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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 : 6899Q
Norish PLC
14 September 2017
Norish plc
Interim results 2017
Results
Norish plc (AIM: NSH), is pleased to announce its interim results for the six months ended 30 June 2017.
Financial Highlights
-- Total revenue increased by 31% to GBP20.5m (H1 2016: GBP15.6m) -- Revenue from the Cold Store division increased by 11.8% to GBP7.045m (H1 2016: GBP6.3m) -- Revenue from the Protein Trading business increased by 34% to GBP11.5m (H1 2016: GBP8.6m) -- Operating profit increased by 55% to GBP0.76m (H1 2016: GBP0.49m) -- Profit before tax increased by 85% to GBP0.65m (HI 2016 : GBP0.35m) -- Diluted adjusted Eps increased by 70% to 1.7p ( HI 2016 : 1p) -- Net debt was higher at GBP5.4m (H1 2016: GBP3.3m)
Operational Highlights
-- Cold stores comprise, by far, the greatest proportion of our Plant, Property and equipment, in excess of 91% at end June 2017. This division recorded sales growth of 11.8%, when compared with the same period in the prior year. Contribution increased by 65% on the same period in the prior year.
-- The growth in sales and contribution was relatively evenly spread across both the North West and South East cold store divisions. Costs increased by 6% in the period under review, reflecting growth in energy and labour costs. These costs are constantly under review.
-- The contribution of the protein trading business, Town View Foods, was also ahead of the comparable period in the prior year, with sales growth of 33% and contribution ahead by 13%.
-- Our start-up businesses, including dairy and Foro International Connections Limited generated a loss of GBP0.2m in the first half. We expect these losses to be significantly reduced by year end and these businesses to be profitable in 2018.
Operations
Cold Store Division
The North West cold store division which comprises the freehold sites at Wrexham and Birmingham performed well in the first half of 2017, reflecting a combination of increased intakes, greater blast freezing volumes, improved pricing and tight control on costs. Sales increased by 9.9% year on year.
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 substantially ahead of the same period last year. There was an increase in profitability at the Bury site, compared to last year, which helped overall divisional performance. Sales in the South East increased by 11.9%, reflecting higher intakes and greater blast freezing volumes.
Protein Trading
Our protein trading division which consists of Town View Foods Limited accounted for sales of GBP11.5m, against GBP8.6m last year. It contributed GBP0.32m for the period, up from GBP0.29m 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 GBP1.9m during the period, while sales from beef and lamb increased by GBP1m.
Dairy
The dairy division continues to make progress as we near the end of the capital investment phase in the business - we now have a high quality leased asset which should deliver attractive returns on capital. We run a low-cost grass-based system based on seasonal block calving, and as such our costs are heavily weighted toward the first half of the year. This impacts on first half/second half profitability split, with revenues more evenly spread throughout the year. We also incurred some once off start-up costs during the commissioning phase of our facilities but we are now operating more efficiently. Our asset utilization and operational efficiency will continue to improve as we build our dairy herd at Cantwellscourt Farm, through 2018.
Capital
During the period we invested GBP1.2m (2016: GBP0.3m), GBP1m in the dairy farm in Kilkenny and GBP0.2m in routine capital expenditure in the temperature controlled division.
Outlook
Trading since July 1(st) continues to be robust for the group as a whole.
Within the British Cold Store industry, three new licences for store product destined for China have been issued in recent weeks to other companies operating in our sector. This may result in the loss of a customer (s) but we are satisfied that any vacated space will be filled quickly, with other remunerative work. As has been the case in the UK Food Manufacturing sector, investment in new cold store capacity is rare and when it happens tends to be dedicated to a specific customer, with a long term contract in place. While it is difficult to assess overall industry capacity, anecdotal evidence suggests cold store capacity is declining as older assets become obsolete. Our assets are well invested and should benefit from any further capacity reductions in that part of the supply chain, relevant to our business.
Town View Foods continues to deliver strong results, from a more diversified products mix.
Demand for dairy products continues to grow globally. Ireland is exceptionally well placed to benefit from this growth. Our major exporting competitors, with the exception of the US are unlikely to increase dairy output much in the next few years. Ireland's milk suppliers are very competitive when compared with other suppliers globally and expansion continues apace. We believe our milk business will see opportunities for growth in dairy technology, dairy breeding as well as dairy production in the years ahead.
The guidance for 2017 is increased from the previous range of 2.75p to 3p to a new range of 3.2p to 3.5p (fully diluted adjusted eps).
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 2017
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2017 2016 2016
(Unaudited) (Unaudited) (Audited)
GBP'000 GBP'000 GBP'000
Continuing operations
Revenue 20,545 15,555 32,098
Cost of sales (19,416) (14,744) (30,757)
Gross profit 1,129 811 1,341
Other income 49 - 238
Administrative expenses (414) (325) (707)
----------- ----------- -----------
Operating profit from continuing
operations 764 486 872
----------- ----------- -----------
Finance income- fair value
gain on swaps 10 3 20
Finance income - interest
receivable - - 10
Finance expenses - interest
paid (113) (121) (240)
Finance expenses - notional
interest (12) (18) (29)
Profit on continuing activities
before taxation 649 350 633
Income taxes - Corporation
tax (141) (75) (210)
Income taxes - Deferred tax 18
Profit for the period attributable
to owners of the parent from
continuing operations 508 275 441
Loss from discontinued activities (9) (40) (161)
----------- ----------- -----------
Profit for the period 498 235 280
----------- ----------- -----------
Other comprehensive income - - -
Total comprehensive income
for the year 498 235 280
----------- ----------- -----------
Profit for the period attributable
to owners of parent 514 243 291
Loss for the financial year
attributable to non-controlling
interest (16) (8) (11)
----------- ----------- -----------
Earnings per share expressed
in pence per share:
From continuing operations
- basic 1.7p 1.0p 1.5p
- diluted 1.7p 1.0p 1.5p
From discontinued operations
- basic (0)p (0.2)p (1.2)p
- diluted (0)p (0.2)p (1.2)p
Norish plc
Interim balance sheet
As at 30 June 2017
As at As at As at
30 June 30 June 31 December
2017 2016 2016
(Unaudited) (Unaudited) (Audited)
GBP'000 GBP'000 GBP'000
ASSETS
Non-current assets
Goodwill 2,485 2,338 2,403
Biological assets 618 345 540
Property, plant and equipment 17,449 15,847 16,635
20,552 18,530 19,578
----------- ----------- -----------
Current assets
Trade and other receivables 7,327 5,642 6,264
Inventories 505 227 483
Cash and cash equivalents 1,279 3,196 2,044
Assets of disposal group classified as held for sale 284 125 698
9,395 9,190 9,489
----------- ----------- -----------
TOTAL ASSETS 29,947 27,720 29,067
----------- ----------- -----------
Equity attributable to equity holders of the parent
And non-controlling interest
Share capital 5,616 5,616 5,616
Share premium account 7,281 7,281 7,281
Capital conversion reserve fund 23 23 23
Treasury shares (563) (563) (563)
Retained earnings 3,440 3,224 2,926
----------- ----------- -----------
Equity attributable to equity holders of the parent 15,797 15,581 15,283
----------- ----------- -----------
Non-controlling Interest (38) (19) (22)
----------- ----------- -----------
TOTAL EQUITY 15,759 15,562 15,261
----------- ----------- -----------
Non-current liabilities
Borrowings 2,485 3,312 3,006
Financial Liabilities at fair value through profit or loss - 183 44
Deferred tax 925 945 925
----------- ----------- -----------
3,410 4,440 3,975
----------- ----------- -----------
Current liabilities
Trade and other payables 6,067 4,208 5,082
Financial Liabilities at fair value through profit or loss 167 248 255
Current tax liabilities 346 103 205
Borrowings 4,192 3,159 4,282
Liabilities of disposal group classified as held for sale 6 - 7
10,778 7,718 9,831
----------- ----------- -----------
TOTAL EQUITY AND LIABILITIES 29,947 27,720 29,067
----------- ----------- -----------
Norish plc
Consolidated statement
of changes in equity
For the six months
ended 30 June 2017
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
2016 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
Share issue
costs - - (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
----------- ----------- ----------- ----------- ----------- ----------- -----------
Net loss for
the period - - - 48 48 (3) 45
Issue of
share
capital - - - - - - -
Share issue
costs - - - - - - -
Equity
dividends
paid
(recognised
directly in
equity) - - - (346) (346) - (346)
-----------
At 31
December
2016 5,616 7,281 (540) 2,926 15,283 (22) 15,261
----------- ----------- ----------- ----------- ----------- ----------- -----------
Net profit
for
the period - - - 514 514 (16) 498
Issue of
share
capital - - - - - - -
Treasury
shares - - - - - - -
Equity
dividends
paid
(recognised
directly in
equity) - - - - - - -
-----------
At 30 June
2017 5,616 7,281 (540) 3,440 15,797 (38) 15,759
=========== =========== =========== =========== =========== =========== -----------
Norish plc
Consolidated cash flow statement
For the six months ended 30 June 2017
Six months Six months Year
Ended ended Ended
30 June 30 June 31 December
2017 2016 2016
(Unaudited) (Unaudited) (Audited)
GBP'000 GBP'000 GBP'000
Profit on continuing activities before taxation 649 350 633
Gain on biological assets (49) - (238)
Loss on discontinued activities (9) (40) (161)
Finance expenses 125 139 269
Finance income (10) (3) (30)
Depreciation - property, plant and equipment 360 318 625
----------- ----------- -----------
1,066 764 1,098
Changes in working capital:
(Increase)/decrease in inventories (22) 159 (97)
(Increase)/decrease in trade and other receivables (649) 65 (1,130)
Decrease in current liabilities held for sale (1) (57) (200)
Increase/(decrease) in payables 983 (140) 885
Cash generated from operations 1,377 791 556
Interest paid (113) (121) (240)
Interest received - - 10
Taxation paid - (13) (49)
Net cash from operating activities 1,264 657 277
----------- ----------- -----------
Investing activities
Investment in intangible assets (82) - (65)
Purchase of biological assets (29) (345) (302)
Purchase of property, plant and equipment (1,175) (280) (1,375)
Net cash used in investing activities (1,286) (625) (1,742)
----------- ----------- -----------
Financing activities
Dividends paid to shareholders - - (346)
Deferred consideration payments (133) (94) (220)
Share issue proceeds - - -
Share issue costs - - -
Invoice finance (payments)/receipts (74) (64) 747
Overdraft receipts - - -
Finance lease capital repayments (118) (66) (152)
Finance lease advance - - 219
Term loan repayments (418) (995) (1,122)
Net cash used in financing activities (743) (1,219) (874)
----------- ----------- -----------
Net decrease in cash and cash equivalents (765) (1,187) (2,339)
----------- ----------- -----------
Cash and cash equivalents, at beginning of period 2,044 4,383 4,383
----------- ----------- -----------
Cash and cash equivalents end of period 1,279 3,196 2,044
----------- ----------- -----------
Note: The accounting policies applied throughout the period are consistent with those applied for the year ended 31 December 2016, as set out in the 2016 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 BLGDCLSBBGRX
(END) Dow Jones Newswires
September 14, 2017 02:00 ET (06:00 GMT)
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