Strategic update: South African operations

12 May 2026

Strategic update: South African operations

Norcros plc ("Norcros" or the "Group"), a market-leading group of brands specialising in design-led, sustainable bathroom products across the UK, Ireland, Scandinavia, South Africa and select export markets, today provides a strategic update in relation to its South African operations ("Norcros SA").

Norcros continues to review its operations and portfolio as part of the Group's strategic priorities, in order to develop a capital-light, cash-generative bathroom business portfolio focused on mid-premium markets in the UK and Europe.  

Recent actions have included the exit from our manufacturing businesses of Johnson Tiles in the UK in 2024 and Johnson Tiles South Africa in June 2025. This was followed by the acquisition of Fibo in Norway in October 2025. Together these actions reflect the Group's continuing focus on both simplifying the portfolio and increasing exposure to more resilient mid-premium product segments and geographies.

Since our Capital Markets Day in May 2024, the UK and European business has continued to perform strongly and is trading in line with the financial targets set at the time. Norcros is the UK and Ireland's leading branded bathroom products group with a strong growth mandate and significant strategic flexibility, underpinned by operational excellence and a strong balance sheet.

Norcros South Africa update

The Board today announces its intention to explore options to sell the Group's remaining South African business, working closely with our South African management team.

Norcros SA is a separate legal and operating business unit, consisting of TAL (market leading tile adhesive manufacturer), Tile Africa (national tile and bathroom retailer) and House of Plumbing (regional plumbing merchanting business). Norcros SA is run by an experienced local management team and is profitable and cash generative. In the year ended April 2025, Norcros SA generated revenue of £99.4m and underlying operating profit of £6.7m¹ pre central cost overhead allocation.

We would expect any sale process, which would be subject to a customary South African competition review, to take approximately 12 months. A disposal would complete the strategic repositioning of the Group as a capital-light, brand-led bathroom products business focused on the UK and European markets.

Thomas Willcocks, Chief Executive Officer, said:

"Today marks the start of an important process for the Group and especially for our colleagues in South Africa. This is a significant strategic step for Norcros as we continue to build a more streamlined, capital-light and cash-generative business focused on mid-premium bathroom markets in the UK and Europe.

Norcros has had a presence in the region since 1954, with the business and its team playing a key role in helping Norcros develop into the business we are today. Norcros SA has an excellent management team, strong brands, is well invested and well positioned to grow, and I am confident that we can find the right new owners to support and accelerate that growth.

Throughout this process, we will focus on ensuring continuity for our customers, employees and suppliers and completing the transition with as little disruption to the team and day-to-day operations as possible."

Notes

¹ Norcros SA FY25 revenue excludes discontinued Johnson Tiles South Africa. Norcros SA FY25 underlying operating profit excludes discontinued Johnson Tiles South Africa and is pre central cost overhead allocation.

Notice of results

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

The information contained in this announcement 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. The person responsible for arranging the release of this announcement on behalf of Norcros plc is Richard Collins, Company Secretary.

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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