Interim results

RNS Number : 1097S

Norish PLC

03 September 2010

 

Norish plc

3 September 2010

Interim results 2010

 

Results

Norish plc announces pre-tax profits of £208,000 for the six months ended 30 June 2010. This compares with pre-tax profits of £256,000 for the same period last year. Turnover from continuing operations increased by 1% to £4,983,000. Earnings per share increased to 2.1p compared to 2.0p for the same period last year.

Our cold store business has not performed as well as expected in the first half of the year, primarily due to pressure on rates and increased power costs.

Our ambient site at York has performed well in the period with increased contribution to the end of June.

We completed the acquisition of a new site at Leeds at a total cost of £790,000. This site which was previously leased was profitable for the first six months of the year and is a significant improvement on the previous year.

We currently use R22 refrigeration gas at 3 of our cold stores.  R22 is a Hydrochlorofluorcarbon (HCFC) which is classed as an ozone depleting gas and with effect from 1^st January 2010 it is no longer possible to purchase virgin R22. However, the use of re-cycled R22 is still permitted until 31^st December 2014. We currently have an option to purchase 45,000 kg of re-cycled R22 at £4.05 per kg which is below the current market value. Under IAS39 we have accounted for a profit of £208,000 in the first half of the year.

 Dividend

The board does not recommend a payment of an Interim dividend.

Financial Strength

Shareholders funds at 30 June 2010 were £7,234,000 compared with £7,045,000 at 31 December 2009. Net debt at 30 June 2010 was £8,135,000, compared with a net debt of £6,822,000 at 31 December 2010. The increase in net debt was primarily due to the purchase of the Leeds Site for £790,000.

Ted O'Neill

Chairman

3 September 2010

Norish plc
Consolidated income statement
For the six months ended 30 June 2010
		Six months	Six months	Year
		ended	ended	ended
		30 June	30 June	31 December
		2010	2009	2009
		(Unaudited)	(Unaudited)	(Audited)
		£'000	£'000	£'000
Continuing operations
Revenue		4,983	4,939	10,539
Cost of sales		(4,686)	(4,450)	(9,526)
Gross profit		297	489	1,013
Other income		208	-	-
Administrative expenses		(185)	(158)	(343)
Operating profit from continuing operations		320	331	670
Finance expenses		(136)	(149)	(291)
Finance income		24	74	93
Profit on continuing activities before taxation		208	256	472
Tax on profit on ordinary activities		(26)	(86)	359
Profit for the period attributable to shareholders		182	170	831
Profit per share expressed in pence per share:
From continuing operations - basic		2.1p	2.0p	9.8p
Weighted average number of ordinary shares		8,466,230	8,466,230	8,466,230
- diluted		2.1p	2.0p	9.8p
Weighted average number of diluted ordinary shares		8,466,230	8,466,230	8,466,230

Norish plc
Interim balance sheet
As at 30 June 2010
	As at	As at	As at
	30 June	30 June	31 December
	2010	2009	2009
	(Unaudited)	(Unaudited)	(Audited)
	£'000	£'000	£'000
Assets
Non current assets
Goodwill	216	216	216
Property, plant and equipment	15,675	15,088	15,026
	15,891	15,304	15,242
Current assets
Trade and other receivables	3,317	2,788	2,560
Financial assets: Fair value of interest rate swaps	-	-	-
Current tax asset	-	-	-
Cash and cash equivalents	8	35	445
	3,325	2,823	3,005
Liabilities
Current liabilities
Trade and other payables	(2,217)	(1,784)	(2,274)
Financial liabilities: Fair value of interest rate swaps	(86)	(129)	(110)
Current tax liabilities	(110)	(65)	(84)
Bank overdraft and loans	(1,334)	(946)	(633)
	(3,747)	(2,924)	(3,101)
Net current assets	(422)	(101)	(96)
Non-current liabilities
Bank loans	(6,809)	(6,984)	(6,634)
Provisions	(527)	(378)	(568)
Deferred tax	(899)	(1,370)	(899)
	(8,235)	(8,732)	(8,101)
Net assets	7,234	6,471	7,045
Equity
Share capital	1,493	1,493	1,493
Share premium account	3,156	3,156	3,156
Capital conversion reserve fund	23	23	23
Retained earnings	2,562	1,799	2,373
Equity attributable to equity holders of the parent	7,234	6,471	7,045

Norish plc
Consolidated statement of changes in equity
For the six months ended 30 June 2010
			Capital
	Share	Share	Conversion	Retained
	capital	premium	Reserve	earnings	Total
	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)
	£'000	£'000	£'000	£'000	£'000
At 1 January 2009	1,493	3,156	23	1,718	6,390
Net profit for the period	-	-	-	170	170
Credit in respect of employee share schemes	-	-	-	7	7
Equity dividends paid (recognised directly in equity)	-	-	-	(96)	(96)
At 30 June 2009	1,493	3,156	23	1,799	6,471
Net profit for the period	-	-	-	661	661
Credit in respect of employee share schemes	-	-	-	9	9
Equity dividends paid (recognised directly in equity)	-	-	-	(96)	(96)
At 31 December 2009	1,493	3,156	23	2,373	7,045
Net profit for the period	-	-	-	182	182
Credit in respect of employee share schemes	-	-	-	7	7
At 30 June 2010	1,493	3,156	23	2,562	7,234

Norish plc
Consolidated cash flow statement
For the six months ended 30 June 2010
	Six months	Six months	Year
	Ended	ended	Ended
	30 June	30 June	31 December
	2010	2009	2009
	(Unaudited)	(Unaudited)	(Audited)
	£'000	£'000	£'000
Profit on continuing activities before taxation	182	256	472
Adjustments for:
Finance expenses	136	149	291
Finance income	(24)	(74)	(93)
Depreciation - property, plant and equipment	303	285	576
Employee share schemes	7	7	16
Changes in working capital:
(Increase)/decrease in trade and other receivables	(757)	(98)	130
(Decrease)/increase in payables	(57)	(284)	118
(Decrease)/Increase in provisions	(41)	(13)	178
Cash generated from operations	(251)	228	1,688
Interest paid - bank loans and overdrafts	(136)	(149)	(291)
Taxation refunded	-	253	245
Net cash from operating activities	(387)	332	1,642
Investing activities
Interest received	-	5	5
Fair value adjustment on interest rate swaps	24	-	88
Purchase of property, plant and equipment	(950)	(88)	(317)
Net cash used in investing activities	(926)	(83)	(224)
Financing activities
Dividends paid to shareholders	-	(96)	(192)
Net cash used in financing activities	-	(96)	(192)
Net (decrease)/increase in cash and cash equivalents	(1,313)	153	1,226
Cash and cash equivalents at the beginning of the period	(6,822)	(8,048)	(8,048)
Cash and cash equivalents and bank overdrafts, term loans,  end of period	(8,135)	(7,895)	(6,822)

Note: The accounting policies applied throughout the period are consistent with those applied for the year ended 31 December 2009, as set out in the 2009 Annual Report

 

END

 

 

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