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Norcros updates on half-year performance

Norcros interim 725 x 500

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 2016. 

Results were described as 'A robust performance demonstrating the Group's resilience'.

Financial Summary

 

2016

 

2015

% change as reported

% change at constant currency

Revenue

£128.8m

£118.7m

+8.5%

+9.2%

Underlying* operating profit

£11.0m

£9.9m

+11.1%

 

Underlying* profit before tax

£10.5m

£9.4m

+11.7%

 

Profit before tax

£7.7m

£7.0m

+10.0%

 

Underlying operating cash flow**

£16.0m

£13.3m

+20.3%

 

Diluted underlying EPS*

12.9p

11.8p

+9.3%

 

Net debt

£27.5m

£29.2m

  

Interim dividend per share

2.4p

2.2p

+9.1%

 

* 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

Highlights

· Resilient first half performance
· Revenue increased by 9.2% on a constant currency basis
· Underlying operating profit increased by 11.1% to £11.0m
· Return on sales in South African business increased to 7.2% (2015: 4.9%)
· Profit before tax increased by 10.0% to £7.7m
· Strong underlying operating cash generation: 113% of underlying EBITDA
· Net debt reduced by £5.0m since 31 March 2016
· Interim dividend increased by 9.1% to 2.4p per share

Martin Towers, Chairman, commented:

"I am pleased to announce a robust performance for the six months ended 30 September 2016 which demonstrates the resilience of the Group's business portfolio. The recent acquisitions of Croydex and Abode have been fully integrated into the Group and are delivering performances in line with the Board's expectations, and we remain on course to deliver on our strategy of growing the Group both organically and through complementary acquisitions.

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 encouraging performance in the first half of the year, the Board expects the Group to achieve underlying operating profit in line with its expectations for the year to 31 March 2017."

Source : Norcros
www.norcros.com

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17 November 2016

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