Strategy driving progress, full year on track

Having completed the Fibo deal earlier in the week, Norcros has followed up with a solid, above market H1'26 trading update and unchanged guidance. Strategic delivery through operational excellence and highly complementary M&A is clearly being executed well and, notwithstanding market variability, Norcros is maintaining forward momentum. Norcros delivered a marginally better underlying revenue performance in H1'26 overall with the headline c.£184m also boosted by an additional trading week. In generating EBIT of c.£21.8m, a margin of c.11.9% represents a c.70bp yoy improvement from continuing operations (ie excluding JTSA) on our estimates. Consumer confidence metrics remained subdued in both the UK and South Africa despite interest rate...