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Norish in the red after acquisition costs

Leeds, UK: Norish made a loss in the year to the end of December with pre-tax losses of £55,000 after writing off acquisition costs of £317,000.

The loss compares with pre-tax profits of £406,000 for 2011. Turnover increased to £14.9m compared with £11.2m for 2011 with turnover from Townview Foods accounting for £3.2m from its acquisition in October.

Net assets increased from £8m to £8.1m compared with 2011 while net debt increased to £8m from £6.8m mainly due to the acquisition.

Chairman Ted O’Neill said: “Our cold store business did not perform as well as last year. Although it increased its turnover, the business suffered from increased power costs and an increase in labour intensive handling activities for some of our customers.

“Our ambient site at York performed below 2011 levels. It has suffered from reduced occupancy levels and throughput.”