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Norcros Maintains Guidance Despite Revenue Decline

Triton shower bath and sink 725 x 500
  • Robust performance - share gains reflecting the strength and positioning of our market leading brands

Norcros is a market leading group of brands providing design led, high quality bathroom and kitchen products. The Group today announces its results for the six months ended 30 September 2023.

Financial Summary

 

6 months to

30 September 2023

 

6 months to

30 September 2022

 

% change 2023 v 2022

Revenue

£201.6m

£219.9m

(8.3%)

Revenue constant currency LFL1

 

 

(4.1%)

Underlying operating profit2

£21.4m

£22.0m

(2.7%)

Underlying profit before taxation2

£18.1m

£19.9m

(9.0%)

Diluted underlying EPS2

15.6p

17.8p

(12.4%)

Operating profit

£15.3m

£16.1m

(5.0%)

Underlying net debt2

(£46.6m)

(£58.9m)

 

Interim dividend per share

3.4p

3.4p

 

Highlights

  • Robust trading performance with further market share growth driven by successful new product launches and best in class service levels
  • Revenue of £201.6m (2022: £219.9m) and underlying operating profit of £21.4m (2022: £22.0m) with a record UK performance at £18.7m
  • Excellent cash generation at 121% of underlying EBITDA and low leverage at 1.0x underlying EBITDA
  • Successful launch of market leading sustainable products across our brands
  • Interim dividend of 3.4p per share, reflecting the Board's confidence in the Group's prospects
  • Good progress in the refinement and execution of strategic priorities

Thomas Willcocks, Chief Executive Officer, commented:

"We have delivered a robust first half performance against a challenging macroeconomic backdrop. Although market conditions remain uncertain, we are confident that the ongoing refinement and execution of our strategy, backed by the strength of our design led market leading brands, will continue to deliver market share gains for the year ending 31 March 2024. We continue to expect full year underlying operating profit to be in line with market expectations3."

1 LFL (like for like) basis, adjusted for Grant Westfield (acquired 31 May 2022) and Norcros Adhesives

2 Definitions and reconciliations of alternative performance measures are provided in note 3

3 Norcros compiled market consensus for the year to 31 March 2024, as at 16 November 2023, is for an underlying operating profit of £43.4 million

Source : Norcros

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16 November 2023

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