Norcros 13 Week Revenue To June 27 Up But Cautious On Outlook

28th Jul 2010 07:39

LONDON (Dow Jones)--Norcros PLC (NXR.LN), a home consumer products group, said Wednesday that revenue for the 13 week period to June 27 increased by 16.0% and by 8.7% on a constant currency basis relative to the comparable period last year, reflecting an increase of 11.8% in the group's U.K. operations and constant currency increases of 3.7% and 13.6% in our South African and Rest of the World operations respectively. MAIN FACTS: -The U.K. outlook for consumer spending remains uncertain and the decline in public sector investment will impact activity levels whilst the economy in South Africa is forecast to show only a slow recovery. -Management continues to focus on driving market share gains in the group's U.K. businesses and realizing the benefits of the operational improvements implemented in its South African retail and tile manufacturing operations. -U.K. businesses have maintained their strong performance despite the continuing tough market conditions. -Overall South Africa revenues were 19.9% ahead on a Sterling reported basis and 3.7% higher in constant currency despite the continuing low levels of building activity and subdued consumer spend. -Made an encouraging start to the current financial year but the Board remains appropriately cautious about prospects for the remainder of the year. -Shares closed Tuesday at 9.1 pence. By Iain Packham, Dow Jones Newswires; 44-20-7842-9269; [email protected] (END) Dow Jones Newswires July 28, 2010 02:39 ET (06:39 GMT)