Business
Final Results
Final Results.
About this update from Norcros Plc
[{"type":"text","content":"\n\n \n15 June 2023\n \nNorcros plc\n \nResults for the year ended 31 March 2023\n \nRecord revenue and underlying operating profit and a strong financial position\n \n \nNorcros, a market leading supplier of high quality and innovative bathroom and kitchen products, today announces its results for the year ended 31 March 2023.\n \nFinancial Summary\n \n\n\n\n\n\n\n2023\n\n\n2022\n\n\n% change\n2023 v 2022\n\n\n\n\nRevenue\n\n\n£441.0m\n\n\n£396.3m\n\n\n+11.3%\n\n\n\n\nRevenue constant currency LFL1\n\n\n\n\n\n\n\n\n+1.5%\n\n\n\n\nUnderlying operating profit2\n\n\n£47.3m\n\n\n£41.8m\n\n\n+13.2%\n\n\n\n\nUnderlying profit before taxation2\n\n\n£41.8m\n\n\n£39.3m\n\n\n+6.4%\n\n\n\n\nDiluted underlying EPS2\n\n\n37.4p\n\n\n38.2p\n\n\n-2.1%\n\n\n\n\nUnderlying operating cash flow2\n\n\n£44.8m\n\n\n£28.6m\n\n\n+56.6%\n\n\n\n\nOperating profit\n\n\n£27.5m\n\n\n£36.2m\n\n\n-24.0%\n\n\n\n\nUnderlying net (debt)/cash2\n\n\n(£49.9m)\n\n\n£8.6m\n\n\n\n\n\n\n\nDividend per share\n\n\n10.2p\n\n\n10.0p\n\n\n+2.0%\n\n\n\n \n1 LFL - Like for like after adjusting for Grant Westfield, acquired 31 May 2022\n2 Definitions and reconciliations of alternative performance measures are provided in note 5\n \nHighlights\n· Resilience of the Group's business model in challenging market conditions\n· Strong execution of strategy\n· Record full year revenue of £441.0m (2022: £396.3m), 11.3% higher than prior year on a reported basis and 1.5% higher on a constant currency like for like basis after adjusting for Grant Westfield\n· Record underlying operating profit2 of £47.3m, 13.2% higher than prior year (2022: £41.8m)\n· Underlying net debt2 of £49.9m (2022: net cash of £8.6m)\n· Underlying ROCE2 of 18.5% (2022: 23.9%)\n· Diluted underlying EPS2 of 37.4p (2022: 38.2p)\n· Progressive dividend at 10.2p for the year (2022: 10.0p)\n· The acquisition of Grant Westfield completed in May 2022, successfully integrated and performing strongly\nCurrent trading\n· Group revenue in the two months to the end of May 2023 was 1.3% ahead of the strong prior year comparator on a reported b...