Norcros has reported a stronger set of annual results while continuing to reshape the group around bathroom products, European markets and more resilient repair, maintenance and improvement demand.
The Wilmslow-based business, which supplies branded bathroom products, recorded revenue of £393.4m for the 53 weeks ended 5 April 2026, up from £355.8m in the prior 52-week period. The increase was supported by the acquisition of Fibo in Norway, market share gains and a solid performance in the UK and Ireland, despite a wider market backdrop that remained challenging.
Underlying operating profit rose 7.9% to £48.0m, while underlying profit before tax increased 8.2% to £40.9m. Reported operating profit also moved higher, reaching £22.2m compared with £9.6m the year before.
The acquisition of Fibo was a key feature of the year. The Norwegian business gives Norcros a stronger position in waterproof decorative wall coverings and broadens its European platform. While the deal caused some expected initial dilution to group margin, the company still delivered a group underlying operating margin of 12.2%, compared with 12.5% previously. European like-for-like operating margins improved by 0.4 percentage points to 15.9%, pointing to better underlying quality in the core region.
The group’s cash performance was also relevant. Cash conversion improved to 116%, compared with 84% in the previous year, and underlying net debt stood at £65.8m, representing 1.2 times leverage.
Norcros also increased its full-year dividend by 8.7% to 11.3p per share, while diluted underlying earnings per share rose 7.2% to 35.8p. Underlying return on capital employed reached 20.0%, up from 17.3%, which supports the view that management is concentrating on higher-quality capital allocation as the portfolio becomes more focused.
Norcros plc (LON:NXR) is a leading B2B producer of branded bathroom and kitchen products for its UK, South African and selected export markets. The portfolio is characterised by strong individual brands, together providing product breadth and channel diversity from a strong supply chain base.
