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Norcros Set To Meet Expectations On Improved Second Half

Thu, 09th Apr 2015 07:20

LONDON (Alliance News) - Norcros PLC Thursday said it expects underlying operating profit for its last financial year to be line with market expectations as revenue growth in the UK and South Africa was stronger in the second half of the year compared with the first half.

The bathroom supplies company said it expects revenue for the year ended March 31 to be in the region of GBP221 million, up from GBP218.7 million the year before.

UK revenue for the year was up 0.7% on the prior year, benefiting from the building of new homes and a strong performance in Ireland, which it said offset challenging conditions in the UK retail sector.

Sales in the South African business grew 3.1% as the rand stabilised during the second half of the year.

The company said it will announce its full year results on June 18.

Norcros shares were up 4.2% to 17.2 pence on Thursday morning.

By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews