NSH.L Regulatory News (NSH)

2 Mar 2007 07:30

Norish PLC02 March 2007 Norish plc Preliminary Statement of Annual Results I am pleased to present the preliminary statement of annual results of NorishPlc for 2006. During 2006 the Group had to cope with increased energy costs and continuingover-capacity in the cold storage market. As a result of increased energy costswe have invested capital in various projects aimed at reducing energyconsumption. We are continually reviewing our structure and cost base and as part of thisreview we have decided to close our administration office at Dartford. Thisclosure will have no negative effect on the management of the business. Results The Group announces pre-tax profits of £0.4m. This compares with pre-tax profitsof £1.0m (after net exceptional gains of £0.8m and operating losses fromdiscontinued operations of £0.4m) for last year. The profit per share fromcontinuing operations is 3.0p compared to 3.3p for last year. Net debt at theyear-end decreased from £7.2m to £6.4m. Operations Our cold stores did not perform as well as last year in a market still sufferingfrom overcapacity and increased energy costs. However, as a result of sales andmarketing activities our stores finished the year with high occupancy levels. Due to the closure of a customer's factory, the contribution of the Bury StEdmunds site fell short of expectations. We successfully replaced this businessin the final quarter of the year. The Wrexham and West Midlands sites struggled with low occupancy during the yearwhilst increased activity at the Braintree, East Kent and York sites produced animprovement on last year. Dividend At the interim stage we declared a dividend of €1.25c per share. The board doesnot recommend the payment of a final dividend. This will bring the totaldividend for the year to €1.25c per share, (€2.5c last year). Board I am very pleased to report that Norman Hatcliff has been appointed ManagingDirector. He was appointed to the board as Operations Director in July 2005 andhas made a very significant contribution since he joined the company in 2000. I am also pleased to report that Aidan Hughes was appointed to the board on the7th September 2006 as Finance Director. He joined the company in 1996 and hasbeen responsible for the Company's finance function over the past year. He willalso continue in the role as Company Secretary. Personnel The Board would like to thank the staff for their contribution in a difficulttrading environment in 2006. Trading Outlook We have started 2007 with high occupancy levels. This level of occupancytogether with the reduced cost base should help to combat the ongoing challengesin the market place during the current year. Ted O'NeillChairman1 March 2007 The results herein do not represent full accounts. Full accounts for the yearended 31 December 2006, upon which the Auditors have given an unqualified auditreport, have not yet been filed with the Registrar of Companies. Full accountsfor the year ended 31 December 2005 containing an unqualified audit report fromthe Auditors have been delivered to the Registrar of Companies. The audited profit and loss account, balance sheet and cash flow statement insterling currency, with comparatives, are attached. For information purposesthese are also expressed in Euro (•) at the rate of €1 = £0.67, the conversionrate applicable on 31 December 2006. The Euro (•) figures are not audited. Norish plc Consolidated profit and loss account for the year ended 31 December 2006 2006 2006 2005 •'000 £'000 £'000 Group turnover - continuing operations 15,927 10,671 9,485 - discontinued operations - - 1,943 ______ ______ _______ 15,927 10,671 11,428 Cost of sales (14,140) (9,474) (10,677) Gross profit 1,787 1,197 751 Administrative expenses (548) (367) (421)Goodwill amortisation (22) (15) (15) Group operating profit before exceptional item 1,217 815 315 Exceptional item - reorganisation costs- continuing operations - - (219) Group operating profit/(loss)- continuing operations 1,217 815 537- discontinued operations - - (441) ______ ______ ______ 1,217 815 96 Exceptional item -Profit on disposal of property- discontinued operations - - 1,000 ______ _______ ______ 1,217 815 1,096 Interest receivable and other income 60 40 40Interest payable and similar charges (635) (425) (106) Profit on ordinary activities before taxation 642 430 1,030 Tax on profit on ordinary activities (264) (177) (59) ______ ________ _______Profit for the financial year 378 253 971 ====== ======== ======= Basic and diluted earnings per ordinary share- continuing operations 3.0p 3.3p- discontinued operations - 8.2p ________ _______- total 3.0p 11.5P ======== ======= Norish plc Consolidated balance sheet at 31 December 2006 2006 2006 2005 •'000 £'000 £'000Fixed assetsIntangible assets - goodwill 300 201 216Tangible assets 19,258 12,903 13,077 ______ ______ _______ 19,558 13,104 13,293Current assetsDebtors 4,122 2,762 3,103Cash at bank and in hand 872 584 284 ______ _______ _______ 4,994 3,346 3,387 Creditors: amounts falling duewithin one year (4,545) (3,045) (2,902) ______ _______ ________ Net current assets 449 301 485 Total assets less current liabilities 20,007 13,405 13,778 Creditors: amounts falling due after morethan one year (9,701) (6,500) (7,000) Provisions for liabilities and charges (972) (651) (633) ______ _______ ________Net assets 9,334 6,254 6,145 ====== ======= ======== Capital and reservesCalled up share capital 2,228 1,493 1,493Share premium account 4,711 3,156 3,156Capital conversion reserve fund 34 23 23Profit and loss account 2,361 1,582 1,473 ______ _______ _______Shareholders' funds 9,334 6,254 6,145 ====== ======= ======= Norish plc Consolidated statement of cash flows for the year ended 31 December 2006 2006 2006 2005 •'000 £'000 £'000 Net cash inflow from operating activities 2,204 1,477 657 Returns on investments and servicing of finance (567) (380) (39)Taxation 290 194 (354)Capital expenditure and financial investment (518) (347) (5,322)Dividends paid (215) (144) (191) Cash inflow/(outflow) before financing activities 1,194 800 (5,249) Financing activities (746) (500) 6,010 _______ ________ _______Increase in cash in the year 448 300 761 ======= ======== ======= Reconciliation of net cash flow to movement in net debt 2006 2006 2005 •'000 £'000 £'000 Increase in cash in the year 448 300 761Decrease/(Increase) in debt 746 500 (6,050)Decrease in finance leases - - 40 ________ _______ _______Change in net debt resulting from cash flows 1,194 800 (5,249) Non-cash movements - - - ________ _______ _______ Decrease/(increase) in net debt in the year 1,194 800 (5,249) Net debt at 1 January (10,770) (7,216) (1,967) ________ _______ _______Net debt at 31 December (9,576) (6,416) (7,216) ======== ======= ======= Norish plc Adjusted Earnings Per Share Statement for the year ended 31 December 2006 Earnings Earnings 2006 per share 2005 per share £'000 - pence £'000 - pence Profit attributable to shareholders 253 3.0 971 11.5 Goodwill amortisation 15 0.2 15 0.2 Exceptional items- Reorganisation costs(after effective tax credit at 28%) - - 158 1.9- Profit on disposal of property (nil tax arising) - - (1,000) (11.8)Operating loss on discontinuedoperations (after effective tax credit of 30%) - - 309 3.6 ______ ______ _______ ______Adjusted earnings 268 3.2 453 5.4 ====== ====== ======= ====== Weighted average number of ordinary shares 8,466,230 8,466,230Adjusted earnings per share 3.2p 5.4p ========= ========= This information is provided by RNS The company news service from the London Stock Exchange