14th Nov 2019 11:02
(Alliance News) - Norcros PLC on Thursday said its revenue grew in the first half of its current financial year but profit took a hit from increased costs.
The bathroom and kitchen products supplier reported pretax profit of GBP13.3 million for the six months to the end of September compared to GBP15.2 million it delivered a year prior, as finance costs increased to GBP1.9 million from GBP1.1 million. Meanwhile, finance income reduced to GBP1.3 million from GBP4.3 million year-on-year.
More positively, Norcros said its revenue climbed by 11% to GBP181.2 million from GBP162.6 million a year ago, reflecting "strong" organic domestic revenue growth in the UK in addition to the revenue from the company's new South African acquisition, House of Plumbing.
On a constant currency basis, revenue grew by 13%.
The Wilmslow-headquartered company lifted its interim payout by 11% to 3.1 pence a share.
"I am pleased to announce a robust set of results for the six months ended September 30 reflecting the group's resilience and continuing success in winning share despite the challenging market conditions," said Chair Martin Towers.
Looking ahead, Towers added: "These results continue to demonstrate the benefits of the group's leading market positions, portfolio of strong brands and financial strength. The board remains confident these attributes will enable further progress in line with its expectations for the year to March 31, 2020."
The stock was trading 0.9% higher in London on Thursday at 237.00p a share.
By Evelina Grecenko; [email protected]
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