Norcros plc – Digital Summary Report 2023


Key messages

  • Our record performance is a testament to our proven business model and the dedication of our employees
  • The Group has delivered record revenue and underlying operating profit
  • UK – a strong performance benefiting from the contribution from Grant Westfield, the breadth of distribution channels, stock availability and market leading service levels
  • SA – a robust performance reflecting leading positions, stock availability and enhanced product offer against challenging market conditions in the second half
  • The Group has extended its £130m multicurrency revolving credit facility for a further year until October 2026
  • We remain confident that the Group’s proven business model, leading customer service proposition, leading brands and highly experienced management teams will continue to deliver market share gains in the year ahead



1 On a constant currency like for like basis after adjusting for Grant Westfield, acquired 31 May 2022.

At a glance

Our mission

To be a leading supplier of bathroom and kitchen products in selected geographies, offering strong brands, contemporary designs, trusted quality, outstanding service, innovation and a wide product range.

At a glance

Investment case

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Why we outperform?
It’s in our DNA.

We have a clear investment case and a resilient business model; we are well positioned for future growth.

1. Focused operating model

A leading supplier of bathroom and kitchen products in selected geographies.

2. Leading market positions and brands

Our brands and products hold market leading positions or have a significant share of the markets we operate in.

3. Flexible and capital light model

Focusing investment where our expertise achieves the best return for investors.

4. Clear and focused strategy

£600m revenue by 2025, 50% of revenues derived from overseas and sustainable ROCE of >15%.

Investment case

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Why we outperform?
It’s in our DNA.

5. Balanced and diversified business portfolio

Multi-product, broad channel coverage, wide market positioning and geographical diversification.

6. Innovation and new product development

We constantly invest in innovation and developing our product portfolio to better meet our customer requirements and refresh our offering.

Investment case

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Why we outperform?
It’s in our DNA.

7. Experienced management team

Our management team has considerable years of experience of successfully operating in our markets and segments. 

8. Group-scale advantages versus smaller competitors

A well-developed and leading supply chain infrastructure, joint product development sharing costs and strong balance sheet to support business growth.

Investment case


Chair's statement

The Group has outperformed in its markets against a backdrop of challenging market conditions. This is a testament to our strategy and importantly our team and their commitment to delivering on our strategic priorities.

David McKeith

Acting Board Chair

Chair's statement


Chief Executive Officer’s statement

Norcros has again grown market share and I am pleased to report record levels of revenue and underlying operating profit.

Thomas Willcocks

Chief Executive Officer

CEO's statement

Strategic progress

Progress in 2023 

  • Successful acquisition and integration of Grant Westfield – a leading UK designer and supplier of waterproof bathroom wall panels, operating under the renowned Multipanel brand
  • Closure of Norcros Adhesives – reallocating capital for the long-term benefit of our businesses and shareholders

Priorities for 2024

  • Progressing our well-developed acquisition pipeline
  • Broadening our portfolio of brands and product categories to offer a “one-stop-shop” for bathrooms
  • Further developing our international pipeline
  • Driving scale based operational efficiencies
  • Maintaining our disciplined approach to leverage and capital allocation

Progress in 2023 

  • UK and SA market share growth during challenging year, particularly in Triton, Merlyn, Abode and Tile Africa
  • Further development of cross-selling synergies across our business portfolio 
  • New key accounts added, especially in the trade and specification channels
  • Grant Westfield introduced to, and growing, significant new accounts

Priorities for 2024

  • Drive increased revenue synergies through cross-selling opportunities, including in the export market
  • Driving further progress in our overall customer proposition
  • Investment in NPD
  • Further investment in key account management 
  • Building on our head start as an engaged supplier through our ESG strategy to grow share 

Progress in 2023 

  • Updated ESG strategy, confirming 8 ESG Priority Themes and associated KPIs
  • Reported against Task Force on Climate-related Financial Disclosures (TCFD)
  • Developed 2040 Net Zero Transition Plan including targets for scope 1, 2 and 3 carbon emissions
  • Triton, Abode and Vado achieved Carbon Neutral status

Priorities for 2024

  • Validation of our Carbon Targets by SBTi
  • Delivery against our Net Zero Transition Plan
  • Disclose through CDP for the first time
  • Building on our social agenda with a specific focus on D&I credentials
  • Increased focus on health and safety, facilities and wellbeing to enhance employee value proposition

Progress in 2023 

  • Significant freight benefits through Group wide collaboration
  • Modernisation of financial, operating and digital platforms with increased divisional alignment and standardisation 
  • TAF’s successful introduction of Nuvo bathroom ranges utilising Group supply chain
  • Cross divisional collaboration on channel specific product range design, especially colour matching

Priorities for 2024

  • Scale cross-selling synergies
  • Margin development by further leveraging Group sourcing and logistics scale opportunities
  • Increased investment in simplifying and modernising our systems to drive operational efficiency and engagement
  • Group forums continue to drive accelerated group wide adoption of best practices 
  • Increase alignment in our new product development programs 

Progress in 2023 

  • Chief People Officer role created to increase alignment and accelerate development of our teams
  • Reviewed talent plans to ensure that we can successfully deliver our strategy
  • Excellent further progress made in SA, addressing historical racial and gender imbalances
  • Flick online training platform launched across the UK businesses

Priorities for 2024

  • Group people strategy to be refreshed and relaunched 
  • Centrally coordinate accelerated progress in our D&I programme
  • Embed new group wide approach to learning and development
  • Continue to actively address team wellbeing challenges that have been exacerbated by COVID-19 and geo-political related pressures

Business review

In the UK, full year revenue was 15.2% higher than the prior year on a reported basis at £295.8m (2022: £256.7m) reflecting the contribution from Grant Westfield, market share gains and selling price increases to recover higher input costs.

On a like for like basis, full year revenue was broadly in line with the strong prior year comparator with growth in the second half of the year of 3.3%.

Over the year, our UK businesses delivered a strong performance, benefiting from the diverse customer base and an increased focus on the trade and specification sector.

Share of Group revenue


(2022: £256.7m)

Share of Group underlying operating profit


(2022: £30.9m)


Read the full UK business review

Revenue for the year increased by 4.7% on prior year on a constant currency basis and increased by 4.0% on a Sterling reported basis to £145.2m (2022: £139.6m) compared to the strong prior year comparator. 

Revenues on a constant currency basis increased year on year across all South African divisions, and the business continued to take market share by capitalising on its leading market positions and excellent customer service. Market conditions in the second half of the year were more challenging as energy supply constraints increased. The local management team have actively managed the impact of these energy interruptions. The businesses are well invested in terms of backup power generation. Market share growth continues to be driven by new product development and accelerated growth into the bathroom and plumbing channels.

Share of Group revenue


(2022: £139.6m)

Share of Group underlying operating profit


(2022: £10.9m)


Read the full South Africa business review

Environmental, social and governance

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Norcros SA’s Wellness Centre

Norcros SA runs a well-established Wellness Program with an on-site Wellness Centre at the Olifantsfontein site, providing Primary Health Care, Occupational Health, and professional Wellness Programs and support.

Merlyn’s Gut Health Day

Dr Annmarie Eustace Ryan visited Merlyn head office and gave a fascinating talk about the vital importance of gut health and gave insight into the relationship between good gut health, feeling well and preventable illnesses.

Annmarie is a Gut Health Expert and a Consultant Gastroenterologist at Tipperary University Hospital and author of the children’s book, Bug of War written to explain to children and parents why eating certain foods and avoiding certain foods is the best way to feel well and to prevent illness.

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Norcros SA – investing in the future generation of skilled artisans

Norcros SA’s social commitment is reflected in its recent partnership with the Steel and Engineering Industries Federation of Southern Africa (SEIFSA) to launch the Youth in Engineering apprenticeship programme. Launched in August last year, the scheme saw 20 apprentices from 6,000 applicants launch their careers as artisans. It is a three-year course that requires learners to fulfil each year’s training criteria before progressing to the next academic year. 

Each apprentice will have the opportunity to work at either the TAL or the Johnson Tiles plant at Olifantsfontein for three months, where they can apply their skills and gain practical experience. The ultimate goal of the programme is to train and help learners achieve their Red Seal artisan trade certification, which is proof that they have met the national standard in their trade.

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Norcros SA empowers women in plumbing with the WIP Programme

House of Plumbing is proud to empower women in the plumbing industry by launching the Women in Plumbing (WIP) Programme. It aims to bridge the gap for trained and qualified women plumbers and to provide them with more career opportunities. Out of over 4,000 applicants, 20 female apprentices were selected to participate in the three-year programme.

The programme is fully sponsored by Norcros SA and House of Plumbing, with the apprentices receiving theoretical and practical training in college and on site. They also have the opportunity to learn more about plumbing products, industry practices and various career avenues from House of Plumbing suppliers during weekly training sessions.

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Abode achieves Carbon Neutral status through Planet Mark

In March 2022 Abode achieved the Planet Mark Carbon Neutrality Certification. Abode’s achievement of Carbon Neutral status is the first stepping stone on the journey towards net zero carbon and in November 2022, Abode invested in the installation of solar panels at its Barnsley head office. The installation consisted of 125 solar photovoltaic panels with a combined output of 50kWh. These PV panels should generate enough electricity for all of Abode’s current site requirements and Abode will also benefit from being able to sell the excess energy generated in the summer months back to the grid.

Further improvements Abode has made throughout the year include all office lighting being converted to LED and sensor installations to reduce the usage of electric lighting. To support Abode’s target of electrification of the company fleet, there are also plans to install further EV charging points which will benefit from energy generated from the solar panel installation.

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Abode – Naturale Aquifier

An example of how the Group designs products for sustainability is Abode’s Naturale Aquifier tap, launched in 2022. It has been designed to help reduce unnecessary water and energy usage through features such as water saving technology and cold start valve. The water filter tap also reduces reliance on single use plastic water bottles.

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Grant Westfield – 35 Years of Certification

In June 2022, following a rigorous audit process, Grant Westfield was recertified ISO 9001 compliant. 

This prestigious accreditation highlights Grant Westfield’s adherence to internationally recognised best practices for quality management. It provides assurance to customers, partners, and stakeholders that the business has implemented stringent quality control measures, risk management processes, and a customer-centric approach throughout its operations. Moreover, it serves as a differentiating factor, demonstrating their commitment to quality and an ability to consistently deliver products that meet the highest standards.

The team at Grant Westfield were immensely proud to receive confirmation of certification and continue an impressive record of retaining this prestigious recognition for more than 35 years.

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Grant Westfield, Forest Stewardship Council 

Commitment to environmental responsibility is recognised through the Forest Stewardship Council® (FSC® C128180) and Programme for the Endorsement of Forest Certification (PEFC) chain of custody certifications. This ensures that the timber used originates from responsibly managed forests and the finished products comply with globally recognised ecological, social and economic standards.

These certifications form part of a rolling programme of environmental and sustainability initiatives within Grant Westfield’s manufacturing processes and its design approach including:

  • sourcing materials and manufacturing in the UK to reduce carbon footprint where possible;
  • recycling 99% of post-production waste into biomass materials and other products – reducing landfill and contributing to the circular economy;
  • ensuring 100% of our panels are recyclable; and
  • offering a 30-year warranty, giving peace of mind your bathroom will stand the test of time.

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Our ambition:

Operate with integrity and respect to regulation and laws in all dealings.


Norcros encourages an environment where honest and open communication is expected, with employees feeling comfortable bringing forward any concerns or violations of Group policies.

Anti-bribery and corruption

Norcros prohibits bribery and all other types of fraud and will 
take disciplinary and/or legal action as appropriate in all cases of actual or attempted fraud across all operations.

Human rights

Our corporate values focus on respect, integrity and fairness. We are committed to respecting the dignity of the individual and to supporting the United Nations (UN) Declaration of Human Rights, the UN Universal Declaration of Human Rights, and the International Labour Organisation’s Declaration on Fundamental Principles and Rights at Work and other core conventions.

Tax transparency

Norcros plc is committed to trading within the law and conducting all of its business activities in an honest and ethical manner. Our Tax Policy governs all of our business dealings and the conduct of all persons or organisations which are appointed to act on our behalf. Norcros plc and its subsidiaries has a zero-tolerance approach to all forms of tax evasion, whether under UK law or under the law of any foreign country.


In the last year there has been an increased focus on the resilience of Supply Chains; of which the ethical practices of suppliers is a key aspect. For many years Triton has utilised Service Level Agreements to fully document the expected standards of supplier activities covering ethical trading, modern slavery, anti-bribery, data protection (GDPR) and corporate criminal offences (CCO). The provision of this activity is regularly audited by Triton's purchasing and quality teams. In 22/23 activity in this area intensified in two areas. In response to UK Government advice, an audit of our complete supply chain was executed to ensure that there were zero transactions with Russian or Belarus own entities and we strengthened our Sustainability position requesting and detailing expectations from our suppliers on their Carbon Reduction Plans.



Chief Financial Officer’s report

The Group is in a strong financial position and is well placed to further progress its strategic priorities.

James Eyre

Chief Financial Officer

CFO’s report