Norcros has delivered a solid first-half performance, with revenue expected to reach approximately £220m and underlying operating profit forecast to rise to at least £24.6m. Strong trading in Europe and South Africa, alongside continued strategic progress and robust cash generation, has supported the branded bathroom products group’s performance despite softer UK demand.
For the 26 weeks to 4 October 2026, reported revenue is expected to increase by 19% from £184.3m in the comparable period, while like-for-like constant currency revenue growth is forecast at 1.5% on a comparable-week basis. Underlying continuing operating profit is expected to rise from £21.9m to at least £24.6m, reflecting the group’s ability to manage costs and maintain performance across its markets.
Europe, including Norwegian bathroom panel business Fibo, and South Africa performed well during the period. The European business has benefited from Fibo, acquired in October 2025, which continues to trade in line with expectations. Although UK demand softened, particularly in the second quarter, the group’s wider geographic presence helped offset the impact.
Norcros continues to make progress against its strategic priorities, including product development and operational efficiency. Its ability to secure price increases has also supported trading, with most increases embedded towards the end of the first half and their full benefits expected to come through during the second half.
Cash generation remains a key strength. Net debt, excluding leases, is expected to have fallen to approximately £55m at the half-year point, compared with £65.8m at 5 April 2026. Leverage is expected to reduce to around 1.1 times underlying EBITDA, from 1.6 times immediately following the Fibo acquisition. This improvement strengthens the group’s financial flexibility and supports its capacity to invest in organic growth and consider further opportunities.
The previously announced process to potentially dispose of Norcros’s South African operations is also progressing to plan. The potential disposal forms part of the group’s wider portfolio management strategy, while its established brands, product development pipeline and operational capabilities remain central to its growth ambitions.
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.
