999 EUR000 STG£000 STG£000 (Unaudited) (Unaudited) (Unaudited) Net cash flow from operating activities 1,581 996 1,703 Dividend from associated undertaking 263 166 101 Returns on investments and servicing of finance (178) (112) (20) Taxation (281) (177) (137) Investing activities (490) (309) (160) Acquisition and disposal (308) (194) (3,492) Equity dividends paid (317) (200) (229) ______ ______ ______ Cash inflow/(outflow) before financing activities 270 170 (2,234) Financing activities (2,010) (1,266) 1,991 _______ ______ ______ Decrease in cash in the period (1,740) (1,096) (243) ====== ===== ===== Reconciliation of net cash flow to movement in net debt Decrease in cash in the period (1,740) (1,096) (243) Decrease/(increase) in debt 2,027 1,277 (1,991) ______ ______ ______ Change in net debt resulting from cash flows 287 181 (2,234) Finance leases acquired with subsidiary 0 0 (340) Deferred consideration on acquisition of subsidiary 0 0 (2,750) ______ ______ ______ Increase/(decrease) in net funds in the period 287 181 (5,324) Net (debt)/funds at 1 January (7,992) (5,035) 488 _______ ______ _____ Net debt at 30 June (7,705) (4,854) (4,836) ====== ===== =====

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