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RNS Number : 0264U

Norcros PLC

31 March 2021

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 2021(1) to be no less than GBP31m on a post-IFRS 16 basis which compares to our previous underlying operating profit guidance for the year of no less than GBP28m.

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 GBP36.4m 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

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March 31, 2021 02:00 ET (06:00 GMT)