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Norish suffers dip to annual profts amid difficult conditions
StockMarketWire.com
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Cold store specialist Norish has reported a drop in operating profits, falling 14% to £1.98m.
The average cold store occupancy decreased from 95% to 87%, pallets received decreased 19% and blast freezing throughput decreased 8%, a consequence of the pandemic's effect on demand.
Total group revenue decreased by 2% to £33.4m, whilst cold store revenues decreased by 3.3% to £14.6m. The downturn was mainly driven by the lower pallets received and lower blast freezing volumes. Revenues in the sourcing division decreased by 2.2% to £17.8m.
Ted O'Neill, chairman, said: The overall result reflects prompt and significant cost control, together with continued pricing initiatives in place around sales mix and tiered pricing.
The board has recommended the payment of a final dividend of €2.0 (171p) per share.
At 8:30am: (LON:TGL) TransGlobe Energy Corporation share price was 0p at 35p
Story provided by StockMarketWire.com
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