Norcros PLC - Cheshire-based kitchen and bathroom products supplier - For six months ended September 30, posts pretax profit of GBP3.4 million, a significant dive from GBP13.3 million the year prior. This is as revenue falls 25% year-on-year to GBP135.3 million from GBP181.2 million as Covid-19 lockdowns significantly cut demand for its products due to the closure of majority of its customers.
No interim dividend was declared, compared to 3.1 pence the year prior.
Chief Executive Nick Kelsalll says: "We have recovered strongly with second quarter revenues increasing by 4.5% against prior year on a constant currency like-for-like basis. Notwithstanding the ongoing uncertainty as governments seek to control Covid-19, including the current lockdowns, Norcros continues to be in a very strong competitive and financial position.
Cash held as at September-end was GBP30.4 million, up from GBP22.4 million at September 30, 2019.
Current stock price: 185.28p
Year-to-date change: down 34%
By Ife Taiwo; ifetaiwo@alliancenews.com
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Norcros (NXR)