Norcros plc (LON:NXR), the number one bathroom products business in the UK and Ireland, will announce its Interim Results for the 27 weeks to 5 October 2025 on 20 November 2025. In advance of this, the Group provides the following trading update.
Strategic delivery and market share gains drive margin progression
The Group has delivered a robust first-half performance, underpinned by the strength of our market leading brands in a demand environment that remains challenging.
Strategic delivery continues with the closure of Johnson Tiles SA, the ongoing implementation of our operational excellence initiatives, and the acquisition of Fibo Holding AS in Norway shortly after the end of the period. In addition, our exciting new product development programme, combined with ongoing cross-selling continue to drive profitable organic market share growth and margin improvement. We are well positioned to further accelerate growth in both the RMI and Housebuilding markets when market conditions improve.
After a slow start to the period, like-for-like (LFL1) revenue on a constant currency (CC2) basis was 3% ahead of the prior year in both regions in the last 18 weeks. Group revenue for the 27-week period is expected to be 1% ahead of the prior year on a LFL CC basis. Reported3 revenue is expected to be approximately £184 million (20243: £181.9 million), reflecting the increase to a 27 week period versus 26 week period in the prior year, offset by the exit of Johnson Tiles UK in the prior year.
| H1 LFL1 revenue | |||
| 9 weeks ending 1 June 2025 | 18 weeks ending 5 October 2025 | FY26 H1 | |
| UK & Ireland | -3% | 3% | 1% |
| South Africa | -7% | 0% | -2% |
| South Africa at CC4 | -4% | 3% | 1% |
| Group | -5% | 2% | 0% |
| Group at CC | -4% | 3% | 1% |
Group underlying continuing operating profit4 is expected to be c.£21.8 million (20243: £20.4 million) in the first half of the year. Group operating margins in the period have increased to c.11.9% (2024: 11.2%) with our core UK&I market operating margin up to c.14.8% (2024: 13.6%).
Financial position
The Group remains in a strong financial position with closing5 net debt (on a pre-IFRS 16 basis) expected to be c. £31 million (net debt of £44.9 million as at 30 September 2024 and £36.8 million as at 31 March 2025). This represents leverage of approximately 0.6x underlying EBITDA, providing a solid foundation for further strategic delivery.
Acquisition of Fibo Holding AS
On 15 July 2025, Norcros announced the proposed acquisition of Fibo Holding AS, a leading supplier of high-quality waterproof decorative wall panels. Post the period end and as communicated on 13 October 2025, the CMA review process has approved the acquisition which has now completed5. We are delighted to welcome our new colleagues at Fibo to the Norcros group.
Outlook
The Board remains confident that our market leading positions and implementation of our strategy will continue to deliver market share gains for the year ending 31 March 2026. Despite the ongoing challenging market conditions, the Board expects full year underlying operating profit to be in line with market6 expectations, and to show further progress towards our medium-term strategic targets.
1. LFL (like for like) adjusted from a 27 to 26 week period pro-rating and Johnson Tiles UK which was sold in the prior year
2. CC refers to constant currency basis
3. Discontinued Johnson Tiles SA is not included in either the current or prior year figures
4. Underlying operating profit is defined as operating profit from continuing operations before non-underlying and exceptional operating items
5. At the period end of 5 October 2025 net debt of c.£31m represents leverage of c.0.6x. Post the period end and the acquisition of Fibo, proforma leverage is expected to be c.1.6x
6. Norcros compiled consensus for FY26 underlying operating profit previously was £43.9m to £45.2m excluding Fibo and is currently £47.2m to £48.7m including Fibo
