Robust results against challenging backdrop for bathroom specialist

Norcros

Listed bathroom specialist Norcros was in bullish mood this morning after posting a strong set of half year results despite challenging market conditions.

Underlying profit before tax for the six months to the end of September came in at £15.6m, up from £14.2m in the prior year period while the group posted £181.2m in revenue, up from £162.6m.

The company said: “The group has delivered a robust performance in the first half against the backdrop of challenging conditions in our two main markets which continues to demonstrate the resilience of the group’s strategy and operating model.

“The growth in the period reflects the strong organic revenue and profit growth in the UK domestic market and the contribution from the recently acquired House of Plumbing business which has now been successfully integrated. The fragmented nature of our markets continues to provide growth opportunities for the group as we continue to focus on winning market share.”

Martin Towers, chairman, said: “I am pleased to announce a robust set of results for the six months ended 30 September 2019 reflecting the group’s resilience and continuing success in winning share despite the challenging market conditions. These results continue to demonstrate the benefits of the group’s leading market positions, portfolio of strong brands and financial strength.

“The board remains confident these attributes will enable further progress in line with its expectations for the year to 31 March 2020.”

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