# Norcros delivers resilient Q1 performance, outperforming the market

- Link: https://www.directorstalkinterviews.com/norcros-delivers-resilient-q1-performance-outperforming-the-market/4121165838
- Published: 2024-07-24T07:13:46+01:00
- Author: Amilia Stone

**[Norcros plc](https://www.directorstalkinterviews.com/company/norcros-plc/nxr.l)**(
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.”  

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