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Norcros PLC on Tuesday reported a robust performance in the first quarter of its financial year, as displayed by growth in revenue through strong results in the UK and South Africa.
For the 13 weeks ended July 3, the kitchen and bathroom products supplier posted a 6.1% increase in revenue compared to the same period a year before. On a like-for-like basis, constant currency revenue rose 1.6% compared to a year prior, and was also 24% above pre-pandemic levels.
In the UK, like-for-like revenue was down 2.2%, but rose 20% above the same period in 2019, as a strong performance in the trade sector was offset by customer destocking in the larger retail accounts.
Norcros' South Africa business reported a 9.3% increase in revenue on a reported basis on market share gains. On a constant currency basis, revenue was 30% higher compared to 2019.
‘We have delivered a resilient first quarter performance against a backdrop of an uncertain economic and political environment. The Grant Westfield business is being integrated and continues to trade strongly. The board remains confident that the group's proven business model, leading brands, excellent service proposition and its commitment to new product introductions will continue to offer strong differentiation and deliver further progress and share gains, in line with its expectations, for the year to 31 March 2023,’ said Chief Executive Officer Nick Kelsall.
Shares in Norcros were up 1.8% at 222.00 pence on Tuesday morning in London.
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