Norcros : Preliminary Presentation 2021

Inspiring Living Spaces

Preliminary Results

Year ended 31 March 2021

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Introduction

Nick Kelsall, Chief Executive Officer

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• Our employee response to COVID-19 challenges has been outstanding
• Health and Safety of our stakeholders remains paramount; zero transmissions in the workplace
• Very strong recovery; H2 revenue +19.5% on a constant currency like for like basis
• Exceptional cash performance; net cash £10.5m (2020: net debt £36.4m)
• Earnings recovery & ROCE above hurdle rate at 18.2% (2020: 16.4%)
• Dividend restored - full year of 8.2p (2020: 3.1p)
• Strong trading momentum continued
• • April & May 2021 revenue c23% ahead of 2019

1. Constant currency like for like basis

	£324.2m
Revenue1
+0.7%
	£33.8m
Underlying Operating Profit
+4.6%
	£65.8m
Underlying Operating Cashflow
	£10.5m
Net Cash
	18.2%
Underlying ROCE%
+180bp
	31.1p
Underlying EPS
+10.3%
	8.2p
Full Year Dividend

3

Financial Review

Shaun Smith, Chief Financial Officer

Income Statement

						Constant
						Currency
2021	2020		Reported		LFL4
£m		£m		%		%

Revenue	324.2	342.0	-5.2%	+0.7%
Underlying1 operating profit	33.8	32.3	+4.6%
Margin	10.4%	9.4%
Finance charges - cash	(3.2)	(3.5)
Underlying1 PBT	30.6	28.8	+6.3%
Exceptional operating items2	(3.8)	(9.0)
IAS19R admin expenses	(1.4)	(1.5)
Acquisition related costs2	(3.7)	(4.0)
Finance (charge)/income -	(3.2)	0.7
non cash3
PBT	18.5	15.0	+23.3%

1. Underlying means before exceptional operating items, IAS19R admin costs, acquisition related costs and where relevant, non-cash finance costs
2. See page 46 for details
3. Includes £3.7m variance in income relating to "mark to market" on FX forward contracts. (FY21: £2.0m charge, FY20: £1.7m income)

4 LFL (like for like) at constant currency and adjusting for 53 to 52-week period pro-rating	5