Norcros Plc

Norcros continues to navigate uncertain market conditions well, making good y-o-y progress backed by strong cash generation in H127. Full year expectations are unchanged, and valuation metrics continue to look attractive.

Norcros has flagged H127 revenue growth of +19% (reported) and +1.5% (constant currency, LFL, excluding Fibo), generating c. £220m group revenue for the period. Fibo (acquired in October 2025) is now fully integrated into the Group, trading to plan, and some investment in business development has been undertaken.

Period end net debt (pre-IFRS16) of £55m is a notable achievement, representing a £10m reduction from the beginning of the year. Given that the H1 net debt position already matches our FY27 projection, we will review cash projections fully with the H127 results. 

Norcros’ markets are set to remain subdued in H2 though estimates appear robust. With a share price in the lower half of its 12m trading range, valuation multiples look attractive, and we reiterate our fair value estimate of 400p per share.

Equity Development - Norcros - strong execution and generating cash

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Norcros announced on Tuesday that it has agreed to acquire Fibo Holding, a leading Norwegian supplier of waterproof decorative wall panels, in a deal valued at NOK 618m (£45m).

Norcros agrees to acquire Norwegian firm Fibo

A year-end update from Norcros confirmed modest LFL revenue growth in both divisions (including a slightly better H2 outturn) as well as a firmer group operating margin. Net debt was in line with the prior year, representing c.1x EBITDA. There should be no headwinds from current global tariff machinations, and ongoing business collaboration and active portfolio management should be recurring themes going into FY26.

Norcros: Equity Development

Norcros’ H1'25 pre-close statement infers that headline trading in Q2 was similar to Q1, leaving group revenue flat overall y-o-y for continuing businesses. On the same basis, while profitability looks to be slightly lower - which may reflect mix effects - company expectations for the full year are unchanged.

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Bathroom and kitchen product designer and supplier Norcros reported a resilient trading performance for the first half of the year in an update on Thursday.

Norcros reports resilient first-half trading performance

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Norcros’ recent strategy relaunch should still be fresh in investors’ minds but the share price has taken a breather for now, awaiting further evidence of financial momentum. FY24 results clearly showed that UK portfolio management is already starting to bear fruit and collaborative actions taken should support further margin progress in due course. 

Norcros plc: Equity Development

Norcros’s FY24 results highlight its resilience in the face of tough markets, but we continue to believe that the outlook is improving in both of its core markets, the UK and South Africa. 

Norcros: Edison

Bathroom and kitchen products supplier Norcros reported revenue of £392.1m in its full-year results on Thursday - a decrease of 11.1% from the prior year, or 6% on a constant currency like-for-like basis.

Norcros revenue falls, operating profit rises

Market sentiment is rapidly re-focusing on earnings potential in an improving economic cycle. Norcros’ CMD was well-timed with this increasing willingness to consider mid-cycle earnings scenarios.

Norcros announced on Tuesday that its electric shower specialist subsidiary Triton Showers has received the King's Award for Enterprise in the Sustainable Development category.

Norcros subsidiary Triton Showers gets sustainable development award

Norcros’s disposal of Johnson Tiles is the latest strategic activity taken by management to better allocate capital to fit with priorities. Last year it closed its UK adhesives operation. 

FY24 trading underpins Norcros’s compelling investment case, where its new product development initiatives, market positioning and self-help initiatives allow it to take market share in both the UK and South Africa.

Norcros plc: Edison

In meeting expectations for FY24, Norcros has demonstrated business resilience in the face of challenges in both of its primary markets. A positive cash flow performance has also left year end pre IFRS16 gearing below 0.9x underlying EBITDA.

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RNS Number: 8868 U Norcros PLC 08 December 2021 Norcros plc. Norcros plc, a market leading supplier of high quality and innovative bathroom and kitchen products announces the appointment with effect from 8 December 2021 of Gary Kennedy as a Non-Executive Director and Non-Executive Board Chair. Gary Kennedy has previously served as chair of Connect Group plc...

Norcros Plc

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