AGM Trading Statement

RNS Number : 3367G

Norcros PLC

23 July 2019

 

23 July 2019

AGM Trading Statement

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

Enquiries: 

Norcros plc	Tel: [phone]
Nick Kelsall, Group Chief Executive
Shaun Smith, Group Finance Director
Hudson Sandler	Tel: [phone]
Nick Lyon Nelly Akpaka

 Notes to Editors

·    Norcros is a market leading supplier of high quality and innovative bathroom and kitchen products with operations primarily in the UK and South Africa.

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

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

·     Merlyn - The UK and Ireland's No. 1 supplier of shower enclosures and trays to the residential, commercial and hospitality sectors

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

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

·     Abode - A leading niche designer and distributor of high quality kitchen taps, bathroom taps and kitchen sinks

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

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

·    Based in South Africa, Norcros operates under four 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

·     House of Plumbing - Market leading supplier of specialist plumbing materials

·    Norcros is headquartered in Wilmslow, Cheshire and employs around 2,200 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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