Interim Results-Replacement

Norish PLC 13 September 2001 Amendment to Interim Results The issuer advises that the following Interim Results announcement released today 13th September at 14:30 - RNS Number 9578J has been replaced. Correction to Consolidated Balance Sheet - under Creditors: due within one year - 30 June 2001 figure should read (8,459) All other details remain unchanged. The full corrected version is shown below INTERIM RESULTS Six Months Ended 30th June 2001 Norish plc announces pre-tax losses of Stg£0.2 million for the six months ended June 30th, 2001. This compares with pre-tax profits of Stg£1.1m for the same period last year. Turnover fell by 4 per cent from Stg£6.8m to Stg£6.5m. The loss per share is (Stg2.1p) compared with earnings per share of Stg10.1p. The results include an exceptional reorganisation cost of Stg£0.2m. The Board has decided to pay a same-again interim dividend of Euro1.27 cent per share (IR1.0p). The dividend will be paid on 19 October 2001 to shareholders on the register at 21 September 2001. The company's cold storage operations which are largely focussed on food producers were severely impacted by the foot and mouth crisis in the United Kingdom. Stocks of poultry declined dramatically and trade in the remainder of the meat sector was also affected. In addition, one major customer ceased to trade and one other ceased production of frozen foods. While Norish successfully recovered monies due, the loss of continuing revenues from these sources had a negative impact. Implementation problems relating to the servicing of a major new contract were also a contributory factor. The company has engaged in a concerted sales drive which has shown some success in attracting new business to its cold stores and trading has improved in the second half of the year. Norish continued to build its presence in the general warehousing market and its warehouses in Felixstowe, Belvedere and York achieved good occupancy levels towards the end of the period. An investment programme both increased capacity and upgraded our systems capabilities. The outlook remains positive for the general warehousing activities which are well located in areas of strong demand. The company is continuing to expand its customer base in this sector and by the end of the period under review had doubled its general product storage. In response to reduced demand for cocoa storage, the company has also converted some cocoa storage facilities to general warehousing. Some major cocoa users changed their supply and storage practices, resulting in loss of business for the Group. These revenues are gradually being replaced by general warehousing business. During the first half of the year these changes impacted negatively on profits. Shareholders funds at 30 June 2001 were Stg£8.8 million compared with Stg£9.1 million at 31 December 2000. Net debt was Stg£5.7 million giving a debt equity ratio of 65 per cent (31 December 2000: Stg£5.0 million, 55 per cent). Trading in the second half of the year, while still challenging, is showing signs of improvement in all parts of the business. This is augmented by administrative and management improvements which will reduce costs. The Group offers a flexible, responsive and competitive service to customers which positions it well in a distinctive niche of the supply chain market. This presents future development opportunities for the Group's operations. ENDS 13th September 2001 For reference: Norish plc: Paul Byrne, Chief Executive Tel: +44 1737 221 133 Murray Consultants: Joe Murray / Grainne O'Brien Tel: +353 1 632 6400 Norish plc Consolidated Profit & Loss Account Six months to 30 June 2001 Six months Six months Six months to to to 30 June 30 June 30 June 2001 2001 2000 Euro000 STG£000 STG£000 (Unaudited) (Unaudited) (Unaudited) Group turnover - continuing operations 10,734 6,548 6,836 Cost of sales (9,834) (5,999) (5,382) Gross profit 900 549 1,454 Administration expenses (608) (371) (398) Exceptional item - reorganisation (323) (197) 0 cost Group operating (loss) / profit - continuing operations (31) (19) 1,056 Share of profit of associated 0 0 20 undertaking Profit on sale of investment in 0 0 254 associate (Loss) / profit on ordinary activities before interest (31) (19) 1,330 Interest payable less interest (303) (185) (196) receivable (Loss) / profit on ordinary activities before taxation (334) (204) 1,134 Tax on profit on ordinary activities 36 22 (278) (Loss) / profit attributable to (298) (182) 856 shareholders Dividends proposed (108) (66) (68) Retained (loss) / profit for (406) (248) 788 period Basic and diluted loss / earnings per (3.5) (2.1) 10.1 share Adjusted earnings per share: excluding Goodwill amortisation and exceptional 2.3 1.4 8.2 items cent cent Dividend per share 1.27 1.27 The unaudited financial information presented in pounds sterling as of and for the period ended 30 June 2001 is also expressed in Euro, solely for convenience, at the rate of 1 Euro = Stg£0.61, 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 2001 30 June 30 June 30 June 2001 2001 2000 Euro000 STG£000 STG£000 (Unaudited) (Unaudited) (Unaudited) Fixed assets Intangible assets - goodwill 6,162 3,759 3,649 Tangible fixed assets 17,010 10,376 9,987 23,172 14,135 13,636 Current assets Debtors 5,379 3,281 3,347 Cash at bank and in hand 67 41 62 5,446 3,322 3,409 Creditors: due within one year (8,459) (5,160) (4,219) Net current liabilities (3,013) (1,838) (810) Total assets less current liabilities 20,159 12,297 12,826 Creditors: Due after more than one year (4,190) (2,556) (3,260) Provisions for liabilities and charges (1,526) (931) (932) Net assets 14,443 8,810 8,634 Capital and reserves Called up share capital 2,448 1,493 1,493 Share premium account 5,174 3,156 3,156 Capital conversion reserve fund 38 23 23 Profit and loss account 6,783 4,138 3,962 Shareholders' funds - equity 14,443 8,810 8,634 Norish plc Consolidated Cash Flow Statement Six months to 30 June 2001 30 June 30 June 30 June 2001 2001 2000 Euro000 STG£000 STG£000 (Unaudited) (Unaudited) (Unaudited) Net cash flow from operating activities 677 413 996 Dividend from associated undertaking 0 0 166 Returns on investments and servicing of (218) (133) (112) finance Taxation (366) (223) (177) Capital expenditure and financial (785) (479) (309) investment Acquisition and disposal 0 0 (194) Equity dividends paid (346) (211) (200) Cash (outflow) / inflow before financing activities (1,038) (633) 170 Financing activities (739) (451) (1,266) Decrease in cash in the period (1,777) (1,084) (1,096) Reconciliation of Net Cash Flow to Movement in Net Debt Decrease in cash in the period (1,777) (1,084) (1,096) Decrease in debt 739 451 1,361 Change in net debt resulting from cash (1,038) (633) 265 flow Interest on zero coupon loan notes (85) (52) (84) Net debt at 1 January (8,182) (4,991) (5,035) Net debt at 30 June (9,305) (5,676) (4,854)
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