Norcros reports "robust" performance in first half

17th Nov 2016 10:22

(ShareCast News) - Norcros, supplier of innovative bathroom accessories, recorded a "robust" and "resilient" performance during the first half.The group's revenue rose 8.5% to £128.8m in the six months ended 30 September 2016, with profit before tax up 10% to £7.7m and diluted underlying earnings per share rose 9.3% to 12.9p.Interim dividend rose 9.1% to 2.4p. Underlying operating cash flow increased by 20.3% to £16m,with underlying cash generation taking up 113% of underlying earnings before interest tax depreciation and amortisation (EBITDA).Net debt fell to £27.5m from £29.2mLooking forward the chairman Martin Towers said: "With our strong brands, leading market positions and continued self-help initiatives focused on market share gain the group is well positioned to make further progress. Given the encouraging performance in the first half of the year, the board expects the group to achieve underlying operating profit in line with its expectations for the year to 31 March 2017."The share price rose 0.17% to 148p at 1428 GMT on Thursday.