13th Jun 2024 12:43
(Alliance News) - Norcros PLC on Wednesday left its dividend unchanged from last year, despite reporting lower revenue.
Norcros is a Wilmslow, Cheshire-based kitchen and bathroom products supplier.
In the year ended March 31, revenue fell 11% to GBP392.1 million from GBP441.0 million a year earlier.
However, pretax profit rose to GBP32.6 million, up from GBP21.7 million.
Operating profit increased to GBP39.9 million from GBP27.5 million
Norcros left its dividend unchanged at 10.2 pence.
Looking ahead, Norcros said market conditions are "likely to remain uncertain", but left financial 2025 expectations unchanged.
It noted that revenue in the two months to the end of May 2024 was encouragingly 2.2% ahead on a constant currency like for like basis, adjusting for Johnson Tiles UK and Norcros Adhesives. On a reported basis, revenue was 2.9% below the prior year comparator.
Chief Executive Thomas Willcocks said: "I am delighted with the performance over this period and excited by the significant opportunities that remain in the more resilient mid-premium market segments that we hold leading positions in. Our strategy is building from a position of strength and scale as we actively leverage the customer and operational synergies within the group."
Shares in Norcros were down 0.8% to 205.33 pence each in London on Thursday afternoon.
By Sophie Rose, Alliance News senior reporter
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