Re-establishing the base in the UK.
Norcros turnover up 10%
Published: 23 April, 2010
WILMSLOW: Shower and tile maker Norcros expects turnover to be £169m for the year ended 31 March, 10% up on the previous year's £154.2m.
In a trading statement, it forecast better then expected pre-tax profit of around £2.5m. However, the company said that alongside the £2.5m exceptional charge relating to store closures in South Africa it has already declared, the company would also write down £6m of loans made to its associate business in Greece because of "difficulties in the local economy".
Norcros issued a trading update following "recent movements in its share price".
It said that the UK division performed well despite difficult market conditions, but said that its South African arm continued to suffer in the weak market. However, it said that following the appointment of a new management team, it was "confident of re-establishing a solid base" in the country.
"The outlook for our markets remains uncertain and we will continue to manage our costs and cash generation consistent with the tough trading environment."
The company will report its preliminary results on 22 June.