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    Date: Thursday 04 Sep 2008

    LONDON (ShareCast) - Food storage company Norish reported lower pre-tax profits as a downturn in trade resulted in sharply lower turnover and said it expects the second half to be worse than last year.

    Pre-tax profits for the six months ended 30 June fell to £184,000 from £320,000 as turnover from continuing operations fell by £232,000 to £5,318,000.

    The company said its site at York suffered from significantly reduced stocks due to changes in its major customer’s supply chain.

    “We have experienced a downturn in trade in 2008 compared to last year and this has carried through into the second half of the year,” chairman Ted O’ Neill said.

    “Although we would expect trading to pick up due to new business wins and seasonal uplift, the performance in the second half of the year is expected to be down on last year.”

    Norish said the cold store it acquired in Gillingham, Kent for £3.1m should help lift results in 2009 when it is fully operational.

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