UK DIY News
Norcros: Strong Momentum Maintained
Norcros plc ("Norcros" or the "Group"), a market leading supplier of high quality and innovative bathroom and kitchen products, today issues an update on recent trading.
Further upgrade: strong momentum sustained
In our 3 March 2021 trading update we increased our full-year guidance, reflecting the strong trading momentum in the four month period ended 7 February 2021.
Since 7 February, this strong trading momentum has continued despite the testing external environment, and combined with our effective management of the COVID-19 lockdowns and supply chain disruption challenges, has contributed to a further improvement in profitability. Consequently, the Board now expects underlying operating profit for the year to 31 March 2021(1) to be no less than £31m on a post-IFRS 16 basis which compares to our previous underlying operating profit guidance for the year of no less than £28m.
Robust balance sheet and financial position
The balance sheet remains very strong, and we expect to end the year at 31 March 2021 with no net debt (on a pre-IFRS16 basis) compared to net debt of £36.4m at 31 March 2020.
The Group's next scheduled trading update will be on 15 April 2021.
1. The accounting reference 'year to 31 March 2021' relates to the 52-week accounting period commencing on 6 April 2020 and ending 4 April 2021
Source : Norcros
Insight provides a host of information I need on many of our company’s largest customers. I use this information regularly with my team, both at a local level as well as with our other international operations. It’s extremely useful when sharing market intelligence information with our corporate office.
Don't miss out on all the latest, breaking news from the DIY industry
