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.£105.9m
Last close171.75p
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 *(2.4)0.7(5.5)

* % Relative to local index

Other companies in sector Show

Company news

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Wed, 16 Aug 2017 10:17:45 GMT

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Investment summary

All in all, FY17 was a satisfying year for Norcros. Against the prior year, underlying PBT increased by c 12%, EPS was flat (due to a normalised tax charge) and DPS rose by c 9%. A strong H2 in the UK and solid positive contributions from acquisitions and South Africa contributed to this outturn. Good cash generation resulted in year-end net debt of £23.2m, representing 0.7x FY17 EBITDA. Notwithstanding some market caveats, management remains confident of achieving further progress in FY18. Our estimates are under review.

Last updated on 03/08/2017

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 9.5 6.3
2016A 235.9 28.0 18.5 24.7 7.0 5.6
2017E 266.3 31.4 20.2 24.0 7.2 4.5
2018E 274.4 32.9 21.8 25.7 6.7 3.8

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 03/08/2017

Key management

Nick Kelsall, CEO
Shaun Smith, CFO

Company address

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