Record Performance At Norcros

Norcros, a market leading supplier of high quality and innovative bathroom and kitchen products, today [9th June] announces its results for the year ended 31 March 2022. 

Financial Summary

¹ Definitions and reconciliations of alternative performance measures are provided in note 5

Highlights

• Robust trading and decisive action taken to counter unprecedented cost inflation and supply chain challenges
  
  
• Strong execution of strategy
  
  
• Full year revenue of £396.3m (2021: £324.2m), 20.6% higher than prior year on a constant currency basis and 20.9% higher than the pre-pandemic 2020 comparator on a constant currency like for like basis (after adjusting the 2020 comparator period from a 53 to a 52 week period pro-rating)
  
  
• Record underlying operating profit of £41.8m, 23.7% higher than prior year (2021: £33.8m)
  
  
• Underlying net cash of £8.6m (2021: net cash of £10.5m)
  
  
• Underlying ROCE above strategic target rate at 23.9% (2021: 18.2%)
  
  
• Diluted underlying EPS of 38.2p, 22.8% higher than prior year (2021: 31.1p)
  
  
• Progressive dividend at 10.0p for the year (2021: 8.2p)
  
  
• The acquisition of Grant Westfield completed after the year end, a compelling strategic fit with the Group

Current trading

• Group revenue in the two months to the end of May 2022 was marginally ahead of the strong prior year comparator by approximately 1% and significantly ahead of the pre-pandemic comparator of the two months ended May 2019 by approximately 25%. Whilst market conditions are likely to remain uncertain, the Board believes that the Group's proven business model and leading customer service proposition will continue to drive outperformance leading to further progress and market share gains, in line with its expectations, for the year to 31 March 2023. 

Gary Kennedy, Chair, commented:

"I am pleased to report a record performance for the Group. Norcros has continued its recovery following the period of exceptional global disruption and uncertainty caused by the COVID-19 pandemic. Furthermore, the resilience of the Group's business model and strategy has proven once again to be highly effective through a period of unprecedented cost inflation and supply chain challenges."

Source : Norcros

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