Norcros

Overview
Price performance
Financials
Research
Thematics

Norcros is a leading supplier of showers, enclosures and trays, bathroom wall panels, taps and related fittings and accessories for bathrooms, kitchens, washrooms and other commercial environments. It has operations in the UK and South Africa, with some export activity from both countries.

The UK’s new build housing market is subdued following the interest rate increases, although the repair, maintenance and improvement market has been more robust. In South Africa, demand across the board has been affected by the ongoing power disruption issues, which are likely to remain a feature.

Latest Insights

Industrials |
Update

14.06.24

Norcros — Robust performance, improving outlook

Industrials |
Update

28.05.24

Norcros — Vast opportunity and new targets revealed

Industrials |
Flash note

25.04.24

Norcros — Sale of Johnson Tiles UK agreed

Industrials |
Flash note

12.04.24

Norcros — FY24 trading in line with expectations

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Sector

Industrials

Equity Analyst

Andy Murphy

Director, Financials & Industrials

Key Management

James Eyre

CFO
Thomas Willcocks

CEO

Balance Sheet

Forecast net debt (£m)

27.3

Forecast gearing ratio (%)

Share Price Performance

Price Performance
%	1M	3M	12M
Actual	1.8	24.7	26.1
Relative	3.1	20.4	13.9
52 week high/low	232.0p/135.5p

Financials

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. Despite the improving outlook, we have maintained our revenue and profit forecasts and 251p/share valuation post the results. However, it is worth highlighting the scale of the opportunity on offer to Norcros, which was illustrated at the recent capital markets day.