12th Jun 2025 11:11
(Alliance News) - Norcros PLC on Thursday said market conditions are "likely to remain uncertain" as it posted weaker revenue and profit in financial 2025.
The Wilmslow, England-based supplier of bathroom and kitchen products said its pretax profit for the financial year ended March 31 fell 94% to GBP2.0 million from GBP32.6 million the prior financial year.
Revenue fell 6.1% to GBP368.1 million from GBP392.1 million, with Norcros reporting an increase in acquisition and disposal related costs to GBP25.4 million from GBP4.3 million.
This is primarily attributed to the GBP22.2 million Johnson Tiles UK loss on disposal and associated property costs. Norcros completed the sale of Johnson Tiles UK in May last year.
Norcros declared a final dividend of 6.9p, edging up from 6.8p a year earlier. This brought its total dividend to 10.4p, up 2.0% from 10.2p
Shares in Norcros fell 6.0% to 251.00 pence on Thursday morning in London.
On current trading, Norcros said revenue in the two months to the end of May was 1.8% lower than the prior year at a constant currency, like-for-like basis, adjusting for Johnson Tiles UK as well as the number of trading days in the period.
It said that market conditions "are likely to remain uncertain" as the pace of the recovery in the new build sector is not yet clear.
Norcros added that the repair, maintenance and improvement sector remains resilient, with its expectations for financial 2026 unchanged.
Chief Executive Thomas Willcocks said: "In the context of current market challenges, I am pleased with the performance over this period and excited by the significant opportunities that remain in the more resilient mid-premium market segments where we hold leading positions.
"Whilst we are beginning to see some early evidence of a level of confidence starting to return to the sector, especially in new build, we are not reliant on any major recovery to deliver further progress against our medium term targets and as a result, the board's expectations for FY26 remain unchanged."
By Christopher Ward, Alliance News reporter
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