TIDMNSH
RNS Number : 4650H
Norish PLC
04 August 2021
Norish plc
Interim Results 2021
Results
Norish plc (AIM: NSH), is pleased to announce its interim
results for the six months ended 30 June 2021.
Financial Highlights
-- Sales increased by 19%, from GBP15.9m to GBP18.9m.
-- Operating profit increased by 61%, from GBP0.94m to GBP1.51m.
-- Pre-tax profit increased by 73%, from GBP0.78m to GBP1.35m.
-- Fully diluted adjusted Eps increased by 74%, from 2.06p to 3.58p.
-- Interest cover stood at 9.9x, at the half year stage.
-- Net debt increased from GBP8.7m at December 2020 to GBP9.5m.
Divisional Highlights
GBP'm Cold Store Sourcing Dairy
Jun-21 Jun-20 % Growth Jun-21 Jun-20 % Growth Jun-21 Jun-20 % Growth
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------- --------- --------- --------- --------- --------- --------- --------- ---------
Revenue 7,938 7,083 12% 10,479 8,413 25% 508 399 27%
--------- --------- --------- --------- --------- --------- --------- --------- ---------
Operating
Profit 1,755 1,374 28% 121 101 20% 32 (143)
--------- --------- --------- --------- --------- --------- --------- --------- ---------
Operating
Margin 22.1% 19.4% 1.2% 1.2% 6.3% (36%)
--------- --------- --------- --------- --------- --------- --------- --------- ---------
Cold Stores
Sales in the temperature-controlled division increased 12%, (+7%
excluding Blast Freezing), from GBP7.1m to GBP7.9m. Costs increased
by 8%, with power up 10% and employee costs up 3%.
Operating profits increased by 28% from GBP1.4m to GBP1.8m and
operating margins improved, from 19.4% to 22.1%. EBITDA increased
by 21% from GBP2.25m to GBP2.72m in the period under review.
At an operational level, pallets inbound were ahead by 9%, on
the same period in the prior year while blast freezing volumes were
ahead 32% on the same period. Occupancy was largely unchanged at
89% (90% in the first half of 2020). Stock turn improved from 8.2
weeks on average in H1 2020 to 7.6 weeks in H1 2021.
Sourcing Division
Sales at our sourcing division increased by 25%, compared with
the same period in 2020, from GBP8.4m to GBP10.5m. Operating profit
improved from GBP101,000 to GBP121,000.
Our product sourcing division was impacted by Covid-19 and
Brexit in the first quarter of 2021. We have seen a strong recovery
in the second quarter with the development of a protein export
business to South Africa.
Dairy Division
Our subsidiary, Grass to Milk Company Ltd, continues to make
progress; commercialising A2 protein, grass-fed, dairy
products.
We are pleased to announce an exciting collaboration with Bright
Dairy & Food Co Ltd and New Zealand Focus Group, jointly
developing a new ultra-premium, A2-protein, grass-fed, Pure Milk
UHT product for China, which will go on sale in the second half of
the year.
Our operations team completed the development of a robust supply
chain and quality system in the first half of 2021, which will act
as a future growth platform; we were recently awarded an AA BRC
audit score for Grass to Milk Ltd . Management built out a
commercial team on the ground in China and are expanding into high
growth retail channels such as Social Commerce, E-Commerce and
High-End Retail.
Cantwellscourt Farm Ltd is providing A2 protein milk supply to
Grass to Milk Ltd, in the first instance. Cantwellscourt Farm
continues to improve operationally across key operating KPI's. Milk
production was 18% ahead year on year. Profits improved
substantially from a loss of GBP143,000 in half one 2020, to a
profit of GBP32,000 in the first half of 2021.
Outlook
We remain optimistic for continued growth in profitability at
Norish Cold Stores for the balance of the year. Group occupancy at
this juncture (at 85%) is 9% higher than the same time last
year.
We are happy with the significant progress made with the
development of our A2 protein milk supply via Cantwellscourt Farm.
Grass to Milk Company will deliver its first sale in the second
half of the year.
Our protein sourcing division is expected to have a strong
second half to the year as markets continue to normalise.
Strategic Review
We announced in March 2021 that we would carry out a strategic
review of our cold store operations. This process continues and we
will provide an update in due course.
Dividend
The board does not recommend the payment of an interim dividend,
unchanged from last year.
Net Debt
Net debt (post IFRS 16) increased to GBP9.5m at end June 2021,
from GBP8.7m in December 2020. The increase in net debt reflects
additional working capital requirements and ongoing investment.
Cash generated from operations amounted to GBP1.3m. Investment of
GBP1.9m was made in assets, comprising GBP0.7m in Grass to Milk and
GBP1.2m in equipment at the cold store division.
Norish plc
Consolidated income statement
For the six months ended 30 June
2021
Six months Six months Year
ended ended ended
30 June 30 June 31 December
2021 2020 2020
(Unaudited) (Unaudited) (Audited)
GBP'000 GBP'000 GBP'000
Continuing operations
Revenue 18,925 15,895 33,361
Cost of sales (17,130) (14,659) (30,389)
Gross profit 1,795 1,236 2,972
Other income 113 88 182
Administrative expenses (402) (388) (865)
----------- ----------- -------------
Operating profit from continuing
operations 1,506 936 2,289
----------- ----------- -------------
Finance income - interest receivable - - 1
Finance expenses - lease interest (87) (94) (117)
Finance expenses - interest on bank
loans (65) (63) (196)
Profit on continuing activities before
taxation 1,354 779 1,977
Income taxes - Corporation tax (277) (160) (224)
Income taxes - Deferred tax - - (245)
Profit for the period attributable
to owners of the parent from continuing
operations 1,077 619 1,508
Loss from discontinued activities (69) - (71)
----------- ----------- -------------
Profit for the period 1,008 619 1437
----------- ----------- -------------
Other comprehensive income (228) - 162
Total comprehensive income for the
year 780 619 1,599
----------- ----------- -------------
Earnings per share expressed in pence
per share:
From continuing operations
- basic 3.58p 2.06p 5.02p
- diluted 3.58p 2.06p 5.02p
From discontinued operations
- basic (0.23)p 0p (0.24)p
- diluted (0.23)p 0p (0.24)p
Norish plc
Interim balance sheet
As at 30 June 2021
As at As at As at
30 June 30 June 31 December
2021 2020 2020
(Unaudited) (Restated) (Audited)
GBP'000 GBP'000 GBP'000
ASSETS
Non-current assets
Goodwill 2,338 2,338 2,338
Intangible assets 1,906 807 1,269
Biological assets 856 700 770
Property, plant and equipment 22,960 22,592 22,898
28,060 26,437 27,275
----------- ------------ -----------
Current assets
Trade and other receivables 8,494 4,838 7,526
Inventories 157 1,025 58
Cash and cash equivalents 843 1,501 1,550
Assets of disposal group classified
as held for sale 270 277 381
9,764 7,641 9,515
----------- ------------ -----------
TOTAL ASSETS 37,824 34,078 36,790
----------- ------------ -----------
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 (87) (21) 141
Retained earnings 6,758 4,932 5,750
----------- ------------ -----------
TOTAL EQUITY 19,632 17,872 18,852
----------- ------------ -----------
Non-current liabilities
Borrowings 5,052 5,757 5,514
Deferred tax 1,244 1,002 1,244
----------- ------------ -----------
6,296 6,759 6,758
----------- ------------ -----------
Current liabilities
Trade and other payables 6,119 5,526 6,288
Current tax liabilities 450 442 151
Borrowings 5,327 3,479 4,741
11,896 9,447 11,180
----------- ------------ -----------
TOTAL EQUITY AND LIABILITIES 37,824 34,078 36,790
----------- ------------ -----------
Norish plc
Consolidated statement of changes in equity
For the six months ended 30 June 2021
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 2020 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) - - - - - -
Transactions with
owners - - - - 619 619
At 30 June 2020 5,640 7,321 (21) - 4,932 17,872
--------- ------- ----------- ------------ ----------- -----------
Net profit/(loss)
for the financial
period - - - 818 818
--------- ------- ----------- ------------ ----------- -----------
Total comprehensive
income for the period - - - 818 818
Issue of share capital - - - - - -
Equity dividends
paid (recognised
directly in equity) - - - - -
Foreign Exchange
gain - - 162 - - 162
Transactions with
owners - - 162 - 818 980
At 31 December 2020 5,640 7,321 141 - 5,750 18,852
========= ======= =========== ============ =========== ===========
Net profit for the
financial period - - - - 1,008 1,008
----- ----- ----- --- ----- ------
Total comprehensive
income for the period - - - - 1,008 1,008
Issue of share capital - - - - - -
Equity dividends
paid (recognised
directly in equity) - - - - - -
Foreign Exchange
loss - - (228) - - (228)
Transactions with
owners - - (228) - 1,008 780
At 30 June 2021 5,640 7,321 (87) - 6,758 19,632
===== ===== ===== === ===== ======
Norish plc
Consolidated cash flow statement
For the six months ended 30 June 2021
Six months Six months Year
Ended ended Ended
30 June 30 June 31 December
2021 2020 2020
(Unaudited) (Restated) (Restated)
GBP'000 GBP'000 GBP'000
Profit on continuing activities before taxation 1,354 779 1,977
Gain on biological assets (113) (88) (182)
Foreign exchange loss/(gain) 205 (51) (55)
Loss on discontinued activities (69) - (71)
Finance expenses 152 157 316
Finance income - - (1)
Depreciation - property, plant and equipment 987 887 1,789
----------- ---------- -----------
2,516 1,684 3,773
Changes in working capital:
(Increase)/decrease in inventories (99) 80 1,047
(Increase)/decrease in trade and other receivables (968) 2,019 (669)
Increase/(decrease) in trade and other receivables for disposal 111 - (104)
Increase/(decrease) in current liabilities held for sale - - -
Decrease in payables (169) (1,038) (276)
Cash generated from operations 1,391 2,745 3,771
Interest paid (152) (157) (316)
Interest received - - 1
Taxation refund/(paid) 22 51 (304)
Net cash from operating activities 1,261 2,639 3,152
----------- ---------- -----------
Investing activities
Investment in intangible assets (685) (243) (705)
Purchase of biological assets (10) (5) (65)
Sale of biological assets 8 268 346
Purchase of property, plant and equipment (1,177) (634) (1,741)
Net cash used in investing activities (1,864) (614) (2,165)
----------- ---------- -----------
Financing activities
Dividends paid to shareholders - - -
Invoice finance receipts/ (payments) 475 (1,225) (150)
Finance lease capital repayments (623) (405) (845)
Finance lease advance 258 215 882
Term loan advance - - -
Term loan repayments (214) (163) (378)
Net cash used in financing activities (104) (1,578) (491)
----------- ---------- -----------
Net (decrease)/increase in cash and cash equivalents (707) 447 496
----------- ---------- -----------
Cash and cash equivalents, at beginning of period 1,550 1,054 1,054
----------- ---------- -----------
Cash and cash equivalents end of period 843 1,501 1,550
----------- ---------- -----------
Note : The accounting policies applied throughout the period are
consistent with those applied for the year ended 31 December 2020,
as set out in the 2020 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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