A few days ago, the British sanitary ware company Norcros Group (Norcros Group) announced its 2022 financial year report ended March 31. During the reporting period, the revenue achieved a year-on-year increase of 22.2%
Norcross is a British listed sanitary ware company headquartered in Wilmslow, England, with over 2,400 employees.
The main products include shower head, shower room, shower tray, faucet, bathroom accessories and other bathroom products, as well as ceramic tiles and adhesives and other related products.
Norcross brands increase to 12
As of now, Norcross has 12 brands. Among them, 8 are in the UK market, namely Triton, Merlyn, Vado, Croydex, Abode, Johnson Tiles, Norcros Adhesives and the newly acquired Grant Westfield.
Of the 8 brands, sanitary ware bathroom brands account for 6, and only Johnson Tiles and Norcros Adhesives produce tiles and adhesive products.
Among sanitary ware brands, Triton and Abode are well-known in the Chinese market.
There are 4 brands in the South African market, including Tile Africa, Johnson Tiles South Africa, TAL and House of Plumbing. Different from the British market, the main products of the South African brand are mainly ceramic tiles, and only House of Plumbing produces bathroom products.
The revenue exceeded 3 billion yuan Last year reached a record high profit
According to the 2022 fiscal year report released by Norcross, from April 2021 to March 2022, the company achieved revenue of 396.3 million pounds (about 3.216 billion yuan), a year-on-year increase of 22.2%;
Underlying operating profit increased by 23.7% to a record £41.8 million (approximately RMB 339 million), with an operating profit margin of 10.5%, slightly higher than the 10.4% in fiscal 2021.
In the first half of 2022, Norcross’s biggest move is to start acquiring Granfit Holdings, another British bathroom company.
In May of this year, Norcross announced the acquisition of Granfit Holdings and its subsidiary Grant Westfield for 80 million pounds (about 649 million yuan).
According to the performance statistics standard, Norcross will receive an additional potential income of 12 million pounds (about 97 million yuan) after the acquisition is completed.
It is reported that Grant Westfield, the main subsidiary of Granfit Holdings, is headquartered in Edinburgh, and its main products are waterproof bathroom wall panels.
In 2021, Grant Westfield’s operating income will be 42.2 million pounds (about 342 million yuan), up from 32.3 million pounds (about 262 million yuan) in 2020.
Norcross Acquisition History
In December 2004, acquired Tile Africa, a South African tile retailer;
In April 2013, acquired Vado, a manufacturer of faucets, showers, bathroom accessories and valves;
In June 2015, acquired Croydex, a manufacturer of bathroom cabinets and accessories;
In March 2016, acquired Abode, a manufacturer of faucets, sinks, showers and bathroom accessories;
In November 2017, acquired Merlyn, the largest shower room and tray supplier in the UK and Ireland;
In April 2019, acquired House of Plumbing, a pipe material supplier;
In May 2022, it acquired Grant Westfield, a manufacturer and distributor of bathroom waterproofing panels.