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)
Latest directors dealings
- 4 minutes ago Judges Scientific
- 15 minutes ago AB Dynamics
- 16 minutes ago Henry Boot
- 30 minutes ago TPXimpact Holdings
- 53 minutes ago Ithaca Energy