Bathroom supplies firm Norcros has predicted a "strong finish" to the year and raised profit expectations in a trading update to the markets this morning.
The shower and tiles maker, which operates brands including Triton and Johnson Tiles, said group revenue for the year is expected to be around £324m, with underlying profit to be at least £33m for the year to March 31.
That's compared to its previous guidance of £31m - and £32.2m reported in 2020.
According to the Wilmslow-based firm, it has seen a "strong recovery" in the second half with revenue at 120% of the prior year, compared to 83% in the first half of the year which was "severely impacted" by the Covid-19 pandemic, particularly in the first quarter.
Nick Kelsall, group chief executive, said: "The group has recovered very strongly from a period of unprecedented uncertainty. Our performance on all fronts is a testament to our business model and our employees, particularly against the backdrop of challenging markets as demand adjusts to the impact of the pandemic and Brexit.
"It is particularly pleasing to see how well our businesses both in the UK and South Africa responded, taking advantage of the growth opportunities in the RMI segments and continuing to gain market share, benefitting from their leading brands, supply chain infrastructure and stock availability.
"Whilst market conditions are likely to remain challenging, the board is confident that the group's highly experienced management teams, resilient business model, increased financial strength and our focussed growth strategy will continue to drive outperformance leading to further progress in the year ahead."
