City briefs: Norcros; National Express
Norcros, the supplier of bathroom and kitchen products has seen its revenues slide by over 25% for the six months ended September 30.
The firm turned over £13.5m in the period, with operating profit dropping almost a half to £7.4m.
Nick Kelsall, chief executive, said: “Our business and our employees have responded admirably to the challenges of COVID-19 and we are grateful for their contribution. The resilience and flexibility of our operating model including our well established supply chains and excellent customer service have ensured that we have emerged in a strong position as our markets and customers have reopened.”
National Express says its revenue performance has continued to improve, with around with around 70% of last year’s revenue secured in October compared to around 60% in August.
Ignacio Garat, group chief executive, said: “In my first weeks in the Group, I have been struck both by my colleagues’ professionalism, and by the resilience of our leading portfolio of businesses.
“The positive vaccine news of the last few days may signal a faster service recovery in the medium term than we had hitherto envisaged. Nonetheless, these remain difficult times for the public transport sector, at least in the short term. I am convinced, however, that National Express will continue to weather the challenges we face and has strong foundations in place to prosper once the pandemic is over.”
