olivLaw · European equity research
Norcros plc NXR.L
United Kingdom · London Stock Exchange · ISIN GB00BYYJL418 · Vertical: Listed companies from United Kingdom
Norcros plc is a UK group that designs and sells mid-premium bathroom and kitchen products, with operations in the UK, Ireland and South Africa. Group revenue for the year to 31 March 2025 was 368.1 million GBP, and the group says it is well placed to keep growing its share of bathroom product markets.
At the close of 05 Nov 2026, Norcros plc (NXR.L) stock was 3.09 GBP (−0.64% on the day), with market capitalisation 277.3 m GBP, P/E 79.2 on diluted EPS of 0.04 GBP over the last 12 months, dividend yield 2.23%, beta 0.63, 52-week range 2.63–3.65 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 54.6
- neutral
- Bollinger (20, 2)
- 2.88 – 3.18
- in the upper half of the band · %B 0.69 · band width 9.9%
- SMA 50 / 200
- 3.03 / 3.09
- mixed trend
- MACD (12, 26, 9)
- 0.01 / 0.01
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +5.8% | −0.6% | +6.5 pp | — |
| 3 months | −10.4% | −4.2% | −6.3 pp | — |
| 6 months | +6.6% | +4.3% | +2.2 pp | — |
| Year to date | −7.8% | +7.5% | −15.3 pp | — |
| 1 year | +3.0% | +9.9% | −6.9 pp | +5.8% |
| 3 years | +100.6% | +49.8% | +50.8 pp | +26.3% |
| 5 years | −4.3% | +42.8% | −47.2 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 3-quarter history (min 6.2, median 9.9, max 59.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 441.0 m | 392.1 m | 368.1 m |
| Revenue YoY | unavailable | −11.1% | −6.1% |
| Net income | 16.8 m | 26.8 m | 3.5 m |
| Net income YoY | unavailable | +59.5% | −86.9% |
| Diluted EPS | 0.19 | 0.30 | 0.04 |
| Diluted EPS YoY | unavailable | +58.5% | −86.9% |
| net % | 3.8% | 6.8% | 1.0% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Mar 2025
- Cash
- 22.7 m GBP
- Financial debt
- 59.5 m GBP
- Net debt
- 36.8 m GBP
- Equity
- 207.9 m GBP
- Total assets
- unavailable GBP
- Debt / equity
- 0.29x
- Current ratio
- 1.97x
- ROE
- 1.6%
- ROA
- unavailable
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 441.0 m | 392.1 m | 368.1 m | esef· 15 Jul 2025verified |
| Operating income | 27.5 m | 39.9 m | 8.3 m | esef· 15 Jul 2025verified |
| Interest expense | 6.4 m | 8.1 m | 7.1 m | esef· 15 Jul 2025verified |
| Pre-tax income | 21.7 m | 32.6 m | 2.0 m | esef· 15 Jul 2025verified |
| Income tax | 4.9 m | 5.8 m | -1.5 m | esef· 15 Jul 2025verified |
| Net income | 16.8 m | 26.8 m | 3.5 m | esef· 15 Jul 2025verified |
| Diluted EPS | 0.19 | 0.30 | 0.04 | esef· 15 Jul 2025verified |
| Dividend per share | 0.07 | 0.07 | 0.07 | esef· 15 Jul 2025verified |
Balance sheet · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 29.0 m | 30.8 m | 22.7 m | esef· 15 Jul 2025verified |
| Receivables | 83.3 m | 72.6 m | 71.7 m | esef· 15 Jul 2025verified |
| Inventories | 103.9 m | 97.4 m | 88.2 m | esef· 15 Jul 2025verified |
| Current assets | 216.2 m | 200.8 m | 187.8 m | esef· 15 Jul 2025verified |
| Property, plant & equipment, net | 24.8 m | 28.1 m | 21.8 m | esef· 15 Jul 2025verified |
| Goodwill | 107.9 m | 107.3 m | 107.4 m | esef· 15 Jul 2025verified |
| Intangibles (excl. goodwill) | 59.2 m | 53.9 m | 46.1 m | esef· 15 Jul 2025verified |
| Accounts payable | 99.2 m | 89.1 m | 86.7 m | esef· 15 Jul 2025verified |
| Long-term debt | 78.9 m | 68.1 m | 59.5 m | esef· 15 Jul 2025verified |
| Current liabilities | 112.7 m | 99.2 m | 95.2 m | esef· 15 Jul 2025verified |
| Equity | 210.4 m | 222.4 m | 207.9 m | esef· 15 Jul 2025verified |
| Shares outstanding at year end | 88.0 m | 89.0 m | 89.7 m | esef· 15 Jul 2025derived |
Cash flow · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 24.5 m | 36.6 m | 18.5 m | esef· 15 Jul 2025verified |
| Investing cash flow | -84.3 m | -7.3 m | -3.4 m | esef· 15 Jul 2025verified |
| Financing cash flow | 64.3 m | -26.0 m | -23.4 m | esef· 15 Jul 2025verified |
| Dividends paid | 9.2 m | 9.1 m | 9.2 m | esef· 15 Jul 2025verified |
| Share repurchases | 0 | 800.0 k | 100.0 k | esef· 15 Jul 2025verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 43.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 277.3 m GBP
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
44% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 43.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 2.8% | 17 (vs peers) | 24% |
| Net margin · Quality | 1.0% | 26 (vs peers) | 14% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 1.2x | 0 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 2.0x | 98 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | 79.2x | 0 (vs peers) | 24% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 3.4% | 48 (on a fixed band) | 14% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet39/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality20/100 · 2/3 factors with a value
- Returns· partial48/100 · 1/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
NORCROS PLC (NXR.L). Latest full fiscal year: 2025; data up to 2025-03-31.
Figures computed from the financial statements: revenue 368.1 m GBP in 2025; YoY growth -6.1%; net margin 1.0%; ROE 1.6%.
The estimated value range is 0.56–0.76 GBP per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 0.66 GBP, the price of 3.09 GBP leaves a potential of -78.8% (value / price − 1) and a margin of safety of -371.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 43.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.0x
What contradicts it
- ROIC: 2.8%
- Net margin: 1.0%
- Interest coverage: 1.2x
- P/E (TTM): 79.2x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| NXR.LNorcros PLC | 277.3 m | 79.2 | 1.6% | 1.0% | −6.1% | +4% / +87% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
1- and 3-year price returns: for NXR.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (GBP)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 1.65 Total return -46% · Per year -46% | 2.94 Total return -4% · Per year -4% | 4.44 Total return 45% · Per year 45% |
| 3 years | 1.31 Total return -55% · Per year -23% | 2.65 Total return -11% · Per year -4% | 4.44 Total return 48% · Per year 14% |
| 5 years | 1.04 Total return -63% · Per year -18% | 2.39 Total return -17% · Per year -4% | 4.44 Total return 51% · Per year 9% |
- Exit P/E± 0.66
- Net margin± 0.46
- Annual revenue growth± 0.42
- Annual dilution± 0.04
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Norcros plc is a UK group that designs and sells mid-premium bathroom and kitchen products, with operations in the UK, Ireland and South Africa. Group revenue for the year to 31 March 2025 was 368.1 million GBP 1, and the group says it is well placed to keep growing its share of bathroom product markets.
SWOT
Strengths
- A portfolio of brands with strong market positions in the mid-premium segment, supported by in-house design and customer service 1.
- A shared operating platform for sourcing, logistics and technology that allows scale efficiencies 1.
- Long-term relationships with customers and suppliers, and a stated commitment to quality and reliability 1.
Weaknesses
- Dependence on markets concentrated in the UK and South Africa exposes the group to macroeconomic conditions there 1.
- Emissions across the value chain beyond scopes 1 and 2 remain hard to reduce, which could limit progress against targets 1.
- Some divisions depend on new technologies or on renewable energy that is harder to source, especially in South Africa 1.
Opportunities
- Rising demand for energy- and water-efficient products could support growth at brands with sustainable solutions 1.
- Developing products with lower embodied carbon could strengthen the group's position as a preferred supplier to large customers 1.
- Renewable energy and low-emission fleets could lower operating costs over the medium term 1.
Threats
- Pressure from customers and lenders for ambitious climate targets could affect access to capital if progress is slow 1.
- Physical risks such as flooding or water scarcity could disrupt production at some locations 1.
- Competitors that innovate faster in sustainable products could reduce the group's current advantage 1.
Risks
- Reliance on third parties to decarbonisemedium
Reaching the net zero target can depend on cleaner electricity grids, suppliers and new technologies, factors the group does not control 1.
- Sustainability-linked cost of capitalmedium
If lenders apply penalties or withdraw funding for climate targets that are not aligned, financing costs could rise, particularly after the current facility expires 1.
- Customer pressure on sustainabilitymedium
Some product lines could become less attractive to customers who apply strict sustainability criteria, which could reduce sales 1.
- Physical climate riskslow
Flooding and water scarcity can affect production sites, especially in South Africa and Scotland, although sites are diversified and insured 1.
- Dependence on macroeconomic conditionshigh
Management acknowledges that the macroeconomic environment remains uncertain, which could affect demand for bathroom and kitchen products 1.
Investment thesis
What would need to be true (bull case)
- If the group's brands keep their mid-premium positions and demand for sustainable products grows, share gains could become realistic 1.
- The shared sourcing and logistics platform could generate efficiencies that support margins over the medium term 1.
- The group's stated focus on design and service could support stable shareholder returns, as reflected in the proposed fiscal 2025 dividend 1.
What would break the thesis
- If demand in the UK stays weak, results could be affected, since much of the activity is concentrated there 1.
- Costs linked to the climate transition could rise, and decarbonisation targets depend on technologies not yet widely available 1.
- If competitors innovate faster in sustainable products, the group's current advantage could erode 1.
What to watch
- Revenue and margin trends in UK and Irelandnext 10-K
- Progress toward the 2040 net zero target and reduction of value-chain emissions2027
- Refinancing terms of the credit facility and the evolution of the cost of capital2027
- South African division results amid macroeconomic and energy conditionsnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The group acquires and develops bathroom and kitchen product brands, focusing on in-house design, managed sourcing and customer service. Its brands sit in the mid-premium segment and benefit from financial support, shared growth programmes and scale-based efficiencies 1. Sales go mainly through B2B channels such as merchants, specification, retail and online, while in South Africa the group also runs a retail division selling directly to consumers 1.
The business model includes a shared operating platform for sourcing, warehousing, logistics and technology, intended to support efficiency and scale. The group stresses product quality, technical support and long-term relationships with customers and suppliers 1.
The group reports its operations across seven divisions in the UK and Ireland and four divisions in South Africa, so geographic and product diversification is central to its strategy 1.
Segments
UK and Ireland
The segment includes several divisions with brands such as Triton, Grant Westfield, MERLYN, VADO, Croydex, Abode and Johnson Tiles UK, which was disposed of in fiscal 2025 1. The audit identified these operations as the group's main operating locations.
South Africa
South African operations include divisions such as Johnson Tiles South Africa, TAL, House of Plumbing and Tile Africa, and the group runs a vertically integrated model there with a direct-to-consumer retail division 1.
Market context
The group operates in bathroom and kitchen product markets in the UK and South Africa, where it aims to compete on design and service rather than lowest price. Management describes the backdrop as challenging, with macroeconomic conditions uncertain, but sees resilience in repair, maintenance and improvement (RMI) and mid-premium segments 1.
Part of the demand the group targets comes from customers asking for products with lower climate impact, which makes sustainability a market factor and not just a reporting matter 1.
Trends
- Customer demand for sustainable productsmixed
Retailers and homebuilders increasingly require suppliers to show lower embodied carbon and lower energy and water use in products. This could favour brands with verified products, while lines that do not adapt could lose customer interest 1.
- Cost of capital tied to sustainability criteriaheadwind
Lenders and investors are increasingly incorporating sustainability into their assessments. If emission targets are not aligned with their requirements, the cost of capital could rise. The group sees the risk as minimal in the short term because of its existing credit facility 1.
- Energy and water efficiency in productstailwind
Demand for energy- and water-efficient products could grow, particularly in scenarios with faster climate transition, which could support sales at brands such as Triton and Abode 1.
- Transition to renewable energy and low-emission transportmixed
Moving to renewable energy and low-emission fleets could lower operating costs over the medium term, although this depends on new technologies and on the availability of green electricity in South Africa 1.
Competitive position
The group competes with other bathroom and kitchen product makers and distributors on design, service and long-term customer relationships. The annual report does not name specific competitors, so this analysis rests on the group's stated positioning 1.
The group's stated advantage lies in brands with strong market positions, supply partnerships and sustainable products, which could become preferred by large customers if the trend continues 1.
- Unnamed bathroom and kitchen competitors
The annual report does not name direct competitors; the group compares itself with other mid-premium operators without naming them.
- Tap and shower manufacturers
Competition in showers and fittings is not detailed in the analysed source, although the group's brands operate in that category.
- Tile and flooring distributors in South Africa
Local competitors in South Africa are not named in the report, but they are relevant to the group's tile divisions.
- Home improvement retail operators
Retail and online channels compete directly for the end consumer.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202515 Jul 2025
- Annual report 202404 Jul 2024
Sources
- [1] Annual report, fiscal year ended 2025-03-31 (ESEF) · SEC / Norcros plc · 31 Mar 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.