Norcros PLC AGM Trading Statement (8659S)

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RNS Number : 8659S

Norcros PLC

19 July 2022

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 3 July 2022, ahead of its Annual General Meeting which takes place at 11.00am today.

Trading Update

The Group's overall trading for the first quarter was robust, with the Board's expectations for the full year remaining unchanged.

Group revenue for the 13 week period was 6.1% higher on a reported basis compared to the same period last year. On a like for like* constant currency basis, revenue was 1.6% higher compared to the strong prior year comparator and significantly ahead of the pre-pandemic comparator of the quarter ending June 2019 by 23.8%.

In our UK business, like for like revenue for the 13 week period was 2.2% lower than the previous year, albeit 20.2% higher than in 2019, reflecting growth across all of our businesses . Our performance in the trade sector remains resilient offset by some customer destocking in the larger retail accounts.

Our South African business has continued to grow, with revenue for the 13 week period 9.3% higher than prior year on a reported basis and 8.9% higher on a constant currency basis. Against 2019, revenue was 30.2% higher on a constant currency basis with the business continuing to benefit from market share gains.

As previously announced, the acquisition of Grant Westfield completed on 31 May 2022. The reported revenue above includes June's revenue from Grant Westfield.

Nick Kelsall, Chief Executive Officer, said:

" We have delivered a resilient first quarter performance against a backdrop o f an uncertain economic and political environment . The Grant Westfield business is being integrated and continues to trade strongly. The Board remains confident that the Group's proven business model, leading brands, excellent service proposition and its commitment to new product introductions will continue to offer strong differentiation and deliver further progress and share gains, in line with its expectations, for the year to 31 March 2023. "

*Like for like excludes Grant Westfield, which was acquired on 31 May 2022

Enquiries

 
 Norcros plc                           Tel: 01625 547700 
 Nick Kelsall, Chief Executive 
  Officer 
 James Eyre, Chief Financial Officer 
 
 Hudson Sandler                        Tel: 0207 796 4133 
 Nick Lyon 
  Sophie Miles

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 eight 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 - The leading manufacturer and supplier of ceramic tiles in the UK 
   --       Norcros Adhesives - Manufacturer of tile and stone adhesives, grouts and related products

-- Multipanel - Grant Westfield is a leading manufacturer of high-end waterproof bathroom wall panels

   --    Based in South Africa, Norcros operates under four 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 
   --       House of Plumbing - Market leading supplier of specialist plumbing materials

-- Norcros is headquartered in Wilmslow, Cheshire and employs around 2,400 people. The Company is listed on the London Stock Exchange. For further information please visit the Company website: http://www.norcros.com

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July 19, 2022 02:00 ET (06:00 GMT)

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