16th Nov 2023 12:26
(Alliance News) - Norcros PLC on Thursday announced a fall in half-year profit, but called its trading "robust", even as revenue in South Africa declined by a quarter.
The Wilmslow, Cheshire-based kitchen and bathroom products supplier said in the six months to September 30, revenue fell 8.3% to GBP201.6 million from GBP219.9 million a year before, though UK revenue edged up 0.8% to GBP143.9 million from GBP142.8 million.
The company noted that its South African business performed "resiliently" despite persistent power outages issues. Revenue in the country fell 25% to GBP57.7 million from GBP77.1 million a year prior.
Group pretax profit declined 16% to GBP11.7 million from GBP14.0 million.
Norcros maintained its interim dividend at 3.4 pence per share.
Norcros noted improving operating margins and "excellent" cash generation. The company said that for the current financial year ending March 31, it is on track to deliver on market expectations for underlying operating profit, which it cited as GBP43.4 million. This would be down 8.2% from GBP47.3 million in financial 2023.
Norcros shares were 2.3% higher at 158.54 pence each on Thursday afternoon in London.
By Tom Budszus, Alliance News reporter
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