12th Nov 2015 09:27
LONDON (Alliance News) - Norcros PLC on Thursday said full-year underlying operating profit will be marginally ahead of market expectations, after it achieved growth in pretax profit in the first half of its financial year.
Shares in Norcros were trading up 7.0% at 192.00 pence Thursday morning.
The supplier of showers, taps, bathroom accessories and tiles said pretax profit in the six months ended September 30 rose 11% to GBP7 million from GBP6.3 million in the same period the prior year, as revenue grew 9.3% to GBP118.7 million from GBP108.6 million.
Revenue in the UK grew 9.8% in the period, driven by the trade sector as new houses are being built, while reported sterling revenue in South Africa grew 8.4% and constant currency revenue there increased 17%.
Norcros will pay an interim dividend of 2.2 pence per share, a 19% increase on the 1.85p it paid the year before.
"With our strong brands, leading market positions and continued self-help initiatives focused on market share gain the group is well positioned to make further progress. Given the strong first-half performance and momentum within our businesses, the board now expects the group to achieve underlying operating profit marginally ahead of market expectations for the year to March 31, 2016," Chairman Martin Towers said in a statement.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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