Norcros plc trading update analysis 15 October 2026

Equity Development2 hours ago1:04

Norcros continues to navigate uncertain market conditions well, making good y-o-y progress, with revenue and EBIT growth of 19% and c12% respectively in H1 27. This equates to £220m revenue and at least £24.6m operating profit – with an 11.2% margin – for the first six months of the year. Underlying, local currency revenue growth of 1.5% for the UK/Ireland and South African operations was supplemented by the contribution of Fibo (a Norway-based producer of waterproof wall panels, acquired in the second half of FY26) which is trading to plan. Norcros also generated more than £10m net cash in the period, leaving period end net debt of £55m or 1.1x leverage – with the prospect of further cash inflow in the second half. Although markets are set to remain subdued in H2, guidance and our estimates are unchanged. Norcros’ share price is in the lower half of its 12 month trading range and valuation multiples look attractive. Our fair value estimate of 400p per share is unchanged. Read our research note here: https://www.equitydevelopment.co.uk/research/strong-execution-and-generating-cash

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