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Norcros upgrades profit outlook as revenue jumps in H1

Thu, 14th Oct 2021

Bathroom and kitchen products company Norcros upgraded its outlook on annual profit after revenue jumped in the first half of the year and now was above pre-COVID levels. For the 26-week period ended 3 October, revenue was expected to be approximately £200 million, 49% higher on a reported basis than the COVID-19 impacted prior year of 2020, and 18% higher than 2019 on a constant currency like for like basis. Underlying operating profit in the first half of the year was expected to be no less than £21 million, up from £12.8 million in 2020, and £17.4 million in 2021. The performance reflected both 'increased activity in the UK and SA RMI markets and the strength of our customer proposition,' the company said. Looking ahead, the company said it expects underlying operating profit for the year to 31 March 2022 to be 'significantly' ahead of the board's previous expectations. Story provided by

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