Updates

Norcros - Another acquisition

May 2016

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Ahead of reporting on 14 June, Norcros said trading for the year to end March was marginally ahead of expectations and marks its seventh year of consecutive growth. UK revenue is up 9.3% reflecting a first time contribution from Croydex (+2.9% organic). The South African business continued to perform strongly recording 15% constant currency revenue growth.Separately, Norcros announced the acquisition of Abode, a designer and distributor of kitchen and bathroom taps and kitchen sinks. For the year ended June 2015, Abode had sales of £9.9m and pretax profit of £0.7m. Norcros has paid £4.8m making the deal eps enhancing.Post the deal net debt is £33m. Norcros also announced that a ...

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