11th Apr 2024 10:29
(Alliance News) - Norcros PLC on Thursday said revenue and profit in financial 2024 fell amid a "challenging demand environment."
The Wilmslow, Cheshire-based kitchen and bathroom products supplier said that revenue in the financial year ended March 31 is expected to be about GBP390 million, down 11% from GBP441.0 million.
Revenue in its UK arm fell by 4.7%, while at its South African division the figure dropped 24%.
"Our South African business performed resiliently, despite the challenging market conditions aggravated by the significant and unpredictable power interruptions in H1," the company said.
It added that it expects underlying operating profit for the year to be in line with market expectations. Norcros-compiled market consensus for underlying operating profit is GBP42.7 million. In financial 2023, Norcros reported underlying operating profit of GBP47.3 million.
The company said the results "demonstrate the strength of its business in a challenging demand environment."
Chief executive Thomas Willcocks said: "Norcros has again demonstrated the strength of its business and leading positions in its end markets, delivering solid results notwithstanding the macroeconomic challenges. The group's focus on continuing portfolio management, our collective organic growth accelerators and scale-based operational efficiencies will continue to deliver profitable market share growth in the year ahead."
Norcros will announce its full year results on June 13.
Shares in Norcros were up 2.6% to 181.00 pence each in London on Thursday morning.
By Sophie Rose, Alliance News senior reporter
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