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Norcros profit jumps 88% as new UK home builds help sales

By BFN News | 08:07 AM | Wednesday 12 June, 2019

Bathroom and kitchen products supplier Norcros booked an 88% rise in annual profit as the UK's buoyant housing construction market helped boost sales. Pre-tax profit for the year through March rose to £25.4m, up from £13.5m on-year, as revenue rose 10% to £331.0m. The company declared a full-year dividend of 8.4p per share, up 7.7% on-year. Underlying profit rose 24% to £32.6m. 'I am delighted to announce that Norcros has recorded another year of growth despite the uncertain economic and political backdrop in our two main markets,' chief executive Martin Towers said. 'This reflects the resilience of the group's business model and the success of our acquisition strategy.' 'It also represents the group's tenth consecutive year of revenue and underlying operating profit growth, which is a testament to the management team, the strategy and its highly successful execution.' 'Whilst market conditions are likely to remain challenging, the board is confident that these attributes will continue to drive market outperformance leading to further progress in the current year consistent with our strategic objectives.' At 8:07am: (LON:NXR) Norcros PLC share price was -5.5p at 194.5p Story provided by

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