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Norcros Posts Record Revenue And Operating Profit

Triton shower bath and sink 725 x 500
  • Record revenue and underlying operating profit and a strong financial position 

Norcros, a market leading supplier of high quality and innovative bathroom and kitchen products, today announces its results for the year ended 31 March 2023. 

Financial Summary 

 

2023

2022

% change
2023 v 2022

Revenue

£441.0m

£396.3m

+11.3%

Revenue constant currency LFL1

 

 

+1.5%

Underlying operating profit2

£47.3m

£41.8m

+13.2%

Underlying profit before taxation2

£41.8m

£39.3m

+6.4%

Diluted underlying EPS2

37.4p

38.2p

-2.1%

Underlying operating cash flow2

£44.8m

£28.6m

+56.6%

Operating profit

£27.5m

£36.2m

-24.0%

Underlying net (debt)/cash2

(£49.9m)

£8.6m

 

Dividend per share

10.2p

10.0p

+2.0%

1 LFL - Like for like after adjusting for Grant Westfield, acquired 31 May 2022

2 Definitions and reconciliations of alternative performance measures are provided in note 5

Highlights

  • Resilience of the Group's business model in challenging market conditions

  • Strong execution of strategy

  • Record full year revenue of £441.0m (2022: £396.3m), 11.3% higher than prior year on a reported basis and 1.5% higher on a constant currency like for like basis after adjusting for Grant Westfield

  • Record underlying operating profit2 of £47.3m, 13.2% higher than prior year (2022: £41.8m)

  • Underlying net debt2 of £49.9m (2022: net cash of £8.6m)

  • Underlying ROCE2 of 18.5% (2022: 23.9%)

  • Diluted underlying EPS2 of 37.4p (2022: 38.2p)

  • Progressive dividend at 10.2p for the year (2022: 10.0p)

  • The acquisition of Grant Westfield completed in May 2022, successfully integrated and performing strongly

Current trading

  • Group revenue in the two months to the end of May 2023 was 1.3% ahead of the strong prior year comparator on a reported basis and 3.6% below on a constant currency like for like3 basis (UK +1.3%, SA -12.7%) with South Africa impacted by electricity supply interruptions, which are being actively managed. Market conditions are likely to remain uncertain. However, the Board is confident that our market leading brands and strong execution of strategy will continue to deliver outperformance, leading to further progress and market share gains in line with its expectations in the year ahead.

3 Adjusted for Grant Westfield and Norcros Adhesives 

David McKeith, Chair, commented:

"I am pleased to report another record performance for the Group with results at the top end of market expectations. Norcros has continued to demonstrate resilience and growth in market share despite challenging conditions. The Group's business model and strategy have proven to be highly effective through a sustained period of macroeconomic uncertainty."

Source : Norcros PLC

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15 June 2023

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