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Trading statements

Norcros says Q1 trading in line with director views

27 July 2016 07:52

Norcros said its overall trading for q1 was in line with directors' expectations.

Group revenue for the 13 week period was 18.5% higher on a constant currency basis compared to the same period last year and 13.0% higher in Sterling terms reflecting a weaker South African Rand.

On a constant currency like for like basis (excluding acquisitions*) Group revenue was 2.6% higher than the same period last year.

UK revenue was 18.3% higher than the same period last year including revenues from Croydex and Abode, with both businesses performing in line with the Board's expectations.

On a like for like basis (excluding acquisitions*), UK revenue was 5.0% lower than in the same period last year reflecting the ongoing challenging conditions in a number of UK retail channels notwithstanding a resilient trade performance.

This was more than offset by the sustained progress in our South African business which grew revenue by 19.0% on a constant currency basis and by 3.0% in Sterling terms.

"Although it is too early to judge the effect the EU referendum result may have on activity levels in our businesses the Board is monitoring the position and will effect mitigating actions in response to any change in demand," the company said.

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Related Company: NXR

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