Norcros: Strong Momentum Maintained

Norcros plc ("Norcros" or the "Group"), a market leading supplier of high quality and innovative bathroom and kitchen products, today issues an update on recent trading.

Further upgrade: strong momentum sustained

In our 3 March 2021 trading update we increased our full-year guidance, reflecting the strong trading momentum in the four month period ended 7 February 2021. 

Since 7 February, this strong trading momentum has continued despite the testing external environment, and combined with our effective management of the COVID-19 lockdowns and supply chain disruption challenges, has contributed to a further improvement in profitability. Consequently, the Board now expects underlying operating profit for the year to 31 March 2021(1)  to be no less than £31m on a post-IFRS 16 basis which compares to our previous underlying operating profit guidance for the year of no less than £28m. 

Robust balance sheet and financial position

The balance sheet remains very strong, and we expect to end the year at 31 March 2021 with no net debt (on a pre-IFRS16 basis) compared to net debt of £36.4m at 31 March 2020. 

The Group's next scheduled trading update will be on 15 April 2021. 

^1. The accounting reference 'year to 31 March 2021' relates to the 52-week accounting period commencing on 6 April 2020 and ending 4 April 2021

Source : Norcros

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