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Norcros confident of progress in line with market view

By BFN News | 07:52 AM | Thursday 13 February, 2014


Norcros said it remains confident the group should continue to make progress in line with market expectations for the current year. Group revenue for the 18-week period to Feb. 2, 2014, was 12.8% up on a constant currency basis compared to the same period last year and 5.0% higher in Sterling reflecting a weaker South African Rand. It said the economic outlook in the UK continued to be positive in terms of construction activity and housing transactions benefitting the trade sector. "As expected however, the retail sector is taking longer to benefit and still remains challenging," Norcros said. "Whilst the medium-term outlook in South Africa is still positive, the weakening Rand has impacted our markets in recent months, and has also had an adverse effect on Rand profit translation to Sterling," it said. Story provided by StockMarketWire.com

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