13 June 2013 – final results
The bathroom accessory supplier Norcros has announced its preliminary results for the year to 31 March, and these have revealed a 5% rise in revenue to £211m (2012: £200m) whilst underlying pre-tax profit rose by 9% to £11.7m (2012: £10.7m). Earnings per share on the same basis were unchanged at 1.9p due to an increase in the tax charge and the dividend was increased to 0.46p (2012: 0.42p). Given the difficult economic environment, these are good figures and this was the fourth consecutive year of growth in revenue and underlying operating profit. Looking ahead, the integration of Vado, acquired in March, is proceeding well and the group looks well placed to make further progress. We maintain our recommendation of BUY.