Norish profits soar as group continues to make 'substantial' progress

Warehousing and logistics firm Norish continued to make "substantial progress" in the first four months of the year, with pre-tax profits moving ahead considerably on the group's 2018 figures.

Group pre-tax profits soared 80% year-on-year to £754,000, despite trading uncertainties and currency fluctuations associated with Brexit.

Norish's dairy division made "substantial progress" in the four months ended 31 April, with the outfit pouring "considerable work and management resource" into an A2 protein milk feasibility program, something it expects to have a "much clearer" picture of within the next ten to 12 months.

Elsewhere, profits in the AIM-listed company's sourcing division fell 23% to £141,000 as a result of Brexit fears and FX woes.

Norish highlighted that its balance sheet was strong, with its net debt to EBITDA ratio of 1.7 at 31 December 2018 having continued to decrease so far this year.

Chairman Todd O'Neill said: "At this juncture, we expect another very positive outcome for 2019."

As of 1035 BST, Norish shares had shot up 9.04% to 65.97p.