Share Name Share Symbol Market Type Share ISIN Share Description
Norcros LSE:NXR London Ordinary Share GB00BYYJL418 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -3.50p -1.79% 191.50p 190.50p 195.00p 196.00p 191.50p 196.00p 10,976 10:57:07
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Construction & Materials 271.2 11.5 13.9 13.8 153.10

Norcros Share Discussion Threads

Showing 3226 to 3249 of 3250 messages
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DateSubjectAuthorDiscuss
13/4/2018
14:17
Unlike many other companies at least Norcros seem to have a 5 year growth plan and I can also see of no reason why their dividends will also not grow by 10% a year. especially with Dividend cover of 3.5x. Sub-Saharan Africa seems to be the place to be especially now South Africa and Kenya and it seems to me that is where Norcros's growth and next big buy will come from.
loganair
13/4/2018
10:02
15% ROCE is pretty chunky. And it does give them the opportunity to underpromise/overdeliver, which is always the right way round.
edmundshaw
13/4/2018
02:58
good to see comments on the revised strategy, thanks Loganair The target that got me was the ROCE >15%. Yes, that's a tougher target than the previous one (ROCE of 12-15%); but NXR are already exceeding that level of performance from the existing business. See slide 11, where they say ROCE for the last 4 years has been 15.0% (2014); 16.3% (2015); 18.3% (2016) and 18.4% (2017). So 15% looks too easy a target. Also, why target getting bigger (doubling revenues to 600m) but earning less per dollar of capital. Most shareholders, including me, would much prefer a higher return on capital (18%+) from a smaller business (say, get revenues to 450 or 500m). None of this is discussed in the presentation. In short, I thought the revised ROCE target was very disappointing.
jg88721
12/4/2018
23:37
Cheers, got that. Doesn't explain the extra ordinary volume
hatfullofsky
12/4/2018
23:16
Norcros announced the following new strategic targets which will be used to measure progress going forward. -- Grow Group revenue to GBP600m by 2023 -- Maintain approximately 50% of Group revenue derived outside the UK -- Achieve a sustainable underlying return on capital employed of >15% 1. 3 years ago Norcros said by the end of 2018 they would have group revenue of £420mln. It looks like they are going to miss this target by £90mln with revenue of £330mln. However Norcros are still maintaining that group revenue will be £420mln by the end of 2018 by "Pursue a faster and focused growth strategy to scale up the size of the Group, organically and by acquisition." Therefore Norcros must have a sizable acquisition in mind to make up the £90mln they need. Norcros say "Sub-Saharan markets offer good growth opportunities Housing and infrastructure shortages across the region. Acquisitions - Focus on Bathroom, Kitchen and Plumbing Fittings. Improving political and market conditions in both South Africa and neighbouring countries will provide a strong platform for continued growth over the next 5 years" They put an arrow up from South Africa and circle Tanzania and Kenya. 2. In the same report 3 years go Norcros also said 50% of group revenue to derive outside the UK. Today 70% of revenue is from the UK and 30% from South Africa. The only way I can see this happening is for Norcros to make a sizable overseas acquisition.
loganair
12/4/2018
16:22
There's been a Capital Markets Day hatfullofsky - you can view the slides at www.norcros.com/files/8015/2352/0046/Norcros_CMD_12_April_2018_Version_3.1.pdf
andrewpbyles
12/4/2018
15:06
840,000 at 183pThat's some volume same as GMD sparking take over rumours.Any idea what's going on?
hatfullofsky
11/4/2018
22:35
Shaun - trust the Air Partner “review” will include asking Aubrey Adams if he had any concerns about anything of which he was aware during his time as Chairman
sleepy
11/4/2018
20:24
The CFO and Board seem to be good at hiding important information from Norcros shareholders e.g. the financial performance of Johnson Tiles Think the Norcros and Air Partner AGMs this year might be more interesting than usual
sleepy
11/4/2018
18:27
Yeshttps://www.norcros.com/about-us/our-board-and-management/Shaun SmithGroup Finance DirectorShaun has most recently held the position of group finance director and treasurer at AGA Rangemaster Group plc (formerly Glynwed International Plc) until its takeover in 2015. He began his career in retail management and corporate treasury at Marks and Spencer plc before joining Glynwed International Plc in 1989. Shaun is a qualified Corporate Treasurer and has an economics degree. He is also a non-executive director of Air Partner plc.http://www.airpartner.com/en/investors/board-of-directors/Shaun SmithChair of the Audit and Risk CommitteeShaun Smith was appointed as an Independent Non-executive director on 1 May 2016 and as Chair of the Audit and Risk Committee on 29 June 2016. Shaun began his career in retail management and corporate treasury at Marks and Spencer plc before joining Aga Rangemaster Group plc (formerly Glynwed International Plc) in 1989, becoming Group Treasurer in 1999 and Group Finance Director from 2001, until its recent takeover. He was appointed Group Finance Director of Norcros plc on 4 April 2016.
lbo
11/4/2018
17:45
Is it true that the Norcos CFO is Chairman of the Air Partner audit committee?
sleepy
11/4/2018
14:44
A few years back, Norcros spent a few bob on re-vamping JT which hasn't seemed to have paid off.
loganair
11/4/2018
14:02
Interestingly however JT is should be able to produce at least £2m of savings form restructuring ops. Therefore not only is there potential for a successful turnaround, but also enough in the saving to pay that pension contribution. On a valuation where we exclude pension contributions the forecast EPS (normalised) versus the EV it is indeed very cheap. I have said this before but: NXR is one of those companies who can dilute its defecit via cash-funded acquisition. 2018 and 2019 forecast really see the benefit of doing so as that once hefty portion of earnings into the pension now starts to become dwarfed by the future EPS. In any event you can do your own calcs but if you compare forward EV (add that extra debt in) versus forward earnings this needs a re-rating.
thorpematt
11/4/2018
10:40
Yeh , they cld buy some Porcelanosa tiles , far superior quality , IMHO. DbD :-) - Fixer.
death by donut
11/4/2018
09:24
How times have changed. A few years back, Norcros would report how Johnson Tiles was the real growth area for the company as it is the only company in the UK to print on the tiles the way it does. Since then JT has been the drag on Norcros. Maybe a good idea for Norcros to sell JT and put the money to better use.
loganair
11/4/2018
09:11
That is about right Rob. It seems that the whole home improvement market is subdued at present.
this_is_me
11/4/2018
08:51
UK problems are 'luckily' limited to Johnson Tiles. Excluding this division, H2 LFL growth in UK would be +8.4%, which means the other UK divisions are doing just fine. No details on earnings, but you can estimate free cash flow (FCF) including changes in working capital using net debt year-on-year, taking into account the acquisition of Merlyn, the costs related to this and dividends paid. This would put FCF at £14.2m for the year. If you adjust this number for the £3.9m one-off costs for acquiring Merlyn, underlying FCF would be above £18m. Also note that Merlyn has only contributed about 4 months, so we could see a FCF in excess of £20m this year. Norcros remains dirt cheap.
norcros
11/4/2018
07:59
Bang on target Andrew Byles. further problems at Johnson tiles . UK doing ok ish and South Africa doing pretty well.UK much weaker in the second half. new acquisition bedded in and results expected to be in- line.Looks overall reasonable. as usual there is no detail on expected profits or EPS so maybe there will be some weakness there .Debt levels as expected, seems to be plodding along really with steady progress and an undemanding rating. R2
robsy2
09/4/2018
11:49
The Financial Calendar on the company website does not mention a trading update, though does refer to the results date as 13 June. It's possible that now that trading or quarterly updates are no longer mandatory (partly due to the fact that these encourage short term thinking on the part of a board as well as share price volatility) that there will not be one. A number of companies have cut back on such announcements.
grahamburn
08/4/2018
16:03
Unfortunately, they’re going to tell us that Johnson Tiles is still struggling. However, Norcros Adhesives is growing and I expect the rest of the group is to. See hxxps://www.stokesentinel.co.uk/news/stoke-on-trent-news/johnsons-tiles-job-losses-will-1404830
andrewbyles
08/4/2018
15:54
Norcros used to make announcements on Thursdays, but seem to have switched to Wednesdays (for example, the final results are due on Wednesday June 13th). So, I’m expecting the trading up date on Wednesday!
andrewbyles
08/4/2018
10:16
does anyone know when the next update is please? last year there was one around 12-14 april!
ali47fish
15/3/2018
19:54
Guggenheim Chairman of Investments & Global CEO - We are with in 2 years of the next recession, some time during 2019. Basically what Summers, ex-US Treasury Secretary has also been saying.
loganair
12/3/2018
12:35
When it comes to Norcros what also worries me with the rise in US interest rates is how as a ratio to GDP S.Africa has one of the highest external debts. What often saves a country like Japan, yes it has a huge debt, however most of the debt is internal, owned by the Japanese in its own currency the Yen.
loganair
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