Norcros tumbles despite full year progress

Shares of bathroom accessories firm Norcros tumbled more than five per cent despite reporting improved full year earnings in what it described as a challenging year.Adjusted pre-tax profit rose to £11.7m for the year ended March 31st 2013 compared to £10.7m the same time a year earlier. Revenue for the year increased to £210.7m from £200.3m following growth in the UK and South Africa. Underlying earnings per share was unchanged at 1.9p while the dividend was increased 9.5% to 0.46p per share. Net debt increased to £30.7m from £17.8m before.Chairman Martin Towers commented: "The group has achieved its fourth consecutive year of growth in both revenue and underlying operating profit despite tough markets and significant energy cost increases, with South Africa returning to profitability this year." He added: "The integration of the Vado business is progressing well... which will provide further synergy opportunities. The Board is confident that the group is well placed to make further progress."Norcros acquired Vado, which manufacturer and supplies taps, mixer showers, bathroom accessories and valves, at the end of March 2013.CJ Norcros