skip to main content
Find Insight DIY on
* * *

UK DIY News

Norcros IMS: 'strong momentum within our businesses'

Norcros-Triton

Norcros, the market leading supplier of innovative branded showers, taps, bathroom accessories, tiles and adhesives, today announces its results for the six months ended 30 September 2015.

Financial Summary

 

 

2015

 

2014

% change as reported

% change at constant currency

Revenue

£118.7m

£108.6m

+9.3%

+12.0%

Underlying* operating profit

£9.9m

£7.4m

+34%

 

Underlying* profit before tax

£9.4m

£6.7m

+40%

 

Profit before tax

£7.0m

£6.3m

+11%

 

Underlying operating cash flow**

£13.3m

£11.6m

+15%

 

Diluted underlying EPS†*

11.8p

8.1p

+46%

 

Net debt

£29.2m

£20.0m

 

 

Interim dividend per share†

2.2p

1.85p

+19%

 

 

*

Underlying is before IAS 19R administrative expenses, acquisition related costs and exceptional operating items and, where relevant, before non-cash finance costs

**

Underlying operating cash flow means cash generated from continuing operations before exceptional cash flows and pension fund deficit recovery contributions

Restated for the 10:1 share consolidation completed on 29 September 2015

Highlights

·     Strong first half performance
·     Revenue increased by 12.0% on a constant currency basis
·     Underlying operating profit increased by 34% to £9.9m
·     Underlying profit before tax increased by 40% to £9.4m
·     Profit before tax increased by 11% to £7.0m
·     Continued strong underlying operating cash generation: 104% of underlying EBITDA
·     Acquisition of Croydex completed on 25 June 2015
·     Diluted underlying earnings per share 46% higher at 11.8p
·     Interim dividend increased by 19% to 2.2p per share

Martin Towers, Chairman, commented:

"I am pleased to announce a strong set of results for the six months ended 30 September 2015.  Not only has the Group continued to make excellent progress in its existing businesses, but it has continued to advance towards its strategic targets with the acquisition of Croydex at the end of June 2015.

With our strong brands, leading market positions and continued self-help initiatives focused on market share gain the Group is well positioned to make further progress. Given the strong first half performance and momentum within our businesses, the Board now expects the Group to achieve underlying operating profit marginally ahead of market expectations for the year to 31 March 2016."

The full results can be seen here, on our articles page.

Source : Norcros 
www.norcros.com

12 November 2015

Related News

view more UK DIY News
*

Insight provides a host of information I need on many of our company’s largest customers. I use this information regularly with my team, both at a local level as well as with our other international operations. It’s extremely useful when sharing market intelligence information with our corporate office.

*
Paul Boyce - European CEO, QEP Ltd.
Newsletters

Don't miss out on all the latest, breaking news from the DIY industry