Norcros

NXR · Main Market · Construction and Materials · mcap £263m · 308.0p

Norcros makes and sells bathroom and kitchen products such as showers, taps and wall panels under brands including Triton and VADO. It sells mainly in the UK, Ireland and Europe, with a business in South Africa.

Target	Promise	Said	Status
2024
31 Mar 2024	FY24 full year underlying operating profit in line with market expectations	12 Oct 2023	✓ Kept
	“We continue to expect full year underlying operating profit to be in line with market expectations” Also stated 16 Nov 2023 How it developed 12 Oct 2023 Said “expect full year operating profit to be in line with market expectations” 16 Nov 2023 Said “We continue to expect full year underlying operating profit to be in line with market expectations” Result FY24 underlying operating profit £43.2m, reported as in line with expectations. 13 Jun 2024 · Results for the year ended 31 March 2024
31 May 2024	Sell Johnson Tiles UK and accelerate execution of growth strategy	25 Apr 2024	✓ Kept
	“This sale will allow Norcros to focus on and accelerate the execution of our growth strategy.” Also stated 20 May 2024 How it developed 25 Apr 2024 Said “This sale will allow Norcros to focus on and accelerate the execution of our growth strategy.” 20 May 2024 Said “This sale will allow Norcros to focus on and accelerate the execution of our growth strategy.” Result Sale completed 20 May 2024 as scheduled.
2025
31 Mar 2025	FY25 underlying operating profit in line with market expectations (about £43.1m)	10 Oct 2024	✓ Kept
	“The Board expects full year underlying operating profit to be in line with market expectations” Also stated 21 Nov 2024 How it developed 10 Oct 2024 Said “the Board expects full year underlying operating profit to be in line with market expectations and to show further progress towards our medium-term targets” 21 Nov 2024 Said “The Board expects full year underlying operating profit to be in line with market expectations” 12 Jun 2025 ✓ Kept “Underlying operating profit2 of £43.2m, in line with the prior year (2024: £43.2m)” Result FY25 underlying operating profit £43.2m, in line with expectations. “Underlying operating profit2 of £43.2m, in line with the prior year (2024: £43.2m)”12 Jun 2025 · Results for the year ended 31 March 2025
31 Jul 2025	Conclude Johnson Tiles South Africa strategic review by July 2025	10 Apr 2025	✓ Kept
	“the Group has initiated a strategic review of Johnson Tiles South Africa which should conclude by July 2025” How it developed 10 Apr 2025 Said “the Group has initiated a strategic review of Johnson Tiles South Africa which should conclude by July 2025” 23 Jun 2025 ✓ Kept “We announce today that the outcome of the strategic review is that Johnson Tiles SA will cease manufacturing at the end of this month, with the closure of...” Result On 23 June 2025 Norcros announced closure of Johnson Tiles SA manufacturing at end of June 2025. “We announce today that the outcome of the strategic review is that Johnson Tiles SA will cease manufacturing at the end of this month, with the closure of the business being carefully managed thereafter.”23 Jun 2025 · JTSA Outcome of Strategic Review
2026
5 Apr 2026	FY26 underlying operating profit in line with (revised) market expectations	16 Oct 2025	✗ Missed · target changed
	“The Board expects full year underlying operating profit to be in line with the revised market expectations, following the acquisition of Fibo” Also stated 20 Nov 2025 How it developed 16 Oct 2025 Said “the Board expects full year underlying operating profit to be in line with market expectations, and to show further progress towards our medium-term...” 20 Nov 2025 Said “The Board expects full year underlying operating profit to be in line with the revised market expectations, following the acquisition of Fibo” 11 Jun 2026 ↻ Changed / dropped “Group underlying operating profit1 up 7.9% to £48.0m (2025: £44.5m); Fibo acquisition and strong UK&I performance” Result Expectations were revised after the Fibo acquisition; FY26 profit of £48.0m was in line with plans. “Group underlying operating profit1 up 7.9% to £48.0m (2025: £44.5m); Fibo acquisition and strong UK&I performance”11 Jun 2026 · Results for the 53 weeks ended 5 April 2026 “Despite ongoing economic and geopolitical uncertainty, our differentiated model, strong brands and disciplined execution helped us grow market share and deliver in line with our plans.”11 Jun 2026 · Results for the 53 weeks ended 5 April 2026
Today · 16 Oct 2026
2027
31 Mar 2027	Fibo acquisition materially earnings accretive in first full year of ownership	15 Jul 2025	… In progress
	“The Acquisition will be materially earnings accretive in the first full year of ownership.” Also stated 13 Oct 2025 How it developed 15 Jul 2025 Said “the Acquisition will be materially earnings accretive in the first full year of ownership.” 13 Oct 2025 Said “The Acquisition will be materially earnings accretive in the first full year of ownership.” Status so far Not yet due.
31 Mar 2027	FY27 underlying operating profit in line with market expectations	15 Oct 2026	… In progress
	“the Board expects full year underlying Operating Profit to be in line with market expectations” Status so far Not yet due.
FY27	Johnson Tiles SA closure to be cash neutral when complete	23 Jun 2025	… In progress
	“The closure process, including the manufacturing and business closure costs and subsequent inventory realisations, is expected to be cash neutral when complete.” Status so far Not yet due.
31 May 2027	Sell South African operations, completing repositioning to UK and Europe	12 May 2026	… In progress
	“This is a significant strategic step for Norcros as we continue to build a more streamlined, capital-light and cash-generative business focused on mid-premium bathroom markets in the UK and Europe.” Status so far Not yet due.
30 Jun 2027	Pension cash contributions to fall materially from June 2027	13 Mar 2025	… In progress
	“the Company's cash contribution materially decreases from June 2027” Status so far Not yet due.
31 Dec 2027	VADO and MERLYN bathroom range collaboration benefits to flow from second half of 2027	11 Jun 2026	… In progress
	“we expect benefits to start to flow through in the second half of 2027” Status so far Not yet due.
2028
2028	Deliver SBTi-validated emissions targets by 2028, cutting scope 1 and 2 emissions 33.6%	1 May 2024	… In progress
	“We have set carbon targets to reduce scope 1 and 2 GHG emissions by 33.6% by 2028 (2023 base year)” Also stated 13 Jun 2024 · 21 Nov 2024 · 12 Jun 2025 · 20 Nov 2025 How it developed 1 May 2024 Said “Delivery of SBTi-validated science-based emissions targets by 2028” 13 Jun 2024 Said “Delivery of SBTi-validated science-based emissions targets by 2028” 21 Nov 2024 Said “We have set carbon targets to reduce scope 1 and 2 GHG emissions by 33.6% by 2028 (2023 base year)” 12 Jun 2025 Said “Delivery of SBTi-validated science-based emissions targets by 2028” 20 Nov 2025 Said “We are ahead of 2028 SBTI plan (33% targeted reduction in carbon emissions)” Status so far Not yet due.
2028	Achieve Carbon Net Zero alignment by 2028	7 May 2024	… In progress
	“ambition to achieve Carbon Net Zero alignment by 2028” Status so far Not yet due.
2040
2040	Achieve Net Zero (first by 2035, later stated as 2040)	7 May 2024	✗ Missed · target changed
	“We remain committed to our longer term 2040 Net Zero targets (in line with the Transition Plan Taskforce guidelines)” Also stated 20 Nov 2025 How it developed 7 May 2024 Said “achieving Net Zero by 2035” 20 Nov 2025 ↻ Changed / dropped “We remain committed to our longer term 2040 Net Zero targets (in line with the Transition Plan Taskforce guidelines).” 20 Nov 2025 Said “We remain committed to our longer term 2040 Net Zero targets (in line with the Transition Plan Taskforce guidelines)” Result Net Zero date moved from 2035 to 2040 in November 2025. “We remain committed to our longer term 2040 Net Zero targets (in line with the Transition Plan Taskforce guidelines).”20 Nov 2025 · Half-year Results