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Norcros Continues to Deliver Despite Challenging Conditions

Norcros results pic

Norcros plc, a leading supplier of high quality and innovative bathroom and kitchen products, issues the following trading update covering the 13 week trading period to 1 July 2018, ahead of its Annual General Meeting.

Trading Update

The Group's overall trading for the first quarter was in line with the Board's expectations.

Group revenue for the 13 week period was 15.5% higher on a reported basis compared to the same period last year. On a like-for-like* basis Group revenue was 0.9% higher than the previous year. This performance reflected strong revenue growth of 6.9% in the Group excluding Johnson Tiles and the expected revenue reduction at Johnson Tiles which was largely due to the Kingfisher unified programme as previously reported on in the Group's 2018 results. 

UK revenue was 19.2% higher than the same period last year including revenue from Merlyn, which performed strongly in the period. On a like-for-like* basis, UK revenue was 3.4% lower than in the same period. Johnson Tiles apart, UK like-for-like* revenue in the period was 5.2% higher with UK trade and export revenues both ahead year on year. 

They experienced further progress in their South African business which grew revenue by 8.5% in Sterling terms and 8.9% at constant currency.

Nick Kelsall, Group Chief Executive, commented:

"Our performance in the first quarter continues to demonstrate the resilience of our focussed and diversified business model. Whilst the UK retail sector continues to be challenging, strong performances at Triton and Merlyn, the benefits of the cost restructuring at Johnson Tiles and the sustained progress in South Africa gives the Board confidence that the Group will continue to make progress in line with its expectations for the current year."

Source: Insight Team & Norcros press release.

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25 July 2018

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