NXR audio 15 June 2026

Norcros has strengthened its core UK/Ireland operations, added a mainland European business, and exited capital-intensive non-core activities. European operations dominate, accounting for three quarters of group revenue and more than 90% of FY26 EBIT. South Africa delivered modest revenue growth, but tougher markets and weaker volumes diluted margins. Norcros’ balance sheet leaves scope for further investment, bolt-on M&A and continued dividend growth following an 8.7% increase in FY26 DPS. A proposed South African exit would complete Norcros' business reshaping, leaving a focused, brand-led European bathroom products group. With minimal changes to estimates, we keep our 400p per share fair value unchanged and note that this is 47% above the current share price.