reports
- Andy Hanson
- Charlie Williams
Building Products Round-up - July 2025
Newsflow was reasonably muted across the subsectors in June, however, there were some important trends to pull out of the announcements. Within housebuilders, there is an increasing rhetoric of improved lending availability, highlighted by Bellway, Crest Nicholson and Berkeley, supporting in-line performances and gradually improving completions. This contrasts with low-cost builder MJ Gleeson, which is facing margin difficulties from build cost inflation and flat ASP. Elsewhere, brick manufactur...
- Toby Thorrington
Strategic actions gaining traction
While headline profitability was in line with the prior year, there was plenty of evidence in the FY25 results which demonstrated that strategic actions are working, notably in the UK. With operationally well-invested businesses, leading market positions and a strong balance sheet, Norcros has clear scope for both organic and acquisitive growth from this platform. Group EBIT was in line with consensus and the prior year at £43.2m. For ongoing operations, revenue increased by 0.9% LFL CER with E...
- Andy Hanson
Audio Note: Norcros - FY25: UK business undervalued
In this audio note, Zeus’ Andy Hanson summarises the investment case for Norcros. Norcros confirmed that revenue and profit would be in line with expectations in the full year trading update (10 April), but last week’s announcement provided further details on the operating performance.
- Andy Hanson
- Charlie Williams
Norcros (NXR LN) - FY25: UK business undervalued - BUY
Norcros confirmed that revenue and profit would be in line with expectations in the full year trading update (10 April), but yesterday’s announcement provided further details on the operating performance. Headline numbers were as expected with adj. EBIT flat yoy at £43.2m and revenue down 6.1% (+0.9% L4L cc) to £368.1m, leading to a 70bp operating margin expansion to 11.7%. Divisionally, the UK had another year of operational progress, ahead of Zeus’ expectations, with adj. EBIT at record levels...
- Toby Thorrington
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...
- Andy Hanson
- Charlie Williams
Norcros (NXL LN) - Inline FY25 trading update and strategic review of ...
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 en...
- MarketLine Department
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 compris...
Norcros: 1 director
A director at Norcros bought 10,158 shares at 235p and the significance rating of the trade was 65/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Cl...
- Andy Hanson
Audio Note: Norcros - Interim results
In this audio note, Zeus’ Andy Hanson summarises the investment case for Norcros. Norcros’ interim results showed steady progress in the first six months of the year despite the operating environment remaining subdued. Headline revenue was down 6.5% at £188.4m, with operating profit of £19.7m.
- Toby Thorrington
Steady H1, building for the future
Continuing businesses delivered H125 revenues, in line with last year’s comparator. Underlying profitability was also similar prior to costs taken above the line from a couple of discrete actions in the period. Net debt rose to 1x EBITDA, being in line with H124, and the company’s strong balance sheet position allowed it to absorb short-term working capital movements. Management expectations are unchanged and Norcros remains keenly focused on delivering strategic progress to achieve targets set ...
- Andy Hanson
Norcros (NXR LN) - Interim results - BUY
Norcros’ interim results showed steady progress in the first six months of the year despite the operating environment remaining subdued. Headline revenue was down 6.5% at £188.4m, with operating profit of £19.7m. On a L4L, ccy basis Group revenue increased 0.1% with the UK seeing positive growth of 0.9% and SA down 1.7%, both creditable performances in the circumstances. Operating margin of 10.5% was broadly flat on yoy but importantly UK adj operating margin increased 60bps to 13.6%. The statem...
Hybridan Small Cap Feast - 10 October 2024
* A corporate client of Hybridan LLP ** Potential means Intention to Float (ITF) has been announced, or it is a rumour ***Arranged by type of listing and date of announcement ****Alphabetically arranged Share prices and market capitalisations taken from the current price on the day of publication Dish of the day Admissions: None Delistings: None What’s baking in the oven? ITF announced:*** Potential** Initial Public Offerings: 30th September 2024: Applied Nutrition, the sports nutrition, health ...
- Toby Thorrington
Steering a steady course in H1'25
Norcros’ H1'25 pre-close statement infers that headline trading in Q2 was similar to Q1, leaving group revenue flat overall y-o-y for continuing businesses. On the same basis, while profitability looks to be slightly lower - which may reflect mix effects - company expectations for the full year are unchanged. While easing inflation and interest rates have been welcomed in Norcros’ primary markets, any significant pick-up in economic activity is still pending as new governments bed in in both ca...
- Toby Thorrington
Steering a steady course in H1'25
Norcros’ H1'25 pre-close statement infers that headline trading in Q2 was similar to Q1, leaving group revenue flat overall y-o-y for continuing businesses. On the same basis, while profitability looks to be slightly lower - which may reflect mix effects - company expectations for the full year are unchanged. While easing inflation and interest rates have been welcomed in Norcros’s primary markets, any significant pick-up in economic activity is still pending as new governments bed in in both ...
- Andy Hanson
Norcros (NXR LN) - Stable trading in H1-25
Norcros, a market leader in the UK bathroom and kitchen products market along with strong market positions in South Africa, has provided an encouraging trading update for H1-25. Group revenue was flat yoy (cc, L4L) and adj. EBIT is expected to be at least £19.5m, meaning Zeus’ unchanged FY25 forecasts are now 51% covered at the revenue line and 45% at the operating level. The UK division performed well, seeing marginal improvement in Q2 as revenue (cc) rose 1% yoy in H1 following a flat Q1, whil...
- Andy Hanson
Zeus Building Products Round-up - 6 September 2024
Monthly sector update August has been a quiet month for industry newsflow as companies gear up for half year announcements and markets await commentary on current trading and outlooks as we exit the summer period. On the macro data front, there has been positive movements on mortgage approvals with July seeing banks approve 62k mortgages, the highest since September 2022 as it closes in on the pre-pandemic average of c. 66k. Whilst consumer confidence was flat in August at -13, personal finance ...
- Andy Hanson
Building Products and Construction Round-Up - 7 August 2024
Collectively, the Building Products and Construction sectors had a strong performance over July, no doubt supported by positive statements made from the newly appointed Labour government, continued expansion in Construction PMI and the highly anticipated 25bp interest rate cut.
- Toby Thorrington
Norcros - Termination of coverage
Edison Investment Research is terminating coverage on AGBA (AGBA) and Norcros (NXR). 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.
- Andy Hanson
Zeus Building Products and Construction Round-Up - 2 July 2024
As we close off the first half of 2024, economic data has provided mixed signals with signs of improvements, albeit from a low base. GDP grew 0.7% in Q1 (QoQ), however, a timelier monthly estimate for April indicated no growth due to a rise in Services being offset by a fall in Production and Construction. This slightly contradicts what Construction PMI is reporting however, which saw activity rise at fastest pace in 2 years, with the index at 54.7 (April: 53.0). Residential projects grew only m...
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