Norcros Regulatory News (NXR)

23 July 2025

AGM Trading Statement

Norcros plc ("Norcros" or the "Group"), the number one bathroom products business in the UK and Ireland, issues the following trading update covering the 13-week trading period to 30 June 2025, ahead of its Annual General Meeting which takes place at 11.00am today.

Trading Update

The Group's overall trading performance for the first quarter continued to be resilient, with the Board's expectations for the full year unchanged.

Group revenue for the 13-week period on a constant currency like for like basis* was 0.6% ahead of the prior year after adjusting for the number of trading days in the period.  

Revenue in our core UK & Ireland market was 1.0% ahead of the prior year for the period on a like for like basis*, supported by continued share gains in our more resilient mid-premium end markets.

In South Africa, revenue for the period on a constant currency like for like basis* was 0.6% behind the previous year after a particularly difficult first month. The announced closure of our tile manufacturing plant at Johnson Tiles South Africa has been completed in line with our plan.

As announced on 15 July 2025, the Group has entered into an agreement for the acquisition of the entire issued share capital of Fibo Holding AS. This transaction will bring another market leading brand into the Group and will create a leading European waterproof wall coverings division focused on panels. Completion is subject to approval from the UK Competition and Markets Authority.

Thomas Willcocks, Chief Executive Officer, said:

"Norcros continues to grow market share, having delivered another resilient performance during the first quarter. Whilst trading conditions remain challenging, we continue to make good progress towards our stated medium-term targets with focused and ongoing execution of our growth strategy."

* Adjusted for Johnson Tiles UK and Johnson Tiles SA

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Notes to Editors

Norcros is a market-leading group of brands specialising in design led, sustainable bathroom and kitchen products across the UK, Ireland, South Africa, and select export markets. Each of our brands offers mid-premium product ranges distinguished by their innovation, design, and commitment to sustainability, all backed by industry leading service to our trade and retail customers.

Through a strategic blend of acquisitions and organic growth, Norcros has become the UK and Ireland's number one bathroom products group. We see significant potential for further expansion within this large and fragmented market, accelerating growth and capturing market share through continued acquisitions, organic development, operational excellence, and meaningful ESG capabilities.

Norcros encompasses the renowned brands, Triton, MERLYN, Grant Westfield, VADO, Croydex, and Abode in the UK, and Tile Africa, TAL, and House of Plumbing in South Africa.

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: www.norcros.com