Norcros figures boosted by acquisition

BATHROOM supplier Norcros, which owns Nuneaton-based shower firm Triton and Stoke’s Johnson Tiles, is reporting healthy growth with revenue for the half year ended September 30.

It is up to £118.7m, 9.3% higher than the previous year.

On a constant currency basis the increase was even more impressive at 12% with much of its success attributable to the Croydex business which Norcros acquired in June.

UK revenue for the first half was 9.8% higher than the prior year but excluding Croydex – a designer, manufacturer and distributor of bathroom furnishings and accessories – it was only 1.8% higher than the year before.

“Whilst the UK retail sector remained challenging, good year on year growth has been recorded in our UK trade sector which continued to benefit from new house building activity,” the company, which employs 1,800 people, said in a statement to the London Stock Exchange this morning.

Meanwhile, the company’s South African business again delivered strong revenue growth in the first half of the year, 16.9% higher than the prior year on a constant currency basis and 8.4% higher on a reported basis, with self-help measures and market share gain helping offset tough market conditions.

The trading statement added: “All of our businesses continue to perform well notwithstanding the mixed market conditions and the recent weakening of the Rand.

“The improved manufacturing efficiencies have been sustained and we have made good progress in integrating the Croydex business into the group.

“The board remains confident that the Group will continue to make progress in line with market expectations for the year to March 31 2016.”