Bathroom products group reports revenue and profit growth in line with expectations, supported by acquisition and market share gains.
Norcros plc has reported a year of steady progress, with revenue and profit both set to rise in line with market expectations despite ongoing pressure in key markets.
The group, which owns a portfolio of brands in the UK and Ireland including Triton, Merlyn, Grant Westfield, Vado, Croydex and Abode, said reported revenue for the 53 weeks to 5 April 2026 is expected to grow by around 10% to approximately £393m, driven in part by the contribution from its acquisition of Fibo and continued share gains.
Like-for-like revenue growth remained modest at around 0.5% on a constant currency basis, reflecting stable repair, maintenance and improvement (RMI) demand alongside weaker new build activity across Europe and South Africa.
Within its core European business, revenue is expected to be up 13.6% on a reported basis, boosted by the integration of Fibo, while like-for-like growth edged up 0.7%.
Profitability also improved, with underlying operating profit expected to reach at least £47.5m, up from £44.5m the previous year, and underlying profit before tax forecast at a minimum of £40.4m.
The group said it remains in a strong financial position, with net debt expected to close at around £67m following the Fibo acquisition, and leverage at approximately 1.2x underlying EBITDA. It has also extended its revolving credit facility to £150m through to December 2029.
Alongside the trading update, Norcros confirmed that CFO James Eyre will step down within the next 12 months after 12 years with the business, with a search for his successor now under way.
Chief executive Thomas Willcocks said: “Firstly, I would like to extend my sincere thanks to James, whom I have known and worked with for more than 12 years, for his significant and valued contribution, where he initially headed our acquisition-led strategy before stepping up as CFO.
“Our business has the scale and balance sheet, including well-invested inventory levels, to maintain our excellent service levels. Despite challenging underlying market conditions, this trading update confirms the Group has performed strongly over the year operationally and strategically.
“While these conditions are likely to remain, especially in the near term as the potential wider impact of current events in the Middle East evolves, we are well placed, relative to many of our competitors, to make further market share gains.”
CFO James Eyre added: “Norcros is a great business, and it has been a privilege to work with our dedicated teams to grow into the largest branded bathroom products business in the UK & Ireland.
“This company, and the people in it, mean a great deal to me, and I am proud of what we have achieved together. The business is in a strong financial position with a tremendous future ahead.”
Norcros is due to publish its full-year results on 11 June 2026.