Norcros reports 34% profit surge

Norcros plc, the Cheshire-based supplier of taps, showers and branded bathroom accessories, achieved “strong” profit and revenue growth in the six months to September 30.

The firm saw its underlying operating profit leap year on year by 34% to reach £9.9m, while underlying pre-tax profits grew by 40% to hit £9.4m.

In Norcros’ UK business alone, underlying operating profit stood at £8m, an increase of 25% against last year’s £6.4m figure.

Revenue, meanwhile, grew to £118.7m during the period, up from £108.6m in 2014.

Norcros chairman Martin Towers said of the results: “I am pleased to announce a strong set of results for the six months ended 30 September 2015.

“Not only has the Group continued to make excellent progress in its existing businesses, but it has continued to advance towards its strategic targets with the acquisition of Croydex at the end of June 2015.”

Wilmslow-headquartered Norcros, which employs around 1,800 people, is aiming to achieve revenues of £420m by 2018.

Mr Towers continued: “[We are] well positioned to make further progress.

“Given the strong first half performance and momentum within our businesses, the board now expects the group to achieve underlying operating profit marginally ahead of market expectations for the year to March 31 2016.”

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