REG - Norcros PLC - AGM Trading Statement

NorcrosAnnouncement

24/07/2024 07:00

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RNS Number : 5260X  Norcros PLC  24 July 2024

 

 

24 July 2024

AGM Trading Statement

 

Norcros plc ("Norcros" or the "Group"), a market-leading designer and supplier
of high-quality bathroom and kitchen products in the UK, Europe and South
Africa markets, issues the following trading update covering the 13-week
trading period to 30 June 2024, 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 continued to be
resilient, with the Board's expectations for the full year unchanged.

 

Group revenue for the 13-week period on a constant currency like for like
basis* was in line with the prior year. Revenue on a reported basis was 5.9%
lower than the same period last year reflecting the exit of Johnson Tiles UK
and Norcros Adhesives.

 

New product development and excellent customer service in the UK & Ireland
continued to drive share gains in the mid-premium segment of the market
enabling like for like revenue for the 13-week period to be comparable with
the prior year.

 

In South Africa, revenue for the 13-week period on a constant currency basis
was similarly in line with the previous year supported by the ongoing recovery
in energy supply. The Group's South African business remains in a strong
competitive position and is well placed as trading conditions gradually
improve.

 

Thomas Willcocks, Chief Executive Officer, said:

 

"We have delivered a resilient performance during the first quarter in markets
which have remained challenging. Our business has outperformed the market
benefitting from both favourable positioning and the ongoing execution of our
growth strategy. We continue to make good progress towards our stated
medium-term targets and the Board's expectations for the full year remain
unchanged."

 

* Adjusted for Johnson Tiles UK 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

 Lucy Wollam-Coles

 

 

 

Notes to Editors

Norcros is a market-leading designer and supplier of high-quality bathroom and
kitchen products in the UK, Europe and South Africa markets.

 

In the UK and Ireland, Norcros operates under six brands: Triton, Merlyn,
Grant Westfield, VADO, Croydex, and Abode.

 

In South Africa, Norcros operates under four brands: Tile Africa, House of
Plumbing, TAL, and Johnson Tiles.

 

Norcros is headquartered in Wilmslow, Cheshire and employs around 2,100
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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