Business
Results for the year ended 31 March 2018
Results for the year ended 31 March 2018.
About this update from Norcros Plc
[{"type":"text","content":"\n \nRNS Number : 1829R Norcros PLC 13 June 2018 \n\n \n \n13 June 2018\n \nNorcros plc\n \nResults for the year ended 31 March 2018\n \n'Excellent progress towards our strategic objectives.'\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 2018.\n \nFinancial Summary\n \n\n\n\n\n \n\n\n2018\n\n\n2017\n\n\n% change as reported\n\n\n% change at constant currency\n\n\n\n\nRevenue\n\n\n £300.1m\n\n\n £271.2m\n\n\n+10.7%\n\n\n+8.6%\n\n\n\n\nUnderlying operating profit*\n\n\n£27.4m\n\n\n£23.8m\n\n\n+15.1%\n\n\n \n\n\n\n\nUnderlying profit before taxation*\n\n\n£26.3m\n\n\n£22.9m\n\n\n+14.8%\n\n\n \n\n\n\n\nUnderlying diluted EPS*\n\n\n29.5p\n\n\n27.8p\n\n\n+6.1%\n\n\n \n\n\n\n\nUnderlying operating cash flow*\n\n\n£31.0m\n\n\n£29.8m\n\n\n+4.0%\n\n\n \n\n\n\n\nOperating profit\n\n\n£19.6m\n\n\n£16.8m\n\n\n+16.7%\n\n\n \n\n\n\n\nNet debt\n\n\n£47.1m\n\n\n£23.2m\n\n\n \n\n\n \n\n\n\n\nDividend per share\n\n\n7.8p\n\n\n7.2p\n\n\n+8.3%\n\n\n \n\n\n\n\n \n * Definitions of alternative performance measures are provided in note 5.\n \n Highlights\n· Ninth consecutive year of growth\n· Revenue up 10.7% at £300.1m (2017: £271.2m) \n· Underlying operating profit up 15.1% at £27.4m (2017: £23.8m)\n· Group operating profit was £19.6m (2017: £16.8m)\n· Acquisition of Merlyn trading strongly, in line with expectations and fully integrated\n· Further progress towards new strategic growth target\n· Strong cash conversion \n· Underlying ROCE at 18.0% (2017: 18.4%) - ahead of strategic target \n· Full year dividend increased by 8.3% to 7.8p\n \nMartin Towers, Chairman, commented:\n \n\"I am delighted to announce that Norcros has recorded its ninth consecutive year of revenue and underlying operating profit growth and has also continued to make excellent progress towards its strategic objectives with the acquisition of the Merlyn business in the year. The Group has delivered another strong performance despite challenging market conditions, reflecting the successful acquisition strategy and the sustai...