24 July
2024
AGM Trading Statement
Norcros plc ("Norcros" or the
"Group"), a market-leading designer and supplier of high-quality
bathroom and kitchen products in the UK, Europe and South Africa
markets, issues the following trading update covering the 13-week
trading period to 30 June 2024, ahead of its Annual General Meeting
which takes place at 11.00am today.
Trading Update
The Group's overall trading
performance for the first quarter continued to be resilient, with
the Board's expectations for the full year unchanged.
Group revenue for the 13-week period
on a constant currency like for like basis* was in line with the prior year. Revenue on a reported basis was
5.9% lower than the same period last year reflecting the exit of
Johnson Tiles UK and Norcros Adhesives.
New product development and
excellent customer service in the UK & Ireland continued to
drive share gains in the mid-premium segment of the market enabling
like for like revenue for the 13-week period to be comparable with
the prior year.
In South Africa, revenue for the
13-week period on a constant currency basis was similarly in line
with the previous year supported by the ongoing recovery in energy
supply. The Group's South African business remains in a strong
competitive position and is well placed as trading conditions
gradually improve.
Thomas Willcocks, Chief Executive
Officer, said:
"We have
delivered a resilient performance during the first quarter in
markets which have remained challenging. Our business has
outperformed the market benefitting from both favourable
positioning and the ongoing execution of our growth strategy. We
continue to make good progress towards our stated medium-term
targets and the Board's expectations for the full year remain
unchanged."
* Adjusted for Johnson Tiles UK and
Norcros Adhesives
Enquiries
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Norcros plc
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Tel: 01625 547700
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Thomas Willcocks, Chief Executive
Officer
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James Eyre, Chief Financial
Officer
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Hudson Sandler
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Tel: 0207 796 4133
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Nick Lyon
Lucy Wollam-Coles
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Notes to Editors
Norcros is a market-leading designer
and supplier of high-quality bathroom and kitchen products in the
UK, Europe and South Africa markets.
In the UK and Ireland, Norcros
operates under six brands: Triton, Merlyn, Grant Westfield, VADO,
Croydex, and Abode.
In South Africa, Norcros operates
under four brands: Tile Africa, House of Plumbing, TAL, and Johnson
Tiles.
Norcros is headquartered in
Wilmslow, Cheshire and employs around 2,100 people. The Company is
listed on the London Stock Exchange. For further information please
visit the Company website: http://www.norcros.com
