Business
Interim Management Statement and Re-financing
Interim Management Statement and Re-financing.
About this update from Norcros Plc
[{"type":"text","content":"\n \nRNS Number : 0376N Norcros PLC 23 July 2014 \n \n\n \n \n23 July 2014\nNorcros \n \n(\"Norcros\", the \"Group\" or the \"Company\")\n \nInterim Management Statement and Re-financing\n \nAhead of its AGM, Norcros, the market leading supplier of innovative branded showers, taps, bathroom accessories, tiles and adhesives, publishes its Interim Management Statement covering the 13 week trading period to 29 June 2014. The Group also announces that it has entered into a new £70m committed, unsecured revolving credit facility with a £30m accordion facility to July 2019.\n \nTrading\n \nGroup revenue from continuing operations for the 13 week period was 0.9% higher on a constant currency basis compared to the same period last year but 5.7% lower in Sterling reflecting a weaker South African Rand. \n \nMarket conditions remain mixed for our UK businesses. Revenue from the UK market was 1.4% higher than the same period last year with continued growth in the trade sector of 4.2% but with the retail sector 3.7% lower. Export revenue was however 13.2% lower reflecting the timing of commercial projects in Vado outweighing good export growth in Triton. This left total revenue from our UK businesses for the 13 week period 1.6% lower than the same period last year.\n \nRevenue at Triton for the 13 week period was 2.6% lower than the same period last year. UK revenue was 6.9% lower with revenue from the trade sector 13.8% lower due to destocking and internal restructuring in the national merchants. Retail sector revenue was 5.3% lower albeit improving through the 13 week period. Export revenue, which is predominantly derived from Ireland and accounts for 19% of overall Triton revenue, performed well in the period growing 21.3%.\n \nVado continued its strong UK revenue growth for the 13 week period at 18.5% ahead of last year but was offset by export revenue 35% lower, reflecting commercial project timing and distributor destocking in the Middle East which is expected to correct in the balance of the financial year. This left total revenue for the 13 week period 6.4% lower than last year. \n \nRevenue at Johnson Tiles for the 13 week period was 0.9% lower than the same period last year. UK trade revenue continued to improve, being 11.8% higher. However, UK retail revenue ...