17th Nov 2016 08:10
LONDON (Alliance News) - Norcros PLC on Thursday reported growth in profit in the first half of its financial year and said it is on track to deliver full-year results in line with expectations.
The supplier of showers, taps, tiles and bathroom accessories said its pretax profit in the six months ended September 30 rose to GBP7.7 million from GBP7.0 million the year before, as revenue grew to GBP128.8 million from GBP118.7 million.
Geographically, revenue in the UK increased by 8.8%, boosted by its recent acquisitions of bathroom furnishings firm Croydex and tap and sink designer Abode. In South Africa, revenue was up 8% year-on-year.
Norcros will pay an interim dividend of 2.4 pence, up from 2.2p the year before.
"With our strong brands, leading market positions and continued self-help initiatives focused on market share gain the group is well positioned to make further progress. Given the encouraging performance in the first half of the year, the board expects the group to achieve underlying operating profit in line with its expectations for the year to March 31, 2017," Chairman Martin Towers said in a statement.
Shares in Norcros were trading up 0.5% at 148.50 pence on Thursday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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