11th Sep 2015 12:31
LONDON (Alliance News) - Food manufacturing, distribution and retailing services company Norish PLC on Friday reported a rise in pretax profit for its first half, and said its temperature-controlled division has started the second half of the year with high occupancy levels.
The company reported a pretax profit of GBP245,000 for the half year to end-June, up from GBP164,000 a year before. Norish reported revenue of GBP11.8 million, up from GBP11.1 million a year before, driven by 13% revenue growth in its commodity trading business due to additional sales generated by its new trading company Foro International Connections. In its temperature-controlled division, revenue was flat at GBP5.7 million.
Norish attributed its improved financial performance to investment it made in the Freehold Cold Store in Birmingham, and investment in its blast freezing facilities.
The company has opted to exit from its ambient business, and during the period completed the sale of its ambient site in Shipton By-Beningbrough, York, for GBP1.6 million. As part of this exit, the company is now marketing its warehouse at Leeds for sale, and expects to sell this warehouse in 2015.
Looking ahead, Norish intends to focus on removing the seasonality in its temperature-controlled divisions, and increasing sales of protein products in its commodity trading business.
The company proposed no interim dividend, unchanged from the previous year.
Shares in Norish were untraded Friday. They last closed at 55.00 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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