AGM Trading Statement
26 July 2023
AGM Trading Statement
Norcros plc ("Norcros" or the "Group"), a market leading supplier of high quality and innovative bathroom and kitchen products, issues the following trading update covering the 13 week trading period to 2 July 2023, ahead of its Annual General Meeting which takes place at 11.00am today.
The Group's overall trading performance for the first quarter was resilient, with the Board's expectations for the full year remaining unchanged.
Group revenue for the 13 week period was 2.1% higher on a constant currency basis compared to the same period last year. On a like for like* constant currency basis, revenue was 4.2% lower compared to the strong prior year comparator.
In the UK, like for like* revenue for the 13 week period was broadly in line with the previous year despite the tougher demand environment. We continued to grow market share, with our trade sector performance being particularly strong.
In South Africa, the Group was impacted by severe national electricity supply interruptions in April and May 2023. Whilst there was an improvement in supply during June 2023, revenue for the 13 week period was 10.9% lower on a constant currency basis, compared to a strong prior year comparator. Our experienced management team in South Africa continues to actively manage the impact of electricity supply interruptions on the business' performance.
As previously announced, David McKeith, Acting Board Chair and Chair of the Audit and Risk Committee, will not be seeking re-election at the AGM after ten years with the Group. His experience and contribution have been invaluable and the Board on behalf of the whole Group thanks him for his diligent service throughout his tenure. Steve Good was appointed as a Director and Board Chair Designate on 1 July and, subject to being elected at today's AGM, will assume the role of Board Chair.
Thomas Willcocks, Chief Executive Officer, said:
"We have delivered a resilient first quarter performance against a continuing backdrop of uncertain market conditions and the Board's expectations for the full year remain unchanged. We remain confident that our market leading brands, diverse channels and end markets, and excellent customer service proposition will continue to deliver market share gains for the year ending 31 March 2024."
* Adjusted for Grant Westfield and Norcros Adhesives
Tel: 01625 547700
Thomas Willcocks, Chief Executive Officer
James Eyre, Chief Financial Officer
Tel: 0207 796 4133
Notes to Editors
Norcros is a market leading supplier of high quality and innovative bathroom and kitchen products with operations primarily in the UK and South Africa.
· Based in the UK, Norcros operates under seven brands:
· Triton - Market leader in the manufacture and marketing of showers in the UK
· Merlyn - The UK and Ireland's No.1 supplier of shower enclosures and trays to the residential, commercial and hospitality sectors
· Multipanel - Grant Westfield is a leading manufacturer of high-end waterproof bathroom wall panels
· Vado - A leading manufacturer and supplier of taps, mixer showers, bathroom accessories and valves
· Croydex - A market-leading, innovative designer, manufacturer and distributor of high quality bathroom furnishings and accessories
· Abode - A leading niche designer and distributor of high quality kitchen taps, bathroom taps, and kitchen sinks
· Johnson Tiles - The leading manufacturer and supplier of ceramic tiles in the UK
· Based in South Africa, Norcros operates under four brands:
· Tile Africa - Chain of retail stores focused on ceramic and porcelain tiles, and associated products such as sanitaryware, showers and adhesives
· Johnson Tiles South Africa - Manufacturer of ceramic and porcelain tiles
· TAL - The leading manufacturer of ceramic and building adhesives
· House of Plumbing - Market leading supplier of specialist plumbing materials
· Norcros is headquartered in Wilmslow, Cheshire and employs around 2,400 people. The Company is listed on the London Stock Exchange. For further information please visit the Company website: http://www.norcros.com