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Norish

  • BY: Andrew Hore |
  • POSTED: 06/03/2015 |

Temperature controlled storage provide Norish reported a flat profit in 2014, although underlying profit was much higher.

The share price rose 9.5p to 44.5p, which values Norish at £7.61m. Last May, Norish raised £2.08m in a placing and open offer at 35p a share.

In 2014, revenues improved from £22.8m to £23.6m, split between storage and meat and fish trading, while pre-tax profit was barely changed at £762,000. However, the 2013 figures were boosted by other income of £315,000 and a non-cash gain of £134,000 on interest swaps, compared with a loss of £44,000 in 2014. Net debt was £7m and the Leeds site is up for sale. The dividend is one-fifth higher at €0.015 a share.

AIM Journal February 2015 available.

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