Norcros Plc board is recommending a final dividend of 6.8p (2023: 6.8p) per share.

DividendMax Ltd.

Norcros Plc board is recommending a final dividend of 6.8p (2023: 6.8p) per share.

 The Norcros Plc Board recommends a final dividend of 6.8p per share (2023: 6.8p). This, combined with the interim dividend of 3.4p per share (2023: 3.4p), results in a total dividend of 10.2p per share (2023: 10.2p). The total dividend is equivalent to a dividend cover of 3.1 times, slightly lower than the year ended 31 March 2023 (3.7 times). The cash cost of the total dividend is £9.1m.

Other financial highlights include:

Robust performance in a challenging environment:

  • UK and Ireland - record underlying profit of £38.4m (2023: £37.2m) and underlying operating profit margin of 13.6% (2023: 12.6%)
  • South Africa - gradual market recovery post significant energy interruptions; well placed to gain market share

Strategy implementation driving market share gains and margin accretion:

  • Portfolio development - successful sale of Johnson Tiles UK (post-year end) strengthens portfolio mix
  • Organic growth - successful NPD, increased cross-selling and market-leading service
  • Operational excellence - collaboration driving benefits of scale
  • ESG - strong regulatory drivers enhance our competitive advantage; SBTi validation of carbon emissions targets
  • Full year revenue of £392.1m (2023: £441.0m), 6.0% lower on a constant currency LFL basis
  • Underlying operating profit of £43.2m, 8.7% lower than prior year (2023: £47.3m)
  • Underlying operating margin of 11.0% (2023: 10.7%)
  • Underlying net debt of £37.3m (2023: net debt of £49.9m) representing 0.8x net debt to underlying EBITDA
  • Underlying ROCE of 16.4% (2023: 18.5%)

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