NXR26 Jul 2012 08:13
Interim Management Statement
Norcros, the market leading supplier of innovative branded showers, tiles and adhesives, publishes its Interim Management Statement covering the 13 week period to 1 July 2012 ahead of its Annual General Meeting to be held today at 11.00am at Ladyfield House, Station Road, Wilmslow, Cheshire, SK9 1BU.
Trading
Group revenue for the 13 week period was 8.5% higher on a constant currency basis compared to the same period last year. Group revenue in Sterling is up 2.4% compared to the same period last year, reflecting a weaker South African Rand.
Although market conditions remain tough, UK revenue was 3.9% higher compared to the same period last year.
Johnson Tiles recorded a revenue increase of 19.4% driven by further market share gains with B&Q who have implemented a major tile range review and new in-store tile shop. This has offset lower UK trade and export revenues which continue to reflect subdued market conditions.
The UK shower market remains challenging with the overall market declining during the period and being adversely impacted by the extra bank holiday in June, and further destocking in the trade segment. As a result, revenue at Triton was 13.1% lower compared to the same period last year, with UK revenue 9.6% lower, broadly in line with the market decline over the period. Export revenue, which is predominantly derived from Ireland and accounts for 12.5% of overall Triton revenue, was down 31.2% reflecting the general economic environment and the impact of the increasing Eurozone uncertainty in the period.
The encouraging momentum in our South African business achieved during the last quarter of the previous year has been maintained in this 13 week period with significant improvements in Johnson Tiles South Africa following the management and operational changes made during last year. South African revenue was 17.1% higher on a constant currency basis with all three businesses contributing to the strong start to the year. A significantly weaker Rand compared to last year means reported sterling revenues are 0.5% higher.
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