Business
Prelminary Statement
Prelminary Statement.
About this update from Roebuck Food Group Plc
[{"type":"text","content":"\n Norish PLC\n03 March 2006\n\n\n Norish plc\n Preliminary Statement of Annual Results\n\n Highlights 2005\n\n\n • Earnings per share increased to 11.5p from 2.7p\n • Adjusted earnings per share increased to 5.4p from 2.7p\n • Total dividend increased to €2.5c from €2.0c up 25%\n • Belvedere property disposed for £2.9m - profit on sale £1m\n • Freehold properties acquired at York and Wrexham - total cost £7.8m\n • Net debt increased from £2.0m to £7.2m\n • Moved from Irish Stock Exchange and from London Stock Exchange to AIM\n • Now exited from commodity and non-food storage - operating loss from\n discontinued activities £0.4m\n • Reorganisation costs incurred £0.2m\n\n\n\n Norish plc\n Preliminary Statement of Annual Results\n\nI am pleased to present the preliminary statement of annual results of Norish\nPlc for 2005.\n\nIn March 2005 we availed of the fast track admission procedures and moved from\nthe Official List of the United Kingdom Listing Authority to the Alternative\nInvestment Market of the London Stock Exchange ('AIM'), and delisted from the\nOfficial List of the Irish Stock Exchange. The AIM market is better suited to a\ncompany of our size as it gives us the ability to complete necessary\ntransactions in a time efficient and cost effective manner.\n\nAs part of the Group's strategy in exiting the coffee and cocoa commodity\nstorage market we were able to dispose of our Belvedere, Kent premises, in April\n2005 for a cash consideration of £2.9m, which gave rise to a profit on disposal\nof £1.0m. We have now taken the decision to exit the non-food storage sector and\nhave successfully agreed to sub-let our leased facility at Felixstowe. The total\noperating loss incurred in exiting these activities amounted to £0.4m.\n\nIn August 2005 we exercised our option to acquire the land and property of the\nambient food storage facility at York, from RSH Properties for a total\nconsideration of £2.0m. The company had leased this facility for a period of\nfive years since July 2000. The property covers an area of approximately 10\nacres, within six miles of the city of York.\n\nJust before the year end we acquired the land and property at Wrexham, for\n£5.8m. This is a cold storage facility on a freehold site of approximately 14\nacres, which has been leased by the company since 1994.\n\nThe...