Information  X 
Enter a valid email address

Norcros expects 10.7% revenue lift, to cut 50 jobs in tiles unit

By BFN News | 07:53 AM | Wednesday 11 April, 2018


Bathroom products supplier Norcros said its annual revenue was expected to grow by around 10.7% following its acquisition of Merlyn. The company, however, said it would cut another 50 jobs in its underperforming tiles division. Revenue would be in the region of £300m, representing growth of 8.7% on a constant currency basis and 4.4% on a like-for-like basis. UK revenue rose 3.6%, though second-half UK like-for-like revenue declined by 0.8% compared to the 8.5% growth seen in the first half. 'This was largely due to lower retail revenues at Johnson Tiles and a tough comparative period last year,' the company said. The company said it had decided to implement a further restructuring program at Johnson Tiles that would involve the loss of 50 jobs. It was expected to result in a charge of around £2.1m, to be treated as an exceptional item and recognised in the financial year ended 31 March 2018, with the subsequent cash outflow occurring in the first half of 2018/19. Annualised savings are expected to be at least £2m. Story provided by StockMarketWire.com

a d v e r t i s e m e n t