Norcros PLC Trading Update (1504Q)
17 Octubre 2019 - 1:00AM
UK Regulatory
TIDMNXR
RNS Number : 1504Q
Norcros PLC
17 October 2019
("Norcros", the "Group" or the "Company")
Trading Update
Norcros, a market leading supplier of high quality and
innovative bathroom and kitchen products will announce its interim
results for the 27-week period ended 6 October 2019 on 14 November
2019. In advance of this, the Group is providing the following
trading update.
Trading
Group underlying operating profit(1) for the first half is
expected to be in line with the Board's expectations, a resilient
performance reflecting the Group's continuing success in winning
share despite the challenging market conditions.
Group revenue for the 27 week first half is expected to be
approximately GBP181.2m (2018: GBP162.6m), 11.4% higher than the
prior year 26 week period on a reported basis, 12.8% higher on a
constant currency basis, and 0.9% higher on a like for like(2)
constant currency basis.
Revenue Growth for 27 weeks to
6 October 2019
Reported Constant Constant
currency currency
LFL(2)
-------------- --------- ---------- ----------
UK +5.2% +5.2% +1.3%
South Africa +24.5% +29.4% +0.0%
Group +11.4% +12.8% +0.9%
-------------- --------- ---------- ----------
(1) Underlying operating profit excludes IAS 19R administrative
expenses, acquisition related costs and exceptional operating
items
(2) LFL (like for like) adjusts 2019 revenue for House of
Plumbing (acquired 1 April 2019) and 27 to 26 week period
pro-rating
UK revenue for the first half was 5.2% higher than the prior
year on a reported basis and 1.3% higher on a like for like(2)
basis. This reflected market share gains as domestic revenue grew
by 3.4% on a like for like(2) basis for the period combined with an
improved export performance in the second quarter.
Revenue in our South African business increased by 24.5% on a
reported basis and 29.4% on a constant currency basis compared to
the prior year. Like for like(2) revenue was in line with the
previous year reflecting the difficult economic environment and
lower levels of activity. We continue to win share and have
successfully integrated the House of Plumbing business, which has
performed in line with our expectations.
Financial position
Net debt is expected to be approximately GBP42m (2018:
GBP53.5m), in line with expectations following the acquisition of
House of Plumbing in the first half of the year.
Outlook
The robust performance in the first half against the backdrop of
challenging conditions in our two main markets demonstrates the
resilience of the Group's strategy and operating model. The
fragmented nature of our markets continues to provide growth
opportunities for the Group as we maintain our focus on winning
market share. The Board remains confident that the Group's leading
market positions, portfolio of strong brands and financial strength
will enable further progress in line with its expectations for the
year to 31 March 2020.
Enquiries:
Norcros plc Tel: 01625 547 700
Nick Kelsall, Group Chief Executive
Shaun Smith, Group Finance Director
Hudson Sandler Tel: 0207 796 4133
Nick Lyon
Nelly Akpaka
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 & 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 sanitary ware,
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 2,200 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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