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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 : 9608W
Norish PLC
24 August 2020
INTERIM RESULTS - CORRECTION
This is a correction to the "Half-Year Report" announcement released on 20 August 2020 at 10:30am London time under RNS No.7099W which erroneously stated in the Divisional Highlights table that the Jun-20 Sourcing Revenue was GBP7.4m, operating margin was 1.4% and the growth for the period was (24.5%). This has been corrected to state that the June-20 Sourcing Revenue was GBP8.4m, operating margin was 1.2% and the growth for the period was (14.3%).
All other details remain unchanged.
The full amended text is shown below.
Norish plc
Interim results 2020
Results
Norish plc (AIM: NSH), is pleased to announce its interim results for the six months ended 30 June 2020.
Financial Highlights
-- During the period the Group's balance sheet continued to strengthen -- Sales fell 9% from GBP17.5m to GBP15.9m -- Fully diluted adjusted EPS fell by 34%, year on year, from 3.1p to 2.06p
-- Pre-IFRS 16 net debt reduced by GBP2m from GBP4.7m to GBP2.7m. Net debt after IFRS 16 adjustments reduced from Stg GBP9.7m at Dec-19 to Stg GBP7.7m at Jun-20. Cash availability amounts to GBP3m at June 2020.
-- Interest cover pre IFRS 16 was 14.9 times.
Divisional Highlights
Hot Features
Premium
GBP'm Cold Store Sourcing Dairy
Jun-20 Jun-19 % Growth Jun-20 Jun-19 % Growth Jun-20 Jun-19 % Growth
------- ------- --------- ------- ------- --------- ------- ------- ---------
Revenue 7.1 7.3 (2.7%) 8.4 9.8 (14.3%) 0.4 0.4 Nil
------- ------- --------- ------- ------- --------- ------- ------- ---------
Operating
Profit 1.3 1.6 (19%) 0.1 0.2 (50%) (0.1) (0.1) Nil
------- ------- --------- ------- ------- --------- ------- ------- ---------
Operating
Margin 18.3% 21.9% 1.2% 2.0% (25%) (25%)
------- ------- --------- ------- ------- --------- ------- ------- ---------
Cold Stores
Sales in the temperature-controlled division declined 2.7%, a creditable performance given the considerable disruption to trade in both our cold store divisions, arising as a result of the Covid 19 pandemic. Overall profits declined by 19% reflecting the high fixed cost nature of the business.
Pallets into our cold stores, the life blood of our business, were particularly impacted as our end user market (China and foodservice) was neutered by covid 19, down 24%, year on year, in the period. Blast freezing volumes saw a reduction in activity from 65,220 pallets blast frozen to 59,351 pallets blast frozen. A second key metric, that of stock turn, again reflected the state of flux in the market, with average stock holding moving out from 6.6 weeks to 8.2 weeks. Pricing action offset these headwinds in significant part.
Like for like operational costs were cut to reflect lower activity levels but some new additional costs were incurred to minimise the risk of an outbreak of Covid 19 at our sites. Cold store profits declined by 6.4% in the South East, in the period under review, while profits declined by 22% in the North West.
Sourcing Division
Sales at our sourcing division declined by 14% in the first half of 2020, compared with the same period in 2019, from GBP9.8m to GBP8.4m. Operating profit declined by a corresponding 50%, year on year, from GBP0.2m to GBP0.1m, reflecting the impact of Covid 19 and tighter margins.
Dairy Division
Our investment in dairy is moving from the development to commercial phase.
Our subsidiary, Grass to Milk Company, continues to execute to plan with its first A2 protein-based product in the final stages of development and an expected launch of this product, in high value export markets by the year end. The business has built considerable technical and commercial expertise to support a successful product launch and is engaging with a strong in-market commercial partner. We believe the business is well placed to add value to our unique grass-fed A2-protein milk supply.
Cantwell's Court Farm's operating performance in the first half of 2020 was consistent with our expectations. Milk revenue was 3% ahead year on year, reflecting a 6% increase in volume driven by better production per cow and a 3% decline in pricing. Operating costs were ahead year-on-year reflecting lower than average pasture growth in the first half, initially due to a wet Spring followed by drought conditions in May and June. Our farming enterprise continues to improve incrementally across key operating KPIs, and our herd is now fully converted to A2 which will form the basis for our future A2-protein milk supply.
The dairy divisions performance was impacted by incurring GBP0.1m in converting to an A2 herd.
Outlook
Our cold store business customer base substantially covers the UK Food Service and Chinese pork markets. Both markets were severely disrupted by Covid 19, resulting in customers converting stock to cash, in the first instance, in order to generate liquidity. This dynamic resulted in greater outflows of product, something we believe is necessarily transitory in nature.
Pricing in the Chinese pork market has recovered to a level which should sustain a strong export trade over the balance of the year, which will be positive for our North West division. In the South East, management have adapted our offering to reflect the current state of the British Food Service market, which is recovering in any event. We expect the profitability of our South Eastern division to be ahead of last year.
We are happy with the significant progress made with the development of our A2 protein milk supply via Cantwell's Court Farm. Grass to Milk Company remains on track to launch its first A2 protein-based product before year end, using our unique milk source.
The fallout in the UK Food Service market has afforded Town View Foods, our protein trading subsidiary, the opportunity to increase our trading network and rebuild our business. With an eye to opportunities post Brexit, we are now extending our footprint to South America on a minimal cost basis.
We believe our balance sheet strength affords us opportunity in the current environment, vis a vis many of our competitors in the sector.
Dividend
The board does not recommend the payment of an interim dividend, unchanged from last year.
Norish plc
Consolidated income statement
For the six months ended 30 June
2020
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2020 2019 2019
(Unaudited) (Unaudited) (Audited
GBP'000 GBP'000 GBP'000
Continuing operations
Revenue 15,895 17,512 36,500
Cost of sales (14,659) (15,775) (33,060)
Gross profit 1,236 1,737 3,440
Other income 88 70 107
Administrative expenses (388) (381) (811)
--------------------- -------------------- ---------------------
Operating profit from continuing
operations 936 1,426 2,736
--------------------- -------------------- ---------------------
Finance income - interest receivable - - 1
Finance expenses - interest on bank
loans (63) (79) (120)
Finance expenses - interest (94) (88) (228)
Profit on continuing activities before
taxation 779 1,259 2,388
Income taxes - Corporation tax (160) (311) (247)
Income taxes - Deferred tax - - (165)
Profit for the period attributable
to owners of the parent from continuing
operations 619 948 1,976
Loss from discontinued activities - (16) (135)
--------------------- -------------------- ---------------------
Profit for the period 619 932 1,841
--------------------- -------------------- ---------------------
Other comprehensive income - - -
Total comprehensive income for the
year 619 932 1,841
--------------------- -------------------- ---------------------
Earnings per share expressed in pence
per share:
From continuing operations
- basic 2.06p 3.1p 6.57p
- diluted 2.06p 3.1p 6.57p
From discontinued operations
- basic 0p 0p (0.45)p
- diluted 0p 0p (0.45)p
Norish plc
Interim balance sheet
As at 30 June 2020
As at As at As at
30 June 30 June 31 December
2020 2019 2019
(Unaudited) (Restated) (Audited)
GBP'000 GBP'000 GBP'000
ASSETS
Non-current assets
Goodwill 2,338 2,338 2,338
Intangible assets 807 332 564
Biological assets 700 674 824
Property, plant and equipment 22,592 22,436 22,777
26,437 25,780 26,503
----------- ---------------------- --------------------
Current assets
Trade and other receivables 4,838 6,230 6,857
Inventories 1,025 993 1,105
Cash and cash equivalents 1,501 973 1,054
Assets of disposal group
classified
as held for sale 277 284 277
7,641 8,480 9,293
----------- ---------------------- --------------------
TOTAL ASSETS 34,078 34,260 35,796
----------- ---------------------- --------------------
Equity attributable to equity
holders of the parent
And non-controlling interest
Share capital 5,640 5,640 5,640
Share premium account 7,321 7,321 7,321
Other reserves (21) 103 (21)
Treasury shares - (563) -
Retained earnings 4,932 4,417 4,313
----------- ---------------------- --------------------
TOTAL EQUITY 17,872 16,918 17,253
----------- ---------------------- --------------------
Non-current liabilities
Borrowings 5,757 6,359 6,100
Deferred tax 1,002 816 1,002
----------- ---------------------- --------------------
6,759 7,175 7,102
----------- ---------------------- --------------------
Current liabilities
Trade and other payables 5,526 4,993 6,564
Current tax liabilities 442 747 231
Borrowings 3,479 4,427 4,646
9,447 10,167 11,441
----------- ---------------------- --------------------
TOTAL EQUITY AND LIABILITIES 34,078 34,260 35,796
----------- ---------------------- --------------------
Norish plc
Consolidated statement of changes in equity
For the six months ended 30 June 2020
Share Share Other Treasury Retained
capital premium Reserves shares earnings Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 January
2019 5,640 7,321 103 (563) 3,485 15,986
-------- ------- ----------- ---------------------- -------------------- -------------------
Net profit for
the
financial
period - - - 932 932
-------- ------- ----------- ---------------------- -------------------- -------------------
Total
comprehensive
income for the
period - - - - 932 932
Issue of share
capital - - - - - -
Equity
dividends
paid
(recognised
directly in
equity) - - - - - -
Treasury shares
acquired - - - - - -
-------- ------- ----------- ---------------------- -------------------- -------------------
Transactions
with
owners - - - - 932 932
At 30 June 2019 5,640 7,321 103 (563) 4,417 16,918
-------- ------- ----------- ---------------------- -------------------- -------------------
Net
profit/(loss)
for the
financial
period - - - 909 909
-------- ------- ----------- ---------------------- -------------------- -------------------
Total
comprehensive
income for the
period - - - 909 909
Issue of share
capital - - - 563 (563) -
Equity
dividends
paid
(recognised
directly in
equity) - - - (450) (450)
Foreign
Exchange
gain - - (124) - - (124)
Transactions
with
owners - - (124) 563 (104) (335)
At 31 December
2019 5,640 7,321 (21) - 4,313 17,253
======== ======= =========== ====================== ==================== ===================
Net profit for the
financial period - - - - 619 619
----- ----- ---- --- ----- ------
Total comprehensive
income for the period - - - - 619 619
Issue of share capital - - - - - -
Equity dividends
paid (recognised
directly in equity) - - - - - -
Foreign Exchange
gain - - - - - -
Transactions with
owners - - - - 619 619
At 30 June 2020 5,640 7,321 (21) - 4,932 17,872
===== ===== ==== === ===== ======
Norish plc
Consolidated cash flow statement
For the six months ended 30 June 2020
Six months Six months Year
Ended ended Ended
30 June 30 June 31 December
2020 2019 2019
(Unaudited) (Restated) (Restated)
GBP'000 GBP'000 GBP'000
Profit on continuing activities before taxation 779 1,259 2,388
Gain on biological assets (88) (70) (107)
Foreign exchange gain/(loss) (51) - 97
Loss on discontinued activities - (16) (135)
Finance expenses 157 167 349
Finance income - - (1)
Depreciation - property, plant and equipment 887 826 1,649
----------- ---------- -----------
1,684 2,166 4,240
Changes in working capital:
Decrease /(increase) in inventories 80 (369) (481)
Decrease/(increase) in trade and other receivables 2,019 20 (607)
Increase/(decrease) in trade and other receivables for disposal - 40 47
Increase/(decrease) in current liabilities held for sale - (15) (15)
(Decrease)/increase in payables (1,038) (453) 1,118
Cash generated from operations 2,745 1,389 4,302
Interest paid (157) (167) (349)
Interest received - - 1
Taxation refund/(paid) 51 46 (406)
Net cash from operating activities 2,639 1,268 3,548
----------- ---------- -----------
Investing activities
Investment in intangible assets (243) (166) (419)
Purchase of biological assets (5) (4) (1,734)
Sale of biological assets 268 39 209
Purchase of property, plant and equipment (634) (599) (324)
Net cash used in investing activities (614) (730) (2,268)
----------- ---------- -----------
Financing activities
Dividends paid to shareholders - - (449)
Invoice finance (payments)/receipts (1,225) (799) (502)
Finance lease capital repayments (405) (514) (979)
Finance lease advance 215 51 271
Term loan advance - 314 300
Term loan repayments (163) (160) (410)
Net cash used in financing activities (1,578) (1,108) (1,769)
----------- ---------- -----------
Net increase /(decrease) in cash and cash equivalents 447 (570) (489)
----------- ---------- -----------
Cash and cash equivalents, at beginning of period 1,054 1,543 1,543
----------- ---------- -----------
Cash and cash equivalents end of period 1,501 973 1,054
----------- ---------- -----------
Note : The accounting policies applied throughout the period are consistent with those applied for the year ended 31 December 2019, as set out in the 2019 Annual Report.
Enquiries:
Norish Aidan Hughes, Finance Director Telephone: + 44 1293 862 498 Davy Anthony Farrell Telephone: + 353 1 679 6363
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END
IR PIMPTMTTTMFM
(END) Dow Jones Newswires
August 24, 2020 04:39 ET (08:39 GMT)
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