Bathroom accessories giant sees profits dip against growing revenues in ‘resilient’ half-year

Bathroom accessories firm Norcros plc saw profits dip in its latest half-year results despite revenue climbing 12.6%.

The Wilmslow-headquartered company pulled in a pre-tax profit of £7.4m in the six months to September 30 2017, down 3.9% against the same period in 2016.

However, revenues rose year on year by £16.2m to £145m. Norcros also managed to slash debts to £20.8m, a reduction of £6.7m or 24.4%.

Martin Towers, chairman of the business, said: “I am pleased to report a resilient performance for the six months ended 30 September 2017 which demonstrates the strength of our market positions and the benefits of the group’s diversified geographical and business portfolio model.

“We continue to make good progress on our strategy of growing the group both organically and through complementary acquisitions.”

He continued: “The group has delivered a strong set of financial results in line with the board’s expectations and on 2 November 2017 announced the proposed acquisition of Merlyn Industries Limited, which, subject to shareholder approval, will add another market leading business to the group and both enhance and complement its bathroom product offer.”

Mr Towers said he believes Norcros is now “well positioned to make further progress”, adding: “The board remains confident that the group will achieve underlying operating profit in line with its expectations for the year to 31 March 2018.”

A supplier of showers, taps, bathroom accessories, ceramic wall and floor tiles and adhesive products, Norcros has operations primarily in the UK and South Africa.

In the UK, the company trades under six brands – Triton, Vado, Croydex, Abode, Johnson Tiles and Norcros Adhesives. Tile Africa, Johnson Tiles South Africa and TAL are the firm’s South African brands.

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