22nd Jul 2015 07:48
LONDON (Alliance News) - Bathroom fittings company Norcros PLC on Wednesday said trading in the first quarter of its financial was was in line with its expectations.
Group revenue for the 13 weeks to June 28 was up 3% but rose by 4.3% in constant currencies, reflecting the weaker South African rand.
Norcros said the market conditions for its UK business remain mixed, with revenue up 0.6% year-on-year on the back of good activity in the trade sector, though the retail sector remains sluggish. Norcros said its South African revenue was up by 7.9%, though it rose 12% on a constant currency basis.
"Whilst the UK retail sector remains challenging, the performance in both the UK trade sector and in South Africa, together with improved manufacturing efficiencies in Johnson Tiles UK, means the board remains confident that the group will continue to make progress in line with market expectations for the current year," said Chief Executive Nick Kelsall.
Norcros shares were down 1.7% to 21.12 pence near the open Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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