Norcros PLC - Wilmslow, England-based bathroom and kitchen product supplier - Says it has been trading well against a challenging macroeconomic backdrop and now expects underlying operating profit for the year ended March 31 to hit a record level and be in-line with current market expectations of GBP45.9 million, according to company-complied consensus. Revenue for the year is expected at GBP440 million, up 11% from GBP396.3 million the year prior.
Norcros commences the closure of Norcros Adhesives, which it describes as a "small but loss making division" that represented around 3% of the company's annual revenue. Costs relating to the closure total around GBP5 million, which will be separately reported as an exceptional item in its full-year results.
Chief Executive Thomas Willcocks says: "Norcros has delivered record results, again demonstrating resilience and market share growth, notwithstanding the significant macroeconomic challenges. Whilst market conditions are likely to remain uncertain in the short term, the Board believes that the group's proven business model, leading customer service proposition, leading brands and highly experienced management teams will continue to deliver market share growth in the year ahead."
The company will announce its results for the year ended March 31 on June 15.
Current stock price: 190.00 pence, up 7.3% on Thursday afternoon in London.
12-month change: down 21%
By Heather Rydings, Alliance News senior economics reporter
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Norcros (NXR)