Profit and revenues up for Norcros
Published: 15 November, 2012
WILMSLOW: Showers and tiles group Norcros posted revenue of £106.3m i n the six months ending September, up 3.8% from £102.4m in the same period last year. Pre-tax profit was £6.6m, up 53.5% from £4.3m.
New chairman Martin Towers, who succeeded John Brown on 1 November, said: "Revenue growth has been driven by continued investment in new products, strong customer relationships and excellent logistics capability.
"Significant operational progress has been made in the period, building on the improvements seen in the fourth quarter of last year."
UK revenues for the period were up 4.7% to £67.1m, though underlying operating profits were down slightly to £6m. Norcros blamed weak consumer confidence and reduced public sector spending for the declining shower market, but said its Triton brand had grown market share.
Patented new shower models which are easier to install have proved popular, says Norcros.
Norcros said the outlook for both its UK and South African markets remained challenging but it remained confident that its ongoing growth initiatives would continue to make further progress.