18th May 2016 10:26
LONDON (Alliance News) - Norish PLC said is "very encouraged" by the continued progress it is building in its underlying business in a statement ahead of its annual general meeting.
The food manufacturing, distribution and retail warehousing company said management is "actively engaged" with a number of businesses who are seeking investment in areas that of interest to Norish.
However, it said it would remain "disciplined with respect to required returns, scalability and quantum of capital required for each project."
Norish raised GBP5.1 million in a placing at the end of last year to pursue investment opportunities in its business and in new developments, particularly in the dairy and food sectors.
Elsewhere, it said that the operating performance of its temperature controlled division continues to improve. This division accounts for the bulk of capital employed in the group, it said, and it is investing some of the funds raise in a number of "short payback projects" in its cold store segment.
Norish expects to complete the signing of a lease for a dairy farming opportunity in Kilkenny, Ireland, by the end of May 2016.
Shares in Norish were untraded Wednesday morning. They last traded at 33.00 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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