6th Mar 2015 08:58
LONDON (Alliance News) - Norish PLC Friday proposed an increased dividend for 2014, as it posted a broadly flat pretax profit for the year compared to 2013.
Norish principally operates temperature-controlled storage centers, providing storage, freezing, picking, and order assembly services for food companies.
The company proposed a final dividend of 1.50 euro cents per share, up from 1.25 cents in the previous year. The company doesn't pay an interim dividend, so the final dividend is its total dividend for the 2014.
Norish posted a pretax profit of GBP762,000, flat on the previous year, as a slight rise in revenue to GBP23.6 million from GBP22.8 million was offset by higher cost of sales and an exceptional GBP315,000 credit from the adjustment of the deferred consideration for its acquisition of Town View Foods did not recur.
Revenue growth was mainly driven by an increase in blast freezing volumes and additional lamb sales helping improve performance in its commodity division.
In its North West division, the company said the increase of pork exports to China helped improve its performance, bolstered by the purchase of a cold store in Birmingham and freezing facilities worth GBP700,000. It funded these acquisitions through the GBP2.1 million it raised in May and its bank term loan.
In the South East division, pallets into its stores declined 10%, although blast freezing volumes rose 21%.
It sold its York ambient site for GBP1.6 million during the year as part of its plan to exit the ambient business. It is marketing its Leeds ambient site for sale, and expects this to sell in 2015.
Shares in Norish are untraded Friday. It last closed at 36.66 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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