Re-organisation costs and a non-cash adjustment drove food storage and distribution specialist Norish into the red during the first six months of 2003.
The Dublin and London-listed group reported yesterday that turnover shrank to €9 million from €9.3 million during the first half of 2002.
Pre-tax losses were €1.15 million as against a €570,000 profit for 2002.
Its basic loss per share was 10 cent, compared with earnings of 3.17 cent last year. Adjusted earnings per share were 2.1 cent, down from 2.73 cent.
The board recommended an unchanged interim dividend of 1.27 cent.
The company had a one-off charge of €1 million for re-organisation, and also made a non-cash adjustment of €441,000.
Norish chairman Mr Ted O'Neill explained that this related to the cost of despatching goods delivered during previous accounting periods. He said the group had already accounted for the revenue earned from despatching the goods, but not the costs.
