16 April 2026

Year-end Trading and Board update

Trading update: Strong growth in revenue and profit in line with market expectations

Norcros plc ("Norcros" or the "Group"), the number one branded bathroom products business in the UK and Ireland, will announce its full year results for the 53 weeks to 5 April 2026 on 11 June 2026. In advance of this, the Group is pleased to provide the following trading update and an update on the Board.

Strategic execution driving revenue and profit momentum

The Group has continued to make material progress against its strategic and operational priorities over the last twelve months, with highlights including the acquisition of Fibo Holding AS ("Fibo") and the closure of our last tile manufacturing business. The Group now reports its UK, Ireland and mainland European operations together as a single European segment.

Reported¹ Group revenue growth is expected to be c.10% (approximately £393 million; 2025¹: £355.8 million), reflecting the contribution from Fibo and share gains in our markets which continue to be challenging. Like-for-like² ("LFL") constant currency³ ("CC") Group revenue growth for the period is expected to be approximately 0.5% ahead of the prior year. Mid-premium brand led RMI markets have remained stable, while new build activity continues to be weak across both Europe and South Africa. 

^{* Europe region includes core UK & Ireland businesses and newly acquired Fibo}

In our core European business, reported revenue is expected to be c.13.6% ahead of prior year, benefitting from the acquisition of Fibo in October 2025. This business has been successfully integrated into the Group and is trading in line with expectations. European LFL revenue was approximately 0.7% ahead of the prior year, with share gains and price increases offsetting soft demand, especially in new build.

In South Africa, revenue for the year is expected to be c. 2.2% higher on a reported basis with LFL revenue up 0.3%. Self-help initiatives, especially in our retail business, are starting to deliver market share growth albeit progress is partially offset by ongoing weakness in new build.

Group underlying continuing operating profit⁴ is expected to increase to at least £47.5 million (2025¹: £44.5 million) with underlying continuing profit before tax⁵ expected to be at least £40.4 million (2025¹: £37.8 million), in line with market expectations.

Financial position

The Group remains in a strong financial position with excellent cash generation and closing net debt (on a pre-IFRS 16 basis) expected to be approximately £67 million (net debt £36.8 million as at 30 March 2025 prior to the acquisition of Fibo). Leverage is currently approximately 1.2x underlying EBITDA, providing a solid foundation for further strategic progress.

In the period, the Group has extended its multicurrency revolving credit facility ("RCF") to £150 million through to December 2029, with a further year extension available. It also includes the option for an uncommitted accordion facility of £70 million.

Board Update

After 12 years with the Group, and five as CFO, James Eyre has informed the board of his decision to step down from the position within the next twelve months⁶. James has played a key role in the growth and repositioning of the business over this time, as the business has developed into the UK & Ireland's largest designer and supplier of branded bathroom products. We have mutually agreed that, in order to ensure an orderly transition, James will remain in position until the end of June and thereafter focus on key strategic projects for the remainder of his notice period. The search for James's successor will now commence, and a further update will be issued in due course.

Thomas Willcocks, Chief Executive Officer, said:

"Firstly, I would like to extend my sincere thanks to James, whom I have known and worked with for more than 12 years, for his significant and valued contribution, where he initially headed our acquisition-led strategy before stepping up as CFO. James' dedication and leadership have made a lasting mark, and I am pleased that we will work closely together to manage a smooth and successful transition.

Our business has the scale and balance sheet, including well-invested inventory levels, to maintain our excellent service levels. Despite challenging underlying market conditions, this trading update confirms the Group has performed strongly over the year operationally and strategically. While these conditions are likely to remain, especially in the near term as the potential wider impact of current events in the Middle East evolves, we are well placed, relative to many of our competitors, to make further market share gains.

Norcros operates a brand-led, capital-light and cash-generative model focused on delivering profitable growth, both organically and through targeted acquisitions. We are confident that we have the strategy, balance sheet, and operational know-how to support further strategic progress and the continued delivery of dependable through‑cycle returns for our shareholders."

James Eyre, Chief Financial Officer, said:

"Norcros is a great business, and it has been a privilege to work with our dedicated teams to grow into the largest branded bathroom products business in the UK & Ireland. This company, and the people in it, mean a great deal to me, and I am proud of what we have achieved together. The business is in a strong financial position with a tremendous future ahead."

Notice of results

The Group will announce its full year results for the 53 weeks ended 5 April 2026 on Thursday 11 June 2026.

Notes:

^1. Discontinued Johnson Tiles SA is not included in either the current or prior year figures

^2. LFL (like for like) adjusted from a 53 to 52 week period pro-rating and adjusting for Johnson Tiles UK which was sold in the prior year and Fibo which was acquired in the year

^3. CC refers to constant currency basis 

^4. Underlying operating profit is defined as operating profit from continuing operations before non-underlying and exceptional operating items

^5. Underlying profit before tax is defined as profit before tax from continuing operations before non-underlying and exceptional operating items

⁶. The information contained in this announcement included in the "Board Update" section is inside information as stipulated under the UK Market Abuse Regulation. Upon publication of this announcement, this inside information is now considered to be in the public domain. Note also that the information contained in this announcement is for information purposes only and does not purport to be complete and this information is subject to change.

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About Norcros

Norcros is a market leading group of brands specialising in design led, sustainable bathroom products across the UK, Ireland, Scandinavia, South Africa, and select export markets. Each of our brands offers mid-premium product ranges distinguished by their innovation, design, and commitment to sustainability, all backed by industry leading service to our trade and retail customers.

Through a strategic blend of acquisitions and organic growth, Norcros has become the UK and Ireland's number one bathroom products group. We see significant potential for further expansion within this large and fragmented market, accelerating growth and capturing market share through continued acquisitions, organic development, operational excellence, and meaningful ESG capabilities.

Norcros encompasses the renowned brands: Triton, Merlyn, Grant Westfield, Vado, Croydex, and Abode in the UK and Ireland, Fibo in Norway and Tile Africa, TAL, and House of Plumbing in South Africa.

Norcros is headquartered in Wilmslow, Cheshire and employs around 2,100 people. The Company is listed on the London Stock Exchange. For further information please visit the Company website: www.norcros.com