Norcros PLC - Wilmslow, England-based bathroom and kitchen product supplier - Posts revenue of GBP441.0 million for the year ended on March 31, up 11% from GBP396.3 million the year before. Pretax profit is GBP21.7 million, down from GBP33.0 million, as operating profit decreases to GBP27.5 million from GBP36.2 million. Declares a final dividend of 6.8 pence per share, down 1.4% from 6.9p a year prior. This takes the total dividend for the year to 10.2p, 2.0% higher than 10.0p recorded in financial 2022.
Looking ahead, says revenue in the two months to the end of May is 1.3% ahead of strong prior year comparator. Warns that market conditions are likely to remain uncertain, but is confident to deliver outperformance in line with expectations for financial 2024.
Chair David McKeith says: "I am pleased to report another record performance for the group with results at the top end of market expectations. Norcros has continued to demonstrate resilience and growth in market share despite challenging conditions."
Current stock price: 173.00 pence each, down 2.0% on Thursday morning in London
12-month change: down 26%
By Xindi Wei, Alliance News reporter
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Norcros (NXR)