Norcros – ahead of this week’s AGM Trading Statement, this group’s shares have strong appeal at 313p
Mark Watson-Mitchell - 20.07.2026
“We are ready for our next phase of growth.”
This coming Wednesday, 22nd July, will see the Norcros (LON:NXR) group hold its AGM to approve its 2026 Final Results.
Considering the sector in which it operates, they were actually pretty good, while the bathroom and kitchen products group has indicated that it is excited by the significant opportunities in the resilient mid-premium market segments in which it holds leading positions.
The group’s shares, which are currently trading at around the 313p level, have in the last year been as low as 252p and as high as 374p.
It is hoped that this week’s AGM Trading Statement will help to push the shares back over that top level.
The Business
Based in Wilmslow, Cheshire, the £280m capitalised Norcros is a group of market-leading brands that design and supply sustainable bathroom and kitchen products in the UK, Ireland, Norway and Scandinavia, and South Africa, in addition to selected export markets.
It is the UK & Ireland’s number one bathroom products group, whilst holding the number two position in the same group in South Africa.
The business invests in and grows design-led, capital-light branded bathroom product businesses.
Its decentralised collaborative model enables entrepreneurial management teams to operate independently while benefiting from the advantages of its collective scale.
Norcros includes the renowned brands Triton, Merlyn, Grant Westfield, Fibo, Vado, Croydex, and Abode in Europe, and Tile Africa, TAL, and House of Plumbing in South Africa.
Each of the group’s brands offers mid-premium product ranges distinguished by in-house design, a strong and growing commitment to sustainability, and industry-leading service for trade and retail customers.
Recent Results
On Thursday, 11th June, the group reported a strong set of results for the 53 weeks to Sunday, 5th April, with group revenue increasing by 10.6% to £393.4m driven by the acquisition of Fibo and market share gains.
Underlying operating profit rose 7.9% to £48.0m, and underlying profit before tax grew 8.2% to £40.9m.
The company achieved excellent cash conversion of 116% and increased its full-year dividend by 8.7% to 11.3p per share.
Strategic progress included the acquisition of Fibo and the intention to explore selling the remaining South African business, positioning Norcros for sustained growth in its core European markets.
Management Comment
CEO Thomas Willocks stated that:
"The past year has been pivotal for Norcros as we delivered another strong set of results alongside significant strategic progress to reshape and strengthen the Group for the long term.
We have seen a strong performance across our core European markets supported by the successful acquisition of Fibo in Norway.
Margins have again improved in the UK and Ireland offset by a softer performance in South Africa, increased Group investment to support growth initiatives, and as expected, some initial margin dilution from the Fibo acquisition.
Our businesses have leading branded market positions, well-invested inventory levels and deep supplier and customer relationships.
This, together with our collective scale, means we are able to perform through periods of volatility and to take market share opportunities that arise at times such as these.
We have further simplified the Group's portfolio and increased exposure to the more resilient mid-premium markets, taking a number of important strategic steps during the year as we continue to sharpen the Group's focus on sustainable bathroom products.
We continue to build momentum, with share gains and progress being made across our strategic priorities.
Supported by our strong financial position and proven through-cycle model, whilst market conditions remain uncertain, we are confident in our ability to deliver further progress towards our medium-term ambitions in the year ahead."
The Equity
There are some 90.2m shares in issue.
The larger holders include J.O. Hambro Capital Management (10.05%), FIL Investment Advisors (UK) (9.79%), Canaccord Genuity Wealth (5.08%), Fidelity Management & Research (5.07%), Premier Fund Managers (4.79%), River Global Investors (4.75%), RGI Fund Management (4.73%), Allianz Global Investors UK (4.39%), Janus Henderson Investors UK (4.31%), and M&G Investment Management (4.28%).
Broker Views
There are at least five analysts closely following the group, each calling the shares a Buy.
The consensus average Target Price is 451p, with the Lowest at 375p and the Highest at 630p.
Analyst Andy Hanson, at Zeus Capital, rates the shares as a Buy, with a 500p Target Price.
For the current year to end-March 2027, Hanson estimates revenues of £436.1m (£393.4m), with adjusted pre-tax profits of £46.2m (£40.9m), generating earnings of 38.9p (35.8p) while more than trebling the cover for a dividend of 11.8p (11.3p) per share.
The 2028 year could see £448.7m sales, £50.3m profits, 42.3p of earnings and paying 12.2p in dividends.
Further ahead Zeus Capital’s estimates for 2029 are £459.7m sales, £53.5m profits, 45.0p earnings and a 12.6p per share dividend.
House broker Shore Capital has a 630p Target Price on the shares, while Berenberg Bank has a 440p TP on its Buy note.
My View
The group sees significant opportunity for further expansion, focused primarily on the large and fragmented European market.
It is aiming to accelerate its growth and increase its market share through organic growth, selective acquisitions, and strengthening its operational excellence.
The possibility of selling off its South African interests would bolster the balance sheet and streamline its expanding operations.
The shares at 313p offer upside potential to at least 375p.
(Profile 20.08.19 @ 214o set a Target Price of 321p*)
(Profile 20.06.24 @ 219p set a Target Price of 260p*)
(Profile 15.10.25 @ 282p sets a new Target Price of 351p*)
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