Member Article

Wilmslow-based Norcros plc reports pre-tax profit of £11.0m

Norcros, the supplier of branded showers, taps, bathroom accessories, tiles and adhesives has reported its results for the year ended 31 March 2015.

The stats

The company has reported a pre-tax profit of £11.0m, this is compared to £5.8m for the previous year.

Revenue is up 1.5% at £222.1m for the year.

The analysis

The group has reported its sixth consecutive year of growth with strong cash generation and significant improvement in its South African performance.

In July 2014 the group agreed a new unsecured £70m banking facility with Lloyds Bank, Barclays Bank and HSBC Bank, the deal also included £30m for growth via acquisitions.

The comment

Chairman, Martin Towers, said: “I am delighted that Norcros has recorded another year of revenue and underlying operating profit growth, a feat that the Group has now achieved for six consecutive years.

“I am especially pleased that we have achieved an underlying ROCE of 16.3% in the year, ahead of our strategic target of 12-15%, reflecting continued improvements in our operational performance, and the benefit of disposing of the non-core assets.

“I believe the Group is very well placed to build on the excellent progress achieved this year, and underpinned by our strong brands and leading market positions, I look forward to the future with optimism.”

The summary

A strong year for Norcross, with rising revenues and a pre-tax profit of £11.0m.

This was posted in Bdaily's Members' News section by Sophia Taha .