Norish chief executive Mr Paul Byrne has said he is not launching a management buyout of the company, dismissing speculation that he might take the company private.

"When you look at the numbers, you realise that the best interests of the shareholders is served by us as an executive getting on with improving the trading performance of the business," Mr Byrne said.

He was speaking after the cold storage and warehousing company released figures showing a return to the black in the first half.

Norish reported pre-tax profits of £400,000 sterling (€638,773) compared to a loss of £200,000 at the same stage last year, maintaining the improving trend seen in the second half of last year.

"The business has gone through a period of consolidation and we are in a better position than 12 months ago with a reduced cost base, increased capacity and lower borrowings," chairman Mr Brian Joyce said.

Cost-cutting, lower interest costs and continued investment were behind the better figures but the company warned that, while current trading was better than last year, markets remained difficult.

Norish faces a continued overhang of capacity in the public cold storage market while external costs are increasing, particularly for insurance, which rose by 20 per cent.

The company will pay an unchanged interim dividend of 1.27 cents.

Dr John Teeling, the company's largest shareholder with nearly 9 per cent of the stock, described the results as "good".

"It's the second time I've been pleasantly surprised. They have done a good job to bring it back in what can't have been an easy time," he said.

He noted in particular the reduction in debt to £4.2 million from £5.7 million.

Dr Teeling originally took his stake because he viewed Norish as a possible shell for his Cooley whiskey operation but now says Cooley will go its own way.

However, he has recently been in contact with another shareholder, Mr Robert Noonan, and said that, while he was happy with the performance by Norish management, he would support board changes to realise the value in the company.

"I would support adding one or two people to the board who would bring a different focus," Dr Teeling said.

Mr Noonan is the latest individual shareholder to have built up a sizeable stake in Norish, acquiring 3.8 per cent through Sun Life Pensions Management.

Mr Byrne said yesterday he was "delighted" to see interest in Norish.

Any request for board representation would go to the chairman and then be considered by the board.

As of yesterday's (Thursday's)board meeting, no such request had been received.