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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 : 2623L
Norish PLC
30 September 2016
Norish plc
Interim results 2016
Results
Norish plc (AIM: NSH), is pleased to announce its interim results for the six months ended 30 June 2016.
Financial Highlights
-- Total revenue increased to GBP15.6m (H1 2015: GBP11.8m). -- Revenue from commodity trading increased to GBP9.3m (H1 2015: GBP6.1m).
-- Revenue from our continuing temperature controlled divisions increased to GBP6.3m (H1 2015: GBP5.7m)
-- Gross profit increased to GBP0.8m (H1 2015: GBP0.6m). -- Operating profit increased to GBP0.49m (H1 2015: GBP0.38m). -- Net assets increased to GBP15.6m (H1 2015: GBP10.5m). -- Net debt reduced by GBP3.8m to GBP3.3m (H1 2015: GBP7.1m)
Operational Highlights
-- The performance of the cold store division, overall, was ahead in the first half of 2016. -- The contribution of the commodity division, overall, was ahead in the first half of 2016.
-- We invested GBP0.6m of the funds raised in December 2015 by the end of June 2016. We continue to invest in projects which provide short term payback and in the build out of our dairy business.
-- During the period, we invested GBP0.3m in our temperature controlled division and another GBP0.3m in assembling the dairy herd. Within the cold store division, GBP0.1m was invested in increasing blast freezing capacity at Wrexham, with an additional GBP0.1m on a number of customer IT integrations.
-- We have invested GBP0.3m in a 500 maiden heifer herd. We have signed two 17 year leases for a 355 acre dairy farming project in Kilkenny.
Operations
North West Division
The North West cold store division which comprises the freehold sites at Wrexham and Birmingham performed well in the first half of 2016. This was mainly as a result of growth in exports of pig meat to China.
China is the UK's biggest export market for fifth quarter pig meat. The current high priced pig meat market in China adds substantially to the value of a pig carcass. Exports of pig meat to China have increased more than fourfold since the UK started to export there in 2011. There are only three cold stores in the UK licensed for the export of pig meat to China. Norish plc owns two of them, located at Wrexham and Birmingham (Brierley Hill).
South East Division
The South East division, which comprises the sites at Bury St. Edmunds (freehold), Braintree (leasehold), Gillingham (long term leasehold at a peppercorn rent) and East Kent (leasehold) performed below the same period last year, reflecting the short term costs of preparing for a new longer term contracted customer. We also had a slow start to the year at our Bury site.
We are pursuing initiatives to improve both revenue and margin mix in this division. While it is early days, the sales initiatives undertaken, to date, look promising for 2017. In the short term, contribution in this division will be impacted by an ongoing refurbishment programme at the Bury St Edmunds site, which we expect to complete by November 2016.
Commodity Trading
Our commodity trading division which consists of Townview Foods Limited and Foro International Connections Limited contributed GBP0.2m for the period, up from GBP0.1m for the same period last year.
Town View Foods trades in protein products mainly beef, pork, lamb and chicken. Sales from pork and chicken increased by GBP2m during the period, while sales from beef and lamb increased by GBP1.2m. Townview Foods Limited generated a contribution of GBP0.3m for the period, against GBP0.1m for the same period last year, and sales of GBP8.7m, against GBP5.4m for the same period last year.
Foro International Connections accounted for GBP0.6m of the sales, unchanged from 2015. It incurred losses of GBP0.1m against a breakeven last year. Foro trades mainly in fish, dairy and FMCG.
We are continually investing in people to grow this division.
Dairy
We are currently converting two leased farms to our dairy farm subsidiary, Cantwellscourt Farm Ltd. Roadways are being installed, water has been laid on and fencing is being completed. Of the 500 maiden heifers assembled earlier in the year, 469 have been scanned in calf. We expect first milk in February 2017.
Discontinued
During 2015 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.
Financial Review
The Group has strengthened its balance sheet following the equity fund raising of GBP4.9m (net) in December 2015. Total equity at 30 June 2016 stood at GBP15.6m (H1 2015: GBP10.3m). The funds will be used to execute a number of investment opportunities. Net debt at 30 June 16 was GBP3.3m compared to GBP7.1 m at 30 June 2015.
Dividend
The board does not recommend the payment of an interim dividend, unchanged from last year.
Brexit
The United Kingdom voted to leave the EU on the 23rd of June, this year. As of now we have not seen any appreciable change to our business, as a result of that vote.
Outlook
Cold Storage Divisions
Since the beginning of the third quarter trading at one of our six sites was impacted by temporary difficulties at one of our main customer's processing plants. This issue was resolved during the second week of September and business volumes from this particular site have been returning to normal. The final quarter will see the benefit of the resolution of these difficulties. Overall, we are pursuing initiative to grow sales in 2017 (revenue and margin mix), while simultaneously focussing on our key cost overheads. We are cautiously optimistic for growth in 2017 in this division.
We are continuing to invest in our cold storage assets which we believe will lead to both reduced costs and increased productivity.
We expect the demand for cold storage in the UK to grow, post Brexit, as cheaper proteins are imported into the UK, from other countries, further afield.
We are happy with both the quality and locations of our assets, and the opportunities we see in the market place to grow the business.
Commodity Trading
We are very pleased with the growth in the business of Town View Foods in the first half of the year. This momentum has continued into the second half. We see an opportunity to grow this business, both organically and by acquisition, to further enhance the development of this business.
Dairy
We are satisfied with the progress we have made with this new venture, to date.
financial review
The improved financial performance in 2016 has come about from both the temperature controlled division and commodity division.
Sales
Total Group revenue increased by 32% to GBP15.6m (H1 2015: GBP11.8m). Temperature controlled revenues increased by 11% to GBP6.3m (H1 2015: GBP5.7m). Revenues were up mainly as a result of an increase in blast freezing volumes. Revenues in the commodity division increased by 52% to GBP9.3m (H1 2015: GBP6.1m). Town View Foods mainly accounted for the increased sales.
Gross profits
Gross profit increased by 33% to GBP0.8m (H1 2015: GBP0.6m). The increase in gross profit was generated equally between the two main divisions.
Operating profit
Operating profit increased by 29% to GBP0.49m (H1 2015: GBP0.38m), reflecting the increase in gross profit.
Finance expense (net)
Finance expense remained unchanged at GBP0.1m.
Loss from discontinued operations
As part of the Group's strategy to exit the ambient sector we recorded a trading loss of GBP0.04m (H1 2015: GBP0.03m). The loss relates solely to the property at Leeds.
Earnings per share
The basic earnings per share fell to 1p (H1 2015:1.1p). Additional shares of 11,427,317 were issued in December 2015 as part of the equity fund raise.
Capital
During the period we invested GBP0.3m (H1 2015: GBP0.3m) in routine capital expenditure in the temperature controlled division.
An investment of GBP0.3m was made in a dairy herd.
Cash Position
Net debt reduced by 54% to GBP3.3m (H1 2015: GBP7.1m). Operating activities generated GBP0.8m (H1 2015: GBP0.5m) and financing activities absorbed GBP1.2m (H1 2015: GBP0.2m). A net investment in assets was made of GBP0.6m (H1 2015: GBP0.3m).
Dividend
The board does not recommend the payment of an interim dividend, unchanged from last year.
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Norish plc
Consolidated income statement
For the six months ended
30 June 2016
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2016 2015 2015
(Unaudited) (Unaudited) (Audited)
GBP'000 GBP'000 GBP'000
Continuing operations
Revenue 15,555 11,814 27,515
Cost of sales (14,744) (11,214) (26,232)
Gross profit 811 600 1,283
Administrative expenses (325) (217) (447)
----------- ----------- -----------
Operating profit from continuing
operations 486 383 836
----------- ----------- -----------
Finance expenses - interest
paid (121) (132) (272)
Finance expenses - fair value
gain/(loss) swaps/caps 3 18 26
Finance expenses - notional
interest (18) (24) (33)
Profit on continuing activities
before taxation 350 245 557
Tax on profit on ordinary
activities (75) (54) (48)
Profit for the period attributable
to owners of the parent from
continuing operations 275 191 509
Loss from discontinued activities (40) (29) (220)
----------- ----------- -----------
Profit for the period 235 162 289
----------- ----------- -----------
Other comprehensive income - - -
Total comprehensive income
for the year 235 162 289
----------- ----------- -----------
Profit for the period attributable
to owners of parent 243 164 291
Total comprehensive expense
for the period attributable
to non-controlling interest (8) (2) (2)
----------- ----------- -----------
Earnings per share expressed
in pence per share:
From continuing operations
- basic 1.0p 1.1p 2.8p
- diluted 1.0p 1.1p 2.8p
From discontinued operations
- basic (0.2)p (0.2)p (1.2)p
- diluted (0.2)p (0.2)p (1.2)p
Weighted average number of
diluted ordinary shares 28,890,514 17,106,376 17,842,013
Norish plc
Interim balance sheet
As at 30 June 2016
As at As at As at
30 June 30 June 31 December
2016 2015 2015
(Unaudited) (Unaudited) (Audited)
GBP'000 GBP'000 GBP'000
ASSETS
Non-current assets
Goodwill 2,338 2,338 2,338
Biological assets 345 - -
Property, plant and equipment 15,847 16,033 15,885
18,530 18,371 18,223
----------- ----------- -----------
Current assets
Trade and other receivables 5,642 4,220 5,314
Inventories 227 108 386
Cash and cash equivalents 3,196 129 4,383
Assets of disposal group classified as held for sale 125 659 518
9,190 5,116 10,601
----------- ----------- -----------
TOTAL ASSETS 27,720 23,487 28,824
----------- ----------- -----------
Equity attributable to equity holders of the parent
And non-controlling interest
Share capital 5,616 3,280 5,344
Share premium account 7,281 4,198 6,990
Other reserves (540) 23 23
Retained earnings 3,224 3,042 2,981
----------- ----------- -----------
Equity attributable to equity holders of the parent 15,581 10,543 15,338
----------- ----------- -----------
Non-controlling Interest (19) (11) (11)
----------- ----------- -----------
TOTAL EQUITY 15,562 10,532 15,327
----------- ----------- -----------
Non-current liabilities
Borrowings 3,312 4,592 4,123
Financial Liabilities at fair value through profit or loss 183 398 199
Provisions - - -
Deferred tax 945 954 942
----------- ----------- -----------
4,440 5,944 5,264
----------- ----------- -----------
Current liabilities
Trade and other payables 4,208 3,967 4,348
Financial Liabilities at fair value through profit or loss 248 181 311
Current tax liabilities 103 133 44
Borrowings 3,159 2,681 3,473
Borrowings of disposal group classified as held for sale - - -
Liabilities of disposal group classified as held for sale - 49 57
7,718 7,011 8,233
----------- ----------- -----------
TOTAL EQUITY AND LIABILITIES 27,720 23,487 28,824
----------- ----------- -----------
Norish plc
Consolidated statement
of changes in equity
For the six months
ended 30 June 2016
Non-
Share Share Other Retained Controlling
capital premium Reserves Earnings Total Interest Total
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 January
2015 3,280 4,198 23 2,878 10,379 (9) 10,370
Net profit
for
the period - - - 164 164 (2) 162
Issue of
share
capital - - - - - - -
Share issue
costs - - - - - - -
Equity
dividends
paid
(recognised
directly in
equity) - - - - - - -
-----------
At 30 June
2015 3,280 4,198 23 3,042 10,543 (11) 10,532
----------- ----------- ----------- ----------- ----------- ----------- -----------
Net loss for
the period - - - 127 127 - 127
Issue of
share
capital 2,064 3,078 - - 5,142 - 5,142
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
----------- ----------- ----------- ----------- ----------- ----------- -----------
Net profit
for
the period - - - 243 243 (8) 235
Issue of
share
capital 272 291 - - 563 - 563
Treasury
shares - - (563) - (563) - (563)
Equity
dividends
paid
(recognised
directly in
equity) - - - - - - -
-----------
At 30 June
2016 5,616 7,281 (540) 3,224 15,581 (19) 15,562
=========== =========== =========== =========== =========== =========== -----------
Norish plc
Consolidated cash flow statement
For the six months ended 30 June 2016
Six months Six months Year
Ended ended Ended
30 June 30 June 31 December
2016 2015 2015
(Unaudited) (Unaudited) (Audited)
GBP'000 GBP'000 GBP'000
Profit on continuing activities before taxation 350 245 557
Loss on discontinued activities (40) (29) (220)
Finance expenses 139 156 305
Finance income (3) (18) (26)
Depreciation - property, plant and equipment 318 302 615
----------- ----------- -----------
764 656 1,231
Changes in working capital:
Decrease/(increase) in inventories 159 (56) (334)
Decrease/(increase) in trade and other receivables 65 (367) (1,320)
Decrease in current liabilities held for sale (57) (433) (418)
(Decrease)/increase in payables (140) 655 1,029
Cash generated from operations 791 455 188
Interest paid - bank loans and overdrafts (121) (132) (272)
Taxation paid (13) - (95)
Net cash from operating activities 657 323 (179)
----------- ----------- -----------
Investing activities
Purchase of biological assets (345) - -
Purchase of property, plant and equipment (280) (337) (502)
Net cash used in investing activities (625) (337) (502)
----------- ----------- -----------
Financing activities
Dividends paid to shareholders - - (188)
Deferred consideration payments (94) (115) (185)
Share issue proceeds - - 5,142
Share issue costs - - (286)
Invoice finance (payments)/receipts (64) 336 1,141
Overdraft receipts - - -
Finance lease capital repayments (66) (60) (124)
Term loan repayments (995) (403) (821)
Net cash used in financing activities (1,219) (242) 4,679
----------- ----------- -----------
Net (decrease)/increase in cash and cash equivalents (1,187) (256) 3,998
----------- ----------- -----------
Cash and cash equivalents, at beginning of period 4,383 385 385
----------- ----------- -----------
Cash and cash equivalents end of period 3,196 129 4,383
----------- ----------- -----------
Note: The accounting policies applied throughout the period are consistent with those applied for the year ended 31 December 2015, as set out in the 2015 Annual Report.
Enquiries:
Norish Aidan Hughes, Finance Director Telephone: + 44 1293 862 498 Davy Anthony Farrell Telephone: + 353 1 679 6363
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR BLGDCUXDBGLC
(END) Dow Jones Newswires
September 30, 2016 02:00 ET (06:00 GMT)
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