Norcros has reported that group revenue for the 13 week trading period to 4th July 2021 is 117% higher than 2020 in its latest trading statement, which it says has been driven by the strength of both the UK and South African RMI markets. While 2020 was impacted by COVID, Norcros said that group revenue is still 22% higher on a constant currency basis than the same period in 2019.
The group, which operates in the UK under Triton, Merlyn, Vado, Croydex, Abode, Johnson Tiles and Norcros Adhesives, said that 'the UK business has continued to perform strongly', reflecting the increased activity in the RMI sector and market share gains with Triton and Merlyn continuing to perform 'extremely well'. Revenue for the 13 week period was 23% higher than in 2019.
CEO Nick Kelsall commented: "We have continued to outperform the market in the first quarter of this financial year with our focussed strategy, and market leading brands, supply chain, and customer service ensuring we capitalise on the strength of our proposition and the robust demand in our main markets. A normalisation of consumer spending patterns and continued supply chain and COVID-19 disruption mean that market conditions are likely to remain uncertain. Notwithstanding, the board remains confident that the group will continue to win market share and make progress in line with its expectations for the current year."