Norcros - Hiding in plain sight

Margin progression, cash generation and dividend growth – as well as a material, post period end acquisition – were all notable features of H1 26. A sharpened and connected business portfolio with leading market positions, clear strategic growth drivers and demonstrable results are together delivering above sector performance against a generally subdued economic backdrop. The foundations are in place to continue to capture market share in a more favourable cyclical environment, though this is not currently factored in. The company’s share price has performed well YTD (+c.18%), c.5% ahead of the FTSE All-Share Index and comfortably ahead of most of its sector peers. However, the re-rating has been minimal due to the earnings-enhancing FIB...