23rd May 2019 12:15
LONDON (Alliance News) - Cold storage warehousing and logistics firm Norish PLC said Thursday it has made "substantial progress" in the first four months of 2019.
Updating investors at the company's annual general meeting Thursday, Norish Chair Ted O'Neill said group profit in the period was 80% ahead of the same period the year before at GBP754,000.
The company's Cold Storage division seen a sharp rise in profit in the period, rising 39% year on year to GBP1.1 million from GBP789,000.
Norish said Sourcing, Townview Foods and Foro businesses saw profits slip 23% in the period, decreasing to GBP141,000 from GBP184,000.
The company blamed "trading uncertainties and currency fluctuations associated with the Brexit process". Norish did note, however, the out-turn of its Sourcing business in the period was broadly in line with budget.
O'Neill said the company's Dairy business is "making substantial progress".
He said: "We are putting considerable work and management resource into an A2 protein milk feasibility program, and, we expect to have a much clearer picture, within the next 10 to 12 months, on how this interesting development will be of further benefit to shareholders. 2019 has seen an excellent Spring at farm level, setting the year up for a markedly improved financial performance, over 2018."
At a group level, O'Neill said the company continues to reduce its net debt.
"At this juncture, we expect another very positive outcome for 2019," added O'Neill.
Shares in Norish were up 9.0% Thursday at 65.97 pence each.
Related Shares:
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