Interim Results 2009

Companies

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Norish plc
Consolidated income statement
For the six months ended 30 June 2009

	Six months	Six months	Year
	ended	ended	ended
	30 June	30 June	31 December
	2009	2008	2008
	(Unaudited)	(Unaudited)	(Audited)

	£'000	£'000	£'000

Continuing operations
Revenue	4,939	4,718	9,693
Cost of sales	(4,450)	(4,314)	(8,958)

Gross profit	489	404	735
Other income	-	100	326
Administrative expenses	(158)	(120)	(274)
Operating profit from continuing operations	331	384	787

Finance expenses	(149)	(230)	(696)
Finance income	74	30	20

Profit on continuing activities before taxation	256	184	111

Tax on profit on ordinary activities	(86)	(64)	(467)

Profit for the period attributable to shareholders	170	120	(356)

Profit per share expressed in pence per share:
From continuing operations - basic	2.0p	1.4p	(4.2)p
Weighted average number of ordinary shares	8,466,230	8,466,230	8,466,230
- diluted	2.0p	1.4p	(4.2)p
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 2009
	As at	As at	As at
	30 June	30 June	31 December
	2009	2008	2008
	(Unaudited)	(Unaudited)	(Audited)

	£'000	£'000	£'000
Assets
Non current assets
Goodwill	216	216	216
Property, plant and equipment	15,088	15,517	15,285
	15,304	15,733	15,501
Current assets
Trade and other receivables	2,788	2,927	2,690
Financial assets: Fair value of interest rate swaps	-	44	-
Current tax asset	-	-	236
Cash and cash equivalents	35	13	15
	2,823	2,984	2,941
Liabilities
Current liabilities
Trade and other payables	(1,784)	(2,372)	(2,068)
Financial liabilities: Fair value of interest rate swaps	(129)	-	(198)
Current tax liabilities	(65)	(326)	-
Bank overdraft and loans	(946)	(678)	(796)
	(2,924)	(3,376)	(3,062)

Net current assets	(101)	(392)	(121)
Non-current liabilities
Bank loans	(6,984)	(7,584)	(7,267)
Provisions	(378)	(376)	(391)
Deferred tax	(1,370)	(523)	(1,332)
	(8,732)	(8,483)	(8,990)
Net assets	6,471	6,858	6,390

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	1,799	2,186	1,718
Equity attributable to equity holders of the parent	6,471	6,858	6,390

Norish plc
Consolidated statement of changes in equity
For the six months ended 30 June 2009
			Capital
	Share	Share	Conversion	Retained
	capital	premium	Reserve	earnings	Total
	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)
	£'000	£'000	£'000	£'000	£'000

At 1 January 2008	1,493	3,156	23	2,144	6,816

Net profit for the period	-	-	-	120	120
Credit in respect of employee share schemes	-	-	-	7	7
Equity dividends paid (recognised directly in equity)	-	-	-	(85)	(85)
At 30 June 2008	1,493	3,156	23	2,186	6,858

Net profit for the period	-	-	-	(475)	(475)
Credit in respect of employee share schemes	-	-	-	7	7

At 31 December 2008	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

Norish plc
Consolidated cash flow statement
For the six months ended 30 June 2009
	Six months	Six months	Year
	Ended	ended	Ended
	30 June	30 June	31 December
	2009	2008	2008
	(Unaudited)	(Unaudited)	(Audited)

	£'000	£'000	£'000

Profit on continuing activities before taxation	256	184	111
Adjustments for:
Finance expenses	149	230	696
Finance income	(74)	(30)	(20)
Depreciation - property, plant and equipment	285	249	541
Employee share schemes	7	7	14

Changes in working capital:
(Increase)/decrease in trade and other receivables	(98)	(489)	(252)
Increase/(decrease) in payables	(284)	213	(91)
(Decrease)/Increase in provisions	(13)	376	391
Cash generated from operations	228	740	1,390

Interest paid - bank loans and overdrafts	(149)	(230)	(469)
Taxation refunded / (paid)	253	-	(156)
Net cash from operating activities	332	510	765

Investing activities
Interest received	5	15	20
Purchase of property, plant and equipment	(88)	(3,265)	(3,325)
Net cash used in investing activities	(83)	(3,250)	(3,305)

Financing activities
Dividends paid to shareholders	(96)	(85)	(84)
Net cash used in financing activities	(96)	(85)	(84)

Net increase in cash and cash eqivalents	153	(2,825)	(2,624)

Cash and cash equivalents at the beginning of the period	(8,048)	(5,424)	(5,424)

Cash and cash equivalents at end of period	(7,895)	(8,249)	(8,048)