Norcros PLC AGM Trading Statement (6416V)
25 July 2018 - 4:00PM
UK Regulatory
TIDMNXR
RNS Number : 6416V
Norcros PLC
25 July 2018
25 July 2018
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 1 July 2018, ahead of its Annual General Meeting
which takes place at 11.00am today at The Mere Golf Resort &
Spa, Chester Road, Mere, Knutsford, Cheshire, WA16 6LJ.
Trading Update
The Group's overall trading for the first quarter was in line
with the Board's expectations.
Group revenue for the 13 week period was 15.5% higher on a
reported basis compared to the same period last year.
On a like-for-like* basis Group revenue was 0.9% higher than the
previous year. This performance reflected strong revenue growth of
6.9% in the Group excluding Johnson Tiles and the expected revenue
reduction at Johnson Tiles which was largely due to the Kingfisher
unified programme as previously reported on in the Group's 2018
results.
UK revenue was 19.2% higher than the same period last year
including revenue from Merlyn, which performed strongly in the
period. On a like-for-like* basis, UK revenue was 3.4% lower than
in the same period. Johnson Tiles apart, UK like-for-like* revenue
in the period was 5.2% higher with UK trade and export revenues
both ahead year on year.
We experienced further progress in our South African business
which grew revenue by 8.5% in Sterling terms and 8.9% at constant
currency.
Nick Kelsall, Group Chief Executive, commented:
"Our performance in the first quarter continues to demonstrate
the resilience of our focussed and diversified business model.
Whilst the UK retail sector continues to be challenging, strong
performances at Triton and Merlyn, the benefits of the cost
restructuring at Johnson Tiles and the sustained progress in South
Africa gives the Board confidence that the Group will continue to
make progress in line with its expectations for the current
year."
*Constant currency excluding Merlyn acquired in November
2017
Enquiries
Norcros plc Tel: 01625 547700
Nick Kelsall, Group Chief Executive
Shaun Smith, Group Finance Director
Hudson Sandler Tel: 0207 796 4133
Nick Lyon
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
-- 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 - A leading manufacturer and supplier of ceramic tiles in the UK
-- Norcros Adhesives - Manufacturer of tile & stone adhesives, grouts and related products
-- Based in South Africa, Norcros operates under three 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
-- 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
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 or visit www.rns.com.
END
TSTSEUFMLFASEFW
(END) Dow Jones Newswires
July 25, 2018 02:00 ET (06:00 GMT)
Norcros (LSE:NXR)
Historical Stock Chart
From Apr 2024 to May 2024
Norcros (LSE:NXR)
Historical Stock Chart
From May 2023 to May 2024