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Norcros revenue rises 4.9% in first quarter despite UK weakness

By BFN News | 02:29 PM | Tuesday 23 July, 2019


Bathroom and kitchen product supplier Norcros said its revenue rose 4.9% in the first quarter, putting it on track to meet its expectations for the full year. On a like-for-like basis, however, revenue was flat amid a 0.4% reduction in sales at its UK business. The fall reflected variability in the company's export markets and some UK customer de-stocking. In South Africa, revenue grew 16% following the acquisition of House of Plumbing, while like-for-like revenue grew 0.8%. '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,' chief executive Nick Kelsall said. '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.' At 2:29pm: (LON:NXR) Norcros PLC share price was +2p at 216p Story provided by StockMarketWire.com

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