First half earnings grow at Norcros
BATHROOM accessories and tile manufacturer Norcros has been encouraged by strong first half earnings growth.
In the six months to the end of September revenues slipped by 2.3% to £108.6m but the group said this represented a 3.3% increase after taking into account currency fluctuations.
Pre-tax profits, after stripping out one-off items, was up 13% to £6.7m. The company is paying an interim dividend of 0.185p, up 8.8%.
The Wilmslow-based group is behind the Triton shower brand and Johnson Tiles. It also owns the Vado taps and accessories business.
Revenue at the UK business was flat with 1.2% growth in the Triton showers business and sales 18% higher in the Vado tap division. But Johnson Tiles revenue was down by 3.7% in the first half.
Chairman Martin Towers said: “I am pleased to announce another solid set of results for the six months ended 30 September 2014. We have seen improved performances across all our businesses despite continued mixed market conditions and a weaker South African Rand.
“With our strong brands, leading market positions and continued self-help initiatives focused on market share gains, the board remains confident that the group should continue to make progress in line with market expectations.”
