Norcros (NXR); trading update: expects group revenue for H1 at £181.2m

Published on 17-10-2019 08:00:31
Author Sparks Team

The company expects group revenue for the period to be approximately £181.2m (2018: £162.6m), which is 11.4% higher than the prior year 26-week period on a reported basis, 12.8% higher on a constant currency basis, and 0.9% higher on a like-for-like constant currency basis.

The company expects underlying operating profit for the period to be in line with the Board’s expectations, which shows the group’s continuing success in winning share, despite challenging market conditions. The company’s UK revenue for the period rose 5.2% YoY on a reported basis and 1.3% on a like-for-like basis. Its South African revenue increased 24.5% on a reported basis and 29.4% YoY on a constant currency basis. Net debt is expected at approximately £42m (2018: £53.5m), which is in line with expectations following the acquisition of House of Plumbing in H1.

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