Business
Pre close trading update
Pre close trading update.
About this update from Norcros Plc
[{"type":"text","content":"\n Norcros PLC\n18 April 2008\n\n\n\n\n\nNorcros plc\n\n(\"Norcros\", the \"Group\" or the \"Company\")\n\n\n\n\n\nPre-close Trading Update\n\n\n\nNorcros, the home consumer products group with operations primarily in the UK\nand South Africa, issues the following trading update for the year ended 30\nMarch 2008 in advance of the preliminary results which will be announced on\nThursday 19th June 2008.\n\n\n\nOverview\n\n\n\nWe expect to report that Group revenues will have increased by c.5% on a\nconstant currency basis to be in the region of £168 million (2007: £160\nmillion).\n\n\n\nUK\n\n\n\nTriton, the UK market leader in domestic showers, has continued to perform well,\nmaintaining its share in the electric segment and growing market share in the\nmixer segment. Overall revenues increased by c.1.7 % with domestic revenues up\nby c.4.4%.\n\n\n\nH & R Johnson, a leading UK manufacturer and supplier of ceramic tiles and tile\nadhesives, made good progress in the Trade and Multiple sectors. Domestic\nrevenues were c.5.6% ahead, offsetting the expected decline in export revenues.\nGood progress continues to be made with our UK adhesives business with revenue\ngrowth of c.40%.\n\n\n\nOur UK business is continuing to trade resiliently despite increasingly\ndifficult consumer markets and higher energy costs.\n\n\n\nSouth Africa\n\n\n\nIn South Africa overall revenues increased by c.12% on a constant currency\nbasis. Our retail operation, Tile Africa, increased revenues in constant\ncurrency by c.11%. Four new stores have been opened and four existing stores\nhave been upgraded. In addition, two former franchise stores have been acquired.\n\n\n\nTAL, our adhesive operation, increased revenues in constant currency by c.13%\nand Johnson Tiles, our tile manufacturing operation, increased revenues by c.7%\nin constant currency.\n\n\n\nAs previously reported, our operations in South Africa continue to be impacted\nby high interest rates, consumer uncertainty, power disruption and input cost\nincreases. However, our investment in new stores and store refurbishment is\ndelivering revenue benefits and has strengthened the market position of our\nbusiness.\n\n\n\nRest of the World\n\n\n\nOur wholly-owned subsidiary in Australia, selling tiles under the \"Johnson\"\nbrand, increased revenues by c.12% on a constant currency basis and con...