Preliminary Results, 2010

Sat, 5th March 2011

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.