Result of AGM

RNS Number : 8876R

Norish PLC

07 May 2009

 

Norish plc ('Norish' or the 'Company')

7th May 2009

AGM

Norish is pleased to announce that all of the resolutions put forward at the AGM held on the 6th May 2009 were passed.

The Chairman made the following statement at the meeting:

As previously reported, the group's results in respect of the year ended 31st December 2008 were as follows:

• Operating profits fell from £1,026,000 in 2007 to £787,000

• Finance expenses increased from £437,000 in 2007 to £696,000 mainly as a result of the accounting treatment of an interest rate SWAP of £227,000 (2007 £15,000).

• Income Tax was impacted by £767,000 as a result of a non-cash deferred tax provision in respect of Industrial Buildings.

• Net debt increased from £5.4m to £8m as a result of the purchase of a new site at Gillingham for £3.1m

We are delighted to report that the new Gillingham Site is currently profitable.

As announced earlier in the year we have taken on a short term lease of an additional cold store at Leeds. We would hope to be able to make this site profitable within the next 6 months. If this is achieved it is our intention to exercise the option to purchase the site in January 2010 for £1m. 

We have started 2009 well with reasonable occupancy levels and throughput, along with reduced power and interest costs. We are mindful of the current economic climate and it is not possible to say at this stage what impact this will have on the remainder of the year.

Enquiries:

Norish
Aidan Hughes, Finance Director	Telephone: + 44 1293 862 498
NCB
Liam Booth, Managing Director	Telephone: + 353 1 611 5611

 

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