Norish plc (AIM: NSH), is pleased to announce its interim results for the six months ended 30 June 2014.

Highlights

· In May the Group raised £2.1 million (gross) through a Placing and Open Offer

· In April the Group agreed a term loan for £1.5 million

· The funds raised allowed the Group to complete the purchase of the Birmingham site for £2.4m gross and to invest £663,000 increasing its blast freezing facilities

· The acquisition of the Birmingham site will eliminate rental and landlord costs of £400,000 per annum

· The investment in blast freezing facilities will eliminate annual rental costs of £164,000

· Turnover from continuing temperature controlled business increased to £5.8m from £5.5m

· The Group entered into a new three year agreement with its largest customer in April 2014

· Net debt at £8.4 million which is up from £8.3 million

· Net assets for the period were £10.3 million compared to £8.3 million in 2013  

· The Group established its new Republic of Ireland based commodity trading business in July 2014

Current trading and outlook

Turnover was down 2% to £11.1 million in the period. This was attributable to a reduction in turnover from Town View Foods of 8% to £5.4 million as the business continues to recover from the horse meat scandal which hit in February 2013. Turnover from continuing temperature controlled business increased to £5.8m from £5.5m

The Group continues to be well positioned to benefit from opportunities in the Chinese Pork Export Market in the second half of 2014. The sale of the York site is progressing and Management expect that the sale will complete by December 2014. The Leeds site is being marketed for sale. Both sites are classified as held for sale at the period end.

Management remain confident that full year results will be in line with expectations.



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