REG - Norcros PLC - Year-end Trading and Board update

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RNS Number : 6466A  Norcros PLC  16 April 2026

 

 

16 April 2026

 

 

Year-end Trading and Board update

 

Trading update: Strong growth in revenue and profit in line with market
expectations

 

Norcros plc ("Norcros" or the "Group"), the number one branded bathroom
products business in the UK and Ireland, will announce its full year results
for the 53 weeks to 5 April 2026 on 11 June 2026. In advance of this, the
Group is pleased to provide the following trading update and an update on the
Board.

 

Strategic execution driving revenue and profit momentum

 

The Group has continued to make material progress against its strategic and
operational priorities over the last twelve months, with highlights including
the acquisition of Fibo Holding AS ("Fibo") and the closure of our last tile
manufacturing business. The Group now reports its UK, Ireland and mainland
European operations together as a single European segment.

 

Reported(1) Group revenue growth is expected to be c.10% (approximately £393
million; 2025(1): £355.8 million), reflecting the contribution from Fibo and
share gains in our markets which continue to be challenging. Like-for-like(2)
("LFL") constant currency(3) ("CC") Group revenue growth for the period is
expected to be approximately 0.5% ahead of the prior year. Mid-premium brand
led RMI markets have remained stable, while new build activity continues to be
weak across both Europe and South Africa.

 

               Revenue versus prior year
               LFL            Reported
 Europe *      0.7%           13.6%
 South Africa  0.3%           2.2%
 Group         0.6%           10.4%
 Group at CC   0.5%           10.3%

(* Europe region includes core UK & Ireland businesses and newly acquired
Fibo)

 

In our core European business, reported revenue is expected to be c.13.6%
ahead of prior year, benefitting from the acquisition of Fibo in October 2025.
This business has been successfully integrated into the Group and is trading
in line with expectations. European LFL revenue was approximately 0.7% ahead
of the prior year, with share gains and price increases offsetting soft
demand, especially in new build.

 

In South Africa, revenue for the year is expected to be c. 2.2% higher on a
reported basis with LFL revenue up 0.3%. Self-help initiatives, especially in
our retail business, are starting to deliver market share growth albeit
progress is partially offset by ongoing weakness in new build.

 

Group underlying continuing operating profit(4) is expected to increase to at
least £47.5 million (2025(1): £44.5 million) with underlying continuing
profit before tax(5) expected to be at least £40.4 million (2025(1): £37.8
million), in line with market expectations.

 

Financial position

 

The Group remains in a strong financial position with excellent cash
generation and closing net debt (on a pre-IFRS 16 basis) expected to be
approximately £67 million (net debt £36.8 million as at 30 March 2025 prior
to the acquisition of Fibo). Leverage is currently approximately 1.2x
underlying EBITDA, providing a solid foundation for further strategic
progress.

 

In the period, the Group has extended its multicurrency revolving credit
facility ("RCF") to £150 million through to December 2029, with a further
year extension available. It also includes the option for an uncommitted
accordion facility of £70 million.

 

Board Update

 

After 12 years with the Group, and five as CFO, James Eyre has informed the
board of his decision to step down from the position within the next twelve
months(6). James has played a key role in the growth and repositioning of the
business over this time, as the business has developed into the UK &
Ireland's largest designer and supplier of branded bathroom products. We have
mutually agreed that, in order to ensure an orderly transition, James will
remain in position until the end of June and thereafter focus on key strategic
projects for the remainder of his notice period. The search for James's
successor will now commence, and a further update will be issued in due
course.

 

Thomas Willcocks, Chief Executive Officer, said:

 

"Firstly, I would like to extend my sincere thanks to James, whom I have known
and worked with for more than 12 years, for his significant and valued
contribution, where he initially headed our acquisition-led strategy before
stepping up as CFO. James' dedication and leadership have made a lasting mark,
and I am pleased that we will work closely together to manage a smooth and
successful transition.

 

Our business has the scale and balance sheet, including well-invested
inventory levels, to maintain our excellent service levels. Despite
challenging underlying market conditions, this trading update confirms the
Group has performed strongly over the year operationally and strategically.
While these conditions are likely to remain, especially in the near term as
the potential wider impact of current events in the Middle East evolves, we
are well placed, relative to many of our competitors, to make further market
share gains.

 

Norcros operates a brand-led, capital-light and cash-generative model focused
on delivering profitable growth, both organically and through targeted
acquisitions. We are confident that we have the strategy, balance sheet, and
operational know-how to support further strategic progress and the continued
delivery of dependable through‑cycle returns for our shareholders."

James Eyre, Chief Financial Officer, said:

 

"Norcros is a great business, and it has been a privilege to work with our
dedicated teams to grow into the largest branded bathroom products business in
the UK & Ireland. This company, and the people in it, mean a great deal to
me, and I am proud of what we have achieved together. The business is in a
strong financial position with a tremendous future ahead."

 

Notice of results

 

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

 

Notes:

(1.) Discontinued Johnson Tiles SA is not included in either the current or
prior year figures

(2.) LFL (like for like) adjusted from a 53 to 52 week period pro-rating and
adjusting for Johnson Tiles UK which was sold in the prior year and Fibo which
was acquired in the year

(3.) CC refers to constant currency basis

(4.)( )Underlying operating profit is defined as operating profit from
continuing operations before non-underlying and exceptional operating items

(5.) Underlying profit before tax is defined as profit before tax from
continuing operations before non-underlying and exceptional operating items

(6). The information contained in this announcement included in the "Board
Update" section 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.

 

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)

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