Norcros PLC (NXR.L), a bathroom and kitchen products maker, Thursday reported sharply lower profit in its fiscal 2025, with weak revenues. Further, the company lifted dividend, and said its fiscal 2026 expectations remain unchanged.
Regarding the current trading, the company said Group revenue in the two months to May 2025 was 1.8 percent below the prior year on a constant currency like for like basis.
Market conditions are likely to remain uncertain, with the pace of recovery in the new build sector still unclear, however, the RMI sector remains resilient.
Over the medium term, the company continues to project organic growth at 2 percent to 3 percent above the market and Group underlying operating profit margin to reach 15 percent.
Thomas Willcocks, CEO, said, "In the context of current market challenges, I am pleased with the performance over this period and excited by the significant opportunities that remain in the more resilient mid-premium market segments where we hold leading positions.... Whilst we are beginning to see some early evidence of a level of confidence starting to return to the sector, especially in new build, we are not reliant on any major recovery to deliver further progress against our medium term targets and as a result, the Board's expectations for FY26 remain unchanged."
Further, the company said its Board is recommending a final dividend of 6.9 pence per share, higher than last year's 6.8 pence. The total dividend for the year would be 10.4 pence per share, up 2 percent from last year.
The final dividend, if approved at the Annual General Meeting, will be payable on August 1 to shareholders on the register on June 27.
In fiscal 2025, the company's profit before taxation plunged to 2.0 million pounds from last year's 32.6 million pounds. Earnings per share fell to 3.9 pence from 29.8 pence a year ago.
Underlying profit before tax was 36.5 million pounds, compared to 36.4 million pounds last year. Underlying earnings per share were 32.4 pence, compared to 32.1 pence last year.
Revenue dropped 6.1 percent to 368.1 million pounds from last year's 392.1 million pounds.
Group revenue increased by 0.9 percent on a constant currency like for like basis after adjusting for Johnson Tiles UK disposal in May 2024, and Norcros Adhesives, closed in June 2023.
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