Norcros's diluted underlying EPS increased to 32.4p in the year 2024 (2023: 32.1p). The Board now recommends a final dividend of 6.9p per share (2024: 6.8p). This, combined with the interim dividend of 3.5p per share (2024: 3.4p), results in a total dividend of 10.4p per share (2024: 10.2p). The total dividend is equivalent to a dividend cover of 3.1 times, in line with the prior year. The cash cost of the total dividend is £9.3m.
This final dividend, if approved at the Annual General Meeting, will be payable on 1 August 2025 to shareholders on the register on 27 June 2025. The shares will be quoted ex-dividend on 26 June 2025. Norcros plc operates a Dividend Reinvestment Plan (DRIP). If a shareholder wishes to use the DRIP, the latest date to elect for this in respect of this final dividend is 11 July 2025.
Other financial highlights:
Strong progress in a challenging environment:
o UK and Ireland - record underlying profit of £39.8m (2024: £38.4m) and underlying operating profit margin of 15.5% (2024: 13.6%)
o South Africa - resilient performance with underlying profit of £3.4m (2024: £4.8m); well placed to gain market share as conditions gradually improve
Disciplined strategic execution driving market share gains and margin improvement:
o Portfolio development - sale of Johnson Tiles UK in May 2024 strengthens portfolio; strategic review of Johnson Tiles SA nearing completion
o Organic growth - launch of first complete bathroom range, increased cross-selling and market-leading customer service
o Operational excellence - benefits of scale and collaboration; Group freight strategy and distribution efficiencies
o ESG - Sustainable Products framework developed; good progress against 2028 SBTi targets and implementation of people and culture strategy
Underlying operating profit of £43.2m, in line with the prior year (2024: £43.2m)
Underlying ROCE of 17.3% (2024: 16.4%)
Underlying cash conversion of 84% (2024: 123%), underlying net debt of £36.8m (2024: net debt of £37.3m) representing 0.8x leverage
1 April 2024 pension valuation agreed at an actuarial deficit of £11.7m (1 April 2021: £35.8m) with deficit repair contributions of c.£4.5m p.a. to end after June 2027
Strong balance sheet and capital availability - active M&A pipeline and confident of future strategic progress
