Norcros – 12.875p

13 November 2012 – interim results

A strong set of interim results from Norcros justifies our faith in a company in a sector suffering pressure from ongoing economic woes.  Revenue of £106.3m was up 3.8% year-on-year and 9.4% on a constant currency basis.  Underlying profit before tax was £6.0m (2011: £5.4m). Earnings per share were 1.1p versus 0.9p for the corresponding period last year and the interim dividend was lifted from 0.14p to 0.155p.  We continue to rate the shares as a BUY and see strong upside when the economy starts to move again.

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