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Norcros: Record Underlying Operating Profits

Triton shower bath and sink 725 x 500
  • 'Sustained outperformance leading to record underlying operating profits.'

Norcros, a market leading supplier of high quality and innovative bathroom and kitchen products, today announces its results for the six months ended 30 September 2021. 

Financial Summary

 

Six months ended

30 September 2021

26 Weeks

Six months ended

30 September 2020

26 Weeks

Six months ended

30 September 2019

27 Weeks2

% change 2021 Vs. 2019

% change constant

currency 2021 Vs. 2019 LFL3

Revenue

£200.9m

£135.3m

£181.2m

10.9%

18.4%

Underlying operating profit1

£22.0m

£12.8m

£17.4m

26.4%

 

Underlying profit before taxation1

£20.9m

£10.7m

£15.6m

34.0%

 

Diluted underlying EPS1

20.0p

10.6p

15.1p

32.5%

 

Operating profit

£19.2m

£7.4m

£14.3m

34.3%

 

Underlying net cash/(debt)1

£1.0m

(£7.3m)

(£41.1m)

 

 

Interim dividend per share

3.1p

-

3.1p

 

 

1 Definitions and reconciliations of alternative performance measures are provided in note 3
2 2019 period data presented to provide a more meaningful pre-COVID-19 baseline for performance comparisons
3 LFL (like for like) at constant currency and adjusting pro rata 2019 from a 27-week period to a 26-week period

Highlights

  • Strong market outperformance with a significant increase in revenue compared to 2019; 10.9% on a reported basis and 18.4% on a constant currency like for like basis
  • Performance reflects increased activity in the UK and South African RMI markets and the strength of our customer proposition
  • Record underlying operating profit of £22.0m; an increase of 26.4% compared to 2019
  • Balance sheet remains very strong with £1.0m net cash (pre-IFRS 16) with significant liquidity and funding headroom
  • Interim dividend of 3.1p per share, reflecting the Board's confidence in the Group's prospects

Nick Kelsall, Chief Executive Officer, commented:

"The strength of our leading customer proposition and our focussed operating model has resulted in an excellent performance during the first half, with the Group benefitting from increased activity in the UK and South African RMI markets and also winning market share. Notwithstanding the ongoing uncertainty created by supply chain challenges, increased energy costs, inflationary cost pressure and a normalisation of consumer spending patterns, the Board remains confident our proven business model and customer proposition will lead to further progress, in line with its expectations, for the year to 31 March 2022."

Source : Norcros

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11 November 2021

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