Norcros taps into South Africa market
Listed Cheshire-based bathroom specialist Norcros has benefited from a strong performance in South Africa.
Revenue for the six months to September 30 has climbed 12.6% to £145m compared to the same period last year, although pre-tax profit tipped from £7.7m to £7.4m.
Meanwhile, net debt of the company, which is in the process of acquiring Merlyn Industries Ltd, fell from £27.5m to £20.8m.
Chairman Martin Towers said: “I am pleased to report a resilient performance which demonstrates the strength of our market positions and the benefits of the group’s diversified geographical and business portfolio model.
“We continue to make good progress on our strategy of growing the group both organically and through complementary acquisitions.”
“The group has delivered a strong set of financial results in line with the board’s expectations and on November 2 announced the proposed acquisition of Merlyn Industries, which, subject to shareholder approval, will add another market leading business to the group and both enhance and complement its bathroom product offer.
“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.”