Interim Results

Norish PLC
10 September 2004

                                   Norish plc
                         Interim Report to Shareholders
                       For the six months to 30 June 2004

Results

Norish plc announces pre-tax profits of £0.2m for the six months ended 30 June
2004. This compares with pre-tax losses of £0.8m (after exceptional items of
£1.0m) for the same period last year. Turnover remained unchanged at £6m. The
profit per share is 1.2p compared with a loss of 7.0p for the same period last
year.

The cold storage division performed well in a market still suffering from
overcapacity and pressure on rates as well as increasing electricity costs. In
addition a number of our sites suffered as a result of the outbreak of Asian
flu. This business has recently returned to a more stable basis. Despite these
difficult trading conditions our cold storage division results are marginally
ahead on the same period last year. As a result of increased marketing activity
we have been successful in attracting a significant contract for our Braintree
store.

Our commodity stores have started to feel the earlier than expected loss of our
major cocoa contract reported in our last annual report. This business is spread
across our Belvedere and Felixstowe operations and will finish by the end of the
third quarter. Trading has been extremely difficult at Felixstowe where
currently we have excess capacity. A number of actions have been taken to reduce
losses at this location. At Belvedere we have a coffee storage business that we
hope to expand during the second half of the year. Our York facility continues
to perform well, and is experiencing increased demand.

As reported previously the company has reduced its central and operational costs
through the closure of the Reigate head office. The benefit of this is reflected
in the results with administrative expenses reducing from £0.4m to £0.3m.

Outlook

Trading in both our commodity and ambient businesses continues to be difficult,
particularly due to the decline of our cocoa storage business. The cold storage
division historically performs well in the second half of the year and at this
stage we have no reason to believe that this will not be the case.

Financial Strength

Shareholders funds at 30 June 2004 were £5.2m compared with £5.1m at 31 December
2003. Net debt at 30 June 2004 was £2.6m, giving a debt equity ratio of 50% (31
December 2003: £2.7m, 53%).

Dividend

The Board announced on 6 September 2004 that it has received an approach, which
may or may not lead to an offer being made for the company. Discussions
regarding this approach are still at a preliminary stage. As a consequence of
these discussions the Board has decided that an interim dividend will not be
paid.

Ted O'Neill
Executive Chairman

10 September 2004



                                   Norish plc
                       Consolidated Profit & Loss Account
                          Six Months to 30 June 2004

                                                               Six months to     Six months to  Six months to
                                                                30 June 2004     30 June 2004    30 June 2003
                                                                   €'000             £'000           £'000
                                                                (Unaudited)       (Unaudited)     (Unaudited)

Turnover before exceptional item                                          8,991           6,024           6,324
Exceptional item- redelivery and storage income deffered                    (0)             (0)           (309)
                                                                   ------------     -----------     -----------

Group turnover - continuing operations                                    8,991           6,024           6,015
Cost of sales                                                           (8,240)         (5,521)         (5,649)
                                                                        _______         _______         _______

Gross profit                                                                751             503             366

Administrative expenses                                                   (388)           (260)           (355)

Exceptional item - reorganisation costs                                       0               0           (725)
                                                                    ____________________________________________

Profit / (loss) on ordinary activities before interest                      363             243           (714)

Interest payable less interest receivable                                  (97)            (65)            (89)
                                                                        _______         _______         _______

Profit / (loss) on ordinary activities before taxation                      266             178           (803)

Tax on profit /(loss) on ordinary                                         (120)            (80)             213
activities
                                                                        _______         _______         _______

Profit / (loss) attributable to shareholders                                146              98           (590)
Dividends proposed                                                            0               0            (76)
                                                                        _______         _______         _______

Retained profit/(loss)for period                                            146              98           (666)
                                                                         ======          ======          ======

Basic and diluted earnings / (loss) per share                             €1.7c            1.2p          (7.0)p

Adjusted earnings per share; excluding goodwill amortisation              €1.7c            1.2p            1.7p
and exceptional items

Dividend per share                                                          Nil             Nil          €1.27c

                                                                         ======          ======          ======



The unaudited financial information presented in pounds sterling as of and for
the period ended 30 June 2004 is also expressed in Euro, solely for convenience,
at the rate of €1 = £0.67, 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 2004


                                                                      30 June 2004      30 June 2004     30 June 2003
                                                                          €'000            £'000             £'000
                                                                       (Unaudited)      (Unaudited)       (Unaudited)

Fixed assets

Intangible assets - goodwill                                                  357              239               253
Tangible fixed assets                                                      11,329            7,591             8,512
                                                                           ______           ______            ______
                                                                           11,686            7,830             8,765
Current assets

Debtors                                                                     5,187            3,475             3,543
Cash at bank and in hand                                                       69               46                56
                                                                           ______           ______            ______
                                                                            5,256            3,521             3,599
Creditors:   due within one year                                          (5,890)          (3,946)           (3,971)
                                                                           ______           ______            ______
Net current liabilities                                                     (634)            (425)             (372)
                                                                           ______           ______            ______
Total assets less current liabilities                                      11,052            7,405             8,393

Creditors:   due after more than one year                                 (1,901)          (1,274)           (2,219)

Provisions for liabilities and charges                                    (1,339)            (897)           (1,247)
                                                                           ______           ______            ______
Net assets                                                                  7,812            5,234             4,927
                                                                           ======           ======            ======

Capital and reserves

Called up share capital                                                     2,228            1,493             1,493
Share premium account                                                       4,711            3,156             3,156
Capital conversion reserve fund                                                34               23                23
Profit and loss account                                                       839              562               255
                                                                           ______           ______            ______
Shareholders' funds - equity                                                7,812            5,234             4,927
                                                                           ======           ======            ======



                                   Norish plc
                        Consolidated Cash Flow Statement
                           Six Months to 30 June 2004

                                                                   30 June 2004    30 June 2004     30 June 2003
                                                                      €'000            £'000            £'000
                                                                   (Unaudited)      (Unaudited)      (Unaudited)

Net cash flow from operating activities                                   981             657               949

Returns on investments and servicing of finance                          (97)            (65)              (89)
Taxation                                                                    7               5             (271)
Capital expenditure and financial investment                            (331)           (222)             (287)
Equity dividends paid                                                   (328)           (220)             (220)
                                                                       ______          ______            ______
Cash inflow before financing activities                                   232             155                82
Financing activities                                                    (257)           (172)             (171)
                                                                       ______          ______            ______
Decrease in cash in the period                                           (25)            (17)              (89)
                                                                       ======          ======            ======


Reconciliation of Net Cash Flow to Movement in Net Debt

Decrease in cash in the period                                           (25)            (17)              (89)
Decrease in debt                                                          257             172               171
                                                                       ______          ______            ______

Change in net debt resulting from cash flows                              232             155                82

Net debt at 1 January                                                 (4,030)         (2,700)           (3,560)
                                                                       ______          ______            ______
Net debt at 30 June                                                   (3,798)         (2,545)           (3,478)
                                                                       ======          ======            ======



                                   Norish plc
                          Adjusted Earnings per Share
                           Six Months to 30 June 2004


                                                                 30 June 2004       30 June 2004     30 June 2003
                                                                     €'000              £'000              £'000
                                                                  (Unaudited)        (Unaudited)        (Unaudited)

Profit / (loss) attributable to shareholders                             146                  98              (590)
Goodwill amortisation - normal                                            10                   7                  7
Exceptional items (after tax at 30% where appropriate)
- Reorganisation costs                                                     -                   -                508
- Redelivery and storage income deferred                                   -                   -                216

                                                                   ---------           ---------          ---------
Adjusted Earnings                                                        156                 105                141
                                                                      ======              ======             ======

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

Adjusted earnings per share                                            €1.7c                1.2p               1.7p
                                                                      ======             =======            =======


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.

INFORMATION FOR SHAREHOLDERS

Register

The Company's share register and related records are now maintained by
Computershare Services (Ireland) Ltd., to whom shareholder enquires should be
addressed.

Their address is Heron House, Corrig Road, Sandyford Industrial Estate, Dublin
18, Ireland. Telephone [phone].

Website

The group's website can be accessed at www.norish.com



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