Norcros PLC, a leading designer and supplier of bathroom and kitchen products in the UK, Europe, and South Africa, released its AGM Trading Statement. The report covers the 13-week trading period to 30 June 2024. The Group's overall trading performance for the first quarter remained resilient, with the Board's expectations for the full year unchanged.
During this period, the Group's revenue on a constant currency like-for-like basis was in line with the prior year. However, reported revenue was 5.9% lower than the same period last year, primarily due to the exit of Johnson Tiles UK and Norcros Adhesives. In the UK & Ireland, new product development and excellent customer service drove share gains in the mid-premium segment, resulting in comparable revenue with the prior year.
In South Africa, revenue for the 13-week period on a constant currency basis was similarly in line with the previous year, supported by the ongoing recovery in energy supply. The Group's South African business remains in a strong competitive position and is well placed as trading conditions gradually improve.
Thomas Willcocks, Chief Executive Officer, expressed, "We have delivered a resilient performance during the first quarter in markets which have remained challenging. Our business has outperformed the market benefitting from both favorable positioning and the ongoing execution of our growth strategy. We continue to make good progress towards our stated medium-term targets, and the Board's expectations for the full year remain unchanged."
Norcros operates under six brands in the UK and Ireland, including Triton, Merlyn, Grant Westfield, VADO, Croydex, and Abode. In South Africa, the company operates under four brands: Tile Africa, House of Plumbing, TAL, and Johnson Tiles.
The company's trading update indicates a robust performance in the face of challenging markets, with a focus on strategic positioning and growth execution. The Group's resilience in the UK, Ireland, and South Africa markets, along with its ongoing progress towards medium-term targets, has led to the Board maintaining its expectations for the full year.