Norcros plc (LON:NXR), a market-leading designer and supplier of high-quality bathroom and kitchen products in the UK, Europe and South Africa markets, has issued 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, Norcros 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.”
