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Norcros reports 9.2% rise in revenue

NORCROS, the Wilmslow-based shower, bathroom and tile supplier, saw revenues and earnings rise in the year to March.

Chief executive Nick Kelsall told it had been the group's fifth consecutive year of revenue growth and one in which it had made "significant progress".

Revenues were up 9% to £218.7m while pre-tax profits increased by 11.5% to £5.8m, but it is still feeling the benefit of the acquisition of the bathroom tap specialist Vado last year where sales grew by 16%.

On a like for like basis, excluding Vado, and Nortec which was sold in November 2012, revenue was 4.5% lower, but 1.9% higher on a constant currency basis.

Nonetheless, Mr Kelsall said revenue at Triton showers was up 2.4% in the UK and sales at the adhesive business jumped by 21%. Johnson Tiles fell by 8% but Mr Kelsall said: "We've done the restructuring, and we've got the business back into profit."

He added: "It's important to remember we're still operating with a challenging backdrop. The market in terms of showers and tiles is flat and we've grown revenue if you strip out the retail effect in Johnson Tiles."

Norcros sold its Australian tiles business in March which it said had allowed it to focus on its interests in the UK, Africa and the Middle East.

Source: James Graham - TheBusinessDesk

19 June 2014
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