Interim Results

Norish PLC
10 September 2003



                                   Norish plc
                         Interim Report to Shareholders
                       For the six months to 30 June 2003


This is my first Chairman's statement since I joined the Board and became
Chairman on 1 May.

On 30 July it was announced that I would assume the position of Executive
Chairman and that Paul Byrne, Chief Executive, would resign as a director and
will leave the company at the end of September. I would like to take this
opportunity to thank Paul for his significant contribution to the development of
the business, in an extremely difficult trading environment over the last five
years.

We are also reducing central and operational costs through the closure of the
Reigate head office and by reducing the number of management and administrative
personnel employed in the business. These changes will streamline the control of
the business and reflect a structure more in keeping with the present size of
the Group.

Results

The pre-tax loss for the six months ended 30 June 2003 was £0.8m compared with a
profit of £0.4m in the same period last year. This year's result includes £0.7m
of reorganisation costs as well as an amount of £0.3m in respect of handling
revenue charged in advance. This revenue has previously been accounted for on
receipt of goods, rather than apportioning revenue against the cost incurred
when the goods are despatched from store. This non-cash adjustment is an
accepted and prudent practice in the storage industry.

Adjusted earnings per share decreased from 1.9p to 1.5p. Despite the loss
reported an unchanged interim dividend of €1.27c is being declared.

Turnover has decreased by 4%, mainly in our ambient and commodity business as a
result of a further drop in cocoa tonnages. In addition a major coffee retailer
transferred their operation to the continent with a consequent negative effect
on our Felixstowe location. This turnover is in the process of being replaced.
Further new business needs to be generated to return Felixstowe to an acceptable
level of profitability. In addition we have invested a further £0.3m in new
warehousing facilities at York where we are experiencing increased demand from
our customers.

The cold storage division performed reasonably well despite further significant
increases in insurance costs. Our stores are relatively full but due to the
over-capacity in the industry our storage and handling rates are not yet at
acceptable economic levels.

The performance of our ambient and commodity business was very similar to last
year despite the loss of the coffee business mentioned above. We have changed
our commodity storage strategy by taking the opportunity to reduce fixed costs
by exiting a substantial lease commitment and utilising third party warehouse
facilities on variable rates.

The introduction of our new commodity warehouse system has greatly improved both
our administration and customer information capabilities.

Agreement in principle has been reached to dispose of our Liverpool property at
book value of £0.3m. This property does not figure in our future strategy.



Dividend

The interim dividend of €1.27c will be paid on 17 October 2003 to shareholders
on the register at 26 September 2003. A decision on a final dividend will be
made in light of the company's performance over the second half of the year.

Outlook

Our business is going through a period of further change and like most
businesses is suffering from additional insurance costs, which are difficult to
recover from our existing customer base. The results are steady, however, with
the management action being taken I would hope to see some improvement in the
performance of the Group. However our trading environment continues to be
difficult and I would caution against over-optimism for the second-half of the
year.



Ted O'Neill
Chairman

10 September 2003

For reference:

Norish plc:
Ted O'Neill                     Tel: [phone]
                                     + 353 86 821 4467
    
Murray Consultants:
Joe Murray / Grainne O'Brien    Tel: + 353 1 498 0300


                                   Norish plc
                       Consolidated Profit & Loss Account
                           Six Months to 30 June 2003

                                Six months    Six months    Six months
                                   to            to            to
                                 30 June       30 June       30 June
                                  2003          2003          2002
                                 €'000         £'000         £'000
                               (Unaudited)   (Unaudited)   (Unaudited)


Group turnover - continuing          9,034         6,324         6,571
                 operations
               - redelivery income    (441)         (309)            0
                 deferred
                                   _______       _______       _______

                                     8,593         6,015         6,571

Cost of sales                       (8,107)       (5,675)       (5,900)
                                   _______       _______       _______

Gross profit                           486           340           671

Administrative                        (507)         (355)         (388)
expenses


Exceptional items                  
- reorganisation costs             (1,036)         (725)            0
- rates rebates                         37            26           247
                                   _______        ______       _______

Group operating (loss) /            (1,020)         (714)          530
profit - continuing
operations

Exceptional item - loss on               0             0           (74)
sale of land
                                   _______       _______       _______
(Loss) / profit on ordinary         (1,020)         (714)          456
activities before interest

Interest payable less                 (127)          (89)          (79)
interest receivable
                                   _______       _______       _______

(Loss) / profit on ordinary         (1,147)         (803)          377
activities before taxation

Tax on (loss) / profit on              304           213          (193)
ordinary activities
                                   _______       _______       _______

(Loss) / profit attributable          (843)         (590)          184
to shareholders
Dividends proposed                    (108)          (76)          (69)
                                   _______       _______       _______

Retained (loss) / profit              (951)         (666)          115
for period
                                    ======        ======        ======

Basic and diluted (loss) /        €(10.0)c          (7.0)p         2.2p
earnings per share

Adjusted earnings per share;         €2.1c           1.5p          1.9p
excluding goodwill
amortisation and exceptional
items

Dividend per share                                €1.27c        €1.27c
                                                  ======        ======

The unaudited financial information presented in pounds sterling as of and for
the period ended 30 June 2003 is also expressed in Euro, solely for convenience,
at the rate of €1 = £0.70 (30th June 2002 €1=£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 Euro at that or any other rate.




                                   Norish plc
                           Consolidated Balance Sheet
                               As at 30 June 2003



                                  30 June       30 June       30 June
                                    2003          2003          2002
                                   €'000         £'000         £'000
                               (Unaudited)   (Unaudited)   (Unaudited)

Fixed assets

Intangible assets -                    361           253         3,555
goodwill
Tangible fixed assets               12,160         8,512         9,523
                                    ______        ______        ______

                                    12,521         8,765        13,078


Current assets

Debtors                              5,061         3,543         3,717
Cash at bank and in                     80            56            44
hand
                                    ______        ______        ______

                                     5,141         3,599         3,761

Creditors: due within one           (5,673)       (3,971)       (4,039)
           year
                                    ______        ______        ______

Net current liabilities              (532)         (372)         (278)
                                    ______        ______        ______

Total assets less current           11,989         8,393        12,800
liabilities

Creditors: due after more           (3,170)       (2,219)       (3,065)
           than one year

Provisions for liabilities          (1,781)       (1,247)         (885)
and charges
                                    ______        ______        ______

Net assets                           7,038         4,927         8,850
                                    ======        ======        ======


Capital and reserves

Called up share                      2,132         1,493         1,493
capital
Share premium account                4,509         3,156         3,156
Capital conversion reserve              33            23            23
fund
Profit and loss                        364           255         4,178
account
                                    ______        ______        ______

Shareholders' funds -                7,038         4,927         8,850
equity
                                    ======        ======        ======



                                   Norish plc
                        Consolidated Cash Flow Statement
                           Six Months to 30 June 2003


                                  30 June       30 June       30 June
                                    2003          2003          2002
                                   €'000         £'000         £'000
                               (Unaudited)   (Unaudited)   (Unaudited)


Net cash flow from operating         1,356           949         1,303
activities


Returns on investments and            (127)          (89)          (59)
servicing of finance
Taxation                              (387)         (271)         (107)
Capital expenditure and               (410)         (287)          (26)
financial investment
Equity dividends                      (314)         (220)         (206)
paid
                                    ______        ______        ______

Cash inflow before financing           118            82           905
activities
Financing activities                  (244)         (171)         (171)
                                    ______        ______        ______

(Decrease) / Increase in              (126)          (89)          734
cash in the period
                                    ======        ======        ======

Reconciliation of Net Cash Flow to Movement
in Net Debt

(Decrease) / Increase in              (126)          (89)          734
cash in the period
Decrease in debt                        244           171           171
                                    ______        ______        ______

Change in net debt resulting           118            82           905
from cash flows
Interest (non-cash) on zero              0             0           (19)
coupon loan notes
                                    ______        ______        ______

(Decrease) in net debt in the          118            82           886
period

Net debt at 1                       (5,086)       (3,560)       (5,042)
January
                                    ______        ______        ______

Net debt at 30 June                 (4,968)       (3,478)       (4,156)
                                    ======        ======        ======



                                   Norish plc
                          Adjusted Earnings per Share
                           Six Months to 30 June 2003


                        30 June 2003     30 June 2003     30 June 2002
                             €'000            £'000            £'000
                         (Unaudited)      (Unaudited)      (Unaudited)



(Loss) / profit                 (843)            (590)             184
attributable to
shareholders
Goodwill amortisation -           10                7              102
normal
Exceptional items (after
tax at 30% where
appropriate)
- Reorganisation costs           725              508                -
- Redelivery income              309              216                -
  deferred
- Rates refund                   (26)             (18)            (199)
- Loss on sale of land                              -               74
                           ---------        ---------        ---------

Adjusted Earnings                175              123              161
                              ======           ======           ======

Weighted average number    8,466,230        8,466,230        8,466,230
of ordinary shares

Adjusted earnings per          €2.1c              1.5p             1.9p
share
                              ======          =======           ======


The adjusted earnings per share figure is presented in order to illustrate
earnings per share on a consistent basis over time after eliminating the impact
of goodwill amortisation and significant non-recurring items.




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