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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Roebuck Food Group plc | LSE:NSH | London | Ordinary Share | Ordinary Shares |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 175.00 | 170.00 | 180.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMNSH
RNS Number : 4521T
Norish PLC
30 March 2016
Norish plc
Preliminary Statement of Annual Results 2015
Results
Norish plc results for the year ended 31st December 2015 as follows:
Financial Highlights
-- Total Revenue up 16.5% to GBP27.5m (2014: GBP23.6m). -- Revenue from Commodity trading up 33% to GBP15.7m (2014: GBP11.8m).
-- Revenue from our continuing temperature controlled business increased to GBP11.8m (2014: GBP11.7m).
-- Profit after Tax from continuing operations GBP509,000 (2014: GBP598,000) -- Net assets up 47% to GBP15.3m (2014: GBP10.4m). -- Net debt down by 54% to GBP3.2m (2014: GBP7.0m).
-- Earnings per share decreased to 2.8p from 4p partially due to the increased number of shares in issue.
-- Dividend per share unchanged at 1.5 EURcent (2014: 1.5 EURcent).
Operational Highlights
-- Group raised GBP5.1m million (gross) through a placing in December 2015 to pursue investment opportunities in both its existing business and new developments particularly relating to the dairy and food sectors. The fund raise has fundamentally changed the balance sheet and growth opportunity for the group.
-- Sale of Leeds site completed in March 2016 for a consideration of GBP0.4m
-- In line with the company's objectives, the operating performance of the Temperature Controlled Division continues to improve in 2016. We are investing some of the funds raised in December 2015, in quite a number of short payback projects, within the cold store division. This process will continue throughout 2016.
-- The performance of the Commodity Division has been very encouraging in the first ten weeks of 2016.
-- Management are actively engaged in discussions with a number of businesses, who are seeking investment in areas of interest to us. However, we will remain disciplined with respect to required returns, scalability and quantum of capital required for each project We expect to complete the signing of a lease for a dairy farming opportunity in Kilkenny (Ireland) in the coming weeks. Stock have already been purchased and we plan to be milking cows in Spring 2017.
Chairman's Statement
Operations
North West Division
The North West cold store division which comprises of the freehold sites at Wrexham and Birmingham, performed below 2014 levels. This was mainly due to issues at one of our main customers plants which reduced the amount of product into our Birmingham site. These issues have now been rectified.
This division focuses mainly on exports to China. China is the UK's biggest export market for fifth quarter pig meat. Exports of pig meat have grown more than fourfold since Britain started to export to China, in 2011. There are only three cold stores in Britain licenced for the export of pig meat to China and the Group owns two of them (Wrexham and Birmingham). Exports of fifth quarter pigmeat add substantially to the value of the pig carcass. The rapid growth in the Chinese fifth quarter segment of the market is recasting the operating canvass of our North West division. The emergence of new customers, the requirement for investment in both blast freezing capacity and electricity generation and shortly perhaps cold storage capacity itself makes it a really interesting phase in this divisions' development.
South East Division
The South East Cold Stores, which comprises of the sites at Bury St. Edmunds (freehold), Braintree (leasehold), Gillingham (long term leasehold at a peppercorn rent) and East Kent (leasehold) performed on par with 2014.
The South East division operates to a very different dynamic, to that of the North West, driven by activity of the London marketplace. We are actively pursuing initiatives to improve both revenue mix and margin mix in this division. These initiatives should become apparent in 2017.
Commodity Trading
Our commodity trading division which consists of Townview Foods Limited and Foro International Connections Limited contributed GBP0.3m for the period, unchanged from last year.
Town View Foods trades in protein products mainly beef, pork, lamb and chicken. Sales from lamb and chicken increased by GBP1.8m during the year while sales from beef and pork decreased by GBP1.1m.
Foro International Connections accounted for the increased sales of GBP3.4m in 2015. Foro traded mainly in fish, soft drinks and infant formulae in 2015.
Discontinued
During the year the group agreed the sale of the Leeds site for GBP0.4m net. The sale completed in March 2016. This site was not part of the future plans for the business. Losses in respect of this property are included in discontinued activities of GBP0.2m, which include an impairment of GBP0.1m. This property is classed as an asset held for sale.
Chairman's Statement (Continued)
Financial Review
The Group has strengthened its balance sheet, following the equity fund raising of GBP4.9m (net), in December 2015. Total Equity at 31 December 2015 stood at GBP15.3m( 2014 : GBP10.4m). The funds will be used to execute a number of investment opportunities. Net debt at 31 December 2015 was GBP3.2m compared to GBP7m at 31 December 2014
Dividend
The board recommends the payment of a final dividend of 1.50 EURcent per share. This will be paid on the 21 October 2016 to those shareholders on the register on the 30 September 2016. It will bring the total dividend in respect of the financial year to 1.50 EURcent per share, unchanged from last year.
Personnel
The board would like to express its thanks to Norman Hatcliff, who retired as Managing Director on 31 December 2015, having spent 15 years with the company. Norman made a very significant contribution to the development of the company and we wish both himself and Carol every happiness and success in their future lives.
The board are very pleased to welcome Kieran Mahon to the newly created post of Group Managing Director. Kieran's experience in finance, agriculture and logistics will be of real value to the company in the years ahead.
On behalf of the board, I would like to thank the management team and staff for their commitment and
contribution in 2015.
Ted O'Neill
Chairman
30 March 2016
Financial Review
The number of pallets handled in dropped by 13%, but handled 12% additional pallets for blast freezing in 2015. This will allow the Group to positively position for future growth. Norish plc is one of only two companies in Britain who can presently provide blast freezing services for pig meat for China.
The significant feature of the year is the fund raising which has greatly strengthened the balance sheet.
Sales
Total Group revenue increased by 16.5% to GBP27.5m (2014: GBP23.6m). Temperature controlled revenues increased by 1% to GBP11.8m (2014: GBP11.7m). Revenues were up mainly as a result of an increase in blast freezing volumes. Revenues in the commodity division increased by 33% to GBP15.7m (2014: GBP11.8m). Foro International mainly accounted for the increased sales.
Gross profit
Gross profit decreased by 19% to GBP1.3m (2014: GBP1.6m). The results were impacted by a one off cost in the commodity trading division of GBP0.1m and unforeseen production issues at one of our largest customers plants which reduced both activities and revenues at our Birmingham Site.
Operating profit
Operating profit decreased to GBP0.8m (2014: GBP1.1m), reflecting the decrease in gross profit.
Finance expense (net)
Finance expense decreased to GBP0.28m (2014: GBP0.37m). The decrease is mainly attributable to the non cash movement in the valuation of the swap instruments of GBP0.07m. A swap is used by the Group to protect itself against interest rate rises. As a swap is classed as a financial instrument it is required to be valued and accounted for at each reporting date.
Loss from discontinued operations
As part of the Group's strategy to exit the ambient sector we recorded a loss of GBP0.2m (2014: GBP0.3m). The loss for 2015 includes an impairment of GBP0.1m in respect of the property at Leeds. In 2014 the loss includes an impairment of GBP0.2m for the property at Leeds.
Earnings per share
The basic earnings per share fell to 2.8p (2014: 4p). Additional shares of 11,427,317 were issued in December 2015.
Financial Review (Continued)
Capital
During the year we invested GBP0.5m (2014: GBP3.6m) in routine capital expenditure in the temperature controlled division.
Cash Position
Net debt reduced by 54% to GBP3.2m (2014: GBP7m). Operating activities generated GBPNil (2014: GBP1.2m) and financing activities generated GBP4.6m (2014: GBP1.2m). A net investment in assets was made of GBP0.5m (2014: GBP2m).
Dividend
The board recommends the payment of a final dividend of 1.50 EURcent per share. This will be paid on the 21 October 2016 to those shareholders on the register on the 30 September 2016. It will bring the total dividend in respect of the financial year to 1.50 EURcent per share unchanged from last year.
Aidan Hughes
Finance Director
Consolidated STATEMENT OF COMPREHENSIVE INCOME
(MORE TO FOLLOW) Dow Jones Newswires
March 30, 2016 02:00 ET (06:00 GMT)
for the financial year ended 31 December 2015
Hot Features
Premium
2015 2014
GBP'000 GBP'000
Continuing operations
Revenue 27,515 23,645
Cost of sales (26,232) (22,046)
Gross profit 1,283 1,599
------------- --------
Administrative expenses (447) (467)
Operating profit from continuing
operations 836 1,132
------------- --------
Finance income - fair value
non-cash gain/(loss) swaps 26 (44)
Finance expenses - interest
paid (272) (275)
Finance expenses - notional
interest (33) (51)
Profit on continuing activities
before taxation 557 762
------------- --------
Income taxes - Corporation
tax (60) (71)
Income taxes - Deferred
tax 12 (93)
Profit for the financial
year continuing operations 509 598
Loss from discontinued operations (220) (300)
Profit for the financial
year 289 298
Other comprehensive income - -
Total comprehensive income
for the year 289 298
------------- --------
Profit for the year attributable
to owners of the parent 291 307
Loss for the year attributable
to non-controlling interest (2) (9)
============= ========
Total comprehensive income
for the year attributable
to owners of the parent 291 307
Total comprehensive expense
for the year attributable
to non-controlling interest (2) (9)
============= ========
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the financial year ended 31 December 2015
2015 2014
Earnings per share expressed
in pence per share:
From continuing operations
- basic 2.8p 4.0p
- diluted 2.8p 4.0p
From discontinued operations
- basic (1.2)p (2.0)p
- diluted (1.2)p (2.0)p
Consolidated Statement of financial position
at 31 December 2015
2015 2014
GBP'000 GBP'000
Non current assets
Goodwill 2,338 2,338
Property, plant and equipment 15,885 15,998
18,223 18,336
------- -------
Current assets
Trade and other receivables 5,314 3,812
Inventories 386 52
Cash and cash equivalents 4,383 385
Assets of disposal group classified
as held for sale 518 700
10,601 4,949
------- -------
TOTAL ASSETS 28,824 23,285
------- -------
Equity attributable to equity
holders of the patent and
non-controlling interest
Share capital 5,344 3,280
Share premium account 6,990 4,198
Capital conversion reserve
fund 23 23
Retained earnings 2,981 2,878
------- -------
Equity attributable to equity
holders of the parent 15,338 10,379
Non controlling Interest (11) (9)
------- -------
TOTAL EQUITY 15,327 10,370
------- -------
Non-current liabilities
Borrowings 4,123 5,085
Financial liabilities at fair
value through profit or loss 199 425
Deferred tax 942 954
5,264 6,464
------- -------
Current liabilities
Trade and other payables 4,348 3,319
Financial liabilities at fair
value through profit or loss 311 262
Current tax liabilities 44 79
Borrowings 3,473 2,316
Liabilities of disposal group
classified as held for sale 57 475
8,233 6,451
------- -------
TOTAL EQUITY AND LIABILITIES 28,824 23,285
------- -------
Consolidated Statement of Changes in Equity
For the financial year ended 31 December 2015
Capital Non-
Share Share Conversion Retained Controlling Total
capital premium Reserve earnings Total interest Equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 January
2014 2,056 3,463 23 2,740 8,282 - 8,282
------- ------- ---------- -------- ------- ----------- -------
Net profit/(loss)
for the financial
year - - - 307 307 (9) 298
------- ------- ---------- -------- ------- ----------- -------
Total comprehensive
income for the
financial year - - - 307 307 (9) 298
Issue of share
capital 1,224 856 - - 2,080 - 2,080
------- ------- ---------- -------- ------- ----------- -------
Transactions
with owners 1.224 856 - 307 2,387 (9) 2,378
Share issue costs - (121) - - (121) - (121)
Equity dividends
paid (recognised
directly in equity) - - - (169) (169) - (169)
At 31 December
2014 3,280 4,198 23 2,878 10,379 (9) 10,370
------- ------- ---------- -------- ------- ----------- -------
Net profit/(loss)
for the financial
year - - - 291 291 (2) 289
------- ------- ---------- -------- ------- ----------- -------
Total comprehensive
income for the
financial year - - - 291 291 (2) 289
Issue of share
capital 2,064 3,078 - - 5,142 - 5,142
------- ------- ---------- -------- ------- ----------- -------
Transactions
with owners 2,064 3,078 - 291 5,433 (2) 5,431
Share issue costs - (286) - - (286) - (286)
Equity dividends
paid (recognised
directly in equity) - - - (188) (188) - (188)
At 31 December
2015 5,344 6,990 23 2,981 15,338 (11) 15,327
======= ======= ========== ======== ======= =========== =======
Consolidated Cash Flow Statement
for the financial year ended
31 December 2015 2015 2014
GBP'000 GBP'000
Profit on continuing activities
before taxation 557 762
Loss on discontinued activities (220) (300)
Finance expenses 305 370
Finance income (26) -
Depreciation - property, plant
and equipment-net 615 798
1,231 1,630
Changes in working capital
and provisions:
Increase in inventories (334) (47)
Increase in trade and other
receivables (1,320) (269)
(Decrease)/increase in current
liabilities held for sale (418) 383
Increase in payables 1,029 5
Decrease in provisions - (185)
------- -------
Cash generated from operations 188 1,517
Interest paid - bank loans
and overdrafts (272) (275)
Taxation paid (95) (21)
------- -------
Net cash (used in)/generated
from operating activities (179) 1,221
------- -------
Investing activities
Disposal of property, plant
and equipment - 1,550
Purchase of property, plant
and equipment (502) (3,645)
------- -------
Net cash used in investing
(MORE TO FOLLOW) Dow Jones Newswires
March 30, 2016 02:00 ET (06:00 GMT)
activities (502) (2,095)
------- -------
Financing activities
Dividends paid to shareholders (188) (169)
Deferred consideration payments (185) (174)
Share issue proceeds 5,142 2,080
Share issue costs (286) (121)
Invoice finance receipts/(payments) 1,141 (420)
Overdraft payments - (128)
Finance lease capital repayments (124) (112)
Finance lease advance - 695
Term loan advance - 1,500
Term loan repayments (821) (1,941)
------- -------
Net cash from financing activities 4,679 1,210
------- -------
Net increase in cash and cash
equivalents 3,998 336
------- -------
Cash and cash equivalents
and bank overdrafts,
Beginning of period 385 49
Cash and cash equivalents
end of period 4,383 385
------- -------
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR LLFEEVTIAFIR
(END) Dow Jones Newswires
March 30, 2016 02:00 ET (06:00 GMT)
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