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Resilient First Quarter Trading At Norcros

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Norcros plc, 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 2 July 2023, ahead of its Annual General Meeting which takes place at 11.00am today. 

Trading Update 

The Group's overall trading performance for the first quarter was resilient, with the Board's expectations for the full year remaining unchanged.

Group revenue for the 13 week period was 2.1% higher on a constant currency basis compared to the same period last year. On a like for like* constant currency basis, revenue was 4.2% lower compared to the strong prior year comparator. 

In the UK, like for like* revenue for the 13 week period was broadly in line with the previous year despite the tougher demand environment. We continued to grow market share, with our trade sector performance being particularly strong. 

In South Africa, the Group was impacted by severe national electricity supply interruptions in April and May 2023. Whilst there was an improvement in supply during June 2023, revenue for the 13 week period was 10.9% lower on a constant currency basis, compared to a strong prior year comparator. Our experienced management team in South Africa continues to actively manage the impact of electricity supply interruptions on the business' performance.  

Board Update 

As previously announced, David McKeith, Acting Board Chair and Chair of the Audit and Risk Committee, will not be seeking re-election at the AGM after ten years with the Group. His experience and contribution have been invaluable and the Board on behalf of the whole Group thanks him for his diligent service throughout his tenure. Steve Good was appointed as a Director and Board Chair Designate on 1 July and, subject to being elected at today's AGM, will assume the role of Board Chair. 

Thomas Willcocks, Chief Executive Officer, said: 

"We have delivered a resilient first quarter performance against a continuing backdrop of uncertain market conditions and the Board's expectations for the full year remain unchanged. We remain confident that our market leading brands, diverse channels and end markets, and excellent customer service proposition will continue to deliver market share gains for the year ending 31 March 2024." 

* Adjusted for Grant Westfield and Norcros Adhesives

Source : Norcros

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26 July 2023

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