Norcros (NXR)

Sector:

Construction and Building Materials

Index:

FTSE Small Cap

274.00p
   
  • Change Today:
    -2.00p
  • 52 Week High: 281.00
  • 52 Week Low: 147.50
  • Currency: UK Pounds
  • Shares Issued: 89.79m
  • Volume: 48,395
  • Market Cap: £246.01m
  • RiskGrade: 171

Norcros performing well in face of tough market conditions

By Josh White

Date: Wednesday 10 Apr 2019

LONDON (ShareCast) - (Sharecast News) - Bathroom and kitchen products supplier Norcros updated the market on its trading on Wednesday, reporting that group underlying operating profit for the year just ended was expected to be in line with the board's expectations.
The London-listed firm said that reflected a "very resilient" performance in the context of challenging conditions in its major markets, and would represent its 10th consecutive year of revenue and underlying operating profit growth.

Group revenue for the year ended 31 March was expected to be in the region of £331m - 10.3% higher than the prior year on a reported basis, 11.6% higher on a constant currency basis, and 2.4% higher on a constant currency like for like basis.

UK revenue was 13.6% improved than the prior year, which the board said primarily reflected the full-year contribution from Merlyn, which had continued to perform "strongly" since acquisition.

The UK performance on a like-for-like basis reflected strong revenue growth of 3.7% in the second half, which was reportedly driven by market share gains as new range listings were secured, benefitting from access to the group's customer base and its strong financial position.

Its South African business also delivered strong revenue growth despite a challenging market environment, Norcros said, with the total being 7.5% higher than the prior year on a constant currency basis and 3.7% higher on a reported basis.

Net debt as at 31 March was expected to be around £36m, narrowing from £47.1m year-on-year and reflecting "strong" cash generation in the second half.

As it had previously announced, Norcros completed the acquisition of the South African business RAP Plumbing Supplies, trading as House of Plumbing, on 1 April, and would consolidate the financial results of the business from that date.

"The group expects to deliver its 10th consecutive year of revenue and underlying operating profit growth despite the uncertain economic and political backdrop in our two main markets," said Norcros group chief executive officer Nick Kelsall.

"It is particularly pleasing to note the strong performances of Merlyn and Triton as well as the return to profitability of Johnson Tiles UK following the restructuring of the business, as announced in April 2018.

"We are also pleased to have recently added the House of Plumbing business to our portfolio as we look to accelerate the growth of our South African business in the important commercial and specification market segments."

Kelsall said the company's performance continued to demonstrate the resilience of the group with its market leading positions, well-established brands, superior product and service offer and strong financial position.

"Whilst market conditions are likely to remain challenging, the board is confident that these attributes together with our very focussed strategy will continue to drive market outperformance leading to further progress in the year ahead."

Norcros said it would release its preliminary results for the year ended 31 March on 12 June.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

Norcros Market Data

Currency UK Pounds
Share Price 274.00p
Change Today -2.00p
% Change -0.72 %
52 Week High 281.00
52 Week Low 147.50
Volume 48,395
Shares Issued 89.79m
Market Cap £246.01m
RiskGrade 171

Norcros Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
73.61% above the market average73.61% above the market average73.61% above the market average73.61% above the market average73.61% above the market average
94.74% above the sector average94.74% above the sector average94.74% above the sector average94.74% above the sector average94.74% above the sector average
Price Trend
93.29% above the market average93.29% above the market average93.29% above the market average93.29% above the market average93.29% above the market average
79.49% above the sector average79.49% above the sector average79.49% above the sector average79.49% above the sector average79.49% above the sector average
Income
53.41% above the market average53.41% above the market average53.41% above the market average53.41% above the market average53.41% above the market average
58.62% above the sector average58.62% above the sector average58.62% above the sector average58.62% above the sector average58.62% above the sector average
Growth
54.31% below the market average54.31% below the market average54.31% below the market average54.31% below the market average54.31% below the market average
61.11% below the sector average61.11% below the sector average61.11% below the sector average61.11% below the sector average61.11% below the sector average

What The Brokers Say

Strong Buy 4
Buy 1
Neutral 0
Sell 0
Strong Sell 0
Total 5
strong_buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Norcros Dividends

  Latest Previous
  Final Interim
Ex-Div 27-Jun-24 30-Nov-23
Paid 02-Aug-24 16-Jan-24
Amount 6.80p 3.40p

Trades for 31-Oct-2024

Time Volume / Share Price
16:39 4,043 @ 269.61p
16:39 4,043 @ 269.61p
16:35 2,371 @ 274.00p
16:35 1 @ 274.00p
16:35 126 @ 274.00p

Norcros Key Personnel

CFO James Eyre
CEO Thomas Willcocks

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