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Norcros - Doubling down on waterproof coverings with FIBO - EPS enhancing

August 2025

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Since taking the reins in April ‘23, CEO Thomas Willcocks has wasted no time reshaping Norcros - selling off the UK tiles division, this month announcing the closure of the South African tile operations, and pivoting the group decisively toward higher-growth categories. After snapping up Grant Westfield, a supplier of waterproof, decorative wall panels, he’s now doubling down with the acquisition of Fibo. As he said to me this month, the South African tile producing kilns it operated were 25 years old and have been usurped by newer low cost rivals. Closing the plant and selling off residual tiles, a process expected to take 18 months, will release c£15m capital, which can be put to better use in new areas. Fibo, which fills ...

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