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Norcros PLC - Smartest player in the smallest room

Norcros PLC (LON:NXR) is a market leader in supplying innovative branded showers, taps, bathroom accessories, tiles, and adhesives. The company operates a multi-brand strategy, with operations primarily in the UK and South Africa.
Norcros PLC - Smartest player in the smallest room

We note that the company has an IAS-19 pension deficit of £52.1m (Sep 2017 valuation), which may be an issue for some investors. However, whilst the IAS accounting valuation has been very volatile recently, driven by UK interest rates, the cash contribution remains steady at £2.5m + CPI. We believe that the cash cost is the relevant way to view this, and it does not undermine the valuation case.

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