REG - Norcros PLC - AGM Trading Statement

NorcrosAnnouncement

26/07/2023 07:00

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RNS Number : 1655H  Norcros PLC  26 July 2023

 

 

26 July 2023

AGM Trading Statement

 

Norcros plc ("Norcros" or the "Group"), a market leading supplier of high
quality and innovative bathroom and kitchen products, issues the following
trading update covering the 13 week trading period to 2 July 2023, ahead of
its Annual General Meeting which takes place at 11.00am today.

 

Trading Update

 

The Group's overall trading performance for the first quarter was resilient,
with the Board's expectations for the full year remaining unchanged.

 

Group revenue for the 13 week period was 2.1% higher on a constant currency
basis compared to the same period last year. On a like for like* constant
currency basis, revenue was 4.2% lower compared to the strong prior year
comparator.

 

In the UK, like for like* revenue for the 13 week period was broadly in line
with the previous year despite the tougher demand environment. We continued to
grow market share, with our trade sector performance being particularly
strong.

 

In South Africa, the Group was impacted by severe national electricity supply
interruptions in April and May 2023. Whilst there was an improvement in supply
during June 2023, revenue for the 13 week period was 10.9% lower on a constant
currency basis, compared to a strong prior year comparator. Our experienced
management team in South Africa continues to actively manage the impact of
electricity supply interruptions on the business' performance.

 

Board Update

 

As previously announced, David McKeith, Acting Board Chair and Chair of the
Audit and Risk Committee, will not be seeking re-election at the AGM after ten
years with the Group. His experience and contribution have been invaluable and
the Board on behalf of the whole Group thanks him for his diligent service
throughout his tenure. Steve Good was appointed as a Director and Board Chair
Designate on 1 July and, subject to being elected at today's AGM, will assume
the role of Board Chair.

 

 

Thomas Willcocks, Chief Executive Officer, said:

 

"We have delivered a resilient first quarter performance against a continuing
backdrop of uncertain market conditions and the Board's expectations for the
full year remain unchanged. We remain confident that our market leading
brands, diverse channels and end markets, and excellent customer service
proposition will continue to deliver market share gains for the year ending 31
March 2024."

 

( )

* Adjusted for Grant Westfield and Norcros Adhesives

 

 

Enquiries

 Norcros plc                                Tel: 01625 547700
 Thomas Willcocks, Chief Executive Officer
 James Eyre, Chief Financial Officer

 Hudson Sandler                             Tel: 0207 796 4133
 Nick Lyon

 Sophie Miles

Notes to Editors

Norcros is a market leading supplier of high quality and innovative bathroom
and kitchen products with operations primarily in the UK and South Africa.

 

·    Based in the UK, Norcros operates under seven brands:

·       Triton - Market leader in the manufacture and marketing of
showers in the UK

·       Merlyn - The UK and Ireland's No.1 supplier of shower
enclosures and trays to the residential, commercial and hospitality sectors

·       Multipanel - Grant Westfield is a leading manufacturer of
high-end waterproof bathroom wall panels

·       Vado - A leading manufacturer and supplier of taps, mixer
showers, bathroom accessories and valves

·       Croydex - A market-leading, innovative designer, manufacturer
and distributor of high quality bathroom furnishings and accessories

·       Abode - A leading niche designer and distributor of high
quality kitchen taps, bathroom taps, and kitchen sinks

·       Johnson Tiles - The leading manufacturer and supplier of
ceramic tiles in the UK

 

·    Based in South Africa, Norcros operates under four brands:

·       Tile Africa - Chain of retail stores focused on ceramic and
porcelain tiles, and associated products such as sanitaryware, showers and
adhesives

·       Johnson Tiles South Africa - Manufacturer of ceramic and
porcelain tiles

·       TAL - The leading manufacturer of ceramic and building
adhesives

·       House of Plumbing - Market leading supplier of specialist
plumbing materials

 

·    Norcros is headquartered in Wilmslow, Cheshire and employs around
2,400 people. The Company is listed on the London Stock Exchange. For further
information please visit the Company website: http://www.norcros.com
(http://www.norcros.com)

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