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Norcros, a supplier of branded showers, tiles and adhesives focused in the UK and South Africa, has delivered solid interims and expressed confidence that it will make 'further progress'. For the six months ending September 30th, revenues increased 3.8% to £106.3m (September 2011: £102.4m), with pre-tax profits leaping 53.5% to £6.6m (September 2011: £4.3m). The vast improvement in profits was as a result of an improved underlying profit before taxation (up 11%), no exceptional charges in the period and higher non cash finance income. Basic underlying earnings per share were 1.1p (2011: 0.9p), driven by improved underlying profit before taxation and a low tax charge as a result of the recognition of a deferred tax asset in its South African business not previously recognised. Norcros's UK business increased revenues by 4.7% to £61.1m (2011: £58.4m) although underlying operating profit at £6.0m was 9.5% below last year. Its South African business is growing strongly and returned to profitability.
trade just in..?....
buy..wow....
Tempus also believes Norcros, the tile and shower maker, is best avoided. Its market value is just £70m, while its pension fund has assets of £360m, and a deficit of £36m at the last valuation in March 2009. For years to come, its fortunes will be tied to its ability to meet pension promises made to 10,200 employees, most of them long since retired.
Outlook Despite the prevailing conditions in our major markets, we believe the strength of our brands, our leading market positions, our customer relationships, and the positive momentum in Johnson Tiles South Africa gives the Board confidence that the Group should continue to make progress in line with market expectations for the current year.
Interim Management Statement Norcros, the market leading supplier of innovative branded showers, tiles and adhesives, publishes its Interim Management Statement covering the 13 week period to 1 July 2012 ahead of its Annual General Meeting to be held today at 11.00am at Ladyfield House, Station Road, Wilmslow, Cheshire, SK9 1BU. Trading Group revenue for the 13 week period was 8.5% higher on a constant currency basis compared to the same period last year. Group revenue in Sterling is up 2.4% compared to the same period last year, reflecting a weaker South African Rand. Although market conditions remain tough, UK revenue was 3.9% higher compared to the same period last year. Johnson Tiles recorded a revenue increase of 19.4% driven by further market share gains with B&Q who have implemented a major tile range review and new in-store tile shop. This has offset lower UK trade and export revenues which continue to reflect subdued market conditions. The UK shower market remains challenging with the overall market declining during the period and being adversely impacted by the extra bank holiday in June, and further destocking in the trade segment. As a result, revenue at Triton was 13.1% lower compared to the same period last year, with UK revenue 9.6% lower, broadly in line with the market decline over the period. Export revenue, which is predominantly derived from Ireland and accounts for 12.5% of overall Triton revenue, was down 31.2% reflecting the general economic environment and the impact of the increasing Eurozone uncertainty in the period. The encouraging momentum in our South African business achieved during the last quarter of the previous year has been maintained in this 13 week period with significant improvements in Johnson Tiles South Africa following the management and operational changes made during last year. South African revenue was 17.1% higher on a constant currency basis with all three businesses contributing to the strong start to the year. A significantly weaker Rand compared to last year means reported sterling revenues are 0.5% higher.
http://www.investegate.co.uk/Article.aspx?id=201207260700065191I
Meanwhile, underlying pre-tax profit improved by 3.5% from £11.7m to £12.1m, up 5.7% on a LFL basis. Reported pre-tax profit jumped 25.3% from £7.5m to £9.4m. The total dividend per share was increased by 16.7% year-on-year to 0.42p. The first two months of the current year have been in line with the group's expectations, though Triton Shower has been weak. "The strength of our brands, our market positions, our customer relationships and the encouraging operational improvements in the latter part of the year in both the South African and UK tiles businesses gives the Board confidence that unless markets deteriorate further, our businesses will continue to make progress in the coming year," said Chairman John Brown.
Norcros, the supplier of branded showers, tiles and adhesives focused in the UK and South Africa, rose strongly on Thursday after its full-year results came bang in-line with earlier guidance, with underlying growth in revenues and profits robust despite 'difficult' markets. Revenue in the 52 weeks to March 31st increased by 2.1% to £200.3m from £196.1m in the previous year (which consisted of 53 weeks). When adjusted for currency movements and period duration, like-for-like (LFL) sales increased by 5.6%. In the UK, the company saw strong sales growth in Johnson Tiles and Norcros Adhesives, which offset a slight decline in Triton Showers given challenging Christmas sales and revenue from exports to Ireland. Tiles and Adhesives sales growth in South Africa was stron
Norcros Buy 08-Mar-12 £98,800.00 Martin Towers 100,000 @ 98.80p
To be honest over the last year this share has done relatively well, it has had its up's and downs but has all ways bounced back. I bought at 10p so if we have another year like this I can not complain. The only reason this share frustrates me is I can not understand why it is not performing better and normally when I feel that way I normally sell. However I am going to hold and am very confident 18p will be the benchmark next year.
Norcros has posted a swing back to profits, which are ahead of market expectations, as the Group reported encouraging progress across all of its businesses. The home consumer products group has delivered a pre tax profit of £7.5m for the year to 31 March 2011 ( 2010 loss £10m) on the back of revenues that were 13.4% higher at £192.4m. Net cash generated from operations in the period was £10.8m (2010: £10.6m) with the impact of increased revenues on working capital largely counterbalancing the trading improvement. Net debt (before prepaid finance costs) at 31 March 2011 reduced to £12.4m (2010: £18.9m). The Board is paying a final dividend 0f 0.24p per share. Chairman John Brown says: "Against a backdrop of markets which were in decline, Norcros has delivered strong profit growth. We achieved this through investment in new products and a focused sales approach which have enabled us to win new accounts and increase market share. At the same time, tough decisions and actions were taken by management to control costs and improve operating efficiencies. "Whilst we anticipate only slow economic recovery in the UK and South Africa over the next year, we have built a robust platform to grow further in our key markets. We therefore look forward to the future with confidence." At 9:01am: (LON:NXR) share price was 0p at 14.75p Story provided by StockMarketWire.com
There should be a trading update round about February....
I remember taking an interest in Norcros during October 2007, then for different reasons the SP sadly nosedived. More recently NXR have got their act in much better mode with a good 2010 and the last figures published were indeed very good and with a positive Broker note. Of course the end client of the products need to continue to spend.
When is the rns due.
Norcros tipped a BUY in today's Investors Chronicle
http://www.investegate.co.uk/Article.aspx?id=201011180700063807W Great results and a return to dividend. Up we go.
thursday is the big day. but sp not even twitching. First heard about norcros via david schwartz of the FT. followed up with usual reserach and as long as interims are a continuing of good news from trading updates we must see some sort of rise. 2p minimum. there is even talk of reintroducing a dividend. was hoping yo see some short term gains but now looks like sp is being held back and will have to sit on this for the next year or so.
A friend of mine works for Norcros and when I bought 45k of shares several months ago he said it was a good investment over the coming 6 months. He has offered no facts or figure to his credit so no insider dealing. When I said to him that I thought the current share price already reflected this week's announcment he offered No Comment. My guess is a rise of 2p per share after the announcement.
Anyone know when these will be out, expecting a good day.
there's been a few big buys over the last few weeks but why no sp rise. i'm getting a bit concerned that because the market already knows about the forthcoming results it won't move much now...think norcros has tried too hard to shout about it's sales. hope i'm wrong. Also in trifast and renold which also announce results in the next 2 weeks - intend to hop from one to the other and end up with a tasty profit.
coming thursday, a few large buys lately, i expect a nice rise next week.
Does nobody else have these? I was sure the news was this company had the makings of a goer, where did that come from?
with some more of these for the third time.Theres good value here and the buys are coming in today so should continue its upward climb.
with some more of these.Nice to see the share price jump straight after.This recovery is looking good and could go up to the year high quite soon if this momentum continues.