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Norcros Announces Tenth Consecutive Year of Revenue and Underlying Profit Growth

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Norcros, a market leading supplier of high quality and innovative bathroom and kitchen products, has today announced its results for the year ended 31 March 2019. 

Financial Summary 

 

2019

2018

% change as reported

% change at constant currency

Revenue

     £331.0m

     £300.1m

+10.3%

+11.6%

Underlying operating profit*

£34.4m

£27.4m

+25.5%

+27.4%

Underlying profit before taxation*

£32.6m

£26.3m

+24.0%

 

Underlying diluted EPS*

31.7p

29.5p

+7.5%

 

Underlying operating cash flow*

£39.8m

£31.0m

+28.4%

 

Operating profit

£25.1m

£19.6m

+28.1%

 

Net debt

£35.0m

£47.1m

 

 

Dividend per share

8.4p

7.8p

+7.7%

 

Highlights

·     Tenth consecutive year of growth
·     Underlying operating profit up 25.5% at £34.4m (2018: £27.4m)
·     Group operating profit was £25.1m (2018: £19.6m)
·     Underlying ROCE at 18.2% (2018: 18.0%)
·     Full year dividend increased by 7.7% to 8.4p
·     Strong cash generation - net debt reduced by £12.1m to £35.0m
·     Acquisition of House of Plumbing completed on 1 April 2019
·     Group strategy - strong progress

Martin Towers, Chairman, commented: 

"The Board believes that our focus on our 2023 vision of being a leading supplier of bathroom and kitchen products in selected geographies, offering strong brands, contemporary designs with a reputation for quality, outstanding service and innovation will continue to deliver improved and sustainable returns for our shareholders.

"I am delighted to announce that Norcros has recorded another year of growth despite the uncertain economic and political backdrop in our two main markets.  This reflects the resilience of the Group's business model and the success of our acquisition strategy. It also represents the Group's tenth consecutive year of revenue and underlying operating profit growth, which is a testament to the management team, the strategy and its highly successful execution. Whilst market conditions are likely to remain challenging, the Board is confident that these attributes will continue to drive market outperformance leading to further progress in the current year consistent with our strategic objectives."

Norcros  operates under the following brands in the UK: Triton, Merlyn, Vado, Croydex, Abode, Johnson Tiles and Norcros Adhesives.  The South African business operates under the Tile Africa, Johnson Tiles South Africa, TAL and House of Plumbing. 

Source : Insight DIY Team and Norcros

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12 June 2019

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Neil Anderton - Sales Director, British Ceramic Tile
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