Norcros PLC on Thursday said its annual performance ‘outperformed’ its expectations despite supply chain challenges.

For the financial year ended on March 31, the kitchen and bathroom products supplier’s revenue rose by 22% to £396.3 million, compared to £324.2 million a year ago. Pretax profit increased by 78% to £33.0 million from £18.5 million.

The company’s underlying profit was at a record level, rising 24% to £41.8 million, compared to £33.8 million a year ago. Net cash, however, dropped to £8.6 million from £10.5 million, reflecting investment into inventory in the period to optimise the company’s service and stock availability in the light of supply chain challenges.

The company said it has outperformed expectations and delivered ‘record levels of revenue and profit and growth on prior year and the pre-pandemic levels’.

Chair Gary Kennedy said: ‘Norcros has continued its recovery following the period of exceptional global disruption and uncertainty caused by the Covid-19 pandemic. Furthermore, the resilience of the group’s business model and strategy has proven once again to be highly effective through a period of unprecedented cost inflation and supply chain challenges.’

Norcros declared a final dividend of 6.9 pence per share for 2022. The total dividend for the year amounted to 10.0p, a 22% rise from 8.2p per share a year ago.

Looking ahead, the company expects to grow revenue to £600 million by 2025.

Norcros shares were up 4.5% at 250.74 pence per share on Thursday morning in London.

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