4 Mar 2010 11:46
Norish plc
Preliminary Statement of Annual Results 2009
Results
4 March 2010
Norish plc results for the year ended 31st December 2009 are as follows:
·; Turnover increased to £10.5m compared with £9.7m for 2008
·; Pre - tax profits of £472,000 compared to £111,000 for 2008.
·; Profit after tax of £831,000 compares with a loss of £356,000 for 2008
·; Net assets increased to £7m compared with £6.4m for 2008.
·; Net debt reduced to £6.8m from £8m.
Financial Strength
Shareholders funds at 31 December 2009 were £7m compared with £6.4m at 31 December 2008. Net debt at 31 December 2009 was £6.8m, compared with a net debt of £8m at 31 December 2008.
Operations
The cold stores' profitability was adversely affected by start-up costs incurred in respect of a new site at Leeds and the effect of some of our customers de-stocking during the year. Furthermore, reduced blast freezing and a slow start to seasonal activity pre-Christmas at some of the sites diluted our performance in Q4. Our Gillingham site which was acquired in 2008 performed well.
Our ambient site at York performed well in 2009 with increased occupancy and throughput.
Acquisition
In February 2009 we agreed to lease a 3,100 pallet cold store at Leeds for an initial rent of £15,000 per annum. Since the year end we have agreed to purchase the site for £750,000. We believe this acquisition will add to the profitability of the business in 2010.
Dividend
The board does not recommend the payment of a final dividend for 2009.An Interim dividend of 1.25 cents was paid in October 2009. The total dividend in respect of the financial year was 1.25 cents per share unchanged from last year.
Board Changes
Raymond French resigned from the board in November 2009. On behalf of the board I would like to thank him for his valuable contribution to the business over the past few years.
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 2009.
Ted O'Neill
Chairman
3 March 2010
The results herein do not represent full accounts. Full accounts for the year ended 31 December 2009, 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 2008 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 2009
|
| 2009 | 2008 |
|
| £'000 | £'000 |
|
|
|
|
| Continuing operations |
|
|
| Revenue | 10,539 | 9,693 |
| Cost of sales | (9,526) | (8,958) |
|
|
|
|
| Gross profit | 1,013 | 735 |
|
|
|
|
| Other income | - | 326 |
| Administrative expenses | (343) | (274) |
| Operating profit from continuing operations | 670 | 787 |
|
|
|
|
| Finance expenses | (291) | (696) |
| Finance income | 93 | 20 |
|
|
|
|
| Profit on continuing activities before taxation | 472 | 111 |
|
|
|
|
| Income taxes - Corporation tax | (75) | 342 |
| Income taxes - Deferred tax | 434 | (809) |
|
|
|
|
| Profit/(loss) for the period attributable to owners of the parent | 831 | (356) |
| Other comprehensive income | - | - |
| Total comprehensive income/(loss) for the period attributable to owners of the parent | 831 | (356) |
|
|
|
|
| Earnings per share expressed in pence per share: |
|
|
| From continuing operations - basic | 9.8p | (4.2)p |
| - diluted | 9.8p | (4.2)p |
Statement of Financial Position
at 31 December 2009
|
| 2009 | 2008 |
|
| £'000 | £'000 |
| Assets |
|
|
| Non current assets |
|
|
| Goodwill | 216 | 216 |
| Property, plant and equipment | 15,026 | 15,285 |
|
| 15,242 | 15,501 |
| Current assets |
|
|
| Trade and other receivables | 2,560 | 2,690 |
| Current tax asset | - | 236 |
| Cash and cash equivalents | 445 | 15 |
|
| 3,005 | 2,941 |
| Liabilities |
|
|
| Current liabilities |
|
|
| Trade and other payables | (2,274) | (2,068) |
| Financial liabilities: Fair value of interest rate swaps | (110) | (198) |
| Current tax liabilities | (84) | - |
| Borrowings | (633) | (796) |
|
| (3,101) | (3,062) |
|
|
|
|
| Net current liabilities | (96) | (121) |
| Non-current liabilities |
|
|
| Borrowings | (6,634) | (7,267) |
| Provisions | (568) | (391) |
| Deferred tax | (899) | (1,332) |
|
| (8,101) | (8,990) |
| Net assets | 7,045 | 6,390 |
|
|
|
|
| Equity |
|
|
| Share capital | 1,493 | 1,493 |
| Share premium account | 3,156 | 3,156 |
| Capital conversion reserve fund | 23 | 23 |
| Retained earnings | 2,373 | 1,718 |
| Equity attributable to equity holders of the parent | 7,045 | 6,390 |
Consolidated Statement of Changes in Equity
For the year ended 31 December 2009
|
|
|
| Capital |
|
|
|
| Share | Share | Conversion | Retained |
|
|
| capital | premium | Reserve | earnings | Total |
|
| £'000 | £'000 | £'000 | £'000 | £'000 |
|
|
|
|
|
|
|
| At 1 January 2008 | 1,493 | 3,156 | 23 | 2,144 | 6,816 |
|
|
|
|
|
|
|
| Net profit for the year | - | - | - | (356) | (356) |
| Total comprehensive income for the year | - | - | - | (356) | (356) |
| Credit in respect of employee share schemes | - | - | - | 14 | 14 |
| Equity dividends paid (recognised directly in equity) |
|
|
| (84) | (84) |
|
|
|
|
|
|
|
| At 31 December 2008 | 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 |
Consolidated Cash Flow Statement
for the year ended 31 December 2009
|
| Notes | 2009 | 2008 |
|
|
| £'000 | £'000 |
|
|
|
|
|
| Profit on continuing activities before taxation |
| 472 | 111 |
| Adjustments for: |
|
|
|
| Finance expenses |
| 291 | 696 |
| Finance income |
| (93) | (20) |
| Depreciation - property, plant and equipment |
| 576 | 541 |
| Employee share schemes |
| 16 | 14 |
|
|
|
|
|
|
|
|
|
|
| Changes in working capital and provisions: |
|
|
|
| Decrease/(increase) in trade and other receivables |
| 130 | (223) |
| Increase in payables |
| 118 | 107 |
| Increase in provisions |
| 177 | 391 |
| Cash generated from operations |
| 1,687 | 1,617 |
|
|
|
|
|
|
|
|
|
|
| Interest paid - bank loans and overdrafts |
| (291) | (469) |
| Taxation refund /(paid) |
| 245 | (156) |
| Net cash from operating activities |
| 1,641 | 992 |
|
|
|
|
|
| Investing activities |
|
|
|
| Interest received |
| 5 | 20 |
| Fair value losses on interest rate swaps |
| 88 | (227) |
| Disposal of Plant |
| - | - |
| Purchase of property, plant and equipment |
| (317) | (3,325) |
| Net cash used in investing activities |
| (224) | (3,532) |
|
|
|
|
|
| Financing activities |
|
|
|
| Dividends paid to shareholders |
| (192) | (84) |
| Term loan advance |
| - | 2,000 |
| Term loan repayments |
| (633) | (600) |
| Net cash (used in)/ from financing activities |
| (825) | 1,316 |
|
|
|
|
|
| Net increase/(decrease) in cash and cash equivalents and bank overdrafts |
| 592 | (1,224) |
|
|
|
|
|