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Norcros Reports 'Resilient' First Quarter

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Norcros plc ("Norcros" or the "Group"), a market leading supplier of high quality and innovative bathroom and kitchen products, issues the following trading update covering the 13 week trading period to 30 June 2019, ahead of its Annual General Meeting which takes place at 11.00am today at The Mere Golf Resort & Spa, Chester Road, Mere, Knutsford, Cheshire, WA16 6LJ.

Trading Update

The Group continues to win share in our two main markets with the Board's expectations for the full year remaining unchanged.

Group revenue for the 13 week period was 4.9% higher on a reported basis compared to the same period last year. On a like-for-like* basis Group revenue was in line with the previous year. 

Overall, in our UK business, revenue was 0.4% lower than the same period last year, reflecting variability in our export markets and some UK customer destocking. Pleasingly, our UK business continued to gain market share as we grew domestic revenue by 3.0% year on year. 

Following the acquisition of House of Plumbing, which completed on 1 April, our South African business grew revenue by 25.4% at constant currency and by 15.6% in Sterling terms. On a like-for-like basis*, revenue grew by 0.8% compared with the same period last year reflecting the challenging trading environment.

Nick Kelsall, Group Chief Executive, commented:

"We have delivered a resilient first quarter performance against an uncertain economic and political environment, which is a testament to our leading market positions, our portfolio of well-established brands, the strength of our offer and our strong financial position. The Board remains confident that the Group will continue to win market share and make progress in line with its expectations for the current year."

*Constant currency excluding House of Plumbing acquired 1 April 2019

Recently, Norcros announced its tenth consecutive year of revenue and underlying profit growth. 

Source : Insight DIY Team and Norcros

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23 July 2019

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