Pre-tax profits at Norish, the cold storage group, have risen from £2.3 million (€2.9 million) to £2.9 million (€3.6 million) for the year ended December 31.

Turnover was up slightly from £9.6 million (€12.19 million) to £9.9 million (€12.5 million).

The 1997 figure included a £640,000 pension surplus refund. When this is taken out the pre-tax profits increased by 4.7 per cent for the year. Earnings per share were up 12.5 per cent to 19.8p (25.1 cents) from 17.6p (22.3 cents) in 1997, when the pension refund is excluded.

The company said favourable exchange rate movements and a broadening of its customer base were the main factors behind the profit increase.

Mr Joyce said the board were confident about prospects for the immediate future.

The company has decided to pay a second interim dividend of 3p per share, but does not propose to pay a final dividend this year.