Posted 25th April

Norcros sees 2.4% LFL revenue rise in 2018

25th April 2019 - 08:00am
kitchen, money matters, norcros, merlyn, trading, update, financial, revenue, kbb, kbbdaily

Ahead of its preliminary results for the year ending 31st March 2019, Norcros has released a trading update stating that the group expects to report a 2.4% rise in like-for-like revenue for the year, with group revenue expected to reach £331m.

The UK market saw “strong” like-for-like revenue growth of 3.7% in the second half of the year; however, this was offset by weaker performance in the first half with a decline of 4.1%, resulting in an overall like-for-like UK revenue decline of 0.2% for the full year.

According to Norcros, Merlyn has “continued to perform strongly since acquisition”, adding that UK performance “reflected strong revenue growth in the second half driven by market share gains as new range listings were secured”.

“The group expects to deliver its tenth consecutive year of revenue and underlying operating profit growth despite the uncertain economic and political backdrop in our two main markets,” said group CEO Nick Kelsall.

“It is particularly pleasing to note the strong performances of Merlyn and Triton as well as the return to profitability of Johnson Tiles UK following the restructuring of the business, as announced in April 2018.”

He added: “We are also pleased to have recently added the House of Plumbing business to our portfolio as we look to accelerate the growth of our South African business in the important commercial and specification market segments.

“Whilst market conditions are likely to remain challenging, the board is confident that these attributes together with our very focused strategy will continue to drive market outperformance leading to further progress in the year ahead.”

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