12 June 2019 – final results
The market leading supplier of high quality and innovative bathroom and kitchen products has announced results for the year ended 31 March 2019. These represent a tenth straight year of revenue and underlying operating profit growth. Revenue was £331.0m (2018: £300.1m). Underlying operating profit was up 25.5% at £34.4m (2018: £27.4m) and group operating profit was £25.1m (2018: £19.6m). Underlying diluted earnings per share were 31.7p versus 29.5p a year earlier. The full year dividend was increased by 7.7% to 8.4p. Strong cash generation meant that net debt was reduced by £12.1m to £35.0m. The shares continue to look exceptionally cheap and trading on 6.2x historic earnings Norcros must be a BUY.