Norcros plc (LON:NXR), the number one branded bathroom products business in the UK and Ireland, will announce its Interim Results for the 26 weeks to 4 October 2026 on 19 November 2026 (prior year: 27 weeks). In advance of this, the Group provides the following trading update.
A solid first half performance
The Group delivered a solid first-half performance, with reported revenue growth of 19% and like-for-like1 constant currency revenue growth of 1.5% (same number of weeks basis). Europe, including Fibo, and South Africa performed well, with the European performance partially offset by softer UK demand, particularly in Q2.
Reported revenue is expected to increase to approximately £220 million (2025: £184.3 million) for the first half of the year2. Group underlying continuing Operating Profit3 is expected to increase to at least £24.6 million (2025: £21.9 million), with cash conversion remaining above our published target levels.
Progress continues across our four strategic initiatives, including our well-invested new product development pipeline and our broader operational efficiency programmes. We again demonstrated our ability to secure price increases, most of which have been successfully embedded towards the end of H1 with the full benefits expected to be realised in H2. The previously announced process to potentially dispose of the South African operations is progressing to plan.
The Group remains in a strong financial position, supported by excellent cash generation following the all-debt acquisition of Fibo in October last year. Closing net debt (on a pre-IFRS 16 basis) is expected to be approximately £55 million, (£65.8 million as at 5 April 2026) with leverage at approximately 1.1x underlying EBITDA (1.6x immediately following the Fibo acquisition), providing a strong platform for both organic and inorganic investment.
Outlook
Conditions in our key markets are expected to remain subdued through the second half. Norcros is well positioned with leading branded market positions and has traditionally grown market share in tough market conditions. We do this through leveraging our supply chain resilience, excellent service levels, proven ability to recover input cost increases and disciplined cost management. As a result, the Board expects full year underlying Operating Profit to be in line with market expectations4.
Notes:
1. Like for like adjusting prior year from a 27 to 26 week period pro-rating and adjusting for Fibo which was acquired in the second half of the prior year
2. Represents the 26 weeks to 4 October 2026 (prior year: 27 weeks to 5 October 2025)
3. Underlying operating profit is defined as operating profit from continuing operations before non-underlying and exceptional operating items
4. Norcros-compiled market consensus for the 52 weeks to 4 April 2027 is for an underlying operating profit of £54.0 million
