https://www.londonstockexchange.com/new ... s/15011480
· Very strong recovery from a period of unprecedented uncertainty with second half revenue growth of 19.5% on a constant currency like for like basis
· Full year revenue of £324.2m (2020: £342.0m). 0.7% higher than prior year on a constant currency like for like basis
· Underlying operating profit of £33.8m, 4.6% higher than prior year (2020: £32.3m)
· Operating profit of £24.9m (2020: £17.8m)
· Strong cash generation in the year of £46.9m has significantly strengthened the balance sheet with net cash of £10.5m (2020: net debt of £36.4m)
· Underlying ROCE above strategic target rate at 18.2% (2020: 16.4%)
· Diluted underlying EPS of 31.1p, 10.3% higher than prior year (2020: 28.2p)
· Reinstatement of dividend at 8.2p for the year (2020: 3.1p)
· Strong trading momentum has continued into April and May 2021 with Group revenue ahead of the comparable period in 2019 by approximately 23%
David McKeith, Acting Chair, commented:
"Norcros has recovered very strongly from a period of unprecedented global disruption and uncertainty caused by the COVID-19 pandemic. The resilience of the Group's business model and strategy is proving to be highly effective; this was particularly evident in the last financial year as we outperformed the market in the most unpredictable trading environment we have ever experienced. The Board is confident that this outperformance can be sustained."
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Norcros plc, a market leading supplier of high quality and innovative bathroom and kitchen products today announces that Shaun Smith, Chief Financial Officer, has notified the Board of his intention to retire as a director of the Company to pursue a non-executive director career, which the Board has accepted with effect from 31 July 2021. Mr Smith will remain an employee of the Company during the handover period to his successor and his retirement from the Company will take effect on 31 December 2021.
Norcros has concluded a thorough recruitment process with the decision to appoint James Eyre as successor. James has been the Group's Director of Corporate Development and Strategy, leading acquisitions at Norcros since 2014 and will assume the role of Chief Financial Officer effective 1 August 2021. James is a Chartered Accountant and has held senior finance roles at AstraZeneca, Bank of Ireland and N M Rothschild prior to joining Norcros.
Commenting on these changes, Nick Kelsall, Chief Executive Officer, said:
"We have accepted Shaun's decision to retire with considerable regret and I would like to put on record the Board's appreciation of his valued contribution as CFO of Norcros since 2016. We are delighted to promote James Eyre as our new CFO who I know will provide both strong continuity and financial stewardship given his experience and deep knowledge of our Group. I wish James every success in his new role and Shaun best wishes for the future."
Management wil 600 mio omzet tegen 2025.
Mooie FCF, leuke ROCE = sit back and relax.
Het is hier nu wel een positie van ~13% ondertussen, maar het zal toch dicht bij £4 moeten zijn voordat ik een eerste pakket verkoop.
Bij dit soort aandelen waar het management keer op keer overnames succesvol integreert moet je eigenlijk hopen dat ze perpetueel onder je koersdoel bungelen.