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Norcros revenue rises by 7.2%

By BFN News | 08:05 AM | Thursday 16 November, 2017


Norcros, a supplier of showers, taps, bathroom accessories, tiles and adhesives, grew its revenue by 7.2% at constant currency, or 12.6% on a reported basis, to £145 million in the six months ended 30 September 2017. Underlying profit before tax grew by 9.5% to £11.5 million and diluted underlying earnings per share increased by 8.5% to 14p. The return on sales in the South African business increased to 8.5% from 7.2% the year before. Cash generation stood at 109% of underlying EBITDA, and net debt has reduced by £2.4m since 31 March 2017. The interim dividend has been lifted by 8.3% to 2.6p per share. Martin Towers, chairman, said: "We continue to make good progress on our strategy of growing the group both organically and through complementary acquisitions. The group has delivered a strong set of financial results in line with the board's expectations and on 2 November 2017 announced the proposed acquisition of Merlyn Industries Limited, which, subject to shareholder approval, will add another market leading business to the group and both enhance and complement its bathroom product offer." At 8:05am: (LON:NXR) Norcros PLC share price was +3p at 176p Story provided by StockMarketWire.com

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