4th Aug 2021 12:40
(Alliance News) - Norish PLC on Wednesday reported an increase in its interim profit and revenue, as part of a strong financial performance in the first half of 2021.
Pretax profit for the six months ended June 30 was GBP1.4 million, nearly doubled year-on-year from GBP779,000.
The cold-storage warehousing and logistics firm, headquartered in Suffolk, reported revenue of GBP18.9 million, up 16% from GBP15.9 million.
The company reported increases in revenue across all of its divisions with Dairy, Sourcing and Cold Stores increasing by 27%, 25% and 12% respectively.
Norish did not declare a dividend for the first half, unchanged from the prior year.
Going forward, Norish said it remains optimistic for continued growth in profitability at Norish Cold Stores for the balance of the year. Group occupancy at this juncture is 85%, up 9% from the same period last year.
It has made significant progress with the development of its A2 protein milk supply via Cantwellscourt Farm and its protein sourcing division is expected to have a strong second half to the year as markets continue to normalise, the firm said.
Shares in Norish were up 3.2% to 160.00 pence each in London on Wednesday morning.
By Amrit Sahota; [email protected]
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