Norcros PLC Trading Update (0264U)
March 31 2021 - 01:00AM
UK Regulatory
TIDMNXR
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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END
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