Last checked at 25 Jul 2018 07:00
25 July 2018
AGM Trading Statement
Norcros plc ("Norcros" or the "Group"), a market leading supplier of high quality and innovative bathroom and kitchen products, issues the following trading update covering the 13 week trading period to 1 July 2018, ahead of its Annual General Meeting which takes place at 11.00am today at The Mere Golf Resort & Spa, Chester Road, Mere, Knutsford, Cheshire, WA16 6LJ.
Trading Update
The Group's overall trading for the first quarter was in line with the Board's expectations.
Group revenue for the 13 week period was 15.5% higher on a reported basis compared to the same period last year.
On a like-for-like* basis Group revenue was 0.9% higher than the previous year. This performance reflected strong revenue growth of 6.9% in the Group excluding Johnson Tiles and the expected revenue reduction at Johnson Tiles which was largely due to the Kingfisher unified programme as previously reported on in the Group's 2018 results.
UK revenue was 19.2% higher than the same period last year including revenue from Merlyn, which performed strongly in the period. On a like-for-like* basis, UK revenue was 3.4% lower than in the same period. Johnson Tiles apart, UK like-for-like* revenue in the period was 5.2% higher with UK trade and export revenues both ahead year on year.
We experienced further progress in our South African business which grew revenue by 8.5% in Sterling terms and 8.9% at constant currency.
Nick Kelsall, Group Chief Executive, commented:
"Our performance in the first quarter continues to demonstrate the resilience of our focussed and diversified business model. Whilst the UK retail sector continues to be challenging, strong performances at Triton and Merlyn, the benefits of the cost restructuring at Johnson Tiles and the sustained progress in South Africa gives the Board confidence that the Group will continue to make progress in line with its expectations for the current year."
*Constant currency excluding Merlyn acquired in November 2017
Enquiries
Norcros plc | Tel: 01625 547700 |
Nick Kelsall, Group Chief Executive |
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Shaun Smith, Group Finance Director |
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Hudson Sandler | Tel: 0207 796 4133 |
Nick Lyon |
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Notes to Editors
Norcros is a market leading supplier of high quality and innovative bathroom and kitchen products with operations primarily in the UK and South Africa.
· Based in the UK, Norcros operates under seven brands:
· Triton - Market leader in the manufacture and marketing of showers in the UK
· Merlyn - The UK and Ireland's No.1 supplier of shower enclosures and trays to the residential, commercial and hospitality sectors
· Vado - A leading manufacturer and supplier of taps, mixer showers, bathroom accessories and valves
· Croydex - A market-leading, innovative designer, manufacturer and distributor of high quality bathroom furnishings and accessories
· Abode - A leading niche designer and distributor of high quality kitchen taps, bathroom taps, and kitchen sinks
· Johnson Tiles - A leading manufacturer and supplier of ceramic tiles in the UK
· Norcros Adhesives - Manufacturer of tile & stone adhesives, grouts and related products
· Based in South Africa, Norcros operates under three brands:
· Tile Africa - Chain of retail stores focused on ceramic and porcelain tiles, and associated products such as sanitaryware, showers and adhesives
· Johnson Tiles South Africa - Manufacturer of ceramic and porcelain tiles
· TAL - The leading manufacturer of ceramic and building adhesives
· Norcros is headquartered in Wilmslow, Cheshire and employs around 2,100 people. The Company is listed on the London Stock Exchange. For further information please visit the Company website: http://www.norcros.com