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Trading profit up for Norcros despite commodity price hikes
Thursday, 17th November 2011
Norcros, the home consumer products group shows significant revenue growth of 8.6% for the half year to end of September. Trading profit for the 26-week period is up despite significant energy and commodity price increases.
The company resolved a significant legacy lease issue for £7.8m generating cash saving of £3.3m p.a.
Sale of surplus land to WM Morrison Supermarkets plc remains subject to planning consent. The company remains in a strong financial position - net debt before prepaid finance costs at £18.1m ; 1x EBITDA and a new £51m bank facility was agreed on improved terms through to Oct 2015.
John Brown, Chairman, commented:"Norcros has delivered a solid performance in the last six months. The Group will benefit from management's self-help actions to reduce costs, improve manufacturing efficiencies and implement selective price increases in the second half.
"Although we expect market conditions to remain challenging in both the UK and South Africa, we have a strong financial position and new banking facilities until 2015. The Group is well positioned to improve margins and make further progress."
At 9:16am: (LON:NXR) share price was +0.38p at 11.5p
Story provided by StockMarketWire.com
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