Norcros Plc are declaring an interim dividend of 3.5p (H1 2024: 3.4p) per share, reflecting the resilient first half performance and its confidence in the Group's future prospects. The dividend is payable on 14 January 2025 to shareholders on the register on 29 November 2024. The shares will be quoted ex-dividend on 28 November 2024.
Other financial highlights include:
Market share growth in a challenging demand environment (Group revenue +0.1% LfL):
o UK (revenue +0.9% LFL): share gains - new product development ("NPD") and cross-selling
o SA (revenue -1.7% constant currency): macro (inc. energy) stabilising but subdued consumer confidence
o Well-positioned for market recovery in new house build and RMI
Continued strong progress on delivering strategic initiatives:
o Portfolio Development - completed disposal of Johnson Tiles UK
o Organic Growth - cross-selling, NPD and service levels
o Operational Excellence - consolidating UK warehouse footprint
o ESG - net zero transition - investment in sustainable products
Reported revenue of £188.4m (2023: £201.6m). Underlying operating profit of £19.7m (2023: £21.4m)
UK underlying operating margin at 13.6% (2023: 13.0%) with Group underlying operating margins flat at 10.5% (2023: 10.6%)
Strong balance sheet - low leverage at 1.0x underlying EBITDA
