14th Apr 2016 07:56
LONDON (Alliance News) - Norcros PLC on Thursday said underlying operating profit in its recently-ended financial year will be marginally ahead of market expectations.
The shower, taps, tiles and bathroom accessories supplier, operating in the UK and South Africa, said revenue is expected to grow by about 6.3% in the year ended March 31 to GBP236.0 million from GBP222.1 million the year before.
UK revenue was 9.3% higher reflecting the first-time contribution from Croydex which was acquired last June. South African revenue was in line with the prior year in pound terms due to the weak rand, but demonstrated 15% growth on a constant currency basis.
"The group expects to deliver its seventh consecutive year of growth in revenue and underlying operating profit with profitability substantially ahead of the previous year," Chief Executive Nick Kelsall said in a statement.
"Furthermore, the group continues to make solid progress on its strategy to double revenue to GBP420 million by 2018. The acquisition of Croydex has been integrated seamlessly and has performed strongly in line with our expectations," Kelsall added.
Shares in Norcros were trading up 4.0% at 177.75 pence on Thursday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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