I am having a look at Norcros. What struck me after 2 minutes is that despite consistently making a profit, the BV per share is broadly declining.
Usually, this means that something is going on in the statement of comprehensive income. Stockopedia does not provide the statement of comprehensive income (as far as I know), so I had a look on Norcros website to download their financial reports for the past 4 years. I can indeed see that in many years, the "actuarial losses on benefit retirement obligations" are very significant, and sometimes larger that the profit for that year.

Is there a cause for concern here? Pension obligations always seemed a headache to understand to me...

Thanks for any comment on that front!

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