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Final Results

4th Mar 2011 14:00

RNS Number : 3463C
Norish PLC
04 March 2011
 

Norish plc

Preliminary Statement of Annual Results 2010

 

Results

 

Norish plc results for the year ended 31st December 2010 are as follows:

 

 

·; Turnover increased to £10.7m compared with £10.5m for 2009.

·; Pre - tax profits of £552,000 compared to £472,000 for 2009.

·; Net assets increased to £7.5m compared with £7m for 2009.

·; Net debt increased to £6.9m from £6.8m.

 

 

 

Financial Strength

 

Shareholders funds at 31 December 2010 were £7.5m compared with £7m at 31 December 2009. Net debt at 31 December 2010 was £6.9m which increased from £6.8m as at 31 December 2009.

 

Operations

 

The cold stores' profitability was adversely affected by pressure on rates and increased power costs. Performance in the second half of the year was better than expected following a poor first half.

 

Our ambient site at York did not perform well in 2010 with decreased occupancy.

 

We completed the acquisition of a new site at Leeds at a total cost of £790,000. This site which was previously leased was profitable in 2010 which is a significant improvement on the previous year.

We currently use R22 refrigeration gas at 3 of our cold stores. R22 is a Hydrochlorofluorcarbon (HCFC) which is classed as an ozone depleting gas and with effect from 1st January 2010 it is no longer possible to purchase virgin R22. However, the use of re-cycled R22 is still permitted until 31st December 2014. We currently have an option to purchase 44,808 kg of re-cycled R22 at £4.05 per kg which is below the current market value. Under IAS39 Financial Instruments(Recognition and measurement) we have accounted for an unrealised profit of £410,000 for the year.

 

Dividend

 

The board recommends the payment of a final dividend of 1.25 cent per share. This will be paid on the 20th May 2011 to those shareholders on the register on the 15th April 2011. It will bring the total dividend in respect of the financial year to 1.25 cent per share unchanged from last year.

 

 

 

Personnel

 

On behalf of the board, I would like to thank our Managing Director, Norman Hatcliff our Finance Director, Aidan Hughes and their management team and staff for their commitment and contribution in 2010.

 

 

 

 

Ted O'Neill

Chairman

3 March 2011

 

The results herein do not represent full accounts. Full accounts for the year ended 31 December 2010, upon which the Auditors have given an unqualified audit report, have not yet been filed with the Registrar of Companies. Full accounts for the year ended 31 December 2009 containing an unqualified audit report from the Auditors have been delivered to the Registrar of Companies.

 

The audited consolidated income statement, balance sheet and cash flow statement in sterling currency, with comparatives, are attached.

 

 

 

 

Statement of Comprehensive Income

for the year ended 31 December 2010

 

 

2010

2009

 

£'000

£'000

 

 

 

 

Continuing operations

 

 

 

Revenue

10,654

10,539

Cost of sales

(9,850)

(9,526)

 

 

 

 

Gross profit

804

1,013

 

 

 

 

Other income

410

-

Administrative expenses

(481)

(343)

Operating profit from continuing operations

733

670

 

 

 

 

Finance expenses

(278)

(291)

Finance income

97

93

 

 

 

 

Profit on continuing activities before taxation

552

472

 

 

 

 

Income taxes - Corporation tax

81

(75)

Income taxes - Deferred tax

(192)

434

 

 

 

 

Profit for the period attributable to owners of the parent

441

831

Other comprehensive income

-

-

Total comprehensive income for the period attributable to owners of the parent

441

831

 

 

 

 

Earnings per share expressed in pence per share:

 

 

 

From continuing operations

- basic

5.2p

9.8p

- diluted

5.2p

9.8p

 

 

 

 

 

Statement of Financial Position

at 31 December 2010

 

 

 

2010

2009

 

£'000

£'000

Assets

 

 

 

Non current assets

 

 

 

Goodwill

216

216

Property, plant and equipment

15,384

15,026

Derivative financial instruments

479

-

 

16,079

15,242

Current assets

 

 

 

Trade and other receivables

2,494

2,560

Current tax asset

10

-

Cash and cash equivalents

194

445

Total assets

2,698

3,005

Liabilities

 

 

 

Current liabilities

 

 

 

Trade and other payables

(2,556)

(2,274)

Financial liabilities: Fair value of interest rate swaps/caps

(13)

(110)

Current tax liabilities

-

(84)

Borrowings

(666)

(633)

 

(3,235)

(3,101)

 

 

 

 

Net current liabilities

(537)

(96)

Non-current liabilities

 

 

 

Borrowings

(6,442)

(6,634)

Provisions

(509)

(568)

Deferred tax

(1,091)

(899)

 

(8,042)

(8,101)

Net assets

7,500

7,045

 

 

 

 

Equity

 

 

 

Share capital

1,493

1,493

Share premium account

3,156

3,156

Capital conversion reserve fund

23

23

Retained earnings

2,828

2,373

Equity attributable to equity holders of the parent

7,500

7,045

 

 

 

 

Consolidated Statement of Changes in Equity

For the year ended 31 December 2010

 

 

Capital

Share

Share

Conversion

Retained

capital

premium

Reserve

earnings

Total

£'000

£'000

£'000

£'000

£'000

At 1 January 2009

1,493

3,156

23

1,718

6,390

Net profit for the year

-

-

-

831

831

Total comprehensive income for the year

-

-

-

831

831

Credit in respect of employee share schemes

-

-

-

16

16

Equity dividends paid (recognised directly in equity)

(192)

(192)

At 31 December 2009

1,493

3,156

23

2,373

7,045

Net profit for the year

-

-

-

441

441

Total comprehensive income for the year

-

-

-

441

441

Credit in respect of employee share schemes

-

-

-

14

14

At 31 December 2010

1,493

3,156

23

2,828

7,500

 

 

Consolidated Cash Flow Statement

for the year ended 31 December 2010

 

 

2010

2009

£'000

£'000

Profit on continuing activities before taxation

552

472

Adjustments for:

Finance expenses

278

291

Finance income

(97)

(93)

Fair value gains on interest rate swaps

97

88

Depreciation - property, plant and equipment

608

576

Employee share schemes

14

16

Changes in working capital and provisions:

(Increase)/decrease in trade and other receivables

(413)

130

Increase in payables

186

118

(Decrease)/increase in provisions

(60)

178

Cash generated from operations

1,165

1,776

Interest paid - bank loans and overdrafts

(278)

(291)

Taxation (paid)/refund

(13)

245

Net cash from operating activities

874

1,730

Investing activities

Interest received

-

5

Purchase of property, plant and equipment

(966)

(317)

Net cash used in investing activities

(966)

(312)

Financing activities

Dividends paid to shareholders

-

(192)

Term loan advance

500

-

Term loan repayments

(659)

(633)

Net cash used in financing activities

(159)

(825)

Net (decrease)/increase in cash and cash equivalents

(251)

593

Cash and cash equivalents and bank overdrafts,

beginning of period

 

 

445

(148)

Cash and cash equivalents end of period

194

445

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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