NSH.L Regulatory News (NSH)

9 Sep 2005 12:12

Norish PLC09 September 2005 Norish plc Interim Report to Shareholders For the six months to 30 June 2005 Results Norish plc announces pre-tax profits of £0.9m (after net exceptional gains of£0.7m) for the six months ended 30 June 2005. This compares with pre-tax profitsof £0.2m for the same period last year. Turnover from continuing operationsincreased by £0.3m to £5.4m. The adjusted earnings per share increased to 1.7pcompared to 1.2p for the same period last year. The cold storage division performed well with high occupancy in the first halfof the year increasing gross profit from £0.2m to £0.5m, despite increasingpower costs. Our ambient facilities at York and Felixstowe performed marginally better thanlast year. An exceptional gain of £0.9m resulted from the sale of our Belvedere facility inApril 2005 for £2.8m, net of costs. This reflects the Company's strategy inexiting from its commodity activities in raw material storage of cocoa andcoffee. In August 2005 we exercised our option to acquire the land and property of theYork facility from RSH Properties for a total consideration, net of costs, of£2.0m. This facility is an ambient food storage warehouse which has been leasedsince 2000. The company incurred an exceptional reorganisation cost of £0.2m inrestructuring the business to meet its current needs. Outlook The business historically performs well in the second half of the year and atthis stage we have no reason to believe that this will not be the case. However,we will be experiencing high energy costs in the fourth quarter and at presentwe are introducing a number of initiatives to combat these increasing costs. Financial Strength Shareholders funds at 30 June 2005 were £6.1m compared with £5.2m at 31 December2004. Net cash surplus at 30 June 2005 was £1.3m, compared with a net debt of£2.0m at 31 December 2004. Board Changes Norman Hatcliff joined the board in July 2005 as Group Operations Director. Hejoined the company in 2000 and has extensive experience in the logisticsindustry having previously worked with Exel and TDG. In the past two years hehas been responsible for all of the Company's commercial and operationalactivities. Iain Buntain, Finance Director has decided to leave the company to pursue otherbusiness interests. I would like to take the opportunity to thank Iain for allhis work and effort in helping the company through some difficult yearsculminating in the successful restructuring of the business. Aidan Hughes,Company Secretary will assume responsibility for the Company's finance function.Aidan is a Chartered Accountant and has been with the business since 1996. Dividend The board has decided to declare an interim dividend of €1.25c to be payable on28 October 2005 for those shareholders on the record as at 30 September 2005. Ted O'NeillExecutive Chairman 9 September 2005 Norish plc Consolidated Profit & Loss Account Six Months to 30 June 2005 Six months to Six months to Six months to 30 June 2005 30 June 2005 30 June 2004 •'000 £'000 £'000 (Unaudited) (Unaudited) (Unaudited) Group turnover Continuing operations 8,003 5,362 5,089 Discontinuing 546 366 935 operations (see Note) _______ _______ _______ 8,549 5,728 6,024 Cost of (7,845) (5,256) (5,521)sales _______ _______ _______ Gross profit 704 472 503 Administrativeexpenses (361) (242) (260) Exceptionalitem -reorganisationcosts (294) (197) 0 _______ _______ _______Operating profitContinuingoperations 200 134 2Discontinuingoperations(see Note) (151) (101) 241 _______ _______ _______ 49 33 243 Exceptionalitem - profiton sale ofproperty - 1,281 858 0discontinuing operations (see _______ _______ _______Note) Profit onordinaryactivitiesbeforeinterest 1,330 891 243 Interestpayable lessinterestreceivable (37) (25) (65) _______ _______ _______Profit onordinaryactivitiesbeforetaxation 1,293 866 178 Tax on profiton ordinaryactivities (15) (10) (80) _______ _______ _______Profit for theperiod 1,278 856 98 ====== ====== ====== Basic anddilutedearnings pershare €15.1c 10.1p 1.2p Adjustedearnings pershare;excludinggoodwillamortisationandexceptionalitems €2.5c 1.7p 1.2p Note : Discontinuing operations represent cocoa and coffee commodity storageactivities that will be discontinued operations by year-end. The interim resultshave been analysed to show those operations seperately from continuingoperations. The unaudited financial information presented in pounds sterling as of and forthe period ended 30 June 2005 is also expressed in Euro, solely for convenience,at the rate of €1 = £0.67, the closing rate for the period. No representation ismade that the pounds sterling amounts have been, could have been or could beconverted into Euro at that or any other rate. Norish plc Consolidated Balance Sheet As at 30 June 2005 30 June 2005 30 June 2005 30 June 2004 •'000 £'000 £'000 (Unaudited) (Unaudited) (Unaudited) Fixed assets Intangible assets -goodwill 334 224 239Tangible fixedassets 8,073 5,409 7,591 ______ ______ ______ 8,407 5,633 7,830 Current assets Debtors 4,555 3,052 3,475Cash at bank and inhand 2,490 1,668 46 ______ ______ ______ 7,045 4,720 3,521Creditors: due within one (5,475) (3,668) (4,125) year ______ ______ ______Net currentassets/(liabilities) 1,570 1,052 (604) ______ ______ ______Total assets lesscurrent liabilities 9,977 6,685 7,226 Creditors: due after more than 0 0 (1,274) one year Provisions forliabilities andcharges (976) (654) (718) ______ ______ ______Net assets 9,001 6,031 5,234 ====== ====== ====== Capital and reserves Called up sharecapital 2,228 1,493 1,493Share premiumaccount 4,711 3,156 3,156Capital conversionreserve fund 34 23 23Profit and lossaccount 2,028 1,359 562 ______ ______ ______Shareholders' funds- equity 9,001 6,031 5,234 ====== ====== ====== Norish plc Consolidated Cash Flow Statement Six Months to 30 June 2005 30 June 2005 30 June 2005 30 June 2004 •'000 £'000 £'000 (Unaudited) (Unaudited) (Unaudited) Net cash inflow fromoperating activities 1,146 768 657 Returns oninvestments andservicing of finance (37) (25) (65)Taxation (105) (70) 5Capital expenditureand financialinvestment 3,981 2,667 (222)Equity dividends paid (178) (119) (220) ______ ______ ______Net cash inflowbefore financingactivities 4,807 3,221 155Financing activities (1,607) (1,077) (172) ______ ______ ______Increase/(decrease)in cash in the period 3,200 2,144 (17) ====== ====== ====== Reconciliation of Net Cash Flow to Movement in Net Funds /(Debt) Increase/(decrease)in cash in the period 3,200 2,144 (17)Decrease in debt 1,607 1,077 172 ______ ______ ______ Change in net debtresulting from cashflows 4,807 3,221 155 Net debt at 1 January (2,936) (1,967) (2,700) ______ ______ ______Net funds/(debt) at30 June 1,871 1,254 (2,545) ====== ====== ====== Norish plc Adjusted Earnings per Share Six Months to 30 June 2005 30 June 2005 30 June 2005 30 June 2004 •'000 £'000 £'000 (Unaudited) (Unaudited) (Unaudited) Profit for the periodattributable to shareholders 1,278 856 98Goodwill amortisation 10 7 7Exceptional items (after tax at 30% whereappropriate)- Reorganisation costs 206 138 -- Profit on sale of property (1,281) (858) - --------- --------- ---------Adjusted Earnings 213 143 105 ====== ====== ====== Weighted average number ofordinary shares 8,466,230 8,466,230 8,466,230 Adjusted earnings per share €2.5c 1.7p 1.2p ====== ======= ======= The adjusted earnings per share figure is presented in order to illustrateearnings per share on a consistent basis over time after eliminating the impactof goodwill amortisation and significantnon-recurring items. INFORMATION FOR SHAREHOLDERS Register The Company's share register and related records are now maintained byComputershare Services (Ireland) Ltd., to whom shareholder enquires, should beaddressed. Their address is Heron House, Corrig Road, Sandyford Industrial Estate, Dublin18, Ireland. Telephone +353 (1) 2163100. Website The group's website can be accessed at www.norish.com This information is provided by RNS The company news service from the London Stock Exchange