Norish reports half-year profit drop

Bury St Edmunds, UK: Multi-temperature warehousing business Norish reported pre-tax profits of £186,000 for the six months ended 30 June. This compares with pre-tax profits of £208,000 for the same period last year.

Turnover from continuing operations increased by 7% to £5,338,000 whilst earnings per share decreased to 1.8p, compared to 2.1p for the same period last year.

The company’s cold store business performed better than the first half of last year, primarily due to increased turnover. However, the business suffered from increased power costs and an increase in labour intensive handling activities for some of its customers, the company said.

The site at York did not perform as well as the same period last year due to an across the board fall off in stock holding and throughput which the company expects to correct to some degree in the second half of the year.

The board does not recommend a payment of an Interim dividend, unchanged from last year.