Good morning, it's Paul here with the SCVR for Wednesday.

Budget Day today, so I'll be focused on that from lunchtime.

I've also got Hotel Chocolat (LON:HOTC) to finish off from yesterday, and 5 more companies reporting today that I want to look at (Norcros, Getbusy first, then Smiths, Cambria Autos and Barkby, if there's time). That's the plan, so I'll get cracking now!

Agenda -

Norcros (LON:NXR) - positive trading update, with guidance raised 12% for FY 03/2021. Looks good.

Getbusy (LON:GETB) - FY 12/2020 Final results. An interesting software business, with 1 highly profitable product, which subsidises 2 newer, loss-making products.

Smiths News (LON:SNWS) - Deep value share. In line trading. Looks very cheap, but has a weak balance sheet.

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Norcros (LON:NXR)

235p (pre market open) - market cap £190m

Trading Update

Norcros plc ("Norcros" or the "Group"), a market leading supplier of high quality and innovative bathroom and kitchen products, is today providing a trading update for the ten month period ended 7 February 2021.

A positive update here, ahead of expectations -

Norcros continues to win share in its two main geographical markets, reflecting the Group's strong competitive and financial position. The Board remains confident that the Group's leading market positions, established brands, broad distribution channels and experienced management team will deliver further growth, notwithstanding that economic conditions are likely to remain uncertain as our main markets continue to adjust to the impact of the pandemic.
Consequently, it is now expected that reported underlying profit for the year to 31 March 2021 will be no less than £28m on a post-IFRS 16 basis and ahead of current market expectations of circa £25m.

That’s presented in a very clear way, giving us both profit guidance, and the figure for market expectations. It’s so simple, why can’t everyone report like this?

Revenues - Norcros was already reporting an improving trend, with Q2 (July, Aug, Sept) already up on LY on a constant currency basis, slightly behind in reported currency (for the South African part of the business).

Q3 (Oct, Nov, Dec) and the first month of Q4 (Jan) combined saw group revenues up much more strongly, at +114% reported and +117% at constant currency versus LY.

10 month YTD figures are now down 8% on LY, reported,…

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