Norish, the warehousing and logistics business headquartered in the UK, saw operating profits almost double last year to £1.7m (€2m). Stronger pricing across the business, particularly in its Cold Storage business, saw profit margins increase from 2.7% to a healthy 4.1% in 2017.
Sales for the year increased by almost a third (+31%) to £42.2m (€48m). This was primarily driven by a strong increase in volumes held in frozen storage last year, with average occupancy at Norish’s cold storage facilities increasing from 85% to 92% last year.
The group’s cold storage division saw sales increase 13% last year to £14.3m (€16m), while sales in the group’s sourcing division increased more than 40% to £27.4m (€31m). Norish’s sourcing division trades beef, pork, lamb and chicken. The company said sales from pork and chicken increased by £3.7m during the period, while sales from beef and lamb increased by £1.6m.
Norish has recently expanded into dairy farming after the company invested £1.3m (€1.5m) in leasing a 355 acre dairy farm at Cantwellscourt Farm in Kilkenny. The farm milks around 400 cows.
The farm recorded a loss last year as the company is investing heavily in building the dairy herd for the coming season. Norish expects the dairy farm to be profitable in 2018. Norish plc is incorporated in Ireland and its shares are listed on the AIM market in London.
Shares in the company have more than doubled over the last year and are currently trading at £0.88 per share.
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Norish, the warehousing and logistics business headquartered in the UK, saw operating profits almost double last year to £1.7m (€2m). Stronger pricing across the business, particularly in its Cold Storage business, saw profit margins increase from 2.7% to a healthy 4.1% in 2017.
Sales for the year increased by almost a third (+31%) to £42.2m (€48m). This was primarily driven by a strong increase in volumes held in frozen storage last year, with average occupancy at Norish’s cold storage facilities increasing from 85% to 92% last year.
The group’s cold storage division saw sales increase 13% last year to £14.3m (€16m), while sales in the group’s sourcing division increased more than 40% to £27.4m (€31m). Norish’s sourcing division trades beef, pork, lamb and chicken. The company said sales from pork and chicken increased by £3.7m during the period, while sales from beef and lamb increased by £1.6m.
Norish has recently expanded into dairy farming after the company invested £1.3m (€1.5m) in leasing a 355 acre dairy farm at Cantwellscourt Farm in Kilkenny. The farm milks around 400 cows.
The farm recorded a loss last year as the company is investing heavily in building the dairy herd for the coming season. Norish expects the dairy farm to be profitable in 2018. Norish plc is incorporated in Ireland and its shares are listed on the AIM market in London.
Shares in the company have more than doubled over the last year and are currently trading at £0.88 per share.
Read more
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20 minutes with Ciara O’Callaghan, Ornua
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