Higher profits and revenue gush for Norcros after restructure
Pre-tax profits have risen 12.3% to £22.9m for Cheshire-based bathroom specialist Norcros, which announced the loss of 90 jobs as part of a major restructure two months ago.
Year-end figures to March 31 for the Wilmslow company also show revenue has risen 15% to £271.2m from £235.9m.
Meanwhile, net debt fell to £9.3m from £23.2m and chairman Martin Towers said the listed company had also made good progress towards its strategic objectives and in particular, by achieving underlying ROCE (return on capital employed) of 18.4% in the year, ahead of target.
The recent acquisitions of Croydex and Abode have been integrated seamlessly into the Norcros Group and are performing in line with the board’s expectations, he said.
He went on: “Norcros has recorded its eighth consecutive year of revenue and underlying operating profit growth and has also made good progress towards its strategic objectives.
“These results demonstrate the group’s resilience in the face of some difficult trading conditions, and reflect the successful acquisition strategy and the sustained focus on driving organic growth through market share gain.
“In view of the success achieved in the current year, and the strong momentum and focus on growth, I remain confident that we will continue to make progress towards achieving our strategic objectives.”