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4 Mar 2011 14:00
Norish plc
Preliminary Statement of Annual Results 2010
Results
Norish plc results for the year ended 31st December 2010 are as follows:
·; Turnover increased to £10.7m compared with £10.5m for 2009.
·; Pre - tax profits of £552,000 compared to £472,000 for 2009.
·; Net assets increased to £7.5m compared with £7m for 2009.
·; Net debt increased to £6.9m from £6.8m.
Financial Strength
Shareholders funds at 31 December 2010 were £7.5m compared with £7m at 31 December 2009. Net debt at 31 December 2010 was £6.9m which increased from £6.8m as at 31 December 2009.
Operations
The cold stores' profitability was adversely affected by pressure on rates and increased power costs. Performance in the second half of the year was better than expected following a poor first half.
Our ambient site at York did not perform well in 2010 with decreased occupancy.
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 in 2010 which 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 1st January 2010 it is no longer possible to purchase virgin R22. However, the use of re-cycled R22 is still permitted until 31st December 2014. We currently have an option to purchase 44,808 kg of re-cycled R22 at £4.05 per kg which is below the current market value. Under IAS39 Financial Instruments(Recognition and measurement) we have accounted for an unrealised profit of £410,000 for the year.
Dividend
The board recommends the payment of a final dividend of 1.25 cent per share. This will be paid on the 20th May 2011 to those shareholders on the register on the 15th April 2011. It will bring the total dividend in respect of the financial year to 1.25 cent per share unchanged from last year.
Personnel
On behalf of the board, I would like to thank our Managing Director, Norman Hatcliff our Finance Director, Aidan Hughes and their management team and staff for their commitment and contribution in 2010.
Ted O'Neill
Chairman
3 March 2011
The results herein do not represent full accounts. Full accounts for the year ended 31 December 2010, upon which the Auditors have given an unqualified audit report, have not yet been filed with the Registrar of Companies. Full accounts for the year ended 31 December 2009 containing an unqualified audit report from the Auditors have been delivered to the Registrar of Companies.
The audited consolidated income statement, balance sheet and cash flow statement in sterling currency, with comparatives, are attached.
Statement of Comprehensive Income
for the year ended 31 December 2010
| 2010 | 2009 | |
| £'000 | £'000 | |
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Continuing operations |
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Revenue | 10,654 | 10,539 | |
Cost of sales | (9,850) | (9,526) | |
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Gross profit | 804 | 1,013 | |
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Other income | 410 | - | |
Administrative expenses | (481) | (343) | |
Operating profit from continuing operations | 733 | 670 | |
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Finance expenses | (278) | (291) | |
Finance income | 97 | 93 | |
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Profit on continuing activities before taxation | 552 | 472 | |
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Income taxes - Corporation tax | 81 | (75) | |
Income taxes - Deferred tax | (192) | 434 | |
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Profit for the period attributable to owners of the parent | 441 | 831 | |
Other comprehensive income | - | - | |
Total comprehensive income for the period attributable to owners of the parent | 441 | 831 | |
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Earnings per share expressed in pence per share: |
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From continuing operations - basic | 5.2p | 9.8p | |
- diluted | 5.2p | 9.8p |
Statement of Financial Position
at 31 December 2010
| 2010 | 2009 | |
| £'000 | £'000 | |
Assets |
|
|
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Non current assets |
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Goodwill | 216 | 216 | |
Property, plant and equipment | 15,384 | 15,026 | |
Derivative financial instruments | 479 | - | |
| 16,079 | 15,242 | |
Current assets |
|
|
|
Trade and other receivables | 2,494 | 2,560 | |
Current tax asset | 10 | - | |
Cash and cash equivalents | 194 | 445 | |
Total assets | 2,698 | 3,005 | |
Liabilities |
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Current liabilities |
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Trade and other payables | (2,556) | (2,274) | |
Financial liabilities: Fair value of interest rate swaps/caps | (13) | (110) | |
Current tax liabilities | - | (84) | |
Borrowings | (666) | (633) | |
| (3,235) | (3,101) | |
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Net current liabilities | (537) | (96) | |
Non-current liabilities |
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Borrowings | (6,442) | (6,634) | |
Provisions | (509) | (568) | |
Deferred tax | (1,091) | (899) | |
| (8,042) | (8,101) | |
Net assets | 7,500 | 7,045 | |
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Equity |
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Share capital | 1,493 | 1,493 | |
Share premium account | 3,156 | 3,156 | |
Capital conversion reserve fund | 23 | 23 | |
Retained earnings | 2,828 | 2,373 | |
Equity attributable to equity holders of the parent | 7,500 | 7,045 |
Consolidated Statement of Changes in Equity
For the year ended 31 December 2010
Capital | |||||
Share | Share | Conversion | Retained | ||
capital | premium | Reserve | earnings | Total | |
£'000 | £'000 | £'000 | £'000 | £'000 | |
At 1 January 2009 | 1,493 | 3,156 | 23 | 1,718 | 6,390 |
Net profit for the year | - | - | - | 831 | 831 |
Total comprehensive income for the year | - | - | - | 831 | 831 |
Credit in respect of employee share schemes | - | - | - | 16 | 16 |
Equity dividends paid (recognised directly in equity) | (192) | (192) | |||
At 31 December 2009 | 1,493 | 3,156 | 23 | 2,373 | 7,045 |
Net profit for the year | - | - | - | 441 | 441 |
Total comprehensive income for the year | - | - | - | 441 | 441 |
Credit in respect of employee share schemes | - | - | - | 14 | 14 |
At 31 December 2010 | 1,493 | 3,156 | 23 | 2,828 | 7,500 |
Consolidated Cash Flow Statement
for the year ended 31 December 2010
2010 | 2009 | ||
£'000 | £'000 | ||
Profit on continuing activities before taxation | 552 | 472 | |
Adjustments for: | |||
Finance expenses | 278 | 291 | |
Finance income | (97) | (93) | |
Fair value gains on interest rate swaps | 97 | 88 | |
Depreciation - property, plant and equipment | 608 | 576 | |
Employee share schemes | 14 | 16 | |
Changes in working capital and provisions: | |||
(Increase)/decrease in trade and other receivables | (413) | 130 | |
Increase in payables | 186 | 118 | |
(Decrease)/increase in provisions | (60) | 178 | |
Cash generated from operations | 1,165 | 1,776 | |
Interest paid - bank loans and overdrafts | (278) | (291) | |
Taxation (paid)/refund | (13) | 245 | |
Net cash from operating activities | 874 | 1,730 | |
Investing activities | |||
Interest received | - | 5 | |
Purchase of property, plant and equipment | (966) | (317) | |
Net cash used in investing activities | (966) | (312) | |
Financing activities | |||
Dividends paid to shareholders | - | (192) | |
Term loan advance | 500 | - | |
Term loan repayments | (659) | (633) | |
Net cash used in financing activities | (159) | (825) | |
Net (decrease)/increase in cash and cash equivalents | (251) | 593 | |
Cash and cash equivalents and bank overdrafts, beginning of period |
| 445 | (148) |
Cash and cash equivalents end of period | 194 | 445 |
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