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