# Norcros delivers strong full-year growth and strategic progress

- Link: https://www.directorstalkinterviews.com/norcros-delivers-strong-full-year-growth-and-strategic-progress/4121248971
- Published: 2026-04-16T07:10:22+01:00
- Author: Amilia Stone

**[Norcros plc](https://www.directorstalkinterviews.com/company/norcros-plc/nxr.l)**(
LON:NXR), the number one branded bathroom products business in the UK and Ireland,
will announce its full year results for the 53 weeks to 5 April 2026 on 11 June 
2026. In advance of this, the Group is pleased to provide the following trading 
update and an update on the Board.

**Strategic execution driving revenue and profit momentum**

The Group has continued to make material progress against its strategic and operational
priorities over the last twelve months, with highlights including the acquisition
of Fibo Holding AS (“Fibo”) and the closure of our last tile manufacturing business.
The Group now reports its UK, Ireland and mainland European operations together 
as a single European segment.

Reported^(1) Group revenue growth is expected to be c.10% (approximately £393 million;
2025^(1): £355.8 million), reflecting the contribution from Fibo and share gains
in our markets which continue to be challenging. Like-for-like^(2) (“LFL”) constant
currency^(3) (“CC”) Group revenue growth for the period is expected to be approximately
0.5% ahead of the prior year. Mid-premium brand led RMI markets have remained stable,
while new build activity continues to be weak across both Europe and South Africa.

| **_ _** | **Revenue versus prior year** | 
|  | **LFL** | **Reported** | 
| **Europe \*** | **0.7%** | **13.6%** | 
| **South Africa** | **0.3%** | **2.2%** | 
| **Group** | **0.6%** | **10.4%** | 
| _Group at CC_ | _0.5%_ | _10.3%_ |

_^(* Europe region includes core UK & Ireland businesses and newly acquired Fibo)_

In our core European business, reported revenue is expected to be c.13.6% ahead 
of prior year, benefitting from the acquisition of Fibo in October 2025. This business
has been successfully integrated into the Group and is trading in line with expectations.
European LFL revenue was approximately 0.7% ahead of the prior year, with share 
gains and price increases offsetting soft demand, especially in new build.

In South Africa, revenue for the year is expected to be c. 2.2% higher on a reported
basis with LFL revenue up 0.3%. Self-help initiatives, especially in our retail 
business, are starting to deliver market share growth albeit progress is partially
offset by ongoing weakness in new build.

Group underlying continuing operating profit^(4) is expected to increase to at least
£47.5 million (2025^(1): £44.5 million) with underlying continuing profit before
tax^(5) expected to be at least £40.4 million (2025^(1): £37.8 million), in line
with market expectations.

**Financial position**

The Group remains in a strong financial position with excellent cash generation 
and closing net debt (on a pre-IFRS 16 basis) expected to be approximately £67 million(
net debt £36.8 million as at 30 March 2025 prior to the acquisition of Fibo). Leverage
is currently approximately 1.2x underlying EBITDA, providing a solid foundation 
for further strategic progress.

In the period, the Group has extended its multicurrency revolving credit facility(“
RCF”) to £150 million through to December 2029, with a further year extension available.
It also includes the option for an uncommitted accordion facility of £70 million.

**Board Update**

After 12 years with the Group, and five as CFO, James Eyre has informed the board
of his decision to step down from the position within the next twelve months**^(
6)**. James has played a key role in the growth and repositioning of the business
over this time, as the business has developed into the UK & Ireland’s largest designer
and supplier of branded bathroom products. We have mutually agreed that, in order
to ensure an orderly transition, James will remain in position until the end of 
June and thereafter focus on key strategic projects for the remainder of his notice
period. The search for James’s successor will now commence, and a further update
will be issued in due course.

> **Thomas Willcocks, Chief Executive Officer, said:**
> “Firstly, I would like to extend my sincere thanks to James, whom I have known
> and worked with for more than 12 years, for his significant and valued contribution,
> where he initially headed our acquisition-led strategy before stepping up as CFO.
> James’ dedication and leadership have made a lasting mark, and I am pleased that
> we will work closely together to manage a smooth and successful transition.
> Our business has the scale and balance sheet, including well-invested inventory
> levels, to maintain our excellent service levels. Despite challenging underlying
> market conditions, this trading update confirms the Group has performed strongly
> over the year operationally and strategically. While these conditions are likely
> to remain, especially in the near term as the potential wider impact of current
> events in the Middle East evolves, we are well placed, relative to many of our
> competitors, to make further market share gains.
> Norcros operates a brand-led, capital-light and cash-generative model focused 
> on delivering profitable growth, both organically and through targeted acquisitions.
> We are confident that we have the strategy, balance sheet, and operational know-
> how to support further strategic progress and the continued delivery of dependable
> through‑cycle returns for our shareholders.”

> **James Eyre, Chief Financial Officer, said:**
> “Norcros is a great business, and it has been a privilege to work with our dedicated
> teams to grow into the largest branded bathroom products business in the UK & 
> Ireland. This company, and the people in it, mean a great deal to me, and I am
> proud of what we have achieved together. The business is in a strong financial
> position with a tremendous future ahead.”

**Notice of results**

The Group will announce its full year results for the 53 weeks ended 5 April 2026
on Thursday 11 June 2026.

Notes:

^(1.) Discontinued Johnson Tiles SA is not included in either the current or prior
year figures

^(2.) LFL (like for like) adjusted from a 53 to 52 week period pro-rating and adjusting
for Johnson Tiles UK which was sold in the prior year and Fibo which was acquired
in the year

^(3.) CC refers to constant currency basis 

^(4.)_^( )_Underlying operating profit is defined as operating profit from continuing
operations before non-underlying and exceptional operating items

^(5.) Underlying profit before tax is defined as profit before tax from continuing
operations before non-underlying and exceptional operating items

^(6). The information contained in this announcement included in the “Board Update”
section is inside information as stipulated under the UK Market Abuse Regulation.
Upon publication of this announcement, this inside information is now considered
to be in the public domain. Note also that the information contained in this announcement
is for information purposes only and does not purport to be complete and this information
is subject to change.

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