Norcros – 15.5p

14 February 2013 – interim management statement

A trading update has been provided for the 18 weeks ended 3 February 2013.  Group revenue was 10.8% higher and 15.1% higher on a constant currency basis.  The company believes that it should continue to progress in line with expectations in the current year.  The share price has taken a breather in initial trading but this is unsurprising given strong recent gains.  We believe that the shares continue to look good value even on current forecasts.  There is scope for upgrades moving forwards and we therefore maintain our BUY rating.

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