Norcros PLC Trading Update (6043J)
April 09 2015 - 2:00AM
UK Regulatory
TIDMNXR
RNS Number : 6043J
Norcros PLC
09 April 2015
9 April 2015
Norcros
("Norcros", the "Group" or the "Company")
Trading Update
Norcros, the market leading supplier of innovative branded
showers, taps, bathroom accessories, tiles and adhesives will
announce its preliminary results for the year ended 31 March 2015
on 18 June 2015. In advance of entering the close period, the Group
is providing the following trading update.
Trading
Group underlying operating profit(1) for the year is expected to
be in line with market expectations.
Group revenue for the year is expected to be in the region of
GBP221m (2014: GBP218.7m). Revenue growth in both our UK and South
Africa segments was stronger in the second half of the year
compared to the first half:-
Revenue 26 weeks 52 weeks
to 31 to 31
Mar Mar
------------------------------- --------- ---------
UK +1.4% +0.7%
South Africa
* Reported +14.6% +3.1%
* Constant currency +19.1% +15.0%
Group
* Reported +5.4% +1.5%
* Constant currency +6.6% +5.0%
UK revenue for the year was 0.7% higher than the prior year,
with a stronger performance in the second half. Our UK trade
business, which continued to benefit from new house building
activity and a strong performance in Ireland, offset our
performance in the UK retail sector which continued to be
challenging.
Our South African business again delivered double digit constant
currency growth in the second half of the year, resulting in full
year revenue growth of 15.0% on a constant currency basis and 3.1%
on a reported basis. During the second half the South African Rand
stabilised compared to the prior year, resulting in a strong
performance from the South African business on a reported basis
with revenue growth of +14.6%.
Financial position
Closing net debt is expected to be below market expectations at
around GBP15m (2014: GBP26.9m). This includes the GBP6.5m proceeds
from the sale of surplus freehold properties completed on 2 March
2015.
(1) Underlying operating profit is defined as operating profit
before non-underlying and exceptional operating items.
ENQUIRIES:
Norcros plc Tel: 01625 547 700
Nick Kelsall, Group Chief Executive
Martin Payne, Group Finance Director
Hudson Sandler Tel: 0207 796 4133
Nick Lyon
Charlie Jack
Katie Matthews
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 four brands:
-- Triton Showers - Market leader in the manufacture and marketing of showers in the UK
-- Vado - A leading manufacturer and supplier of taps, mixer
showers, bathroom accessories and valves
-- 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 sanitary ware,
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 1750 people. The Company is listed on the London Stock
Exchange. For further information please visit the Company website:
http://www.norcros.com/
This information is provided by RNS
The company news service from the London Stock Exchange
END
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