Jun 9, 2022

North West Manufacturing Ben Butler Wilmslow-headquartered shower and tile manufacturer Norcros, which recently completed an £80m deal, has hailed a "robust" performance in its full-year results. For the year ended 31 March 2022, revenues jumped by more than 22 per cent to £396.3m from £324.2m while underlying pre-tax profits have risen in excess of 28 per cent to £39.3m compared to £30.6m the previous year. Underlying operating profits also reached a record £41.8m, up almost 24 per cent from £33.8m the prior period. In a statement on the London Stock Exchange, the company hailed "decisive action taken to counter unprecedented cost inflation and supply chain challenges". It also lauded a "strong execution of strategy" and described the acquisition of Grant Westfield as a "compelling strategic fit with the group". Gary Kennedy, chair, said: "I am pleased to report a record performance for the group. Norcros has continued its recovery following the period of exceptional global disruption and uncertainty caused by the Covid-19 pandemic. "Furthermore, the resilience of the group's business model and strategy has proven once again to be highly effective through a period of unprecedented cost inflation and supply chain challenges." Turning to current trading, it said group revenue in the two months to the end of May 2022 was "marginally ahead of the strong prior year comparator" by approximately 1 per cent. Looking ahead, it acknowledged that while market conditions are likely to remain uncertain, it believes that the group's "proven business model and leading customer service proposition" will continue to drive outperformance leading to further progress and market share gains, in line with its expectations, for the year to 31 March 2023. Last month , Norcros acquired Granfit Holdings Ltd (GHL and, together with its subsidiary undertakings, Grant Westfield), a designer, manufacturer and supplier of waterproof bathroom wall panels. TAGS