Updates

Norcros - Imminent disposal of lossmaking SA tile business is transformational

July 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.

Thomas Willcocks looks set to divest Norcros’ capital-intensive South African tiles business by the end of next month - a long-anticipated move that should lift group margins and free up capital for new higher-return areas. With this nearing resolution, the shares have been moving steadily higher. For FY25, sales fell by 6% to £368m, reflecting broader market headwinds. Operating profit held steady at £43m. In the UK, sales were down 9%, but only 1% on a like-for-like basis, supported by market share gains. Operating profit grew by 4% to a record £40m, with margins increasing 190 basis points to 15.5%. Norcros’s positioning in the more resilient mid-premium segment of the market underpinned this performance. Growth was espe ...

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Norcros - Doubling down on waterproof coverings with FIBO - EPS enhancing (August 2025)

Norcros (November 2024)

Norcros - A beneficiary as gas boilers are set to be phased out of new builds (September 2024)

Norcros (July 2016)

Norcros - Another acquisition (May 2016)

Norcross (December 2015)

Norcros - Plans to grow sales to £420m within three years (July 2015)

With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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