Norcros PLC AGM Trading Statement (8926F)
July 21 2021 - 1:00AM
UK Regulatory
TIDMNXR
RNS Number : 8926F
Norcros PLC
21 July 2021
21 July 2021
AGM Trading Statement
Norcros plc ("Norcros" or the "Group"), a market leading
supplier of high quality and innovative bathroom and kitchen
products, issues the following trading update covering the 13 week
trading period to 4 July 2021, ahead of its Annual General Meeting
which takes place at 11.00am today.
Trading Update
The Group's outperformance of the market experienced in the
second half of the prior year has continued in the first quarter,
driven by the strength of both the UK and SA RMI markets. Group
revenue for the 13 week period was 117% higher than the COVID-19
impacted prior year (2020) on a reported basis. On a constant
currency basis against the same period in 2019 Group revenue was
22% higher.
Revenue increase
on
2020 2019
--------------------
UK 96% 23%
---------- --------
South Africa 170% 13%
---------- --------
South Africa (at
CC(1) ) 143% 20%
---------- --------
Group 117% 19%
---------- --------
G roup (at CC(1)
) 110% 22%
---------- --------
Our UK business has continued to perform strongly with revenue
for the 13 week period 23% higher than in 2019 reflecting the
increased activity in the RMI sector and market share gains with
Triton and Merlyn continuing to perform extremely well.
Our South African business has also continued to outperform,
with revenue for the 13 week period 20% higher than in 2019 on a
constant currency basis with Tile Africa continuing to benefit from
higher demand and market share gains in the retail renovation
market. Whilst we have experienced some disruption from the recent
period of social unrest the impact on our business to date has been
limited and the current situation is stable. The safety and
wellbeing of our employees remains our priority as we continue to
monitor the position.
During the quarter the Group implemented a number of measures to
counter the well documented supply chain disruption and increases
in freight and input costs to maintain margins.
Nick Kelsall, Chief Executive Officer, commented:
"We have continued to outperform the market in the first quarter
of this financial year with our focussed strategy, and market
leading brands, supply chain, and customer service ensuring we
capitalise on the strength of our proposition and the robust demand
in our main markets. A normalisation of consumer spending patterns
and continued supply chain and COVID-19 disruption mean that market
conditions are likely to remain uncertain. Notwithstanding, the
Board remains confident that the Group will continue to win market
share and make progress in line with its expectations for the
current year."
(1.) CC refers to constant currency basis
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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