Profits and revenue flow for bathroom specialist

PROFIT and revenue have continued to gush for Cheshire-based bathroom specialist Norcros, boosted by key acquisitions Croydex and Abode.

Pre-tax profits rose 10% to £7.7m from £7m in the six months to September 30, year on year.

Turnover was up to £128.8m from £118.7m, a rise of 9.2% on a constant currency basis.

Meanwhile, underlying profit increased 11.1% to £11m and debt was down from £29.2m to £27.5m in the period.

Chairman of the listed Wilmslow company Martin Towers said: “This is a robust performance for the six months which demonstrates the resilience of the group’s business portfolio.

“The recent acquisitions of Croydex and Abode have been fully integrated into the group and are delivering performances in line with the board’s expectations, and we remain on course to deliver on our strategy of growing the group both organically and through complementary acquisitions.

“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.

“Given the encouraging performance in the first half of the year, the board expects the group to achieve underlying operating profit in line with its expectations for the year to 31 March 2017.”

The company’s interim dividend also rose 9% from 2.2p to 2.4p.