Norcros (NXR)

Business description

Norcros is a leading supplier of showers, tiles, taps and related fittings and accessories for bathrooms, washrooms and other commercial environments. It has operations in the UK and South Africa, with some export activity from both countries.

Stock data

Market cap.£111.8m
Last close181.38p
High / Low (52 weeks)185.0p / 138.0p
Stock market listingLN
Forecast net debt (£m)26.8
Forecast gearing ratio (%)98
SectorConstruction & Building Materials

Price performance

Relative *7.615.5(19.4)

* % Relative to local index

Other companies in sector Show

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Investment summary

An in-line FY17 year-end update pointed to an improved H2 trading period for UK-based operations and good ongoing progress in South Africa. The update indicated group revenues of c £271m for the year, which is slightly above our estimate – existing UK operations (before acquisitions) appear to be the driver. H117 was a comparatively tough trading period for these businesses, so the second-half bounce-back is encouraging. We understand that more regular demand was seen across most UK channels with a better export picture too. Acquired UK businesses also performed well. We note that the well-publicised economic challenges in South Africa have not affected trading and like-for-like progress remained very healthy. Results are due to be published on 14 June.

Last updated on 01/06/2017

Y/E Mar Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2015A 222.1 24.3 14.0 18.0 10.1 6.6
2016A 235.9 28.0 18.5 24.7 7.3 5.9
2017E 266.3 31.4 20.2 24.0 7.6 4.8
2018E 274.4 32.9 21.8 25.7 7.1 4.0

Last updated on 19/04/2017

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Industry outlook

In the UK, the residential new-build sector has rebounded well and there is impetus for this to continue. RMI spending has not recovered at the same rate. Sustained progress in real average incomes and confidence in asset prices would be supportive for RMI recovery also. The South African economy is currently facing a number of challenges; wider distribution of wealth and an emerging middle class should benefit consumer spending over time.

Last updated on 01/06/2017

Key management

Nick Kelsall, CEO
Shaun Smith, CFO

Company address

Ladyfield House
Station Road
United Kingdom
+44 (0)1625 547 700
View website