Posted Thursday

Norcros sees ‘ninth consecutive year of growth’

By KBBDaily on 14th June 2018 - 07:00am
money matters, bathroom, norcros, financial, results, operating profit, revenue, merlyn, shower, kbb, kbbdaily, kbbdailyjobs, ekbbusiness, kbb ark

Norcros has recorded revenue of £300.1m for the financial year ending on 31st March 2018, marking a 10.7% rise as the company saw its “ninth consecutive year of growth”.

Underlying operating profit was up 15.1% to reach £27.4m, while group operating profit reached £19.6m compared with the 2017 financial year’s figure of £16.8m. In November last year, Norcros acquired shower enclosure company Merlyn Industries for £60m, and noted that the company is “trading strongly”.

“I am delighted to announce that Norcros has recorded its ninth consecutive year of revenue and underlying operating profit growth and has also continued to make excellent progress towards its strategic objectives with the acquisition of the Merlyn business in the year,” said Norcros chairman Martin Towers.

“The group has delivered another strong performance despite challenging market conditions, reflecting the successful acquisition strategy and the sustained focus on driving organic growth through market share gain.”

He added: “The resilience of the group's business portfolio including the recent acquisitions, together with our well-developed acquisition pipeline, gives me confidence that we can continue to make strong progress in the current year towards our new medium-term strategic objectives.”

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