Norcros reported full-year revenue of £393.40 million, an increase of 10.6% from the prior period, narrowly underperforming the analyst consensus of £393.94 million. The company's adjusted earnings per share rose 7.2% to £0.36, ahead of the £0.34 consensus compiled from seven analysts.
On a profitability basis, Norcros' adjusted operating profit reached £48.0 million, topping the forecast of £43.03 million, while adjusted pretax profit was reported at £40.90 million versus an estimated £40.24 million. Statutory operating profit for the period stood at £22.20 million.
Strategic portfolio moves featured in the statement. Norcros completed its acquisition of Fibo in Norway during the fiscal year and simultaneously withdrew from tile manufacturing operations in South Africa. Management said the Fibo acquisition contributed to both revenue and profit growth and extended the group's geographic presence and scale.
Cash generation remained a bright spot: adjusted free cash flow for the year was £57.60 million. The board announced a dividend of £0.11 per share.
Looking at more recent trading, group revenue for the two months to the end of May was 3.1% higher on a constant currency like-for-like basis. Norcros described the trading backdrop as uneven - market conditions are expected to remain subdued overall, with the new build sector singled out as particularly weak. By contrast, the mid-premium repair, maintenance and improvement sector showed greater resilience in the period.
The company reiterated its expectations for the fiscal year 2027 despite ongoing market uncertainty. Management attributed the group's organic revenue momentum to a combination of new product launches, cross-selling activity and service levels that outperformed the market.
Geographically, European operations delivered stronger results, with like-for-like operating margins improving and helping to offset a softer performance in South Africa following the exit from tile manufacturing there.
Contextual summary - Norcros' full-year results show a mixed picture: top-line growth supported by recent M&A and operational initiatives, improved adjusted profitability and solid cash flow, alongside persistent weakness in selected end markets and regions.