AGM Trading Statement

RNS Number : 6968T

Norcros PLC

22 July 2015

 

22 July 2015

AGM Trading Statement

Norcros plc ("Norcros" or the "Group"), the market leading supplier of innovative branded showers, taps, bathroom accessories, tiles and adhesives, issues the following trading update covering the 13 week trading period to 28 June 2015, ahead of its Annual General Meeting which takes place at 11.00am today at Mottram Hall, Wilmslow Road, Mottram St. Andrew, Cheshire, SK10 4QT.

Trading Update

The Group's overall trading for the first quarter was in line with the Board's expectations.

Group revenue from continuing operations for the 13 week period was 4.3% higher on a constant currency basis compared to the same period last year and 3.0% higher in Sterling terms reflecting a weaker South African Rand. It should be noted that there is no revenue from Croydex, the business acquired by the Group on 25 June 2015, within these numbers.

Market conditions remain varied for our UK businesses. Revenue was 0.6% higher than the same period last year with increased activity in the trade sector driven by new house build and commercial contracts, but with the retail sector remaining sluggish. Revenue from our South African businesses grew by 12.0% on a constant currency basis and by 7.9% in Sterling terms.

Nick Kelsall, Group Chief Executive, commented:

 "Whilst the UK retail sector remains challenging, the performance in both the UK trade sector and in South Africa, together with improved manufacturing efficiencies in Johnson Tiles UK, means the Board remains confident that the Group will continue to make progress in line with market expectations for the current year."

ENQUIRIES:

Norcros plc	Tel: [phone]
Nick Kelsall, Group Chief Executive
Martin Payne, Group Finance Director
Hudson Sandler	Tel: [phone]
Nick Lyon
Charlie Jack
Katie Matthews

Notes to Editors

·      Norcros is a leading supplier of high quality and innovative showers, taps, bathroom accessories, ceramic wall and floor tiles and adhesive products with operations in the UK and South Africa.

·      Based in the UK, Norcros operates under five brands:

·     Triton Showers - Market leader in the manufacture and marketing of showers in the UK

·     Vado - A leading manufacturer and supplier of taps, mixer showers, bathroom accessories and valves

·     Johnson Tiles - A leading manufacturer and supplier of ceramic tiles in the UK

·     Norcros Adhesives - Manufacturer of tile & stone adhesives, grouts and related products

·     Croydex - A market-leading, innovative designer, manufacturer and distributor of high quality bathroom furnishings and accessories

·      Based in South Africa, Norcros operates under three brands:

·    Tile Africa - Chain of retail stores focused on ceramic and porcelain tiles, and associated products such as sanitary ware, showers and adhesives

·    Johnson Tiles South Africa - Manufacturer of ceramic and porcelain tiles

·    TAL - The leading manufacturer of ceramic and building adhesives

·      Norcros is headquartered in Wilmslow, Cheshire and employs around 1800 people. The Company is         listed on the London Stock Exchange. For further information please visit the Company website: http://www.norcros.com/

 

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