Norcros
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Re: Norcros
Dat is origineel: een bedrijf met relatief een hoop pensioenverplichtingen in een PFjens_dev schreef: ↑29 aug 2020 12:54Zonder Norcros zou m'n portefeuille groen noteren voor 2020. Het verlies dit jaar is 2x zo groot als dat van AB InBev. Even bij stilstaan dus.
Is die koershalvering van dit jaar terecht? Ik denk persoonlijk totaal van niet. Je bent natuurlijk één halfjaar kwijt, maar de koers doet uitschijnen alsof de resultaten niet zullen herstellen, wat toch in strijd is met de omzetgegevens die Norcros enkele weken geleden gaf. Ik weet niet of ze volgend boekjaar al terug op het niveau zullen zijn als vorig boekjaar; misschien nog ietsje eronder, maar zelfs dan is de onderwaardering volgens mij enorm. Werken mensen plots niet meer aan hun huizen? Wordt er niet meer of minder gerenoveerd? Ik heb er persoonlijk goede hoop op. Norcros is een volatiel aandeel. Een +50% tegen het einde van het jaar zou me niet verbazen.
5,4% van PF door de gedaalde koers.

mvg
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Re: Norcros
In Londen stijgt Kingfisher (Castorama, Brico Depot) ruim 2 procent. De thuisblijvers sloegen volop aan het bricoleren en dat leidde tot een mooie stijging van de halfjaarwinst.
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Re: Norcros
Pension schemes
On an IAS 19R accounting basis, the gross defined benefit pension scheme valuation of the UK scheme showed a deficit of £48.9m compared to a deficit of £31.6m last year. Whilst the present value of scheme liabilities fell by £17.2m mainly due to a fall in long-term inflation expectations, the value of scheme assets fell by £34.5m primarily due to the negative impact of COVID-19 on the financial markets. The triennial actuarial valuation for the Group’s UK defined benefit pension scheme as at 1 April 2018 reported an actuarial deficit of £49.3m (2015: £73.5m) representing an 89% funding level (2015: 84%). The deficit recovery plan was agreed with the scheme Trustee, with a cash contribution of £3.3m per annum plus CPI, payable for the 6.5 years to 30 September 2025. In line with the above agreement the Group made deficit recovery contributions of £3.3m (2019: £2.6m) into its UK defined benefit pension scheme during the year. The Group’s contributions to its defined contribution pension schemes were £3.5m (2019: £3.3m).
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Inderdaad zeer volatiel aandeel, maar was ook voor corona al het geval. Verwacht tegen begin van volgend jaar een opwaardering want denk dat de cijfers minder dramatisch gaan zijn dan wat men nu verwacht. Dividend in Januari zou een steentje bijdragen.
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Re: Norcros
15 October 2020
Trading Update
Norcros plc ("Norcros" or the "Group"), a market leading supplier of high quality and innovative bathroom and kitchen products, will announce its interim results for the 26-week period ended 4 October 2020 on 12 November 2020. In advance of this, the Group is providing the following trading update.
Trading
Since the AGM update in July, the strong trading momentum has continued with a marked recovery in demand in the second quarter in both the UK and South African businesses. This has resulted in the Group delivering a sustained level of profitability in the second quarter combined with excellent cash generation as our pre COVID-19 inventory levels continued to satisfy customer demand. Group revenue for the second quarter (13 weeks: 2019 14 weeks) is expected to be 105% of prior year on a constant currency like for like2 basis reflecting market share gains in our major channels.
Group revenue for the 26-week first half (2019: 27 weeks) is expected to be approximately £135.3m (2019: £181.2m), 75% of prior year revenue on a reported basis, 80% on a constant currency basis and 83% on a constant currency like for like2 basis.
Our UK business has continued to perform strongly and we expect to report H1 revenue of approximately £93.7m (2019: £115.6m), with second quarter revenue at 104% and half year revenue at 84% on a like for like2 basis. Merlyn, Triton and Vado experienced a marked recovery in the second quarter with revenue ahead of prior year on a like for like2 basis benefiting from their leading market positions, stock availability and superior service.
Our South African business also continued to make good progress and we expect to report H1 revenue of approximately £41.6m (2019: £65.6m), with second quarter revenue at 106% and half year revenue at 79% of the same period last year on a constant currency like for like2 basis. The performance reflects a strong recovery in the Tile Africa business in the retail renovation market.
Financial Performance and Position
Reflecting the strong recovery in trading in the second quarter and the decisive actions taken to deal with the unprecedented impact of COVID-19 it is pleasing that the Group is expected to report a pre-IFRS 16 underlying operating profit of approximately £12m for the first half (2019: £17.1m), underlining the resilience of the Group's business model, the strength of its market leading positions and its well established supply chains.
As a result of the strong recovery in trading and the continued focus on cost alignment and cash preservation it is expected that Group net debt will have reduced to circa £8.0m at the half year (2019: £41.1m). This is a significant reduction on the £36.4m reported at the year end and in leverage with Net Debt: LTM EBITDA of approximately 0.2 times compared to 0.9 times at the year end.
Dividend
The Board recognises the importance of dividends but does not expect to declare an interim dividend when it publishes its results on 12 November 2020. However, the Board will consider recommending a final dividend for the full year subject to the Group's continued strong trading performance, financial position and outlook.
Outlook
Our businesses have adapted swiftly to ensure that they operate safely and cost effectively and have recovered strongly from the initial impact of the pandemic. Notwithstanding the ongoing uncertainty as governments seek to control COVID-19, Norcros continues to be in a very strong competitive and financial position. Given this, its leading market positions, established brands, broad distribution channels and experienced management team the Group remains well positioned to sustain the strong progress and recovery of the second quarter.
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