MARKET forces rarely close one door without opening another. With agriculture on the rack of the BSE crisis reduced beef consumption has created a growing demand for more cold storage facilities, particularly from the European Commission. Hard times for beef producers but a blessing in disguise for cold storage companies like Norish which this week announced that its commercial cold storage operations in Britain are now operating at a profit, dramatically moving the group from prior losses of £566,000 into profits of £688,000 in the half year to the end of June last. The turnaround is attributed to the improved performance in Britain and to cost savings from the rationalisation of the group's operations in Ireland.

Norish has almost completely withdrawn from business in the Republic but its shares remain listed on the Irish stock market. Group sales from continuing and discontinued operations totalled £4.9 million and £280,000 was realised from the disposal of fixed assets.

The company says the trading outlook for the remainder of the year was "positive". Despite earnings per share of 6.18p, compared to a negative 6.34p in the corresponding period last year, dividend policy remain cautious. Shareholders must wait a little longer out in the cold, the group deciding not to make an interim dividend payment.