Edison Investment Research - Norcros (NXR) Progressing as planned

Report

Edison Investment Research

Progressing as planned

FY16 was a year of strategic and financial progress for Norcros, with improved profit contributions from both reporting regions and two acquisitions completed. Q117 trading is in line with previous FY17 group guidance and we expect further profit progress over our three-year forecast horizon. UK RMI exposure appears to be out of favour with investors currently, but acquisitions and other regional earnings are positive differentiators not reflected in the rating in our view.

09/08/2016 7 EN

Underlying

Norcros

Norcros Plc is a holding company for the Norcros Group. The Company's principal activities include development, manufacture and marketing of home consumer products in the United Kingdom and South Africa. The Company's segments include UK and South Africa. The Company has six United Kingdom businesses, including Triton Showers, Vado, Croydex, Abode, Johnson Tiles and Norcros Adhesives, and three businesses in South Africa, including Johnson Tiles South Africa, TAL and Tile Africa. The Company is focused on showers, taps, bathroom accessories, tiles and adhesives. In the United Kingdom, the Company offers a range of bathroom and kitchen products both for domestic and commercial applications. The Company offers mixer showers and accessories; tile and stone adhesives; taps, bathroom accessories and valves; bathroom furnishings; ceramic wall and floor tiles; kitchen sinks; tile adhesives, pourable floor coverings and tiling tools through its United Kingdom and South Africa business.

See profile

GB00BYYJL418 London Stock Exchange United Kingdom

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

See profile

Other Reports on these Companies

Equity Development

A reassuringly solid FY25 performance

A year-end update from Norcros confirmed modest LFL revenue growth in both divisions (including a slightly better H2 outturn) as well as a firmer group operating margin. Net debt was in line with the prior year, representing c.1x EBITDA. There should be no headwinds from current global tariff machinations and ongoing business collaboration and active portfolio management should be recurring themes going into FY26. On unchanged estimates, Norcros is trading on a mid-single digit P/E, offering a dividend yield above 5%. The latest DB pension triennial outcome (announced March 13) should have...

April 10, 2025 April 10, 2025 1 EN

Zeus Capital

Norcros (NXL LN) - Inline FY25 trading update and strategic review of Johnson Tiles SA - BUY

Norcros has provided a full year update (March Y/E) confirming revenue and profitability to be in line with expectations. Reported revenue of £368m (Zeus forecast: £367m) is down 6.2% yoy but up 1.1% on a constant currency LFL basis. Full year operating profit is expected to be in line with expectations of £43m (Zeus forecast: £43.3m), representing a c. 70bps yoy margin improvement to 11.7%. Underpinning this is market share gains from Norcros’ leading brands operating in the UK’s mid-premium end of the market along with resilient trading seen within the South African division. Following Norcr...

April 10, 2025 April 10, 2025 1 EN

MarketLine

Samuel Heath & Sons Plc - Company Profile and SWOT Analysis

Summary Samuel Heath & Sons Plc - Company Profile and SWOT Analysis, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Samuel Heath & Sons Plc (Samuel Heath) designs, manufactures, and markets building products. It offers bathroom products, kitchen faucets, and hardware accessories. Its product portfolio comprises bathroom and kitchen fitting products such as basins, taps, towel stands, fanlight fittings, door...

EUR 154.19

February 20, 2025 February 20, 2025 1 EN

Manx Financial Group - Termination of coverage

Edison Investment Research is terminating coverage on Manx Financial Group (MFX). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant. Previously published reports can still be accessed via our website.

March 10, 2025 March 10, 2025 1 EN

Kate Heseltine

Kate Heseltine

musicMagpie - Termination of coverage

Edison Investment Research is terminating coverage on musicMagpie (MMAG). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant. Previously published reports can still be accessed via our website.

March 5, 2025 March 5, 2025 1 EN

Kate Heseltine

Kate Heseltine

Topps Tiles - Accelerating growth through Q125

Topps Tiles (TPT) is enjoying a return to revenue growth following a very challenging FY24 due to wider macroeconomic weakness. The company’s recovery is clearly being boosted by new revenue streams from its self-help initiatives, notably from trade and online customers across all of its brands. While the macroeconomic environment remains uncertain, it is pleasing that the strategy is supporting growth. The valuation continues to look compelling, even with limited macroeconomic recovery included in management’s long-term financial goals. With the Q125 trading update, the CEO has announced his ...

January 10, 2025 January 10, 2025 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN