Norcros maintains forecast as revenue rises in first quarter

Norcros PLC on Wednesday left its guidance unchanged and said its performance in the first quarter "continued to be solid".

The Wilmslow, Cheshire-based supplier of bathroom and kitchen products said revenue for the quarter to July 5 was up 3.1% from the previous year on a constant currency like-for-like basis.

Norcros said it "continued to drive growth" with gains in market share and price increases across both regions. It noted that this more than offset softness in underlying demand.

On a reported basis, revenue was 28% higher than last year, reflecting the contribution of Fibo since the acquisition in October.

"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 Chief Executive Officer Thomas Willcocks.

"Given our strong financial position, proven business model, and clear strategic focus, we remain confident in our ability to deliver further progress towards our medium-term ambitions."

Shares in Norcros were flat at 317.00 pence on Wednesday morning in London.

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