Norcros (LSE:NXR), the branded bathroom products group, told shareholders at its Annual General Meeting that the Board's expectations for the full year remain unchanged.
Group revenue for the 13 weeks to 5 July rose 3.1% ahead of the prior year on a constant currency, like-for-like basis.
Market share gains and price increases across both its regions offset softer underlying demand, the company said. On a reported basis, revenue climbed 27.9% year-on-year, reflecting the contribution of Fibo, the Norwegian wall panel business Norcros acquired in October 2025.
"The Group has made a solid start to the year, with performance in line with our expectations despite continuing challenges across our end markets," said Thomas Willcocks, Chief Executive Officer.
He added that the company's "strong financial position, proven business model, and clear strategic focus" support confidence in further progress toward its medium-term ambitions.
Norcros brands include Triton, Merlyn, Grant Westfield, Fibo, Vado, Croydex and Abode in Europe, alongside Tile Africa, TAL and House of Plumbing in South Africa.
News Intelligence what this means for the company
Norcros held full-year guidance unchanged after Q1 like-for-like revenue grew 3.1% on a constant currency basis, with reported growth of 27.9% boosted by the October 2025 Fibo acquisition. The company offset softer underlying demand through market share gains and price increases, signalling execution on its strategic pivot toward a capital-light, mid-premium bathroom model in the UK and Europe.
The reaffirmed guidance and modest organic growth amid market headwinds suggest the company is tracking to plan, but the 3.1% like-for-like expansion reflects pricing and mix rather than volume recovery. The Fibo contribution is material to reported growth (27.9% vs 3.1% organic), making near-term earnings dependent on integration success and the pending South African divestiture process.
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