Norish, the Dublin-listed cold storage group that has its business in Britain, has reported a fall in profits to #3.2 million (£2.5 million) last year from #3.7 million in 1999.

The latest profits figure is also inflated by a #928,000 compensation payment for damage to one of the group's premises. When that is stripped out, underlying profits for last year are #2.3 million.

Overcapacity in the British cold storage industry depressed demand. There was also a marked reduction in cocoa imports, which hit Norish's BWA subsidiary.

In the current year, Norish continues to be affected by overcapacity in Britain and this has depressed charges, activity levels and occupancies.