Last checked at 27 Jul 2017 07:00
27 July 2017
AGM Trading Statement
Norcros plc ("Norcros" or the "Group"), the market leading supplier of innovative branded showers, taps, bathroom accessories, tiles and adhesives, issues the following trading update covering the 13 week trading period to 2 July 2017, 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 8.2% higher on a constant currency basis compared to the same period last year and 16.8% higher in Sterling terms reflecting a stronger South African Rand.
UK revenue was 10.9% higher than last year reflecting both share gains and higher prices with growth across all channels, particularly within the trade and export sectors. We continued to experience growth in our South African business with revenue 3.5% higher on a constant currency basis and higher by 29.7% in Sterling terms.
Nick Kelsall, Group Chief Executive, commented:
"This performance demonstrates the benefits of our diversified operating model with revenue growth in all UK sectors and in each of our UK businesses, with good growth in exports and sustained progress in South Africa. As a result of a series of management initiatives to protect the Group's profitability following the weakening of sterling last year and the continuing focus on organic and acquisition led growth the Board remains confident that the Group will continue to make progress in line with its expectations for the current year."
ENQUIRIES:
Norcros plc | Tel: 01625 547 700 |
Nick Kelsall, Group Chief Executive | |
Shaun Smith, Group Finance Director | |
Hudson Sandler | Tel: 0207 796 4133 |
Nick Lyon | |
Charlie Jack | |
Fern Duncan |
Notes to Editors
· Norcros is a leading supplier of high quality and innovative showers, taps, bathroom accessories, ceramic wall and floor tiles and adhesive products with operations primarily in the UK and South Africa.
· Based in the UK, Norcros operates under six brands:
o Triton Showers - Market leader in the manufacture and marketing of showers in the UK
o Vado - A leading manufacturer and supplier of taps, mixer showers, bathroom accessories and valves
o Croydex - A market-leading, innovative designer, manufacturer and distributor of high quality bathroom furnishings and accessories
o Abode - A leading niche designer and distributor of high quality kitchen taps, bathroom taps, and kitchen sinks
o Johnson Tiles - A leading manufacturer and supplier of ceramic tiles in the UK
o Norcros Adhesives - Manufacturer of tile & stone adhesives, grouts and related products
· Based in South Africa, Norcros operates under three brands:
o Tile Africa - Chain of retail stores focused on ceramic and porcelain tiles, and associated products such as sanitary ware, showers and adhesives
o Johnson Tiles South Africa - Manufacturer of ceramic and porcelain tiles
o TAL - The leading manufacturer of ceramic and building adhesives
· Norcros is headquartered in Wilmslow, Cheshire and employs around 2,000 people. The Company is listed on the London Stock Exchange. For further information please visit the Company website: http://www.norcros.com/