Norcros Delivers Solid Q1 Results and Expands with Strategic Acquisition

Norcros plc (LSE:NXR), a leading supplier of bathroom products in the UK and Ireland, has reported a stable performance for the first quarter of 2025, with revenues marginally exceeding those from the same period last year. Despite a difficult trading environment, the company continues to gain market share and remains on track to meet its medium-term growth objectives.

A key highlight of the quarter is the proposed acquisition of Fibo Holding AS, a move expected to strengthen Norcros’s presence in the European waterproof wall coverings market. The transaction is currently awaiting regulatory approval. Additionally, the planned closure of the Johnson Tiles manufacturing site in South Africa has been successfully completed.

Norcros’s outlook presents a balanced picture. On the positive side, strong technical indicators and recent strategic developments support confidence in the company’s long-term growth potential. However, ongoing concerns around profitability, financial leverage, and a relatively high price-to-earnings ratio raise some caution regarding current valuation levels.

About Norcros plc

Headquartered in Wilmslow, Cheshire, Norcros is a specialist in stylish, sustainable bathroom and kitchen solutions. The company operates across the UK, Ireland, South Africa, and selected international markets. Its portfolio includes well-known brands such as Triton, MERLYN, VADO, Grant Westfield, Croydex, and Abode in the UK, alongside Tile Africa, TAL, and House of Plumbing in South Africa. Norcros employs approximately 2,000 people and is listed on the London Stock Exchange.

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