REG - Norcros PLC - Strategic update: South African operations

NorcrosAnnouncement

Today 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20260512:nRSL8556Da&default-theme=true

RNS Number : 8556D  Norcros PLC  12 May 2026

 

 

12 May 2026

 

 

Strategic update: South African operations

 

Norcros plc ("Norcros" or the "Group"), a market-leading group of brands
specialising in design-led, sustainable bathroom products across the UK,
Ireland, Scandinavia, South Africa and select export markets, today provides a
strategic update in relation to its South African operations ("Norcros SA").

Norcros continues to review its operations and portfolio as part of the
Group's strategic priorities, in order to develop a capital-light,
cash-generative bathroom business portfolio focused on mid-premium markets in
the UK and Europe.

Recent actions have included the exit from our manufacturing businesses of
Johnson Tiles in the UK in 2024 and Johnson Tiles South Africa in June 2025.
This was followed by the acquisition of Fibo in Norway in October 2025.
Together these actions reflect the Group's continuing focus on both
simplifying the portfolio and increasing exposure to more resilient
mid-premium product segments and geographies.

Since our Capital Markets Day in May 2024, the UK and European business has
continued to perform strongly and is trading in line with the financial
targets set at the time. Norcros is the UK and Ireland's leading branded
bathroom products group with a strong growth mandate and significant strategic
flexibility, underpinned by operational excellence and a strong balance sheet.

 

Norcros South Africa update

The Board today announces its intention to explore options to sell the Group's
remaining South African business, working closely with our South African
management team.

Norcros SA is a separate legal and operating business unit, consisting of TAL
(market leading tile adhesive manufacturer), Tile Africa (national tile and
bathroom retailer) and House of Plumbing (regional plumbing merchanting
business). Norcros SA is run by an experienced local management team and is
profitable and cash generative. In the year ended April 2025, Norcros SA
generated revenue of £99.4m and underlying operating profit of £6.7m(1) pre
central cost overhead allocation.

We would expect any sale process, which would be subject to a customary South
African competition review, to take approximately 12 months. A disposal would
complete the strategic repositioning of the Group as a capital-light,
brand-led bathroom products business focused on the UK and European markets.

 

Thomas Willcocks, Chief Executive Officer, said:

 

"Today marks the start of an important process for the Group and especially
for our colleagues in South Africa. This is a significant strategic step for
Norcros as we continue to build a more streamlined, capital-light and
cash-generative business focused on mid-premium bathroom markets in the UK and
Europe.

Norcros has had a presence in the region since 1954, with the business and its
team playing a key role in helping Norcros develop into the business we are
today. Norcros SA has an excellent management team, strong brands, is well
invested and well positioned to grow, and I am confident that we can find the
right new owners to support and accelerate that growth.

Throughout this process, we will focus on ensuring continuity for our
customers, employees and suppliers and completing the transition with as
little disruption to the team and day-to-day operations as possible."

 

Notes

(1) Norcros SA FY25 revenue excludes discontinued Johnson Tiles South Africa.
Norcros SA FY25 underlying operating profit excludes discontinued Johnson
Tiles South Africa and is pre central cost overhead allocation.

 

Notice of results

 

The Group will announce its full year results for the 53 weeks ended 5 April
2026 on Thursday 11 June 2026.

 

The information contained in this announcement is inside information as
stipulated under the UK Market Abuse Regulation. Upon publication of this
announcement, this inside information is now considered to be in the public
domain. Note also that the information contained in this announcement is for
information purposes only and does not purport to be complete and this
information is subject to change. The person responsible for arranging the
release of this announcement on behalf of Norcros plc is Richard Collins,
Company Secretary.

 

Enquiries

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

 MHP - Financial PR                         Tel: 07817 458 804
 Tim Rowntree

 Ollie Hoare

 Lucy Gibbs

 Jake Terry

About Norcros

Norcros is a market-leading group of brands specialising in design-led,
sustainable bathroom products across the UK, Ireland, Scandinavia, 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 Ireland, Fibo in Norway and Tile
Africa, TAL, 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)

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDSFDFIFEMSELI



            Copyright 2019 Regulatory News Service, all rights reserved