28th Mar 2018 12:08
LONDON (Alliance News) - Norish PLC on Wednesday said that it anticipates another strong year of profit growth after revenue rose sharply over 2017.
The multi-temperature warehousing and logistics company reported a 32% rise in revenue to GBP42.3 million in 2017 from GBP32.1 million the year earlier. The group said that the results were driven by increase in blast freezing volumes.
Cold store revenue grew by 13% to GBP14.3 million from GBP12.6 million, while sourcing devision revenue was up 41% to GBP27.4 million from GBP19.5 million year-on-year.
As a result, pretax profit climbed to GBP1.5 million compared with GBP633,000 made in 2016.
Norish declared final dividend of 1.65 euro cents per share, up 10% from 1.50 cents paid the year before.
The group ended the year with debt of GBP5.4 million, up from GBP5.2 million it owed by the end of 2016. It also said that it anticipated to improve cash conversion through 2018 helped by an improved operating performance, lower tax rate and reduced capital expenditures.
Norish Chairman Ted O'Neill said: "We anticipate another strong year of profit growth in 2018, underpinned by the initiation of a continuous improvement programme across the business."
The stock was trading 9.7% higher at 85.00 pence per share on Wednesday.
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