Last checked at 31 Mar 2021 07:00
31 March 2021
Trading Update
Norcros plc ("Norcros" or the "Group"), a market leading supplier of high quality and innovative bathroom and kitchen products, today issues an update on recent trading.
Further upgrade: strong momentum sustained
In our 3 March 2021 trading update we increased our full-year guidance, reflecting the strong trading momentum in the four month period ended 7 February 2021.
Since 7 February, this strong trading momentum has continued despite the testing external environment, and combined with our effective management of the COVID-19 lockdowns and supply chain disruption challenges, has contributed to a further improvement in profitability. Consequently, the Board now expects underlying operating profit for the year to 31 March 20211 to be no less than £31m on a post-IFRS 16 basis which compares to our previous underlying operating profit guidance for the year of no less than £28m.
Robust balance sheet and financial position
The balance sheet remains very strong, and we expect to end the year at 31 March 2021 with no net debt (on a pre-IFRS16 basis) compared to net debt of £36.4m at 31 March 2020.
The Group's next scheduled trading update will be on 15 April 2021.
1. The accounting reference 'year to 31 March 2021' relates to the 52-week accounting period commencing on 6 April 2020 and ending 4 April 2021
Enquiries
Norcros plc | Tel: 01625 547700 |
Nick Kelsall, Chief Executive Officer |
|
Shaun Smith, Chief Financial Officer |
|
|
|
Hudson Sandler | Tel: 0207 796 4133 |
Nick Lyon Sophie Miles |
|
|
|
|
|
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 - The leading manufacturer and supplier of ceramic tiles in the UK
· Norcros Adhesives - Manufacturer of tile and stone adhesives, grouts and related products
· Based in South Africa, Norcros operates under four 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
· House of Plumbing - Market leading supplier of specialist plumbing materials
· 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