The Norcros Plc Board recommends a final dividend of 6.8p per share (2023: 6.8p). This, combined with the interim dividend of 3.4p per share (2023: 3.4p), results in a total dividend of 10.2p per share (2023: 10.2p). The total dividend is equivalent to a dividend cover of 3.1 times, slightly lower than the year ended 31 March 2023 (3.7 times). The cash cost of the total dividend is £9.1m.
Other financial highlights include:
Robust performance in a challenging environment:
- UK and Ireland - record underlying profit of £38.4m (2023: £37.2m) and underlying operating profit margin of 13.6% (2023: 12.6%)
- South Africa - gradual market recovery post significant energy interruptions; well placed to gain market share
Strategy implementation driving market share gains and margin accretion:
- Portfolio development - successful sale of Johnson Tiles UK (post-year end) strengthens portfolio mix
- Organic growth - successful NPD, increased cross-selling and market-leading service
- Operational excellence - collaboration driving benefits of scale
- ESG - strong regulatory drivers enhance our competitive advantage; SBTi validation of carbon emissions targets
- Full year revenue of £392.1m (2023: £441.0m), 6.0% lower on a constant currency LFL basis
- Underlying operating profit of £43.2m, 8.7% lower than prior year (2023: £47.3m)
- Underlying operating margin of 11.0% (2023: 10.7%)
- Underlying net debt of £37.3m (2023: net debt of £49.9m) representing 0.8x net debt to underlying EBITDA
- Underlying ROCE of 16.4% (2023: 18.5%)
