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Norcros IMS: 'strong momentum within our businesses'


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






% change as reported

% change at constant currency






Underlying* operating profit





Underlying* profit before tax





Profit before tax





Underlying operating cash flow**





Diluted underlying EPS†*





Net debt





Interim dividend per share†







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


·     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

12 November 2015

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