Norcros PLC (LON:NXR), the supplier of bathroom and kitchen products, has raised profits guidance again.
The company, which increased full-year guidance in its trading update at the end of March, said it had continued to outperform its previous expectations in March and ended the year strongly.
As a result, the board now expects underlying profit for the year to the end of March 2021 to be at least £33mln, having previously indicated profits would be no less than £31mln. The new guidance means the company is set to top the previous year’s profit of £32.3mln.
Group revenue for the year is expected to be in the region of £324mln (2020: £342mln), down 5% on a reported basis but 1% higher on a like-for-like constant currency basis (the previous year had an extra week in it).
The group has not totted up the final numbers but thinks it was net cash positive at the end of March to the tune of £10mln or so, compared to net debt of £36.4mln a year earlier.
Mark Allen, the non-executive chair of the group, looks to have chosen a good time to bow out. He has stepped down and for now has been replaced by David McKeith, the board’s senior independent director.
"It is with a great deal of sadness that I have tendered my resignation from the board of Norcros. Unfortunately, my other business commitments do not allow me sufficient time to devote to the company,” Allen said.
Shares in Norcros were up 4.2% at 300p in mid-morning trading.