8th Mar 2012 09:45
Norish plc
Preliminary Statement of Annual Results 2011
Results
Norish plc results for the year ended 31st December 2011 are as follows:
·; Turnover increased to £11.2m compared with £10.7m for 2010.
·; Pre-tax profits of £406,000 compared to £552,000 for 2010.
·; Net assets increased to £8m compared with £7.5m for 2010.
·; Net debt decreased to £6.8m from £6.9m.
·; Earnings per share decreased to 4.3p from 5.2p
Financial Strength
Shareholders funds at 31 December 2011 were £8m compared with £7.5m at 31 December 2010. Net debt at 31 December 2011 was £6.8m which decreased from £6.9m as at 31 December 2010.
Operations
Our cold store business performed better this year, primarily due to increased turnover. However, the business suffered from increased power costs and an increase in labour intensive handling activities for some of our customers.
Our ambient site at York performed just below 2010 levels. It had a better second half of the year compared to the first half. This should carry forward into 2012.
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 a unrealised profit of £190,000 for the year.
Our pre-tax profits of £406,000 were adversely affected by a non cash derivative amount of £89,000 in 2011 against a credit of £97,000 in 2010.
Dividend
The board recommends the payment of a final dividend of 1.25 cent per share. This will be paid on the 18th May 2012 to those shareholders on the register on the 20th April 2012. 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 the management team and staff for their commitment and contribution in 2011.
Ted O'Neill
Chairman
7 March 2012
The results herein do not represent full accounts. Full accounts for the year ended 31 December 2011, 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 2010 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.
Consolidated Statement of Comprehensive Income
for the year ended 31 December 2011
2011 | 2010 | |||
£'000 | £'000 | |||
Continuing operations | ||||
Revenue | 11,213 | 10,654 | ||
Cost of sales | (10,375) | (9,850) | ||
Gross profit | 838 | 804 | ||
Other income | 190 | 410 | ||
Administrative expenses | (362) | (481) | ||
Operating profit from continuing operations | 666 | 733 | ||
Finance expenses-interest paid | (186) | (278) | ||
Finance expenses- fair value loss swaps/caps | (89) | - | ||
Finance income | 15 | 97 | ||
Profit on continuing activities before taxation | 406 | 552 | ||
Income taxes - Corporation tax | (80) | 81 | ||
Income taxes - Deferred tax | 36 | (192) | ||
Profit for the period attributable to owners of the parent | 362 | 441 | ||
Other comprehensive income | - | - | ||
Total comprehensive income for the period attributable to owners of the parent | 362 | 441 | ||
Earnings per share expressed in pence per share: | ||||
From continuing operations - basic | 4.3p | 5.2p | ||
- diluted | 4.3p | 5.2p |
Consolidated Statement of Financial Position
at 31 December 2011
2011 | 2010 | |||
£'000 | £'000 | |||
Assets | ||||
Non current assets | ||||
Goodwill | 216 | 216 | ||
Property, plant and equipment | 15,379 | 15,384 | ||
Derivative financial instruments | 669 | 479 | ||
16,264 | 16,079 | |||
Current assets | ||||
Trade and other receivables | 2,827 | 2,494 | ||
Current tax asset | - | 10 | ||
Cash and cash equivalents | 50 | 194 | ||
Total assets | 2,877 | 2,698 | ||
Liabilities | ||||
Current liabilities | ||||
Trade and other payables | (2,892) | (2,556) | ||
Financial liabilities: Fair value of interest rate swaps/caps | (102) | (13) | ||
Current tax liabilities | (81) | - | ||
Borrowings | (991) | (666) | ||
(4,066) | (3,235) | |||
Net current liabilities | (1,189) | (537) | ||
Non-current liabilities | ||||
Borrowings | (5,856) | (6,442) | ||
Provisions | (139) | (509) | ||
Deferred tax | (1,055) | (1,091) | ||
(7,050) | (8,042) | |||
Net assets | 8,025 | 7,500 | ||
Equity | ||||
Share capital | 1,674 | 1,493 | ||
Share premium account | 3,229 | 3,156 | ||
Capital conversion reserve fund | 23 | 23 | ||
Retained earnings | 3,099 | 2,828 | ||
Equity attributable to equity holders of the parent | 8,025 | 7,500 |
Consolidated Statement of Changes in Equity
For the year ended 31 December 2011
Capital | |||||
Share | Share | Conversion | Retained | ||
capital | premium | Reserve | earnings | Total | |
£'000 | £'000 | £'000 | £'000 | £'000 | |
At 1 January 2010 | 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 |
Equity dividends paid (recognised directly in equity) | - | - | |||
At 31 December 2010 | 1,493 | 3,156 | 23 | 2,828 | 7,500 |
Net profit for the year | - | - | - | 362 | 362 |
Total comprehensive income for the year | - | - | - | 362 | 362 |
Credit in respect of employee share schemes | - | - | - | 1 | 1 |
Share placing | 181 | 73 | - | - | 254 |
Equity dividends paid (recognised directly in equity) | (92) | (92) | |||
At 31 December 2011 | 1,674 | 3,229 | 23 | 3,099 | 8,025 |
Consolidated Cash Flow Statement
for the year ended 31 December 2011
2011 | 2010 | ||
£'000 | £'000 | ||
Profit on continuing activities before taxation | 406 | 552 | |
Adjustments for: | |||
Finance expenses | 275 | 278 | |
Finance income | (15) | (97) | |
Fair value (losses)/gains on interest rate swaps/caps | (89) | 97 | |
Depreciation - property, plant and equipment | 569 | 608 | |
Employee share schemes | 1 | 14 | |
1,147 | 1,452 | ||
Changes in working capital and provisions: | |||
Increase in trade and other receivables | (523) | (413) | |
Increase in payables | 425 | 186 | |
Decrease in provisions | (370) | (60) | |
Cash generated from operations | 679 | 1,165 | |
Interest paid - bank loans and overdrafts | (186) | (278) | |
Taxation refund/(paid) | 11 | (13) | |
Net cash from operating activities | 504 | 874 | |
Investing activities | |||
Interest received | 15 | - | |
Purchase of property, plant and equipment | (564) | (966) | |
Net cash used in investing activities | (549) | (966) | |
Financing activities | |||
Dividends paid to shareholders | (92) | - | |
Share issue proceeds | 254 | - | |
Invoice finance receipts | 278 | - | |
Finance lease funding | 155 | - | |
Finance lease capital repayments | (28) | - | |
Term loan advance | - | 500 | |
Term loan repayments | (666) | (659) | |
Net cash used in financing activities | (99) | (159) | |
Net decrease in cash and cash equivalents | (144) | (251) | |
Cash and cash equivalents and bank overdrafts, beginning of period |
| 194 | 445 |
Cash and cash equivalents end of period | 50 | 194 |
Enquiries:
Norish | |
Aidan Hughes, Finance Director | Telephone: + 44 1293 862 498 |
Davy | |
Ivan Murphy, Director | Telephone: + 353 1 679 6363 |
Related Shares:
NSH.L