Business
Final Results
Final Results.
About this update from Roebuck Food Group Plc
[{"type":"text","content":"\n \n\n\n\n\n\nRNS Number : 3463C Norish PLC 04 March 2011 \n\nNorish plc\nPreliminary Statement of Annual Results 2010\n \nResults\n \nNorish plc results for the year ended 31st December 2010 are as follows:\n \n \n· Turnover increased to £10.7m compared with £10.5m for 2009.\n· Pre - tax profits of £552,000 compared to £472,000 for 2009.\n· Net assets increased to £7.5m compared with £7m for 2009.\n· Net debt increased to £6.9m from £6.8m.\n \n \n \nFinancial Strength\n \nShareholders 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. \n \nOperations\n \nThe 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.\n \nOur ambient site at York did not perform well in 2010 with decreased occupancy.\n \nWe 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.\nWe 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.\n \nDividend\n \nThe 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.\n \n \n \nPersonnel\n \nOn behalf of the board, I would like to thank our Managing Director, Norman Hatcliff our Finance Director, Aidan Hughes and their management team and sta...