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Norcros half-year profits and revenue fall more than 25%
StockMarketWire.com
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Kitchen and bathroom supplier Norcros reported a strong recovery in demand in the second quarter of its financial year, but still took a hit to profits and revenue in the first half due to the effects of Covid-19.
In its results statement for the six months to 30 September, the company reported a 26.4% drop in underlying operating profit to £12.8 million.
Revenue for the period was £135.3 million, a fall of 25.3% on the same period last year.
Despite this, the company reported a 'marked recovery in demand' in the second quarter of its financial year, with 4.5% constant currency like-for-like revenue growth on prior year.
It cut its net debt position to £7.3 million, from £41.1 million a year earlier.
CEO Nick Kelsall said Norcros 'continues to be in a very strong competitive and financial position' and 'remains well positioned to sustain the strong progress and recovery of the second quarter'.
At 1:54pm: (LON:NXR) Norcros PLC share price was +1.75p at 185.75p
Story provided by StockMarketWire.com
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