Trading Update

RNS Number : 0264U

Norcros PLC

31 March 2021

 

31 March 2021 

Trading Update

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 2021¹ 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

Enquiries

Norcros plc	Tel: [phone]
Nick Kelsall, Chief Executive Officer
Shaun Smith, Chief Financial Officer
Hudson Sandler	Tel: [phone]
Nick Lyon Sophie Miles

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 and 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 sanitaryware, 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 2,000 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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