REG - Norcros PLC - Results for the six months ended 30 September 2024
21/11/2024 07:00
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RNS Number : 0318N Norcros PLC 21 November 2024
21 November 2024
Norcros plc
Results for the six months ended 30 September 2024
Resilient trading and market share gains in a challenging demand environment
Norcros plc, the market-leading designer and supplier of high-quality
sustainable bathroom and kitchen products, today announces its interim results
for the six months ended 30 September 2024.
Financial summary
6 months to 6 months to % change 2024 v 2023
30 September 2024 30 September 2023
Revenue £188.4m £201.6m (6.5%)
Revenue constant currency LFL(1) 0.1%
Underlying operating profit(2) £19.7m £21.4m (7.9%)
Underlying profit before taxation(2) £16.4m £18.1m (9.4%)
Diluted underlying EPS(2) 14.1p 15.6p (9.6%)
Operating (loss)/profit (£8.6m)(3) £15.3m (156.2%)
Underlying net debt(2) (£44.9m) (£46.6m)
Interim dividend per share 3.5p 3.4p
Highlights
· Market share growth in a challenging demand environment (Group
revenue +0.1% LfL):
o UK (revenue +0.9% LFL): share gains - new product development ("NPD") and
cross-selling
o SA (revenue -1.7% constant currency): macro (inc. energy) stabilising but
subdued consumer confidence
o Well-positioned for market recovery in new house build and RMI
· Continued strong progress on delivering strategic initiatives:
o Portfolio Development - completed disposal of Johnson Tiles UK
o Organic Growth - cross-selling, NPD and service levels
o Operational Excellence - consolidating UK warehouse footprint
o ESG - net zero transition - investment in sustainable products
· Reported revenue of £188.4m (2023: £201.6m). Underlying
operating profit of £19.7m (2023: £21.4m)(4)
· UK underlying operating margin at 13.6% (2023: 13.0%) with Group
underlying operating margins flat at 10.5% (2023: 10.6%)
· Strong balance sheet - low leverage at 1.0x underlying EBITDA
· Interim dividend of 3.5p per share, an increase of 0.1p
· The Board expects full year underlying operating profit to be in
line with market expectations(5)
Thomas Willcocks, CEO, commented:
"In a weak market during the first half of the year Norcros has again grown
share and made further strategic progress. While the demand environment is
expected to remain challenging, we remain focused on the significant market
opportunities available and are confident that our leading positions and
strategic implementation will continue to deliver market share gains. The
Board therefore expects full year underlying operating profit to be in line
with market expectations(5) showing further progress towards achieving our
medium-term targets."
There will be an in-person presentation and Q&A session today at 9.30am
GMT for analysts at the offices of Hudson Sandler, 25 Charterhouse Square,
London, EC1M 6AE. There will also be a live audio webcast of the event
(without Q&A), available at https://brrmedia.news/NXR_IR_24/25
(https://brrmedia.news/NXR_IR_24/25) . The supporting slides and webcast
playback will be available in the investors section of the Norcros website
at www.norcros.com (http://www.norcros.com/) later in the day.
(1) LFL (like for like) revenues at constant currency adjusted for Johnson
Tiles UK and Norcros Adhesives
(2) Definitions and reconciliations of alternative performance measures are
provided in note 3
(3) The operating loss in the period is post the non-cash cost of £21.4m, as
a result of the disposal of Johnson Tiles UK. Further detail is provided in
note 4
(4) Year on year movement reflects disposal of Johnson Tiles UK, investment in
operational efficiencies, and the challenging demand environment in South
Africa
(5) Norcros compiled market consensus for the year to 31 March 2025, as at 21
November 2024, is for an underlying operating profit of £43.1 million
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 group of brands specialising in design-led,
sustainable bathroom and kitchen products across the UK, Ireland, South
Africa, and select export markets. Each of our brands offers mid-premium
product ranges distinguished by their innovation, design, and commitment to
sustainability, all backed by industry-leading service to our trade and retail
customers.
Through a strategic blend of acquisitions and organic growth, Norcros has
become the UK and Ireland's number one bathroom products group. We see
significant potential for further expansion within this large and fragmented
market, accelerating growth and capturing market share through continued
acquisitions, organic development, operational excellence, and meaningful ESG
capabilities.
Norcros encompasses the renowned brands, Triton, Merlyn, Grant Westfield,
VADO, Croydex, and Abode in the UK, and Tile Africa, TAL, Johnson Tiles South
Africa, and House of Plumbing in South Africa.
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: www.norcros.com
(http://www.norcros.com)
Overview of results
The Board is pleased to report another resilient performance for the six
months ended 30 September 2024 driven by the strength of our brands, their
mid-premium market positioning, and the benefits of our ongoing investment in
new product development. This enabled the Group to deliver further market
share gains.
UK market share growth and a resilient performance in South Africa, despite
the challenging demand environment, have led to a Group revenue of £188.4m
(2023: £201.6m) and an underlying operating profit of £19.7m for the period
(2023: £21.4m). Group operating margins at 10.5% were in line with the prior
year (2023: 10.6%). Good cash generation at 69% of underlying EBITDA, was
below the prior year largely due to an increase in debtors arising from the 26
week accounting period ending on the 29 September 2024.
In the UK, revenue growth was 0.9% on a like for like basis, adjusted for the
disposal of Johnson Tiles UK and the closure of Norcros Adhesives. On a
reported basis, revenue of £131.3m (2023: £143.9m), was down 8.8%.
Market-leading brands such as Triton, Merlyn, and Grant Westfield continued to
demonstrate market share growth and attract new customers in our target
mid-premium market segments, leveraging our strong new product development
pipeline, scale-based collaboration and cross-selling initiatives and
exceptional customer service.
In South Africa, we have encouragingly seen six months without energy
interruptions albeit consumer sentiment remains subdued, with revenue of
£57.1m (2023: £57.7m) down 1.7% on a constant currency basis. The business,
led by an experienced management team, has proved resilient and is
well-positioned to benefit as consumer confidence recovers.
The half year performance demonstrates the strength and positioning of our
market-leading businesses. Although our brands operate separately, we do
collectively take advantage of our scale to deliver revenue and cost
synergies, helping to drive market share growth. Given the strength of and
continued investment in our model, we are confident that we will continue to
make further progress given the significant opportunity in the fragmented and
attractive bathroom and kitchen product markets in which we operate.
Strategic progress
Significant progress has been made across the Group's four strategic
initiatives in the period with ongoing momentum for the second half of the
year.
Portfolio development - continued with successful completion of the disposal
of Johnson Tiles UK to the management team in May 2024. We have a
well-developed M&A pipeline and continue to evaluate a number of
strategically aligned opportunities that could accelerate our growth and be
accretive under our ownership.
Organic growth - the Group's collaborative approach to cross-selling and new
product development continues to deliver revenue synergies, driving
sustainable and profitable growth across our product portfolio. In addition,
our scale enables significant investment in our new product development,
people and service levels, which help our businesses drive organic growth
faster under our ownership and is a key differentiator versus peers.
In the UK, we continue to develop new business through our structured
cross-selling program, with significant short and medium term opportunities.
Successful H1 product launches included a first strategic move towards
offering a complete and matched bathroom offer through VADO's Cameo range and
Grant Westfield's Naturepanel, our FSC-certified wall panel that can also be
used outside of the bathroom. Both have been well-received and are
demonstrating positive momentum.
In South Africa, TAL, in particular, has made share gains through new product
development, including in complementary product categories. TAF and TAL also
continue to grow their directly sourced private label ranges, and will be
increasingly working together to drive scale-based sourcing benefits.
Operational efficiencies - during the period we delivered two key projects as
part of our drive to leverage the scale-based opportunities by successfully
completing the consolidation of the Merlyn and Grant Westfield warehousing and
distribution functions. We also completed the warehouse consolidation at VADO.
These initiatives have reduced the UK warehouse footprint from 26 to 15 sites
and will drive continued improvement in accuracy, efficiency and customer
service. Further scale-based collaboration on our supply chain and freight
continues to help the Group successfully navigate ongoing challenges in the
freight industry.
ESG - Norcros views corporate responsibility and sustainability as a distinct
source of competitive advantage. As we set out in our 2024 Annual Report, our
key ESG focus is around our people, product and planet themes which underpin
our strategic growth and operational plans. We have continued momentum in
these areas in the first half of the year and our ESG credentials are key to
our larger customers buying decisions.
On the People front, we have strengthened our skills base and made further
DE&I progress. In our Product theme, we have published our Supply Chain
Policy and increased investment in sustainable product development with new
launches through FY25 from Grant Westfield (Naturepanel) and Triton (ENVi).
In our Planet theme, we have a published Net Zero Transition Plan (in line
with Transition Plan Taskforce guidelines). We have set carbon targets to
reduce scope 1 and 2 GHG emissions by 33.6% by 2028 (2023 base year) and these
targets were validated by SBTi in January. We made good progress on this in
the last financial year with a reduction in scope 1 and 2 emissions of c. 9%.
As we continue to focus on a range of emissions reduction initiatives, and
following the disposal of Johnson Tiles UK, we are making further progress
towards our 2028 targets through the current financial year.
Norcros UK operating review
Our UK business delivered another excellent first half result with like for
like revenue growth of 0.9%. On a reported basis, revenue of £131.3m (2023:
£143.9m) was 8.8% lower than the prior year largely reflecting the disposal
of Johnson Tiles UK in May 2024.
Our businesses again demonstrated their ability to grow share driven by new
product launches, excellent stock availability and outstanding customer
service. Our new product development pipeline is strong with a focus on
leading in the design of market-leading products with clear sustainability
benefits. Triton was once again recognised as the industry leader in this
area, winning the King's Award for Enterprise in May, in recognition of its
outstanding commitment to Sustainable Development.
In addition to market share growth, meaningful first steps were taken to drive
improve operational performance with the consolidation of part of our
warehousing footprint in the UK with a reduction from 26 to 15 facilities
across VADO and Grant Westfield. Both projects were completed ahead of
schedule and are an important step in our wider group operations strategy.
The RMI (Repair, Maintenance and Investment) sector remains the largest
component in our UK market. Our market-leading brands are positioned in the
mid-premium segment which has remained more resilient in the period and
well-placed to benefit as the market recovers.
The UK government is targeting 1.5 million new homes in its first term
(300,000 homes per year) which alongside changes in building regulations, such
as the Future Homes Standard, means that there is a significant growth
opportunity in housing. Through our long-standing existing relationships and
our alignment with new building regulations particularly regarding energy and
water, we are well-placed to capitalise as new build activity develops.
Overall, underlying operating profit for the period reduced by £0.9m to
£17.8m (2023: £18.7m) largely reflecting investment to deliver future
operational efficiencies in warehousing and logistic activities and the
disposal of Johnson Tiles UK. UK underlying operating margin increased to
13.6% (2023: 13.0%).
Norcros SA operating review
Our South African business generated revenue of £57.1m (2023: £57.7m),
reflecting a 1.7% reduction on a constant currency basis and a resilient
overall performance in the period. Encouragingly, there have been no
electricity supply interruptions in the last six months albeit consumer
sentiment remains subdued.
TAL, our market-leading adhesive business in South Africa, posted a strong
performance in the period, profitably growing share through targeted product
launches, focused marketing activity and exceptional service levels. House of
Plumbing performance was also marginally ahead of the previous year despite
the tough commercial market environment.
Both Johnson Tiles and Tile Africa, with leading positions in the new house
build market, were particularly impacted by the subdued market. Consequently,
during the period, Johnson Tiles had a four-week shutdown in response to weak
market demand which further impacted profitability.
Given the stabilising macro outlook, we remain well-placed as the market
gradually recovers.
Underlying operating profit for the period was £1.9m (2023: £2.7m), with the
operating margin at 3.3% (2023: 4.7%).
Financial summary
Group revenue for the 26 week first half was £188.4m (2023: £201.6m), 0.1%
ahead of the prior year on a constant currency like for like basis and a 6.5%
decrease on a reported basis.
Underlying operating profit was £19.7m (2023: £21.4m), largely reflecting
the lower revenue in the period. The Group's underlying operating profit
margin was in line with the prior year at 10.5% (2023: 10.6%).
The reported operating loss was £8.6m (2023: profit of £15.3m) after
deducting acquisition and disposal related costs of £25.5m (2023: £3.9m),
exceptional operating items of £2.1m (2023: £1.4m) and IAS 19R
administration expenses of £0.7m (2023: £0.8m).
Acquisition and disposal related costs included the previously communicated
non-cash loss on disposal of £21.4m relating to the disposal of Johnson Tiles
UK in May 2024. Other acquisition and disposal related costs represent
amortisation of acquired intangibles of £3.3m (2023: £3.3m) and advisory
fees of £0.8m (2023: £0.1m). Exceptional operating items predominantly
relate to the cash costs of investment in consolidating the warehousing and
distribution sites at Grant Westfield.
Underlying profit before taxation was £16.4m (2023: £18.1m). Bank interest
costs and IFRS 16 interest costs on lease liabilities were consistent with the
prior year at £2.5m and £0.8m respectively. The application of IFRS 16 had
no impact on underlying profit before taxation (2023: £0.1m improvement). The
reported loss before taxation was £11.7m (2023: profit of £11.7m).
Diluted underlying earnings per share were 14.1p (2023: 15.6p), reflecting a
reduction in underlying profit before taxation.
The Group generated an underlying operating cash inflow of £14.8m (2023:
£27.4m). The reduction against last year reflected investment into working
capital, predominantly from an increase in debtors due to the 26 week
accounting period ending on 29 September 2024 compared to the standard due
date for customer payments of 30 September.
Capital expenditure was £4.4m in the first half (2023: £4.2m), with
investment in new product development and projects focused on further driving
operational excellence.
Financial position
The Group remains in a strong financial position with net debt (pre-IFRS 16)
of £44.9m (31 March 2024: £37.3m), the increase in part reflecting the
investment in working capital in the period. Inclusive of IFRS 16 lease
liabilities, net debt was £68.4m (31 March 2024: £59.5m). Leverage stands at
1.0x underlying EBITDA on a pre-IFRS 16 basis, with significant funding
headroom in our committed £130m RCF financing facility, maturing in October
2027. IFRS16 has no impact on cash flow nor on the Group's bank covenants.
Dividend
The Board recognises the importance of dividends to shareholders and is
declaring an interim dividend of 3.5p (H1 2024: 3.4p) per share, reflecting
the resilient first half performance and its confidence in the Group's future
prospects. The dividend is payable on 14 January 2025 to shareholders on the
register on 29 November 2024. The shares will be quoted ex-dividend on 28
November 2024.
Pension scheme
The Group's pension scheme remains appropriately funded, with an IAS 19
surplus of £16.5m at 30 September 2024 (31 March 2024: £16.5m). The 1 April
2024 triennial actuarial valuation process is progressing well with the
Company and the scheme's Trustee working constructively together, and we are
confident of making further progress.
Summary and outlook
The continued implementation of our growth strategy means that we are
well-placed for further share gains in our targeted mid-premium RMI market
segments and any recovery in this and the new house build sector, where we
hold leading positions. Market share growth is increasingly being delivered
through a strong focus on sustainable new products and a more efficient and
customer-focused operating platform.
In summary, there remain significant opportunities across our geographies and,
despite market conditions, we look forward to further progress in the second
half of the year. The Board therefore expects full year underlying operating
profit to be in line with market expectations(.) showing further progress
towards achieving our medium-term targets.
Condensed consolidated income statement
Six months to 30 September 2024
Notes 6 months to 6 months to Year ended
30 September 30 September 31 March
2024 2023 2024
(unaudited) (unaudited) (audited)
£m £m £m
Revenue 188.4 201.6 392.1
Underlying operating profit 19.7 21.4 43.2
IAS 19R administrative expenses (0.7) (0.8) (1.3)
Acquisition and disposal related costs 4 (25.5) (3.9) (4.3)
Exceptional operating items 4 (2.1) (1.4) 2.3
Operating (loss)/profit (8.6) 15.3 39.9
Finance costs 7 (3.5) (3.9) (8.1)
IAS 19R finance credit 0.4 0.3 0.8
(Loss)/profit before taxation (11.7) 11.7 32.6
Taxation 6 3.1 (2.4) (5.8)
(Loss)/profit for the period attributable to equity holders of the Company (8.6) 9.3 26.8
Earnings per share attributable to equity holders of the Company
Basic earnings per share:
From (loss)/profit for the period 5 (9.6p) 10.4p 30.1p
Diluted earnings per share:
From (loss)/profit for the period 5 (9.5p) 10.3p 29.8p
Weighted average number of shares for basic earnings per share (millions) 5 89.4 89.2 89.0
Alternative performance measures
Underlying profit before taxation (£m) 3 16.4 18.1 36.4
Underlying earnings (£m) 3 12.7 14.1 28.8
Basic underlying earnings per share 5 14.2p 15.8p 32.4p
Diluted underlying earnings per share 5 14.1p 15.6p 32.1p
Condensed consolidated statement of comprehensive income
Six months to 30 September 2024
6 months to 6 months to Year ended
30 September 30 September 31 March
2024 2023 2024
(unaudited) (unaudited) (audited)
£m £m £m
(Loss)/profit for the period (8.6) 9.3 26.8
Other comprehensive income and expense:
Items that will not subsequently be reclassified to the Income Statement
Actuarial losses on retirement benefit obligations (1.4) (0.5) (1.4)
Items that may be subsequently reclassified to the Income Statement
Cash flow hedges - fair value (loss)/gain in year net of taxation (0.9) 1.7 1.0
Foreign currency translation adjustments 2.2 (2.9) (5.3)
Other comprehensive expense for the period (0.1) (1.7) (5.7)
Total comprehensive (loss)/income for the period attributable to equity (8.7) 7.6 21.1
holders of the Company
Items in the statement are disclosed net of tax.
Condensed consolidated balance sheet
At 30 September 2024
Notes At At At
30 September 30 September 31 March
2024 2023 2024
(unaudited) (unaudited) (audited)
£m £m £m
Non-current assets
Goodwill 107.5 107.5 107.3
Intangible assets 50.7 56.6 53.9
Investment Property 5.7 - -
Property, plant and equipment 23.3 24.3 28.1
Deferred tax asset 6 - - 0.7
Pension scheme asset 12 16.5 15.7 16.5
Right of use assets 19.6 17.9 18.0
223.3 222.0 224.5
Current assets
Inventories 83.7 97.2 97.4
Trade and other receivables 77.8 78.6 72.6
Cash and cash equivalents 8 21.4 32.6 30.8
182.9 208.4 200.8
Current liabilities
Trade and other payables (95.3) (91.9) (89.1)
Lease liabilities (6.4) (6.3) (6.3)
Current tax liabilities (1.9) (1.0) (2.5)
Derivative financial instruments (2.1) - (0.6)
Provisions (0.3) - (0.7)
(106.0) (99.2) (99.2)
Net current assets 76.9 109.2 101.6
Total assets less current liabilities 300.2 331.2 326.1
Non-current liabilities
Financial liabilities - borrowings 8 (66.3) (79.2) (68.1)
Lease liabilities (17.1) (16.0) (15.9)
Deferred tax liabilities 6 (8.3) (14.7) (14.1)
Other non-current liabilities (0.2) (6.9) (4.6)
Provisions (1.1) (2.9) (1.0)
(93.0) (119.7) (103.7)
Net assets 207.2 211.5 222.4
Financed by:
Share capital 9 8.9 8.9 8.9
Share premium 47.6 47.6 47.6
Retained earnings and other reserves 150.7 155.0 165.9
Total equity 207.2 211.5 222.4
Condensed consolidated statement of cash flow
Six months to 30 September 2024
Notes 6 months to 6 months to Year ended
30 September 30 September 31 March
2024 2023 2024
(unaudited) (unaudited) (audited)
£m £m £m
Cash generated from operations 10 10.2 23.6 49.0
Income taxes paid (1.8) (2.6) (5.6)
Interest paid (2.9) (3.3) (6.8)
Net cash generated from operating activities 5.5 17.7 36.6
Cash flows from investing activities
Purchase of property, plant and equipment and intangible assets (4.4) (4.2) (7.3)
Net cash used in investing activities (4.4) (4.2) (7.3)
Cash flows from financing activities
Purchase of treasury shares (0.1) (0.8) (0.8)
Cost of raising debt finance (0.2) - (0.2)
Principal element of lease payments (2.6) (2.3) (4.9)
Repayment of borrowings (2.0) - (11.0)
Dividends paid to the Company's shareholders (6.1) (6.1) (9.1)
Net cash used in financing activities (11.0) (9.2) (26.0)
Net (decrease)/increase in cash and cash equivalents (9.9) 4.3 3.3
Cash and cash equivalents at beginning of the period 30.8 29.0 29.0
Exchange movements on cash and cash equivalents 0.5 (0.7) (1.5)
Cash and cash equivalents at end of the period 21.4 32.6 30.8
Alternative performance measures
Underlying operating cash flow 3 14.8 27.4 56.4
Condensed consolidated statements of changes in equity
Six months to 30 September 2024 (unaudited)
Ordinary Share Hedging Reserve Translation Retained Total
share premium Treasury £m reserve earnings £m
capital £m reserve £m £m
£m £m
At 31 March 2024 8.9 47.6 0.2 (0.4) (26.4) 192.5 222.4
Comprehensive income:
Loss for the period - - - - - (8.6) (8.6)
Other comprehensive (expense)/income:
Actuarial loss on retirement benefit obligations - - - - - (1.4) (1.4)
Fair value loss on currency hedges - - - (0.9) - - (0.9)
Foreign currency translation adjustments - - - - 2.2 - 2.2
Total other comprehensive (expense)/income - - - (0.9) 2.2 (1.4) (0.1)
Transactions with owners:
Settlement of share option schemes - - 0.5 - - (1.0) (0.5)
Purchase of treasury shares - - (0.1) - - - (0.1)
Dividends paid - - - - - (6.1) (6.1)
Value of employee services - - - - - 0.2 0.2
At 30 September 2024 8.9 47.6 0.6 (1.3) (24.2) 175.6 207.2
Six months to 30 September 2023 (unaudited)
Ordinary Share Hedging Reserve Translation Retained Total
share premium Treasury £m reserve earnings £m
capital £m reserve £m £m
£m £m
At 31 March 2023 8.9 47.6 (0.1) (1.4) (21.1) 176.5 210.4
Comprehensive income:
Profit for the period - - - - - 9.3 9.3
Other comprehensive income/(expense):
Actuarial loss on retirement benefit obligations - - - - - (0.5) (0.5)
Fair value gain on currency hedges - - - 1.7 - - 1.7
Foreign currency translation adjustments - - - - (2.9) - (2.9)
Total other comprehensive income/(expense) - - - 1.7 (2.9) (0.5) (1.7)
Transactions with owners:
Purchase of treasury shares - - (0.8) - - - (0.8)
Dividends paid - - - - - (6.1) (6.1)
Value of employee services - - - - - 0.4 0.4
At 30 September 2023 8.9 47.6 (0.9) 0.3 (24.0) 179.6 211.5
Year ended 31 March 2024 (audited)
Ordinary Share Hedging Reserve Translation Retained Total
share premium Treasury £m reserve earnings £m
capital £m reserve £m £m
£m £m
At 31 March 2023 8.9 47.6 (0.1) (1.4) (21.1) 176.5 210.4
Comprehensive income:
Profit for the year - - - - - 26.8 26.8
Other comprehensive income/(expense):
Actuarial loss on retirement benefit obligations - - - - - (1.4) (1.4)
Fair value gain on cash flow hedges - - - 1.0 - - 1.0
Foreign currency translation adjustments - - - - (5.3) - (5.3)
Total other comprehensive income/(expense) for the year - - - 1.0 (5.3) (1.4) (5.7)
Transactions with owners:
Purchase of treasury shares - - (0.8) - - - (0.8)
Dividends paid - - - - - (9.1) (9.1)
Settlement of share option schemes - - 1.1 - - (1.2) (0.1)
Value of employee services - - - - - 0.9 0.9
At 31 March 2024 8.9 47.6 0.2 (0.4) (26.4) 192.5 222.4
Notes to the accounts
Six months to 30 September 2024
1. Accounting policies
General information
Norcros plc ("the Company"), and its subsidiaries (together "the Group"), is a
market-leading designer and supplier of high-quality bathroom and kitchen
products in the UK, Europe and South African markets.
The Company is incorporated in England as a public company limited by shares.
The shares of the Company are listed on the London Stock Exchange market of
listed securities. The address of its registered office is Ladyfield House,
Station Road, Wilmslow, SK9 1BU, UK.
This condensed consolidated interim financial information was approved for
issue on 21 November 2024 and does not comprise statutory accounts within the
meaning of Section 434 of the Companies Act 2006 and has neither been audited
nor reviewed.
Basis of preparation
This condensed consolidated interim financial information for the six months
to 30 September 2024 has been prepared in accordance with the Disclosure and
Transparency Rules of the Financial Conduct Authority and with IAS 34,
'Interim financial reporting'. For operational reasons, the Company has
adopted an accounting period of 26 weeks and, as a result of this, the interim
end date was 29 September 2024. In the previous year, the interim period was
the 26 weeks ending 1 October 2023.
The Directors consider, after making appropriate enquiries at the time of
approving the condensed consolidated interim financial information, that the
Company and the Group have adequate resources to continue in operational
existence and, accordingly, that it is appropriate to adopt the going concern
basis in the preparation of the condensed consolidated interim financial
information.
The condensed consolidated interim financial information should be read in
conjunction with the Annual Report and Accounts for the year ended 31 March
2024, which has been prepared in accordance with IFRS as adopted by the UK.
The Annual Report and Accounts was approved by the Board on 12 June 2024 and
delivered to the Registrar of Companies. The report of the external auditor on
the financial statements was unqualified.
Accounting policies
The principal accounting policies applied in the preparation of this condensed
consolidated interim financial information are included in the financial
report for the year ended 31 March 2024. These policies have been applied
consistently to all periods presented.
Taxes on income in the interim period to 30 September 2024 are accrued using
the tax rate that would be applicable to the cumulative profits and losses in
the period. Taxes on income in the interim period to 30 September 2023 were
accrued using the tax rate that would be applicable to the expected total
annual profits or losses.
Risks and uncertainties
The principal risks and uncertainties affecting the Group, together with the
approach to their mitigation, remain as set out on pages 106 to 117 in the
2024 Annual Report, which is available on the Group's website (www.norcros.com
(http://www.norcros.com) ). The principal risks stated were: acquisition risk,
environmental, social and governance (ESG), staff retention and recruitment,
market conditions, loss of key customers, competition, reliance on production
facilities, loss of a key supplier, information technology and cyber security
risk, exchange rate risk, funding and liquidity risk and pension scheme risk.
This interim statement includes comments on the outlook for the remaining six
months of the financial year.
Forward-looking statements
This interim statement contains forward-looking statements. Although the Group
believes that the expectations reflected in these forward-looking statements
are reasonable, it can give no assurance that these expectations will prove to
be correct. Due to the inherent uncertainties, including both economic and
business risk factors underlying such forward-looking information, actual
results may differ materially from those expressed or implied by these
forward-looking statements.
The Group undertakes no obligation to update any forward-looking statements,
whether as a result of new information, future events or otherwise.
Accounting estimates and judgements
The preparation of condensed consolidated interim financial information
requires management to make judgements, estimates and assumptions that affect
the application of accounting policies and the reported amount of assets and
liabilities, income, and expense. Actual results may differ from these
estimates.
In preparing the condensed consolidated interim financial information, the
significant judgements made by management in applying the Group's accounting
policies and the key sources of estimation uncertainty were the same as those
applied to the consolidated financial statements for the year ended 31 March
2024.
2. Segmental reporting
The Group operates in two main geographical areas: the UK and South Africa.
All inter-segment transactions are made on an arm's length basis. The chief
operating decision maker, which is considered to be the Board, assesses
performance and allocates resources based on geography as each segment has
similar economic characteristics, complementary products, distribution
channels and regulatory environments.
Notes 6 months to 30 September 2024 (unaudited)
UK South Group
£m Africa £m
£m
Revenue 131.3 57.1 188.4
Underlying operating profit 17.8 1.9 19.7
IAS 19R administrative expenses (0.7) - (0.7)
Acquisition and disposal related costs 4 (25.4) (0.1) (25.5)
Exceptional operating items 4 (2.1) - (2.1)
Operating (loss)/profit (10.4) 1.8 (8.6)
Finance costs (net) (3.1)
Loss before taxation (11.7)
Taxation 6 3.1
Loss for the period (8.6)
Net debt 8 (44.9)
Notes 6 months to 30 September 2023 (unaudited)
UK South Group
£m Africa £m
£m
Revenue 143.9 57.7 201.6
Underlying operating profit 18.7 2.7 21.4
IAS 19R administrative expenses (0.8) - (0.8)
Acquisition and disposal related costs 4 (3.8) (0.1) (3.9)
Exceptional operating items 4 (1.4) - (1.4)
Operating profit 12.7 2.6 15.3
Finance costs (net) (3.6)
Profit before taxation 11.7
Taxation 6 (2.4)
Profit for the period 9.3
Net debt (46.6)
Notes Year ended 31 March 2024 (audited)
UK South Group
£m Africa £m
£m
Revenue 281.9 110.2 392.1
Underlying operating profit 38.4 4.8 43.2
IAS 19R administrative expenses (1.3) - (1.3)
Acquisition and disposal related costs 4 (4.1) (0.2) (4.3)
Exceptional operating items 4 2.3 - 2.3
Operating profit 35.3 4.6 39.9
Finance costs (net) (7.3)
Profit before taxation 32.6
Taxation 6 (5.8)
Profit for the period 26.8
Net debt 8 (37.3)
There are no differences from the last Annual Report in the basis of
segmentation or in the basis of measurement of segment profit or loss.
3. Alternative performance measures
The Group makes use of a number of alternative performance measures to assess
business performance and provide additional useful information to
shareholders. Such alternative performance measures should not be viewed as a
replacement of, or superior to, those defined by Generally Accepted Accounting
Principles (GAAP). Definitions of alternative performance measures used by the
Group and, where relevant, reconciliations from GAAP defined reporting
measures to the Group's alternative performance measures are provided below.
The alternative performance measures used by the Group are:
Measure Definition
Underlying operating profit Operating profit before IAS 19R administrative expenses, acquisition and
disposal related costs and exceptional operating items
Underlying profit before taxation Profit before taxation before IAS 19R administrative expenses, acquisition and
disposal related costs, exceptional operating items, amortisation of costs of
raising finance, net movement on fair value of derivative financial
instruments and finance costs relating to pension schemes
Underlying taxation The Group's effective underlying tax rate applied to the Group's underlying
profit before tax
Underlying earnings Underlying profit before tax less underlying taxation
Underlying capital employed Capital employed on a pre-IFRS 16 basis adjusted for business combinations,
where relevant, to reflect the net assets in both the opening and closing
capital employed balances, and the average impact of exchange rate movements.
Underlying operating margin Underlying operating profit expressed as a percentage of revenue
Underlying return on capital employed (ROCE) Underlying operating profit on a pre-IFRS 16 basis expressed as a percentage
of the average of opening and closing underlying capital employed.
Basic underlying earnings per share Underlying earnings divided by the weighted average number of shares for basic
earnings per share
Diluted underlying earnings per share Underlying earnings divided by the weighted average number of shares for
diluted earnings per share
Underlying EBITDA Underlying EBITDA is derived from underlying operating profit before
depreciation and amortisation excluding the impact of IFRS16 in line with our
banking covenants
Underlying operating cash flow Cash generated from continuing operations before cash outflows from
exceptional items and acquisition and disposal related costs and pension fund
deficit recovery contributions
Underlying net (debt)/cash Underlying net (debt)/cash is the net of cash, capitalised costs of raising
finance and total borrowings. IFRS16 lease commitments are not included in
line with our banking covenants
Underlying profit and underlying earnings per share measures provide
shareholders with additional useful information on the underlying performance
of the Group. This is because these measures are those principally used by the
Directors to assess the performance of the Group and are used as the basis for
calculating the level of annual bonus and long-term incentives earned by the
Directors. The term 'underlying' is not recognised under IFRS and consequently
the Group's definition of underlying may differ from that used by other
companies.
Reconciliations from GAAP-defined reporting measures to the Group's
alternative performance measures:
Condensed Consolidated Income Statement
(a) Underlying profit before taxation and underlying earnings
6 months to 6 months to Year ended
30 September 30 September 31 March
2024 2023 2024
(unaudited) (unaudited) (audited)
£m £m £m
(Loss)/profit before taxation (11.7) 11.7 32.6
Adjusted for:
IAS 19R administrative expenses 0.7 0.8 1.3
IAS 19R finance income (0.4) (0.3) (0.8)
Acquisition and disposal related costs 25.5 3.9 4.3
Exceptional operating items 2.1 1.4 (2.3)
Amortisation of costs of raising finance 0.2 0.3 0.4
Discounting of contingent consideration - 0.3 0.9
Underlying profit before taxation 16.4 18.1 36.4
Taxation attributable to underlying profit before taxation (3.7) (4.0) (7.6)
Underlying earnings 12.7 14.1 28.8
(b) Underlying EBITDA
6 months to 6 months to Year ended
30 September 30 September 31 March
2024 2023 2024
(unaudited) (unaudited) (audited)
£m £m £m
Operating (loss)/profit (8.6) 15.3 39.9
Adjusted for:
IAS 19R administrative expenses 0.7 0.8 1.3
Acquisition and disposal related costs 25.5 3.9 4.3
Exceptional operating items 2.1 1.4 (2.3)
Underlying operating profit 19.7 21.4 43.2
Depreciation and amortisation (owned assets) 2.4 2.1 4.3
Depreciation of leased assets 2.6 2.2 4.7
Lease costs (3.4) (3.1) (6.5)
Underlying EBITDA (pre-IFRS 16) 21.3 22.6 45.7
Condensed Consolidated Statement of Cash Flow
Underlying operating cash flow
6 months to 6 months to Year ended
30 September 30 September 31 March
2024 2023 2024
(unaudited) (unaudited) (audited)
£m £m £m
Cash generated from continuing operations (note 10) 10.2 23.6 49.0
Adjusted for:
Cash flows from exceptional items and acquisition and disposal related costs 2.5 1.8 3.4
Pension fund deficit recovery contributions 2.1 2.0 4.0
Underlying operating cash flow 14.8 27.4 56.4
4. Acquisition and disposal related costs and exceptional operating items
An analysis of acquisition and disposal related costs is shown below.
6 months to 6 months to Year ended
30 September 30 September 31 March
2024 2023 2024
(unaudited) (unaudited) (audited)
£m £m £m
Acquisition and disposal related costs
Intangible asset amortisation(1) 3.3 3.3 6.5
Advisory Fees(2) 0.8 0.1 0.2
Loss on disposal(3) 21.4 - -
Deferred contingent consideration(4) - - (3.0)
Deferred remuneration(5) - 0.5 0.6
25.5 3.9 4.3
1 Non-cash amortisation charges in respect of acquired intangible
assets.
2 Professional advisory fees incurred in connection with the Group's
business combination activities.
3 On 19 May 2024, the trade and assets of the Johnson Tiles UK
division were sold to Johnson Tiles Limited, a new company incorporated and
run by the former divisional management team. The sale completed at a
consideration lower than the carrying value of the assets of the business and
as a result the Group has provisionally provided for a loss on disposal of
£21.4m. The assessment of tangible fixed asset and working capital values
transferred will be concluded before the 31 March 2025 year end. Revenue in
the period of £4.3m (2023: £16.6m) and the underlying operating profit in
the period of £nil (2023: £0.7m) have been included in the underlying
results for the current and prior year.
4 Relates to the release of an element of deferred contingent
consideration arising on the acquisition of Grant Westfield.
5 In accordance with IFRS 3, a proportion of deferred contingent
consideration is treated as remuneration and, accordingly, is expensed to the
Income Statement as incurred.
6 months to 6 months to Year ended
30 September 30 September 31 March
2024 2023 2024
(unaudited) (unaudited) (audited)
£m £m £m
Exceptional operating items
Restructuring costs1 1.9 1.4 1.7
Investment property costs(2) 0.2 - -
Reversal of impairment(3) - - (4.0)
2.1 1.4 (2.3)
1 In the current year, restructuring costs of £1.9m have been
incurred, predominantly in relation to the consolidation of warehousing and
distribution costs at Grant Westfield. In the prior year, exceptional
restructuring costs of £1.7m were incurred in relation to the restructuring
programme implemented at Johnson Tiles UK and the warehouse consolidation at
VADO.
2 Site remediation and ongoing landlord costs incurred in relation to
the former Johnson Tiles UK site, shown net of rental income.
3 Reversal of the previous land and buildings impairments of the
Johnson Tiles UK site, following an independent valuation.
5. Earnings per share
Basic and diluted earnings per share
Basic earnings per share (EPS) is calculated by dividing the profit
attributable to shareholders by the weighted average number of ordinary shares
in issue during the period, excluding those held in the Norcros Employee
Benefit Trust. For diluted EPS, the weighted average number of ordinary shares
in issue is adjusted to assume conversion of all potential dilutive ordinary
shares.
The calculation of EPS is based on the following profits and numbers of
shares:
6 months to 6 months to Year ended
30 September 30 September 31 March
2024 2023 2024
(unaudited) (unaudited) (audited)
£m £m £m
(Loss)/profit for the period (8.6) 9.3 26.8
6 months to 6 months to Year ended
30 September 30 September 31 March
2024 2023 2024
(unaudited) (unaudited) (audited)
Number Number Number
Weighted average number of shares for basic earnings per share 89,442,102 89,170,488 89,003,947
Share options 824,565 1,370,636 811,657
Weighted average number of shares for diluted earnings per share 90,266,667 90,541,124 89,815,514
6 months to 6 months to Year ended
30 September 30 September 31 March
2024 2023 2024
(unaudited) (unaudited) (audited)
Basic earnings per share:
From (loss)/profit for the period (9.6p) 10.4p 30.1p
Diluted earnings per share:
From (loss)/profit for the period (9.5p) 10.3p 29.8p
Basic and diluted underlying earnings per share
Basic and diluted underlying earnings per share have also been provided which
reflect underlying earnings from continuing operations divided by the weighted
average number of shares set out above.
6 months to 6 months to Year ended
30 September 30 September 31 March
2024 2023 2024
(unaudited) (unaudited) (audited)
£m £m £m
Underlying earnings for the period (note 3) 12.7 14.1 28.8
6 months to 6 months to Year ended
30 September 30 September 31 March
2024 2023 2024
(unaudited) (unaudited) (audited)
Basic underlying earnings per share 14.2p 15.8p 32.4p
Diluted underlying earnings per share 14.1p 15.6p 32.1p
6. Taxation
Taxation comprises:
6 months to 6 months to Year ended
30 September 30 September 31 March
2024 2023 2024
(unaudited) (unaudited) (audited)
£m £m £m
Current
UK taxation - 1.1 3.8
Overseas taxation 1.2 1.6 3.2
Prior year adjustment - - 1.1
Total current taxation 1.2 2.7 8.1
Deferred
Origination and reversal of temporary differences (4.3) (0.3) (0.3)
Prior year adjustment - - (2.0)
Total tax (credit)/charge (3.1) 2.4 5.8
Total tax in the period to 30 September 2024 is recognised based on
management's estimate of the weighted average tax rate applicable to the
cumulative profits and losses in the period.
The movement on the deferred tax account is as shown below:
6 months to 6 months to Year ended
30 September 30 September 31 March
2024 2023 2024
(unaudited) (unaudited) (audited)
£m £m £m
Deferred tax liability at the beginning of the period (13.4) (15.0) (15.0)
Credited to the Consolidated Income Statement 4.3 0.3 2.3
Credited/(charged) to other comprehensive income 0.8 - (0.8)
Exchange differences - - 0.1
Deferred tax liability at the end of the period (8.3) (14.7) (13.4)
6 months to 6 months to Year ended
30 September 30 September 31 March
2024 2023 2024
(unaudited) (unaudited) (audited)
£m £m £m
Accelerated capital allowances (0.2) (0.4) (0.1)
Other timing differences 3.7 3.0 3.4
Deferred tax liability relating to intangible assets (11.9) (13.4) (12.6)
Deferred tax liability relating to pension surplus (4.1) (3.9) (4.1)
Losses 4.2 - -
Deferred tax liability at the end of the period (8.3) (14.7) (13.4)
7. Finance costs
6 months to 6 months to Year ended
30 September 30 September 31 March
2024 2023 2024
(unaudited) (unaudited) (audited)
£m £m £m
Finance costs
Interest payable on bank borrowings 2.5 2.5 5.2
Interest on lease liabilities 0.8 0.8 1.6
Amortisation of costs of raising debt finance 0.2 0.3 0.9
Discounting of deferred consideration - 0.3 0.4
Finance costs 3.5 3.9 8.1
8. Borrowings
At At At
30 September 30 September 31 March
2024 2023 2024
(unaudited) (unaudited) (audited)
£m £m £m
Non-current
Bank borrowings (unsecured):
- bank loans 67.0 80.0 69.0
- less: costs of raising finance (0.7) (0.8) (0.9)
Total borrowings 66.3 79.2 68.1
The fair value of bank loans equals their carrying amount as they bear
interest at floating rates.
The repayment terms of borrowings are as follows:
At At At
30 September 30 September 31 March
2024 2023 2024
(unaudited) (unaudited) (audited)
£m £m £m
Not later than one year - - -
After more than one year:
- between one and two years - - -
- between two and five years 67.0 80.0 69.0
- costs of raising finance (0.7) (0.8) (0.9)
Total borrowings 66.3 79.2 68.1
The Group has a multicurrency £130m revolving credit facility (plus a £70m
uncommitted accordion facility). The facility has a maturity date of October
2027.
Net debt
The Group's net debt is calculated as follows:
At At At
30 September 30 September 31 March
2024 2023 2024
(unaudited) (unaudited) (audited)
£m £m £m
Cash and cash equivalents 21.4 32.6 30.8
Total borrowings (66.3) (79.2) (68.1)
Net debt (44.9) (46.6) (37.3)
9. Called up share capital
At At At
30 September 30 September 31 March
2024 2023 2024
(unaudited) (unaudited) (audited)
£m £m £m
Issued and fully paid
89,785,772 (September 2023: 89,274,204, March 2024: 89,596,593) ordinary 8.9 8.9 8.9
shares of 10p each
10. Consolidated Cash Flow Statements
(a) Cash generated from operations
6 months to 6 months to Year ended
30 September 30 September 31 March
2024 2023 2024
(unaudited) (unaudited) (audited)
£m £m £m
(Loss)/profit before taxation (11.7) 11.7 32.6
Adjustments for:
- IAS 19R administrative expenses included in the Income Statement 0.7 0.8 1.3
- acquisition and disposal related costs included in the Income Statement 25.5 3.9 4.3
- exceptional operating items included in the Income Statement 2.1 1.4 (2.3)
- cash flows from exceptional items and acquisition and disposal related costs (2.5) (1.8) (3.4)
- settlement of share options (0.5) - -
- depreciation of property, plant and equipment 2.3 2.0 4.0
- underlying amortisation 0.1 0.1 0.3
- depreciation of right of use assets 2.6 2.2 4.7
- finance costs included in the Income Statement 3.5 3.9 8.1
- pension fund deficit recovery contributions (2.1) (2.0) (4.0)
- IAS 19R finance income included in the Income Statement (0.4) (0.3) (0.8)
- IFRS 2 charges 0.2 0.4 0.9
Operating cash flows before movements in working capital 19.8 22.3 45.7
Changes in working capital:
- (increase)/decrease in inventories (4.7) 4.2 2.9
- (increase)/decrease in trade and other receivables (11.3) 3.1 9.3
-increase/(decrease) in trade and other payables 6.4 (6.0) (8.9)
Cash generated from operations 10.2 23.6 49.0
Cash flows from exceptional items and acquisition and disposal related costs
includes expenditure charged to exceptional provisions relating to acquisition
and disposal related costs (excluding deferred remuneration), investment
property running costs, business rationalisation and restructuring costs.
(b) Analysis of net debt
Net cash and current borrowings Non-current borrowings Underlying net cash/ Lease Liabilities Net debt
(debt)
£m £m
£m £m
£m
At 1 April 2024 30.8 (68.1) (37.3) (22.2) (59.5)
Cash flow (9.9) 2.0 (7.9) 3.4 (4.5)
Non-cash finance costs - (0.2) (0.2) (0.8) (1.0)
Other non-cash movements - - - (3.4) (3.4)
Exchange movements 0.5 - 0.5 (0.5) -
At 30 September 2024 21.4 (66.3) (44.9) (23.5) (68.4)
Net cash and current borrowings Non-current borrowings Underlying net cash/ Lease Liabilities Net debt
(debt)
£m £m
£m £m
£m
At 1 April 2023 29.0 (78.9) (49.9) (24.7) (74.6)
Cash flow 4.3 - 4.3 3.1 7.4
Non-cash finance costs - (0.3) (0.3) (0.8) (1.1)
Other non-cash movements - - - (0.8) (0.8)
Exchange movements (0.7) - (0.7) 0.9 0.2
At 30 September 2023 32.6 (79.2) (46.6) (22.3) (68.9)
Net cash and current borrowings Non-current borrowings Underlying net cash/ Lease Liabilities Net debt
(debt)
£m £m
£m £m
£m
At 1 April 2023 29.0 (78.9) (49.9) (24.7) (74.6)
Cash flow 3.3 11.0 14.3 6.5 20.8
Non-cash finance costs - (0.2) (0.2) (1.6) (1.8)
Other non-cash movements - - - (3.6) (3.6)
Exchange movements (1.5) - (1.5) 1.2 (0.3)
At 31 March 2024 30.8 (68.1) (37.3) (22.2) (59.5)
11. Dividends
A final dividend in respect of the year ended 31 March 2024 of £6.1m (6.8p
per 10p ordinary share) was paid on 2 August 2024.
On 21 November 2024, the Board declared an interim dividend in respect of the
year ended 31 March 2025 of 3.5p per 10p ordinary share. This dividend is
payable on 14 January 2025 to shareholders on the register on 29 December 2024
and is not reflected in this condensed consolidated interim financial
information. The shares will be quoted ex-dividend on 28 December 2024.
Norcros operates a Dividend Reinvestment Plan (DRIP). If a shareholder wishes
to use the DRIP the latest date to elect for this in respect of this interim
dividend is 19 December 2024.
12. Retirement benefit obligations
(a) Pension costs
Norcros Security Plan
The Norcros Security Plan (the "Plan"), the principal UK pension scheme of the
Group's UK subsidiaries, is funded by a separate trust fund which operates
under UK trust law and is a separate legal entity from the Company. The Plan
is governed by a Trustee board which is required by law to act in the best
interests of the Plan members and is responsible for setting policies together
with the Company. It is predominantly a defined benefit scheme with a modest
element of defined contribution benefits. The scheme is closed to new members
and future accrual with effect from 1 April 2013, although active members
retain a salary link.
The valuation used for IAS 19R disclosures has been produced by
PricewaterhouseCoopers LLP, a firm with qualified actuaries, to take account
of the requirements of IAS 19R in order to assess the liabilities of the
scheme at 30 September 2024. Scheme assets are stated at their market value at
30 September 2024.
(b) IAS 19R, 'Retirement benefit obligations'
The principal assumptions used to calculate the scheme liabilities of the
Norcros Security Plan under IAS 19R are:
At At At
30 September 30 September 31 March
2024 2023 2024
Discount rate 4.95% 5.60% 4.85%
Inflation rate (RPI) 3.15% 3.30% 3.30%
Inflation (CPI) 2.45% 2.60% 2.65%
Salary increases 2.70% 2.85% 2.90%
The amounts recognised in the Condensed Consolidated Balance Sheet are
determined as follows:
At At At
30 September 30 September 31 March
2024 2023 2024
(unaudited) (unaudited) (audited)
£m £m £m
Total market value of scheme assets 281.5 275.4 291.5
Present value of scheme liabilities (265.0) (259.7) (275.0)
Pension surplus 16.5 15.7 16.5
13. Related party transactions
The remuneration of Executive and Non-executive Directors will be disclosed in
the Group's Annual Report for the year ending 31 March 2025.
14. Financial risk management and financial instruments
Financial risk factors
The Group's operations expose it to a variety of financial risks: market risk
(including currency risk, interest rate risk and energy price risk); credit
risk; and liquidity risk. An explanation of these risks and how the Group
manages them is set out on page 215 to 217 of the Group's 2024 Annual Report.
The interim financial information does not include all financial risk
management information and disclosures required in annual financial
statements; they should be read in conjunction with the Group's 2024 Annual
Report. There have been no material changes in the risk management process or
in any risk management policies since the year end.
Statement of Directors' responsibilities
The Directors confirm that this condensed consolidated interim financial
information has been prepared in accordance with UK-adopted International
Accounting Standard 34, 'Interim financial reporting', and that the Interim
Report includes a fair review of the information required by DTR 4.2.7 and DTR
4.2.8, namely:
· an indication of important events that have occurred during the first six
months and their impact on the condensed consolidated interim financial
information and a description of the principal risks and uncertainties for the
remaining six months of the financial year; and
· material related party transactions in the first six months and any changes
in the related party transactions disclosed in the last Annual Report.
The Directors of Norcros plc and their respective responsibilities are as
presented on our website www.norcros.com.
By order of the Board
Thomas
Willcocks
James Eyre
Chief Executive Officer
Chief Financial Officer
21 November 2024
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