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Norcros: 'Resilient Performance Reflecting Strength Of Business Model'

Norcros UK logos

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 2022.

Financial Summary 

 

Six months ended

30 September 2022

26 Weeks

Six months ended

30 September 2021

26 Weeks

Six months ended

30 September 2019

27 Weeks2

% change 2022 Vs. 2021

% change 2022 Vs. 20192

Revenue

£219.9m

£200.9m

£181.2m

9.5%

21.4%

Revenue - constant currency like for like3

 

 

 

1.1%

19.8%

 

 

 

 

 

 

Underlying operating profit1

£22.0m

£22.0m

£17.4m

-

26.4%

Underlying profit before taxation1

£19.9m

£20.9m

£15.6m

(4.8%)

27.6%

Diluted underlying EPS1&4

17.8p

20.0p

15.1p

(11.0%)

17.9%

Operating profit

£16.1m

£19.2m

£14.3m

(16.1%)

12.6%

Underlying net (debt)/cash1

(£58.9m)

£1.0m

(£41.1m)

 

 

Interim dividend per share

3.4p

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) excludes Grant Westfield acquired 31 May 2022 and adjusts 2019 revenue from a 27 to a 26 week basis

4 Reflects the increase in share capital to part fund the Grant Westfield acquisition 

 Highlights

  •  Resilient performance with record first half revenue. An increase compared to the pre-pandemic 2019 comparative period of 19.8% on a constant currency like for like3 basis; above the prior year by 9.5% on a reported basis and 1.1% on a constant currency like for like basis3

  • The Group benefited from its geographical spread, market share gains and trade channel resilience, offset by softer retail demand and customer destocking

  • Underlying operating profit increased by 26.4% against 2019 to a record equalling £22.0m, in line with the record result in 2021

  • Grant Westfield acquisition completed and seamlessly integrated in the period

  • Strong financial position - low leverage and £130m of committed banking facilities maturing October 2025; significant liquidity and funding headroom

  • Interim dividend of 3.4p per share, reflecting the Board's confidence in the Group's prospects

Nick Kelsall, Chief Executive Officer, commented:

"We have again delivered a resilient first half performance against a challenging macroeconomic backdrop. Whilst activity levels normalised following the exceptional post pandemic demand in 2021, the Board remains confident that the Group's successful strategy, proven business model, leading brands, excellent service proposition and its commitment to new product introductions will continue to offer strong differentiation and deliver further progress in line with the Board's expectations for the year to 31 March 2023."

Source : Norcros

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10 November 2022

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