Showing posts sorted by relevance for query Shower Products Market Share. Sort by date Show all posts
Showing posts sorted by relevance for query Shower Products Market Share. Sort by date Show all posts

Wednesday, February 21, 2018

Bath and Shower Products Report on Global and United States Market Status & Forecast, by Players, Types and Applications 2017-2022

Read article : Bath and Shower Products Report on Global and United States Market Status & Forecast, by Players, Types and Applications 2017-2022

Qyresearchreports include new market research report “2017-2022 Bath and Shower Products Report on Global and United States Market, Status and Forecast, by Players, Types and Applications” to its huge collection of research reports.

The report on Global and United States Bath and Shower Products market is an in-depth study of the industry, including its present, past, and future performance. The various factors driving the Global and United States Bath and Shower Products market towards growth has been analyzed and so are the challenging factors hampering the growth of the market. The impact analysis of both the growth drivers and restraining factors has been included in the report. Also included is the information pertaining to degree of competition, bargaining power of suppliers, threat of substitutes, bargaining power of buyers, and threat of new entrants. The information thus given is extremely resourceful and comes in handy to all those wishing to invest in the Global and United States Bath and Shower Products market. The report enables investors and market players both new and established, to make profitable decisions regarding investments in the Global and United States Bath and Shower Products market.

The report segments the Global and United States Bath and Shower Products market on the basis of key criteria and studies each of the segment and sub-segment in a comprehensive, detailed manner. Factors leading to the growth or decline of the segment and the reasons behind them are also given. The report lists out the fastest growing segment, the leading segment, and the declining segment, which helps investors to get a clear idea on which segment to invest on, that will reap benefits in the long run. The report also studies key players operating in the Global and United States Bath and Shower Products market. The business and financial overview of each of those companies along with their recent contribution to the growth of the market have been included. The expansion strategies and business planning adopted by these players are given in the report, thus helping new players to formulate strategies and incur profits in the market.

For more information on this report, fill the form @ http://www.qyresearchreports.com/sample/sample.php?rep_id=1121739&type=E

Table of Contents

1 Methodology and Data Source
1.1 Methodology/Research Approach
1.1.1 Research Programs/Design
1.1.2 Market Size Estimation
1.1.3 Market Breakdown and Data Triangulation
1.2 Data Source
2.1.1 Secondary Sources
2.1.2 Primary Sources
1.3 Disclaimer

2 Bath and Shower Products Market Overview
2.1 Bath and Shower Products Product Overview
2.2 Bath and Shower Products Market Segment by Type
2.2.1 Soap and Shower Gel
2.2.2 Body Scrub
2.2.3 Shower Brush
2.2.4 Shower Sponge
2.3 Global Bath and Shower Products Product Segment by Type
2.3.1 Global Bath and Shower Products Sales (K Units) and Growth (%) by Types (2012, 2016 and 2022)
2.3.2 Global Bath and Shower Products Sales (K Units) and Market Share (%) by Types (2012-2017)
2.3.3 Global Bath and Shower Products Revenue (Million USD) and Market Share (%) by Types (2012-2017)
2.3.4 Global Bath and Shower Products Price (USD/Unit) by Type (2012-2017)
2.4 United States Bath and Shower Products Product Segment by Type
2.4.1 United States Bath and Shower Products Sales (K Units) and Growth by Types (2012, 2016 and 2022)
2.4.2 United States Bath and Shower Products Sales (K Units) and Market Share by Types (2012-2017)
2.4.3 United States Bath and Shower Products Revenue (Million USD) and Market Share by Types (2012-2017)
2.4.4 United States Bath and Shower Products Price (USD/Unit) by Type (2012-2017)

Browse Market Research Report @ http://www.qyresearchreports.com/report/2017-2022-bath-and-shower-products-report-on-global-and-united-states-market-status-and-forecast-by-players-types-and-applications.htm

3 Bath and Shower Products Application/End Users
3.1 Bath and Shower Products Segment by Application/End Users
3.1.1 Household
3.1.2 Commercial Use
3.2 Global Bath and Shower Products Product Segment by Application
3.2.1 Global Bath and Shower Products Sales (K Units) and CGAR (%) by Applications (2012, 2016 and 2022)
3.2.2 Global Bath and Shower Products Sales (K Units) and Market Share (%) by Applications (2012-2017)
3.3 United States Bath and Shower Products Product Segment by Application
3.3.1 United States Bath and Shower Products Sales (K Units) and CGAR (%) by Applications (2012, 2016 and 2022)
3.3.2 United States Bath and Shower Products Sales (K Units) and Market Share (%) by Applications (2012-2017)

4 Bath and Shower Products Market Status and Outlook by Regions
4.1 Global Market Status and Outlook by Regions
4.1.1 Global Bath and Shower Products Market Size and CAGR by Regions (2012, 2016 and 2022)
4.1.2 North America
4.1.3 Asia-Pacific
4.1.4 Europe
4.1.5 South America
4.1.6 Middle East and Africa
4.1.7 United States
4.2 Global Bath and Shower Products Sales and Revenue by Regions
4.2.1 Global Bath and Shower Products Sales (K Units) and Market Share (%) by Regions (2012-2017)
4.2.2 Global Bath and Shower Products Revenue (Million USD) and Market Share (%) by Regions (2012-2017)
4.2.3 Global Bath and Shower Products Sales (K Units), Revenue (Million USD), Price (USD/Unit) and Gross Margin (%) (2012-2017)
4.2.4 North America Bath and Shower Products Sales (K Units), Revenue (Million USD), Price (USD/Unit) and Gross Margin (%) (2012-2017)
4.2.5 Europe Bath and Shower Products Sales (K Units), Revenue (Million USD), Price (USD/Unit) and Gross Margin (%) (2012-2017)
4.2.6 Asia-Pacific Bath and Shower Products Sales (K Units), Revenue (Million USD), Price (USD/Unit) and Gross Margin (%) (2012-2017)
4.2.7 South America Bath and Shower Products Sales (K Units), Revenue (Million USD), Price (USD/Unit) and Gross Margin (2012-2017)
4.2.8 Middle East and Africa Bath and Shower Products Sales (K Units), Revenue (Million USD), Price (USD/Unit) and Gross Margin (%) (2012-2017)
4.2.9 United States Bath and Shower Products Sales (K Units), Revenue (Million USD), Price (USD/Unit) and Gross Margin (2012-2017)

5 Global Bath and Shower Products Market Competition by Players/Manufacturers
5.1 Global Bath and Shower Products Sales (K Units) and Market Share by Players (2012-2017)
5.2 Global Bath and Shower Products Revenue (Million USD) and Share by Players (2012-2017)
5.3 Global Bath and Shower Products Average Price (USD/Unit) by Players (2012-2017)
5.4 Players Bath and Shower Products Manufacturing Base Distribution, Sales Area, Product Types
5.5 Bath and Shower Products Market Competitive Situation and Trends
5.5.1 Bath and Shower Products Market Concentration Rate
5.5.2 Global Bath and Shower Products Market Share (%) of Top 3 and Top 5 Players
5.5.3 Mergers & Acquisitions, Expansion

6 United States Bath and Shower Products Market Competition by Players/Manufacturers
6.1 United States Bath and Shower Products Sales (K Units) and Market Share by Players (2012-2017)
6.2 United States Bath and Shower Products Revenue (Million USD) and Share by Players (2012-2017)
6.3 United States Bath and Shower Products Average Price (USD/Unit) by Players (2012-2017)
6.4 United States Bath and Shower Products Market Share (%) of Top 3 and Top 5 Players

7 Bath and Shower Products Players/Manufacturers Profiles and Sales Data
7.1 Lush
7.1.1 Company Basic Information, Manufacturing Base and Competitors
7.1.2 Bath and Shower Products Product Category, Application and Specification
7.1.2.1 Product A
7.1.2.2 Product B
7.1.3 Lush Bath and Shower Products Sales (K Units), Revenue (Million USD), Price (USD/Unit) and Gross Margin (%) (2012-2017)
7.1.4 Main Business/Business Overview
7.2 Nivea
7.2.1 Company Basic Information, Manufacturing Base and Competitors
7.2.2 Bath and Shower Products Product Category, Application and Specification
7.2.2.1 Product A
7.2.2.2 Product B
7.2.3 Nivea Bath and Shower Products Sales (K Units), Revenue (Million USD), Price (USD/Unit) and Gross Margin (%) (2012-2017)
7.2.4 Main Business/Business Overview
7.3 Fresh
7.3.1 Company Basic Information, Manufacturing Base and Competitors
7.3.2 Bath and Shower Products Product Category, Application and Specification
7.3.2.1 Product A
7.3.2.2 Product B
7.3.3 Fresh Bath and Shower Products Sales (K Units), Revenue (Million USD), Price (USD/Unit) and Gross Margin (%) (2012-2017)
7.3.4 Main Business/Business Overview

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Saturday, April 1, 2017

Study the Latest Forecasts for the Bath and Shower Products Market in Germany

Read article : Study the Latest Forecasts for the Bath and Shower Products Market in Germany

DUBLIN, Ireland--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/reports/c54437) has announced the addition of Datamonitor's new report: "Bath & Shower Products in Germany" to their offering.

Our "Bath & Shower Products in Germany" industry profile is an essential resource for top-level data and analysis covering the bath & shower products industry. It includes detailed data on market size and segmentation, plus textual analysis of the key trends and competitive landscape, demographic information, and descriptions of the leading companies.

Scope of this title:

  • Contains an executive summary and data on value, volume and segmentation
  • Provides textual analysis of the industrys prospects, competitive landscape and leading companies
  • Includes a five-year forecast of the industry
  • Supported by the key macroeconomic and demographic data affecting the market

Highlights of this title:

  • Detailed information is included on market size, measured by both value and volume
  • Market shares are covered by manufacturer and/or brand

Why you should buy this report

  • Spot future trends and developments
  • Inform your business decisions
  • Add weight to presentations and marketing materials
  • Save time carrying out entry-level research

Market Definition - The bath & shower products market consists of liquid bath products, other bath products and shower products. The market is valued according to retail selling price (RSP) and includes any applicable taxes. Any currency conversions used in the creation of this report have been calculated using constant 2005 annual average exchange rates.

For the purpose of this report, the European market is deemed to consist of Belgium, the Czech Republic, Denmark, France, Germany, Hungary, Italy, the Netherlands, Norway, Poland, Russia, Spain, Sweden and the UK.

Executive Summary

Chapter 1.

Market overview

1.1 Market Definition

1.2 Research Highlights

1.3 Market Analysis

Chapter 2.

Market value

Chapter 3.

Market volume

Chapter 4.

Market segmentation i

Chapter 5.

Market segmentation ii

Chapter 6.

Market share

Chapter 7.

Competitive landscape

Chapter 8.

Leading companies

8.1 Colgate

8.2 Beiersdorf AG

8.3 Henkel KgaA

Chapter 9.

Distribution

Chapter 10.

Market forecasts

10.1 Market Value Forecast

10.2 Market Volume Forecast

Chapter 11.

Macroeconomic indicators

Chapter 12.

Further reading

12.1 Sources

12.2 Related Research

List of Tables

Table 1: Germany Bath & Shower Products Market Value: $ million, 2001-2005

Table 2: Germany Bath & Shower Products Market Volume: Units million, 2001-2005

Table 3: Germany Bath & Shower Products Market Segmentation I: % Share, by Value, 2005

Table 4: Germany Bath & Shower Products Market Segmentation II: % Share, by Value, 2005

Table 5: Germany Bath & Shower Products Market Share: % Share, by Value, 2005

Table 6: Germany Bath & Shower Products Distribution: % Share, by Value, 2005

Table 7: Germany Bath & Shower Products Market Value Forecast: $ million, 2005-2010

Table 8: Germany Bath & Shower Products Market Volume Forecast: Units million, 2005-2010

Table 9: Germany Size of Population (million) , 2001-2005

Table 10: Germany GDP (1995=100), 2001-2005

Table 11: Germany Inflation, 2001-2005

Table 12: Germany Exchange Rate, 2001

For more information visit http://www.researchandmarkets.com/reports/c54437

Global Bath and Shower Products Market Report 2015-2019 - Research and Markets

Read article : Global Bath and Shower Products Market Report 2015-2019 - Research and Markets

DUBLIN--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/qgfnzv/global_bath_and) has announced the addition of the "Global Bath and Shower Products Market 2015-2019" report to their offering.

The global bath and shower products market to reach a market value of around USD 15 billion by the end of 2019.

Shower products dominated the market during 2014 with a market share of around 70%. The report predicts this segment to retain its leadership until the end of 2019 growing at a rate of around 4%. This segment includes products such as shower gels, shower creams, exfoliates, body shampoo, mousses, loofah, bath brush, body polishers, and foot scrubs.

The increasing awareness about health and hygiene is the primary driver for the growth of this market. Consumers are being exposed to reliable information about the various bath products through the internet, television, and other sources of information. The rise in living standards and income are also leading consumers to opt for more expensive and aesthetically appealing bath and shower products with different fragrances and effective ingredients.

The increased demand for organic products is also anticipated to contribute to the market growth during the forecast period. Organic shampoo manufacturers are focusing on developing new products by adding value to the basic cleansing action of shampoos. For instance, dry shampoos are available either in spray or powder formats and are used to absorb dirt and oil on the hair and scalp. They save time and effort, and also help in retaining the natural hair oils that are washed out by standard shampoos.

Europe accounted for the largest market share of around 48% during 2014. The evolving buying patterns of consumers is the primary growth driver of the market in this region. The growing affinity of the consumers towards organic and natural bath and shower products with specific ingredients has helped to boost sales of these products.

Product segmentation and analysis of the bath and shower products market

Segmentation by retail format and analysis of the bath and shower products market

The supermarkets and hypermarkets segment accounted for 53% of the market share during 2014. Supermarkets store numerous bath and shower products providing consumers with a variety of choices for purchasing.

The top five vendors in the market are

  • Johnson & Johnson
  • L'Oreal
  • P&G
  • Unilever
  • Colgate-Palmolive

Other vendors in the market include

  • Avon
  • Bath and Body Works
  • Beiersdorf
  • Coty
  • Estee Lauder
  • Henkel
  • Kao
  • L'Occitane
  • Lush
  • Revlon
  • Soap and Glory

Key Topics Covered:

Part 01: Executive summary

Part 02: Scope of the report

Part 03: Market research methodology

Part 04: Introduction

Part 05: Market landscape

Part 06: Market segmentation by product

Part 07: Market segmentation by retail formats

Part 08: Geographical segmentation

Part 09: Key leading countries

Part 10: Market drivers

Part 11: Impact of drivers

Part 12: Market challenges

Part 13: Impact of drivers and challenges

Part 14: Market trends

Part 15: Vendor landscape

Part 16: Key vendor analysis

Part 17: Appendix

For more information visit http://www.researchandmarkets.com/research/qgfnzv/global_bath_and

Friday, October 27, 2017

Global shower cubicles sales market analysis with forecast to 2022 scrutinized in new research

Read article : Global shower cubicles sales market analysis with forecast to 2022 scrutinized in new research

The will chart the course for a more comprehensive organization and discernment of the competition situation in the Shower Cubicles Sales market. As this will help manufacturers and investors alike, to have a better understanding of the direction in which the Shower Cubicles Sales Market is headed.

Global Shower Cubicles Sales Market report is replete with detailed analysis from a thorough research, especially on questions that border on market size, development environment, futuristic developments, operation situation, pathways and trend of Shower Cubicles Sales. All these are offshoots of understanding the current situation that the industry is in, especially in 2017.

Access complete report at:www.themarketreports.com/report/gl…ort-2017

With this Shower Cubicles Sales Market report, one is sure to keep up with information on the dogged competition for market share and control, between elite manufacturers. It also features, price, production, and revenue.

It is where you will understand the politics and tussle of gaining control of a huge chunk of the market share.  As long as you are in search of key Industry data and information that can readily be accessed, you can rest assured that this report got them covered.

Key companies profiled in this report are Huppe, Jaquar, Kohler, Porcelanosa, American Shower Door Corporation, Lakes Bathrooms, Fleurco, Ritec, Holcam, Roda, Korrawareand others. Report available at: www.themarketreports.com/report/bu…w/600980

When taking a good look at this report, based on the product, it is evident that the report shows the rate of production, price, revenue, and market share as well as of the growth of each product type. And emphasis is laid on the end users, as well as on the applications of the product.

It is one report that hasn't shied away from taking a critical look at the current status and future outlook for the consumption/sales of these products, by the end users and applications. Not forgetting the market share control and growth rate of Shower Cubicles Sales Industry, per application.

All the queries about this report can be asked at: www.themarketreports.com/report/as…y/600980

List of Chapters:

1 Shower Cubicles Sales Market Overview

2 Global Shower Cubicles Sales Competition by Players/Suppliers, Type and Application

3 United States Shower Cubicles Sales (Volume, Value and Sales Price)

4 China Shower Cubicles Sales (Volume, Value and Sales Price)

5 Europe Shower Cubicles Sales (Volume, Value and Sales Price)

6 Japan Shower Cubicles Sales (Volume, Value and Sales Price)

7 Southeast Asia Shower Cubicles Sales (Volume, Value and Sales Price)

8 India Shower Cubicles Sales (Volume, Value and Sales Price)

9 Global Shower Cubicles Sales Players/Suppliers Profiles and Sales Data

10 Shower Cubicles Sales Manufacturing Cost Analysis

11 Industrial Chain, Sourcing Strategy and Downstream Buyers

12 Marketing Strategy Analysis, Distributors/Traders

13 Market Effect Factors Analysis

14 Global Shower Cubicles Sales Market Forecast (2017-2022)

15 Research Findings and Conclusion

16 Appendix

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Saturday, September 23, 2017

Global Bathtub Shower Combos Market 2017- STERLING, Aquatic, KOHLER, MAAX and Steam Planet

Read article : Global Bathtub Shower Combos Market 2017- STERLING, Aquatic, KOHLER, MAAX and Steam Planet
<a href=Bathtub Shower Combos" src="https://www.openpr.com//images/articles/Q/4/Q42141640_m.jpg" />
Bathtub Shower Combos
This report studies Bathtub Shower Combos in Global market, especially in North America, Europe, China, Japan, Southeast Asia and India, focuses on top manufacturers in global market, with Production, price, revenue and market share for each manufacturer, covering
STERLING
Utile By MAAX
Aquatic
American Standard
Steam Planet
KOHLER
MAAX

A market study based on the " Bathtub Shower Combos " across the globe, recently added to the repository of Market Research, is titled ‘Global Bathtub Shower Combos Market 2017'. The Research report by QY Research Group is a market-oriented, technical, and commercial research analysis of the Bathtub Shower Combos market. The analysis is completed using a wide range of secondary sources, databases and directories in order to identify and assemble market data. Primary sources included for the analysis include preferred suppliers, industry experts from core and associated industries, manufacturers, service providers, distributors, and organizations allied to the entire segments of the industry supply chain.


CLICK HERE to Request Sample Report @ goo.gl/mIgdozAnalyses of the global Bathtub Shower Combos market trends along with the projections of CAGRs (compound annual growth rates) are provided in the research report. To estimate the overall market size of Bathtub Shower Combos, its application, and regions—in terms of value and volume—the bottom-up approach is followed. On the other hand, to corroborate the overall Bathtub Shower Combos market size—again in terms of value and volume—the top-down approach is followed. Following the method of data triangulation and data validation via primaries, the precise values of the parent market and individual market in terms of size are calculated and established in the report.This market research report provides the client with comprehensive market analysis of the Bathtub Shower Combos market over the forecast period. In addition, it also furnishes a general idea of the challenges, drivers, and restraints that have direct or indirect impact on the industry. It further highlights the market, the industry, and latest technology trends currently existing in the Bathtub Shower Combos market. All this precise, accurate and comprehensive data will help the clients to make appropriate and practical decisions so as to gain maximum profit in the global market.The research report analyzes, tracks, and presents the global market size of the major players in every region around the world. Furthermore, the report provides data of the leading market players in the Bathtub Shower Combos market.Browse FULL Report @ goo.gl/lRGRybOverall, the report is a one-stop destination and a valuation report to grab all the necessary information regarding the global Bathtub Shower Combos market.About Us:QYResearch Group is a single destination for all the industry, company and country reports. QYResearch Group also carries the capability to assist you with your customized market research requirements including in-depth market surveys, primary interviews, competitive landscaping, and company profiles. We feature large repository of latest industry reports, leading and niche company profiles, and market statistics. QYResearch Group is the comprehensive collection of market intelligence products and services available on air.Contact US:Joel John
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USA/Canada Toll Free No. 1-855-465-4651This release was published on openPR.

Saturday, April 29, 2017

Parryware Unveils "Crestia" The Premium Segment Bathroom Solutions for Mumbai

Read article : Parryware Unveils "Crestia" The Premium Segment Bathroom Solutions for Mumbai

Parryware Unveils "Crestia" The Premium Segment Bathroom Solutions for Mumbai

Parryware Roca Private Limited, No 1 bathroom solutions provider in India today launched the premium international "Crestia Collection" in Mumbai. The Crestia collection constitutes 22 completely new products with international styling and attractive features.

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Chennai, Tamil Nadu, September 30, 2008 /India PRwire/ -- Parryware Roca Private Limited, No 1 bathroom solutions provider in India today launched the premium international “Crestia Collection” in Mumbai. The Crestia collection constitutes 22 completely new products with international styling and attractive features.

The Crestia collection includes a wide range of international sanitaryware and shower solutions that cater to the discerning Indian customer who is looking for “affordable luxury”. In addition to the new products, the existing products ensure that the slew of products from the Crestia Collection aggressively dominate the top end sanitaryware market in India.

At the launch, Mr. Emilio Salazar, Managing Director, Parryware Roca Private Limited said, “Crestia symbolizes Parryware’s effort to constantly make its offerings contemporary and in line with the needs of the changing Indian customer. From the trusted Parryware stable, the all new Crestia Collection promises to deliver ‘WOW’ bathrooms with high quality products and assured back up service.”

Mr. Salazar, added, “The premium market for sanitary ware in India is today estimated at Rs 130 crores per annum, Parryware commands a 10% share of the Premium segment. With the launch of Crestia Collection, we are confident of further improving our share in this segment in the coming months.”

The current market size for bathroom solution products is Rs 900 crore, in which the organized sector accounts for Rs 500 crore while the rest is from the unorganized sector. Parryware is witnessing a growth rate of 22 per cent. In the premium segment alone, which is growing at 25 per cent, it has a market share of 20 per cent.

Notes to Editor

About Parryware Roca Private Limited

Parryware Roca Private Limited is owned by ROCA Sanitario – a world leader in sanitary ware based in Barcelona, Spain. Parryware Roca in India has the entire range of products that include vitreous sanitaryware, seat covers, plastic cisterns, bath tubs, kitchen sinks, and electronic flushing systems. Parryware is the first and only sanitaryware Brand in India to be conferred ‘Superbrand of India’ status. From being a sanitaryware brand, Parryware is transforming itself into a total bathroom solutions provider with the successful launch of its Faucets range.

ROCA a World leader in the bathroom solutions market has presence in more than 120 countries with a Group turnover amounting to approximately Euro 1.7 billion (Rs 8500 crores). ROCA is ranked World No.1 in the sanitaryware market.

Roca has been ranked world No 1 and Parryware Roca ranked No. 9 in the world in the sanitaryware industry by Ceramics World in 2008.

Saturday, September 30, 2017

Media News – Parryware Unveils Crestia range of Bathroom Solutions

Read article : Media News – Parryware Unveils Crestia range of Bathroom Solutions

Parryware Roca Private Limited has launched the premium international “Crestia Collection” in Mumbai. The Crestia collection constitutes 22 completely new products with international styling and attractive features.

The Crestia collection includes a wide range of international sanitaryware and shower solutions that cater to the discerning Indian customer who is looking for “affordable luxury”. In addition to the new products, the existing products ensure that the slew of products from the Crestia Collection aggressively dominate the top end sanitaryware market in India.

At the launch, Emilio Salazar, Managing Director, Parryware Roca Private Limited said, “Crestia symbolizes Parryware’s effort to constantly make its offerings contemporary and in line with the needs of the changing Indian customer. From the trusted Parryware stable, the all new Crestia Collection promises to deliver ‘WOW’ bathrooms with high quality products and assured back up service.”

Salazar, added, “The premium market for sanitary ware in India is today estimated at Rs 130 crores per annum, Parryware commands a 10% share of the Premium segment. With the launch of Crestia Collection, we are confident of further improving our share in this segment in the coming months.”

The current market size for bathroom solution products is Rs 900 crore, in which the organized sector accounts for Rs 500 crore while the rest is from the unorganized sector. Parryware is witnessing a growth rate of 22 per cent. In the premium segment alone, which is growing at 25 per cent, it has a market share of 20 per cent.

Parryware Roca Private Limited is owned by ROCA Sanitario – a world leader in sanitary ware based in Barcelona, Spain. Parryware Roca in India has the entire range of products that include vitreous sanitaryware, seat covers, plastic cisterns, bath tubs, kitchen sinks, and electronic flushing systems. Parryware is the first and only sanitaryware Brand in India to be conferred ‘Superbrand of India’ status. From being a sanitaryware brand, Parryware is transforming itself into a total bathroom solutions provider with the successful launch of its Faucets range.

ROCA a World leader in the bathroom solutions market has presence in more than 120 countries with a Group turnover amounting to approximately Euro 1.7 billion (Rs 8500 crores). ROCA is ranked World No.1 in the sanitaryware market. Roca has been ranked world No 1 and Parryware Roca ranked No. 9 in the world in the sanitaryware industry by Ceramics World in 2008.

Sunday, August 20, 2017

BNC Simple Search

Read article : BNC Simple Search
BNC Simple Search

Your query was

shower

Here is a random selection of 50 solutions from the 1529 found.

A7P 528 Celsius is a complete range of complementary products so you can build on your scent by degrees, from a stimulating shower gel to a refreshing splash of Celsius Aftershave.

AAH 100 In quite outrageously comic and very skilful sequences of movement, mime and clowning, they attempt courtship, and in a shower of champagne that misses more often than it hits the glass, approach the great unknown of the wedding night.

ADK 566 PET ‘HOTEL HATES’(THE FREQUENT ONES) * narrow stairs and no lifts * low shower pressure * telephone kiosks built for left-handed midgets * only one plug, down on the floor under the bed and 5AMP * hairdryers on 1m fixed lead from the floor socket 3m away from wall mirror facing opposite direction * just two 40 watt lamps to read and work by * toilet rolls positioned for contortionists only * room service that brings each course separately throughout Dallas * radiators that haven't been on for years * radiators that won't go off * basins that take half an hour to empty after you've cleaned your teeth and you want to shave * stoppers that hang under the cold water tap but don't reach the drain * stoppers that have no chain so you wallow in the dirty water to find them * toilets where you can sit down or close the door but not both

AM0 241 All the rooms sleep two and are very comfortably furnished with TV, air-conditioning and private bath, shower and WC.

AMD 402 Bedrooms are beautifully furnished featuring a bath, shower and loo, minibar, fridge, telephone, TV and radio.

AMD 463 All the bedrooms are most attractive and have a private bathroom with a shower or bath and hairdryer.

AMD 1219 All Enterprise rooms are in the Victoria part of the complex, and all have shower, loo and balcony.

AMW 595 Prices are per person in a room with 2 or 3 beds, bath or shower and terrace.

ARJ 2766 The traditional Elancyl treatment involves the green massage glove containing Elancyl soap with ivy, which you can really enjoy using briskly in the bath or shower.

AT3 2113 To throw in the towel would mean the end of misery, a shower, clean sheets, good food and reunion with my family after the months I had spent in training camp.

B0P 167 You can get wetter than if you had been in a winter shower.

B11 1280 After a hot shower, for the Siberian night air was chilly even in summer, we joined groups of pilot officers in the lounge.

BMF 854 An especially strong shower forced us into motion; we fled, finding shelter under the gable of an apparently derelict croft.

BPA 2347 Then he realised the shower was on.

CCY 600 Opposite left: Give your bathroom the nautical look with Croydex's smart, striped Regency shower curtain and distinctive solid brass bathroom accessories, in chrome-plated finish, from the classic Winchester Collection

CCY 651 If you want bathtime to be the height of luxury, you will be inspired by the very latest in shower accessories: the Cozydry.

CDJ 131 Also give yourself a good rub down in the shower or bath with their Body Sea Scrub Bar, £3.95.

CDN 494 He got up, took a shower, combed his hair with care and put on a new black T-shirt.

CFT 3996 On deck, teak laid decks and cockpits, Lewmar winches and stainless steel hardware, a wardrobe of sails by North, roller headsail reefing and a transom bathing platform with ladder and shower.

EA4 965 ‘Like making sure there were separate shower facilities and a chaperon if only one girl was attending at any one time.’

ED1 674 Rooms all have a WC with bath or shower, telephone, radio, safe and most have a balcony.

EDG 1260 Despite most of you already having a shower, 80 per cent are planning to install a new shower in the near future.

FB2 760 These include quite basic facilities such as bath or shower, sink, WC, and hot and cold water supply.

FBN 449 Pouring water through a shower head or (clean) watering can rose also helps to dissipate the chlorine.

FR9 1442 Not to be outdone, Dave Doyle claimed to have at least 108, but they washed off in the shower.

G2F 1434 Aquamassage brush, £15, BaByliss, can be used in bath or shower for an invigorating massage treatment

G2F 1831 But you may want to add a second (perhaps en suite) bathroom or to re-arrange the existing layout to squeeze in extra equipment, such as a bidet or separate shower.

G37 1037 En suite with the after cabin is a simply furnished head and shower compartment.

GUL 179 Ten minutes later they stopped the shower.

GUL 350 She thought of Mr Bailey's cold smile and Susan's screams in the shower.

H9D 3198 The vigorous shower did not have any of the beneficial effects such things were generally said to have by public-school games-masters of a previous age.

HA3 3418 When he lifted his arm there was the greasy feel and faint shower of sparks that betokened a localised magical field.

HA3 3434 When it reached the door the metal exploded into a shower of hot droplets.

HGL 2215 I shower quickly, spend some time painting my eyes, and select an attractive outfit to the best of my ability, given my makeshift twist of clothing.

HGV 82 ‘Cleaned out again, confound it!’ he said aloud, kicking moodily at one of the logs, and sending a shower of sparks up the chimney.

HJC 1605 ‘Shower,’ said the screw.

HP4 636 The 148 rooms are air-conditioned with a shower, music, telephone and minibar.

HRT 1966 At 6.30 pm I leave for home and a quick shower before going to the darts match and a few beers.

JXW 2323 ‘How about a quick cup of tea while I shower?’ said Lindsey.

JY3 316 It might not be bedtime by St Lucian standards, but second on her list of essentials, after the long cold drink, was a cool shower, and a long, long lie down.

JY7 3371 What I want most just now is a long shower and —’

JY8 3649 Having made up her mind, she rose and went to shower and change.

JYB 1722 ‘Shower, I think,’ she muttered, and went out into the corridor.

KC5 1268 yeah,and I would make him there and then no matter what time of night or morning it was, strip off and go in the shower and , yeah, even in his hair, that's, that's how bad it was, I'd put his clothes downstairs in the washing basket not even in the bedroom one .

KCN 2367 And ask her about the water heater cos if I can't take a shower I will stink!

KD0 10427 That's a shower!

KDA 7807 I, I, I was lucky in the three ground I went too the worst that ever happened to me was I was put head first into a dustbin, but luckily it had been emptied it was still well mucky, but I just fucking went and had a shower, and I come out of the shower and I'd got pounced upon again and I was there, it must of been a funny site, there's me right in just a pair of fucking deck chairs that we used to wear for the, the shower block right, fucking shaving, er like the wash kit bag in my right hand and I was holding me fucking towel round, round me waist with me left, I was streaking across the play ground, going as fast as I could

KM3 282 And Wednesday another cloudy day with the risk of an odd shower it will be warmer than today though Wednesday's high twelve Celsius fifty four Fahrenheit.

KP0 901 listen to this,I'm becoming increasingly aware that my landlady's been making sexual passes at me, I didn't take them seriously until she climbed in the shower with me

KPV 694 I'll tell you what, when I have rugby practice, I'll come and have a shower.



Your query was

shower

Here is a random selection of 50 solutions from the 1529 found.

A16 1722 Most major companies in the shower pump market, like Stuart Turner, offer a technical advisory service which can advise on the correct choice of pump and its installation.

AMD 402 Bedrooms are beautifully furnished featuring a bath, shower and loo, minibar, fridge, telephone, TV and radio.

AMU 2194 He went back for the President, lifting him from behind by both elbows and walking him into the shower with his boxer shorts and his sandals on.

AMW 352 Twin and three bedded rooms are available with bath or shower and terrace.

ASA 1225 Tom could see this so he gave me the key to his hotel room and told me to have a shower and put on some of his clothes.

BM4 2633 She wore spring flowers in her hair and carried a shower bouquet of similar flowers, with the addition of Australian mimosa and eucalyptus.

BMR 527 Unless I was awakened by the departure of a bed-fellow who had to work or study, poor girl, my day began at about nine or thereabouts, with a leisurely shower and a small black coffee.

BNT 127 Young people today, they're a ruddy shower.

C8A 245 And ensure you have the right tools for the job — a long-handled back-brush or loofah for the bath, or a massage strap in the shower.

CA3 846 ‘I must shower.’

CAA 274 Most rooms have en suite shower or bath/wc.

CAL 1555 Everyday concerns such as urinating, taking a shower or having a routine medical examination become nightmares of concealment, lest someone spot his giveaway lack in the foreskin department.

CB4 793 He says to shower for at least 10 minutes and not to opt for a bath.

CDX 473 Turning on the shower, I let the water run over me.

CEM 1488 Shower of flowers for sick Liz

CGP 673 If you don't get the chance to really freshen up with a shower then Femfresh has the answer.

CH0 1669 It's November the 9th, 1996, only 47 shopping days to Christmas, and this is Lola, inviting you to share a shower.

CJA 152 Here she was, in after a stiff haul back from Chateaubriand, spacelagged and frazzled, needing a shower.

CJA 2932 Take a shower, a couple of drinks, you'll feel better.

CLX 1341 For this reason, the poppy has been adopted as the flower of remembrance, and a shower of poppies, representing British and Commonwealth fighting men who have died since 1914, is released at the annual service of remembrance in the Albert Hall, London.

CM8 219 Naturalists shower us with intriguing accounts, both anecdotal and experimental, and their range tends to put in perspective the sense, if any, in which we might wish to claim that some were consciously purposive and others not.

ECL 204 Electric lighting, gas cooking & heating, bathroom with WC & shower.

EDG 1363 If you have a separate shower, the base of the cubicle or enclosure is an acrylic or ceramic shower tray.

EV5 1051 She was advised to bathe or shower daily and avoid straining her abdominal muscles and to see her General Practitioner to check that her recovery was progressing satisfactorily.

G17 119 It was already late morning, and the red glare of the sun was evaporating away the moisture left by an earlier shower so that the golden roofs of the principal buildings were wreathed with a mist which eddied and flowed under the influence of the heat which rose off the plain.

G2A 212 Bathroom: Fully tiled and fitted with a Champagne suite comprising of close coupled w.c., pedestal wash hand basin, panelled bath with twin grips, mixer taps with shower attachment over.

G2A 563 Double glazed window, half tiled walls, panelled bath, over bath shower, pedestal hand basin, low level WC, double radiator.

G2A 1222 Enclosed bath with shower unit, pedestal wash hand basin, radiator, double glazed window to rear.

G2F 1888 The Showerpack 922 power shower

GUL 232 One evening, a few months after the shower, Karen met Susan in a bar for a drink after work.

H9G 2054 What a view, the squally shower had cleared and the whole of the dale was shot across with beams of sun from behind a strange thunderous purple cloud.

HHV 12345 Does he agree that a proposal that would impose a massive tax burden on 4 million ordinary people could be produced only by a shower such as those who currently comprise the Opposition?

HNJ 383 ‘We checked his clothes for bloodstains…there weren't many but he told me to wash his shirt and handkerchief while he had a shower.

HWC 814 Sometimes, when I have to make precious substances such as toenail cheese or belly-button fluff, I have to go without a shower or bath for days and days; I hate doing this because I soon feel dirty and itchy, and the only bright thing about such abstinence is how good it feels to have a shower at the end of it.

HWY 430 Accommodation for residential programmes comprises 107 study bedrooms, each with its own telephone, clock-radio, tea/coffee making facilities and private wc and shower.

HX4 179 In bathrooms, scale build up on shower heads constricts water flow, whilst build up around sanitary fittings and lavatory bowls is unsightly and unhygienic.

J0W 172 Here we had a poor suffering sergeant — he suffered a very great deal every time a new ‘shower’ like this lot came his way — just on the verge of retirement.

J0W 2397 ‘Go and have another shower.’

J1M 2309 And that's really the scene for this afternoon, with the best of any sunshine being over the Lothians and the south, and still the chance of a shower in the north west.

JXW 829 Emerging from the shower ten minutes later, skin glowing and towelling her damp hair, she was galled to discover that she was no longer tired and, worse, that her stomach was actually rumbling with hunger.

JY4 381 ‘I'm going to shower,’ Ruth told him, getting to her feet and gathering up the dirty glasses which littered th table-top.

JYF 1417 But, still the same, Fabia felt hot by the time she'd made it to her room, so went and took a shower and changed her clothes and supposed, since it had to be lunchtime, that she should set about getting a snack of some sort.

KB7 2273 Erm and instead of the bath in the bathroom he's just got a shower up there.

KBF 2810 say we'd be, you know, be fiddle around and get to ninety six I would then turn and say to them, I will give you five hundred pounds I will knock five hundred off that so that you can put in a proper shower tray and screen

KCE 4518 So why did why didn't you have a shower

KCL 599 I in the shower in the shower for one.

KCN 7140 Well normal shower.

KE6 10639 until about half past nine, when they said right that's all the dir dirty work done, he said I'm going up to have a shower and he put the carpet, rolled the carpet half back, and picked up a load of mess and we had polythene dust sheets over it

KNR 406 The one in the shower.

KPV 3340 Erm, they've got two things, a bidet, a toilet, a corner bath and a corner shower on the other side, right?



Your query was

shower

Here is a random selection of 50 solutions from the 1529 found.

A75 540 For example, if we have raised our body temperature by exercise or effort then cooling ourselves by taking a cold shower, a swim, or a cold drink makes us more comfortable.

ALU 1277 In earlier editions of the Dictionary the Sweet Briar warranted comment on its scent and ‘though a wild rose in some parts of England, yet is preserved in most curious gardens for the extreme sweetness of its leaves, which perfumes the circumambient Air in the Spring of the Year, especially after a shower of Rain.’

AMB 540 By the end of the day, after more lessons, a cold shower, a cold dinner and two hours of homework, Endill felt exhausted.

AMW 244 The village has 481 rooms with shower in chalets or two or three storey residences.

AMW 1040 Prices are based on apartments for four with two bedrooms (one double bed, two singles), shower and kitchenette.

B24 101 For the novice, who had spent a mere two months in training in the city, far from home in Scottish pit village or Norfolk town, the introduction to beat work was like plunging into a cold shower.

B72 118 Lima, where it rains so seldom that the city's roofs are not designed to withstand more than a mild shower, the inhabitants are anxiously awaiting the worst.

BMR 1244 If it hadn't been so hot, if there had been no row the night before, if Dennis hadn't passed out, if I'd fallen asleep, if any of the others had been there, if Karen had come back later, if she'd gone straight to the pool rather than taken a shower, if any or all of these had been the case, then intercourse would not have occurred.

BNP 995 Pick little holes, by all means, if your shower tap was a little stiff or the beach a trifle shingly, but never voice real criticism.

BNT 127 Young people today, they're a ruddy shower.

CCY 1494 The manufacturers of plastic baths and shower trays recommend strongly that the waste fitting should be bedded into the waste outlet with a clear silicone sealant —not with putty or a non-setting mastic sealant.

CEU 1566 ‘This may be a shower curtain .’

CEX 2752 Water was running; from the shower, Richard called out something that I couldn't catch, and Flora laughed, her head turned away from me, her small breasts bouncing.

CG5 337 Position the shower on the wall at the recommended height — 1.2m (4ft) average height from the bottom of shower to the base of bath or cubicle; the top of the unit should be horizontal.

CJX 45 I'll take a shower and be with you in twenty minutes — I trust you've had plenty of experience in this sort of thing?’

EC9 340 Some rooms en suite, some private shower.

ECF 5072 Bedrooms and suites all have immaculate bathrooms (most with shower not bath), TV and mini-bar.

EV5 1407 1 Ensure the skin is clean with a bath or shower.

FR9 424 What with the shower incident and the strain of management I neglected to recall the fact I could not drive.

FRF 2624 Berdichev shivered but stood straighter, his skin still tingling from the shower.

FYX 1509 A high-energy gamma ray plunging into the atmosphere will create a shower of electron-positron pairs, which initially will be traveling through the atmosphere faster than light can.

G03 124 ‘Shower will be fine.’

G0A 316 Drying off after a shower, I stood looking at two framed movie posters on the bathroom wall.

G12 1797 The slight girl with the tumbling hair, he was thinking, would take a shower (bachelor flats had showers), putting her head back and letting the water cascade down between her breasts…

G2A 1222 Enclosed bath with shower unit, pedestal wash hand basin, radiator, double glazed window to rear.

G33 2538 It was night, and as the wind gusted down the iron chimney pipe, a shower of metal flakes spattered on to the wooden floor.

GUK 2213 Like at the recent fĂŞte on the fifteenth of August, when rockets dashed upwards from the dark field outside the village and the Virgin ascended to heaven as a shower of fiery red sparks.

GV8 561 She wanted to shower, to change, to relax for a few minutes.

H7U 1583 It described the double rooms as having ‘private bath, shower, W.C. and terrace.’

H8F 1139 At least she wouldn't run the risk of bumping into Julius in the shower.

HA7 864 Quickly she unpacked, took a brisk shower and dressed carefully in a high-necked dress of watermelon-pink wool, piling up her dark hair at the back so that her neck rose, long and slender, from the draped collar, showing to advantage the chunky silver earrings.

HB6 313 Sanitary Fixtures include baths, wash-hand basins, w.c. 's, shower bases/cubicles, bidets, etc.

HC4 854 Guests pay £25 per person for bed and breakfast in a double room with bath or shower, TV, tea and coffee facilities and telephone.

HGL 2215 I shower quickly, spend some time painting my eyes, and select an attractive outfit to the best of my ability, given my makeshift twist of clothing.

HGN 2892 Anya's attempts at dissuasion, like an unsubtle variant on the old water torture, persist through Rainbow's three cups of black coffee, hasty shower, and struggles with the overstressed zip in her jeans.

HH6 144 Unless the holes in the shower rose are blocked, a weak shower is usually caused by insufficient ‘head’ of water.

HJC 1522 ‘What's this about a shower?’

HJC 1605 ‘Shower,’ said the screw.

HRX 134 The shower curtain business previously under the name Associated Products, was relaunched as Dawson Home Fashions to reflect the business' stronger drive into co-ordinated bathroom products.

HTN 1025 The opening music was greeted by a torrential shower of rain that drummed with deafening force on the stage and put out the fires of Hell.

J0W 1079 In one scene he had to take a handkerchief out of his pocket, and in the process shower Maggie Smith with nuts.

J1M 2309 And that's really the scene for this afternoon, with the best of any sunshine being over the Lothians and the south, and still the chance of a shower in the north west.

JXU 1911 The fact that Marc had registered her exact words seemed to say that they meant something — that he hadn't simply dismissed what she had yelled out from the shower, but that he had remembered and, as it seemed now, had brooded over them for some time.

K2D 894 A rain shower forced the postponement of the featured night match between fourth seed Boris Becker and unseeded Russian Andrei Cherkasov.

K52 671 THE Institute's attractions included a billiard room and a bathroom where a hot or cold shower cost 4d, and quickly proved so popular the building was overwhelmed.

K52 3935 What a shower

KB8 1534 You've been in the shower have you?

KCN 7140 Well normal shower.

KD0 5939 I've I I've got the Oriental shower gel fro got the Oriental shower gel, that means I've the Oriental and Marina.

KDE 1518 Did you want to have a shower with daddy?


Sunday, August 13, 2017

Isostearic Acid Market to Develop Rapidly by 2021

Read article : Isostearic Acid Market to Develop Rapidly by 2021

Isostearic acid is a liquid fatty acid produced by the reaction of oleic acid with a natural mineral catalyst. The production of isostearic acid is completely based on the parent oil or fat. Due to its high thermal, odor, and oxidation stability, isostearic acid finds its application across several industries such as lubricants, personal care, chemical esters, textiles, and packaging. The branched structure of isostearic acid elevates its dispersing power due to which it is used in industrial and cosmetic applications for the stabilization of pigments and mineral particles in oils and solvents. The growing end-user industries are the key drivers for global isostearic acid market.
A sample of this report is available upon request @ www.persistencemarketresearch.com/samples/4372Due to its UV resistant properties, isostearic acid is used in several types of cosmetics such as lipsticks, lip gloss, sunscreens, and other personal care products such as bath and shower gels, and toilet soaps. In chemical esters such as isostearyle isostearate, isopropyl isostearate, glycerol trimethylolpropane triisostearate, isostearic acid is used as binder, skin conditioning agent, emollient, and humectant. Chemical esters are used in cosmetics industry as dispersants, adhesion pigment promoters, solubilizers, emollients, effective solvents, plasticizers, and water repellents. In lubricant and grease industry, isostearic acid finds its application in the manufacturing of synthetic lubricants, corrosion inhibitors, and alkyd resins. The global synthetic lubricants market is expected to reach USD 62.8 billion by 2018, expanding at a CAGR of 2.5% during the period from 2013 to 2018. The global beauty products market including cosmetics is expected to reach USD 300 billion by 2020, which is expected to provide ample growth opportunity for the isostearic acid market. Premium cosmetics are growing at the fastest pace among the beauty product segments. The global biolubricants market is expected to reach USD 2,377.5 million in 2018 which is further expected to escalate the isostearic acid market. The high cost of biolubricants (approximately 1.5-2 times costlier than mineral oil lubricants) is a major restraint for the growth of this market.Among applications, chemical esters dominated the global isostearic acid market in 2013. Demand of isostearic acid from chemical esters is also expected to witness the highest growth among segments during the forecast period. Among regions, Europe dominated the global sales followed by Asia Pacific and North America. However, Asia Pacific is expected to become the market leader in the global isostearic acid market by 2020. In 2013, Germany, the U.K., France, and Italy were the key markets for isostearic acid in Europe whereas Japan, China, and India were the major markets in Asia Pacific. The demand of isostearic acid is also growing in countries such as Brazil, Poland, and Ukraine. Buy Now: You can now buy a single user license of the report @ www.persistencemarketresearch.com/checkout/4372#The global isostearic acid market is highly consolidated where the top two players account for over 75% share of the market. The key companies in the global isostearic acid market include CrodAbout Us
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Monday, February 5, 2018

Marching to recovery 5/5 - Builders' Merchants News

Read article : Marching to recovery 5/5 - Builders' Merchants News

Published:  22 March, 2011

This report was first published in Builders' Merchants News December 2010/January 2011 issue.

Nick McGrellis, managing director of Croydex, the bathroom accessories company says that one of the biggest trends in terms of showers next year is likely to be water-saving features.

“Another trend which we believe is likely to continue in 2011 is that for combi shower sets that have a fixed head and a separate removeable handset. These are a great space-saving solution in the smaller bathroom or en-suite, as they are particularly suitable for in-bath showering and can be added to any existing mixer valve shower.”

Mike Lawrence, managing director of one-stop-shop kitchen distributor, Waterline, says  business for imagemerchants in 2011 will come from refurbishment: “Consumers are improving, not moving and the kitchen is the focus of attention. This can be anything from a complete refit to replacing the sink, tap and appliances for a new, up-to-date look.

“Pitiful rates for savers combined with fierce competition within the kitchen industry mean there has never been a better time for consumers to refurbish the heart of the home.”

imageGary Hawkins, Impulse Bathrooms’ general manager, says 2011 will continue to be somewhat constricted for the bathroom industry.  “There is pressure on the demand for new homes to be built, even if the majority is likely to be social housing, and this should provide some optimism.

“Domestic refurbishment should see a skew towards money-saving home improvements such as water and energy saving. However, this should not mean giving an inroad to cheap, substandard imported product from dubious sources.

“Driving prices down at the expense of quality and performance does not really help any part of the industry. It may seem like a quick fix but it is not a sustainable, long-term business strategy.

“Although the consumer is looking for a ‘deal’ because of the economic climate when the price of everything is rising, it is much preferable to offer real savings like water saving products which, for those with metered supplies.

“I also think the steeply rising cost of fuel will make people ‘let their fingers do the walking’ doing more research on the internet rather than driving around showrooms.The trade should promote the benefits of dealing with merchants with a reputation for reliability, good know-ledgeable advice and support services. This is where the merchant has the advantage over the internet suppliers where price is the main criterion.”

With the growing demand for water and its subsequent increases in cost, as well as the well-known adverse impacts this can have on local environments, the UK market demand for rainwater recycling systems is increasing, according to the UK Rainwater Harvesting Association.

John Goodwin, UK sales manager of Oaklands Environmental, a manufacturer of sustainable drainage imagesystems, specialising in stormwater management, sewage treatment, rainwater harvesting and oil/water interceptors as its core products.

He believes there is a market for rainwater harvesting systems – and one that merchants can use to their advantage. “While the infrastructure market has been hard hit over the last couple of years, the sewage treatment business has remained reasonably buoyant, largely being funded and promoted through the self-build market,” he explains.

Business may be slow for many, but Oaklands is still moving products and growing their business, but not in the market sectors it did 18 months ago, Mr Goodwin admits. “We are focusing on social and affordable housing, working with housing associations and the companies involved with housing associations to promote the use of rainwater harvesting systems in their projects.

“There has been tremendous market growth in this sector over the past two years, chiefly driven by the Homes and Communities Agency, with its partial funding for housing associations and local authorities to get affordablehousing schemes moving.

“The HCA has now had its budgets cut as have local councils and many projects have been culled. What the overall knock-on effect will be remains to be seen.

“Many of the companies we have dealt with over the past 12 months have said there was work in the pipeline, but it all hinged on the type of funding that would become available from the HCA, housing associations and local authorities”.

Mr Goodwin believes that the opportunities for market growth will still be there. “In different parts of the country the need for rainwater harvesting has to be pushed much harder,” he says.

This is particularly true for those regions where there have been water shortages,  hosepipe bans, water meters installed and people generally having to pay increased charges for their water.

“It isn’t an everyday sale for a merchant, but one that they need to consider. Rainwater harvesting systems are a non-stock item that they can promote and sell and which offer excellent profit opportunities.”

“Although housebuilding may be a difficult market for most of this year, housebuilders have to consider offering suitable rainwater harvesting systems as a sustainable item that may give them the edge in a competitive market.”

“Merchants need to promote awareness of rainwater harvesting through their contacts with the all housebuilders from the self-builder and small local housing contractors to the large national organisations.”

Timber is a volatile sector and although it has been weathering the economic storm, it has not been without casualties.

imageRod Allan, managing director of Finnforest UK says a globally leaner approach to the market means that there will not be the speculative production previously experienced and it is highly unlikely that those sawmills mothballed in 2009-10 will be reopened in 2011.

“Both forest owners and sawmillers will look to manage the market through restricting supply, borne out of the need for timber producers to maintain material prices and reduce market volatility.

“This does mean that the UK will have to continue to compete with other countries for the limited supply that does exist. With forest ownership at its core, it does mean that Finnforest is well placed to compete in both the global and local market places.

“We are seeing a growth in demand for timber products, but it is fair to say that this demand is now coming from the private commercial developer.

“The development of engineered timber systems that respond to the challenges of private commercial market sectors such as retail, leisure, commercial and industrial can provide merchants with solutions by which to reach this audience.”

imageDavid McElroy, deputy managing director, commercial of Norbord Europe adds that rising prices will be an ongoing theme during 2011. “One silver lining is that market forces and euro exchange rates mean that plywood – all of which is imported – is now in short  supply in the UK. This is good news for the UK’s OSB manufacturers. We can build market share and that’s good for UK jobs, too.

“Because of the price pressures, we are focusing on value lines and value-added products.

“We have already re-positioned our chipboard flooring and fixing accessory lines and we have revised our offering to give customers new product lines attractively presented and competitively priced.

“My worst-case scenario is a flat year to come. But it takes a long time to recover from a decade of overspending, so recovery will be very slow.”

SCA Timber Supplies’ sales director Stephen King says the company has noticed more just-in-time imagepurchasing from merchants on planed timber. “There is a degree of hope that private sector housebuilding will take up at least some of the slack. It will be well into the spring, though, if not early summer,before we can see the trends clearly.”

imageAnders Ek, SCA Timber’s international marketing director in Sweden, adds: “As we look across Europe, there’s a difference in the performance of timber markets. The sharpest drop in performance has so far been seen in Britain, no doubt due to the austerity measures being taken in the UK and their potential effects on construction.

“There have already been curtailments in timber production in many European mills.

“These curtailments will make a difference in reducing sawmills’ inventories, but on price, we will have to see what the supply and demand picture brings in the early part of 2011.”

Sunday, July 30, 2017

Norcros PLC Interim Results - ADVFN

Read article : Norcros PLC Interim Results - ADVFN
Norcros (LSE:NXR)
Historical Stock Chart 2 Years : From Oct 2015 to Oct 2017 Click Here for more Norcros Charts. TIDMNXR RNS Number : 4598F Norcros PLC 12 November 2015 12 November 2015 Norcros plc Results for the six months ended 30 September 2015 'Strong momentum within our businesses' Norcros, the market leading supplier of innovative branded showers, taps, bathroom accessories, tiles and adhesives, today announces its results for the six months ended 30 September 2015. Financial Summary 2015 2014 % change % change as reported at constant currency ----------------------- ---------- ---------- ------------- ------------- Revenue GBP118.7m GBP108.6m +9.3% +12.0% ----------------------- ---------- ---------- ------------- ------------- Underlying* operating profit GBP9.9m GBP7.4m +34% ----------------------- ---------- ---------- ------------- ------------- Underlying* profit before tax GBP9.4m GBP6.7m +40% ----------------------- ---------- ---------- ------------- ------------- Profit before tax GBP7.0m GBP6.3m +11% ----------------------- ---------- ---------- ------------- ------------- Underlying operating cash flow** GBP13.3m GBP11.6m +15% ----------------------- ---------- ---------- ------------- ------------- Diluted underlying EPS * 11.8p 8.1p +46% ----------------------- ---------- ---------- ------------- ------------- Net debt GBP29.2m GBP20.0m ----------------------- ---------- ---------- ------------- ------------- Interim dividend per share 2.2p 1.85p +19% ----------------------- ---------- ---------- ------------- ------------- * Underlying is before IAS 19R administrative expenses, acquisition related costs and exceptional operating items and, where relevant, before non-cash finance costs ** Underlying operating cash flow means cash generated from continuing operations before exceptional cash flows and pension fund deficit recovery contributions Restated for the 10:1 share consolidation completed on 29 September 2015 Highlights -- Strong first half performance -- Revenue increased by 12.0% on a constant currency basis -- Underlying operating profit increased by 34% to GBP9.9m -- Underlying profit before tax increased by 40% to GBP9.4m -- Profit before tax increased by 11% to GBP7.0m -- Continued strong underlying operating cash generation: 104% of underlying EBITDA -- Acquisition of Croydex completed on 25 June 2015 -- Diluted underlying earnings per share 46% higher at 11.8p -- Interim dividend increased by 19% to 2.2p per share Martin Towers, Chairman, commented: "I am pleased to announce a strong set of results for the six months ended 30 September 2015. Not only has the Group continued to make excellent progress in its existing businesses, but it has continued to advance towards its strategic targets with the acquisition of Croydex at the end of June 2015. With our strong brands, leading market positions and continued self-help initiatives focused on market share gain the Group is well positioned to make further progress. Given the strong first half performance and momentum within our businesses, the Board now expects the Group to achieve underlying operating profit marginally ahead of market expectations for the year to 31 March 2016." There will be a presentation today at 9.30 am for analysts at the offices of Hudson Sandler, 29 Cloth Fair, London, EC1A 7NN. The supporting slides will be available on the Norcros website at http://www.norcros.com later in the day. ENQUIRIES Norcros plc Tel: 01625 547700 Nick Kelsall, Group Chief Executive Martin Payne, Group Finance Director Hudson Sandler Tel: 0207 796 4133 Nick Lyon Charlie Jack Katie Matthews Notes to Editors -- Norcros is a leading supplier of high quality and innovative showers, taps, bathroom accessories, ceramic wall and floor tiles and adhesive products with operations primarily in the UK and South Africa. -- Based in the UK, Norcros operates under five brands: - Triton Showers - Market leader in the manufacture and marketing of showers in the UK - Vado - A leading manufacturer and supplier of taps, mixer showers, bathroom accessories and valves - Croydex - A market-leading, innovative designer, manufacturer and distributor of high quality bathroom furnishings and accessories - Johnson Tiles - A leading manufacturer and supplier of ceramic tiles in the UK - Norcros Adhesives - Manufacturer of tile & stone adhesives, grouts and related products -- Based in South Africa, Norcros operates under three brands: - Tile Africa - Chain of retail stores focused on ceramic and porcelain tiles, and associated products such as sanitary ware, showers and adhesives - Johnson Tiles South Africa - Manufacturer of ceramic and porcelain tiles - TAL - The leading manufacturer of ceramic and building adhesives -- Norcros is headquartered in Wilmslow, Cheshire and employs around 1800 people. The Company is listed on the London Stock Exchange. For further information please visit the Company website: http://www.norcros.com/ Chairman's statement I am pleased to announce a strong set of results for the six months ended 30 September 2015. Not only has the Group continued to make excellent progress in its existing businesses, but it has continued to advance towards its strategic targets with the acquisition of Croydex at the end of June 2015. Market conditions in the UK continue to be mixed, with the trade sector continuing to perform well driven by new house build and commercial specifications, although RMI driven demand is muted and retail markets generally remain challenging. In South Africa, market conditions have been impacted by the recent slow-down in China affecting the commodity sector which is a significant part of the South African economy. However, the strong self-help culture evident in all our businesses has continued to offset these challenges and has been a key factor in delivering these strong results. Underlying operating profit rose by 34% to GBP9.9m (2014: GBP7.4m) representing an improved margin of 8.3% (2014: 6.8%). UK performance benefitted from the return to profitability of Johnson Tiles UK following its manufacturing inefficiencies in the prior year and the three month contribution from Croydex. South Africa nearly doubled its underlying operating profit despite a weaker Rand, driven by strong constant currency revenue growth and an improvement in underlying profit performance in all three businesses including a return to profitability at Johnson Tiles South Africa. Through a combination of strong underlying EBITDA and continued prudent management of working capital, underlying operating cash generation was GBP13.3m (2014: GBP11.6m), representing 104% of underlying EBITDA (2014: 112%). This performance and a cash outflow of GBP20.1m relating to the acquisition of Croydex left net debt at GBP29.2m compared to GBP14.2m at 31 March 2015 and represents leverage of 1.1 times underlying proforma EBITDA. Acquisition of Croydex As previously announced, the Group acquired 100% of the ordinary share capital of Croydex Group Limited ("Croydex"), a market leading, innovative designer, manufacturer and distributor of high quality bathroom furnishings and accessories, on 25 June 2015. The acquisition of Croydex is an important next step in the Group's growth strategy to increase revenue to GBP420m by 2018 and follows on from the very successful integration of the Vado business which Norcros acquired in March 2013. The addition of the Croydex business to the Group's existing portfolio has increased the breadth of our product range in the bathroom segment and has enabled the Group to offer an even broader array of complementary bathroom products to our customers. Croydex will also benefit from the global distribution channels, sourcing skills and strong financial position of the enlarged Group. I am excited by the prospects for Croydex within the Norcros Group and have been impressed by the energy and enthusiasm of its management and employees. Results Revenue for the six month period to 30 September 2015 at GBP118.7m (2014: GBP108.6m) was 12.0% higher on a constant currency basis compared to the prior year, and 9.3% on a Sterling reported basis. Of this growth, 5.5% was attributable to a three month contribution from Croydex. On a like for like basis excluding Croydex, constant currency growth was 6.5% and 4.0% on a Sterling reported basis. Underlying operating profit rose by 34% to GBP9.9m (2014: GBP7.4m) reflecting improvements in both the UK and South Africa together with a three month contribution from Croydex. Underlying profit before taxation increased by 40% to GBP9.4m (2014: GBP6.7m) reflecting the higher underlying operating profit and lower interest costs driven by improved margins offset by increased borrowings due to the acquisition of Croydex in June 2015. Profit before taxation for the period was GBP7.0m (2014: GBP6.3m), reflecting increased underlying profit before taxation, higher exceptional operating income of GBP2.3m (2014: GBP0.3m) primarily as a result of settlement in the period of a contractual dispute with Morrisons relating to a previous agreement to sell them freehold land in Tunstall, Stoke on Trent, offset by higher non-underlying interest of GBP1.3m (2014: income of GBP0.6m) and higher acquisition related costs of GBP2.6m (2014: GBP0.5m) relating to the final year of the Vado earn out mechanism of GBP1.3m and the costs of acquiring Croydex of GBP0.8m. (MORE TO FOLLOW) Dow Jones Newswires November 12, 2015 02:01 ET (07:01 GMT) Diluted underlying earnings per share were 46% higher at 11.8p (2014: 8.1p restated for the 10:1 share consolidation), reflecting improved underlying earnings. Financial We have continued to demonstrate strong cash conversion with underlying operating cash generated in the period at GBP13.3m (2014: GBP11.6m), representing 104% of underlying EBITDA for the period (2014: 112%). There was a working capital outflow of GBP0.2m in the period which compared to a GBP0.6m inflow in the prior period. A pension deficit recovery payment of GBP1.1m (2014: GBP1.0m) in the period (as part of the GBP2.0m plus CPI per annum contribution agreed with the Trustee in 2013) and cash inflows relating to exceptional items of GBP0.7m (2014: outflows of GBP0.7m) resulted in net cash generated from continuing operations at GBP12.9m (2014: GBP9.9m). Investment in capital expenditure in the period amounted to GBP3.2m (2014: GBP3.4m) and has remained consistent at 1.1 times depreciation. Net debt increased in the six months to 30 September 2015 by GBP15.0m to GBP29.2m principally as a result of the acquisition of Croydex, which, including costs related to the acquisition of GBP0.8m, resulted in a net cash outflow in the period of GBP20.1m. The gross deficit relating to our UK defined benefit pension scheme as calculated under IAS 19R has improved slightly from a deficit of GBP44.3m at 31 March 2015 to a deficit of GBP42.4m at 30 September 2015. The reduction in the deficit principally reflects an increase in the discount rate to 3.8% net of a lower return on scheme assets. During the previous year the plan undertook a number of liability management exercises which resulted in the recognition of a net settlement gain of GBP1.7m. A further gain of GBP0.4m has been recognised in the period as a result of these exercises which has been included within exceptional operating items. Property As highlighted in the Group's 2015 Annual Report, the contractual dispute arising from the conditional sale of part of the surplus land in Tunstall to a subsidiary of Wm Morrison Supermarkets plc was settled on 15 May 2015. The Company has recognised exceptional operating income of GBP1.9m in relation to this settlement. Dividend The Board is declaring an interim dividend of 2.20p per share reflecting the strong first half performance and its confidence in the Group's future prospects. Taking into account the 10:1 share consolidation which took place on 29 September 2015, this represents an increase of 19% over the restated interim dividend from the previous year of 1.85p per ordinary share. The dividend is payable on 7 January 2016 to shareholders on the register on 4 December 2015. The shares will be quoted as ex-dividend on 3 December 2015. Operating review UK For the six months ended 30 September 2015 total revenue in our UK businesses was 9.8% ahead of the prior period at GBP79.9m (2014: GBP72.8m). On a like for like basis excluding Croydex revenue of GBP5.8m, total revenue increased by 1.8%. Underlying operating profit at GBP8.0m was 25% higher than last year at GBP6.4m and represents an improved return on sales of 10.0% (2014: 8.8%). The trends in our UK markets seen in the prior year have continued into the first half of this year, with good growth in the trade sector, but a challenging retail sector. Triton Our market leading shower operation, Triton Showers, recorded revenue growth of 3.1% for the six month period to 30 September 2015 to GBP26.2m (2014: GBP25.4m). UK revenue for Triton was 1.9% higher than the prior year. Revenue from the UK trade sector increased by 3.3% compared to the prior year, with strong trading across major national merchants and electrical wholesale customers and a much improved performance in the specification sector, which has been a key area of focus for the business. The retail sector however remains challenging, principally due to weak consumer demand and the impact of product range changes at some of the major DIY accounts. Notwithstanding this, Triton still delivered marginally higher retail revenue compared to the previous year. Triton has continued to invest significantly in new product development and in product innovation with the recent launch of the T80ZFF thermostatic electric shower range which further strengthens our offer in the growing thermostatic shower market. Export markets account for 17% of Triton's overall revenue and have continued to grow, increasing by 10.0% compared to the prior year. The principal export market for Triton is Ireland, where a revitalised new build and RMI sector has helped drive revenue growth. Markets further afield, principally Latin America, continue to be developed. We have invested in both new product development and marketing including representation at a number of major trade fairs in the region. Triton has continued to generate strong cashflows and delivered underlying operating profits which were marginally ahead of last year. Vado Our leading manufacturer of taps, mixer showers, bathroom accessories and valves, Vado, recorded revenue of GBP15.9m for the period (2014: GBP14.8m), 7.4% higher than the prior year. UK revenue was 16.7% higher than the prior year, with growth in both the retail and trade segments. In the trade sector, we continue to make strong progress in both residential and commercial specifications, benefitting particularly from increased new private housing programmes. In retail, we are beginning to see the benefits of investing in the expansion of the sales team and were recently recognised as tap brand of the year by BKU magazine in its inaugural awards. Export revenue, which accounts for approximately 30% of Vado revenue, was 9.6% lower than the same period last year. This performance reflects a mixed picture with lower revenue outside of our major Middle East market held back by credit issues with a number of sub-Saharan customers and a number of larger projects last year not being repeated this year. However, in the Middle East we grew revenue strongly in the first half of this year reflecting more buoyant construction activity. We have recently increased our presence in this market and established a directly employed resource in the region to strengthen the Vado brand in the important specification sector. Underlying operating profits were ahead of the same period last year driven largely by revenue growth. Croydex Croydex, our market-leading, innovative designer, manufacturer and distributor of high quality bathroom furnishings and accessories, which was acquired on 25 June 2015, recorded revenue of GBP5.8m for the three month period since acquisition to 30 September 2015, in line with our expectations. Whilst it was not under Group ownership for the full period, revenue for the six months ended 30 September 2015 was GBP10.9m, 3.7% higher than the prior year. UK sales at GBP10.3m were in line with the prior year with the challenging retail environment being offset by growth in the trade sector. Export sales of GBP0.6m were GBP0.4m higher than the prior period, reflecting the additional focus employed to target growth outside the UK, with particular success being achieved in Germany. Operationally, Croydex has been integrated into the Norcros group seamlessly, and the performance of the business since acquisition has been highly encouraging, with the business generating an underlying profit performance in line with the Board's expectations. Johnson Tiles Our UK market leading ceramic tile manufacturer and a market leader in the supply of both own manufactured and imported tiles, Johnson Tiles, recorded revenue 4.5% lower than the same period last year at GBP27.9m (2014: GBP29.2m). UK revenue was 2.7% lower than the comparative period last year. Excellent progress continues to be made in the trade segment with revenue 5.0% higher, notwithstanding that last year included the one-off benefit of the supply of ceramic poppies which formed the main part of the World War I commemorations at the Tower of London. Again, good progress has been made in the specification sector, with projects completed in the period for Holiday Inn and Total Fitness. In the retail sector, subdued demand in the DIY sector generally combined with the withdrawal from some unprofitable ranges resulted in revenues 9.6% lower than the prior year. Export revenue was also 16.7% lower than the prior year principally reflecting the combined impact of weak market conditions in France and credit issues in the Middle East. Operationally, the excellent progress made at the end of the last financial year has been sustained throughout this first half period. As a result of management actions manufacturing efficiencies have significantly improved compared to the prior period. This, together with the continued trade revenue growth, have been key factors in delivering a solid underlying operating profit performance for the period, a marked improvement over the small operating loss recorded in the prior period. Norcros Adhesives Norcros Adhesives, our manufacturer and supplier of tile and stone adhesives and ancillary products, once again demonstrated excellent growth with revenue 20.6% higher at GBP4.1m (2014: GBP3.4m). This performance principally reflects further development of our distribution channels in the trade segment, as well as some initial success in the retail DIY sector. The business continues to develop innovative new products to address the technical issues in fixing tiles to different types of substrate, for example the launch of the Ultima8 B+ range, which solves the problem of fixing tiles to bituminous surfaces. Additionally, the business has continued to invest in future growth, achieving the ISO 14001 accreditation for environmental management, commencing the construction of a new training centre and laboratory in the UK and establishing a local presence in the Middle East to better capitalise on the opportunities in the significant specification market in this region. (MORE TO FOLLOW) Dow Jones Newswires November 12, 2015 02:01 ET (07:01 GMT) This continued strong growth has delivered an underlying operating profit performance ahead of the same period last year. South Africa Once again our South African businesses reported another period of double digit constant currency growth resulting in revenue 16.9% higher than prior year on a constant currency basis. Reported Sterling revenue was 8.4% higher at GBP38.8m (2014: GBP35.8m), reflecting an 8% weaker Rand. Underlying operating profit at GBP1.9m was 90% higher than the previous period (2014: GBP1.0m) despite the weaker Rand adversely impacting reported profits by GBP0.1m. This represents a significantly improved return on sales of 4.9% (2014: 2.7%). All three businesses delivered an improvement in local currency underlying operating profit performance. Our South African operations have made further progress in the first half of the year with all three businesses growing ahead of the market as we continue to implement our strategy of growing our brands through geographic expansion and range diversification. Gross margins improved against the previous year, with the benefits in our supply chain and production efficiencies delivering tangible benefits over the period. Johnson Tiles South Africa Our tile manufacturing business, Johnson Tiles South Africa, achieved independent sector revenue of GBP5.4m (2014: GBP5.2m), 12.5% higher than prior year on a constant currency basis, and 3.8% higher on a reported Sterling basis. Following the investment in two inkjet printers over the last two years we have successfully enriched our product offer with the launch of a number of additional inkjet ranges and a new rectangular product format in response to market trends. An improved product offer and a consistent manufacturing performance have resulted in a marked improvement in performance. As reported in our last annual report, Johnson Tiles South Africa experienced some manufacturing disruption as a result of the national electricity load-shedding programme. Consequently a new standby diesel generator has been successfully installed in the period which will significantly reduce the impact of being unable to operate the manufacturing facility in the event of a power outage. Notwithstanding the disruption from load shedding prior to the generator being installed, the business delivered an underlying operating profit compared to a small underlying operating loss in the prior period. TAL Our market leading adhesive business, TAL, delivered constant currency independent sector revenue growth of 20.5% in the period, or an 11.9% increase on a Sterling reported basis to GBP9.4m (2014: GBP8.4m). This growth was achieved through market share gain in domestic markets and through continued focus on growing sub-Saharan export markets, as well as product range extensions, such as a new 2kg bag to its grout range and a new powdered bond range, both of which have received a favourable market reaction. In addition to the considerable growth in revenue, we have continued to drive profitability through further improvements in plant and procurement efficiencies. This has been reflected in a stronger underlying operating profit performance than the prior year. Tile Africa Revenue at our leading retailer of wall and floor tiles, adhesives, showers, sanitaryware and bathroom fittings, Tile Africa, increased by 16.5% on a constant currency basis compared to the prior year, and by 8.1% on a Sterling reported basis to GBP24.0m (2014: GBP22.2m). Tile Africa currently operates from 29 stores and four franchises, with a new store in Boksburg, Gauteng, expected to open by the end of this financial year. The new CX format stores that we developed to improve the overall retail customer experience, and were showcased in the last Annual Report, have continued to perform strongly, and consequently there are plans to retrofit this format into further stores. The store at Lenasia has recently been refitted as a factory outlet aimed at the emerging consumer segments following on from the positive results achieved at the existing store of this type in Silverton. The improved CX store layout, together with benefits from our increased focus on in-stock and on-display offering has been reflected in market share gain and revenue growth, and in an improved underlying operating profit compared to the prior year. Share consolidation On 29 September 2015 the Company undertook an exercise to consolidate its existing 1p ordinary shares into new 10p ordinary shares, and the new shares began to be traded on the London Stock Exchange on 30 September. The resolution permitting the Board to effect the consolidation had been passed at the Company's AGM on 22 July. The Board considered it was important to reduce the number of shares in issue to a level more appropriate for a company of Norcros's size, and to make the shares more attractive to investors, whilst having no effect on the relative holdings of individual shareholders. Full details of the share consolidation are provided on the Company's website www.norcros.com. Summary and outlook The Group has made a very pleasing start to the year, with each of our businesses delivering an improvement in underlying operating profit performance. As I have already highlighted, we took decisive management action in our tiles businesses in both the UK and South Africa to address the operational challenges of recent years and now have a much stronger base from which to develop our medium term growth plans. Whilst conditions in our UK retail and export markets remain testing, we continue to capitalise on the demand opportunities in the more positive trade sector where we continue to perform strongly. The acquisition of the Croydex business is a further step in realising our strategic target of generating revenues of GBP420m by 2018 and importantly the business has already been smoothly integrated into the Group. With our strong brands, leading market positions and continued self-help initiatives focused on market share gain the Group is well positioned to make further progress. Given the strong first half performance and momentum within our businesses, the Board now expects the Group to achieve underlying operating profit marginally ahead of market expectations for the year to 31 March 2016. M. G. Towers Chairman 12 November 2015 Condensed consolidated income statement Six months to 30 September 2015 6 months to 6 months to Year ended 30 September 30 September 31 March 2015 2014* 2015* (unaudited) (unaudited) (audited) Notes GBPm GBPm GBPm ----------------------------------------------------------------------- ----- ------------ ------------ ---------- Continuing operations Revenue 118.7 108.6 222.1 ----------------------------------------------------------------------- ----- ------------ ------------ ---------- Underlying operating profit 9.9 7.4 17.0 IAS 19R administrative expenses (0.8) (0.8) (1.7) Acquisition related costs 4 (2.6) (0.5) (2.2) Exceptional operating items 4 2.3 0.3 (2.5) ----------------------------------------------------------------------- ----- ------------ ------------ ---------- Operating profit 8.8 6.4 10.6 ----------------------------------------------------------------------- ----- ------------ ------------ ---------- Finance costs 7 (1.1) (0.8) (1.4) Exceptional finance costs 7 - (0.4) (0.4) ----------------------------------------------------------------------- ----- ------------ ------------ ---------- Total finance costs 7 (1.1) (1.2) (1.8) Finance income 7 - 1.6 3.3 IAS 19R finance cost (0.7) (0.5) (1.1) ----------------------------------------------------------------------- ----- ------------ ------------ ---------- Profit before taxation 7.0 6.3 11.0 Taxation 6 (1.6) (1.6) (2.9) ----------------------------------------------------------------------- ----- ------------ ------------ ---------- Profit for the period from continuing operations 5.4 4.7 8.1 ----------------------------------------------------------------------- ----- ------------ ------------ ---------- Profit for the period from discontinued operations - 0.1 0.1 ----------------------------------------------------------------------- ----- ------------ ------------ ---------- Profit for the period 5.4 4.8 8.2 (MORE TO FOLLOW) Dow Jones Newswires November 12, 2015 02:01 ET (07:01 GMT) ----------------------------------------------------------------------- ----- ------------ ------------ ---------- Earnings per share attributable to the owners of the Company Basic earnings per share: From continuing operations 5 9.0p 8.0p 13.6p From discontinued operations 5 - 0.2p 0.2p ----------------------------------------------------------------------- ----- ------------ ------------ ---------- From profit for the period 5 9.0p 8.2p 13.8p ----------------------------------------------------------------------- ----- ------------ ------------ ---------- Diluted earnings per share: From continuing operations 5 8.7p 7.7p 13.1p From discontinued operations 5 - 0.2p 0.2p ----------------------------------------------------------------------- ----- ------------ ------------ ---------- From profit for the period 5 8.7p 7.9p 13.3p ----------------------------------------------------------------------- ----- ------------ ------------ ---------- Weighted average number of shares for basic earnings per share (millions) 5 60.1 59.0 59.2 ----------------------------------------------------------------------- ----- ------------ ------------ ---------- Non-GAAP measures Underlying profit before taxation (GBPm) 3 9.4 6.7 15.8 Underlying earnings (GBPm) 3 7.3 5.0 13.0 Basic underlying earnings per share 5 12.2p 8.4p 21.9p Diluted underlying earnings per share 5 11.8p 8.1p 21.1p ----------------------------------------------------------------------- ----- ------------ ------------ ---------- * The results of previous periods have been restated where required to reflect the revised presentation of acquisition related costs and the 10:1 share consolidation completed on 29 September 2015. Condensed consolidated statement of comprehensive income Six months to 30 September 2015 6 months to 6 months to Year ended 30 September 30 September 31 March 2015 2014 2015 (unaudited) (unaudited) (audited) GBPm GBPm GBPm ------------------------------------------------------------------------- ------------ ------------ ---------- Profit for the period 5.4 4.8 8.2 -------------------------------------------------------------------------- ------------ ------------ ---------- Other comprehensive income and expense: Items that will not subsequently be reclassified to the income statement Actuarial gains/(losses) on retirement benefit obligations 1.6 (14.8) (18.8) Items that may be subsequently reclassified to the income statement Foreign currency translation adjustments (6.0) (1.2) (0.6) -------------------------------------------------------------------------- ------------ ------------ ---------- Other comprehensive expense for the period (4.4) (16.0) (19.4) -------------------------------------------------------------------------- ------------ ------------ ---------- Total comprehensive income/(expense) for the period 1.0 (11.2) (11.2) -------------------------------------------------------------------------- ------------ ------------ ---------- Attributable to equity shareholders arising from Continuing operations 1.0 (11.4) (11.4) Discontinued operations - 0.2 0.2 -------------------------------------------------------------------------- ------------ ------------ ---------- 1.0 (11.2) (11.2) ------------------------------------------------------------------------- ------------ ------------ ---------- Items in the statement are disclosed net of tax. Condensed consolidated balance sheet At 30 September 2015 At At At 30 September 30 September 31 March 2015 2014 2015 (unaudited) (unaudited) (audited) Notes GBPm GBPm GBPm -------------------------------------- ----- ------------ ------------ --------- Non-current assets Goodwill 29.5 22.0 22.2 Intangible assets 12.2 4.8 4.7 Property, plant and equipment 37.5 36.8 37.6 Investment properties - 4.3 - Derivative financial instruments 15 - 0.2 - Deferred tax assets 6 11.2 14.1 13.8 -------------------------------------- ----- ------------ ------------ --------- 90.4 82.2 78.3 -------------------------------------- ----- ------------ ------------ --------- Current assets Inventories 56.3 51.0 52.2 Trade and other receivables 43.6 42.1 40.5 Derivative financial instruments 15 1.0 - 2.1 Cash and cash equivalents 7.8 4.5 5.6 108.7 97.6 100.4 -------------------------------------- ----- ------------ ------------ --------- Current liabilities Trade and other liabilities (60.5) (54.1) (54.9) Derivative financial instruments 15 (0.3) (0.8) (1.0) Current tax liabilities (1.4) (1.7) (1.3) Financial liabilities - borrowings 8 (4.5) (4.1) (1.4) (66.7) (60.7) (58.6) -------------------------------------- ----- ------------ ------------ --------- Net current assets 42.0 36.9 41.8 -------------------------------------- ----- ------------ ------------ --------- Total assets less current liabilities 132.4 119.1 120.1 -------------------------------------- ----- ------------ ------------ --------- Non-current liabilities Financial liabilities - borrowings 8 (32.5) (20.4) (18.4) Pension scheme liability 12 (42.4) (40.6) (44.3) Other non-current liabilities (2.1) (1.5) (1.4) Provisions (3.2) (3.7) (3.3) -------------------------------------- ----- ------------ ------------ --------- (80.2) (66.2) (67.4) -------------------------------------- ----- ------------ ------------ --------- Net assets 52.2 52.9 52.7 -------------------------------------- ----- ------------ ------------ --------- Financed by: Ordinary share capital 9 6.1 5.9 6.0 Share premium 1.0 0.9 1.0 Retained earnings and other reserves 45.1 46.1 45.7 -------------------------------------- ----- ------------ ------------ --------- Total equity 52.2 52.9 52.7 -------------------------------------- ----- ------------ ------------ --------- Condensed consolidated statement of cash flow (MORE TO FOLLOW) Dow Jones Newswires November 12, 2015 02:01 ET (07:01 GMT) Six months to 30 September 2015 6 months to 6 months to Year ended 30 September 30 September 31 March 2015 2014 2015 (unaudited) (unaudited) (audited) Notes GBPm GBPm GBPm ----------------------------------------------------------------------- ----- ------------ ------------ ---------- Cash generated from operations 10 12.9 10.0 16.2 Income taxes paid (0.6) (0.2) (0.5) Interest paid (0.5) (0.7) (1.3) ----------------------------------------------------------------------- ----- ------------ ------------ ---------- Net cash generated from operating activities 11.8 9.1 14.4 ----------------------------------------------------------------------- ----- ------------ ------------ ---------- Cash flows from investing activities Proceeds from sale of investment property - - 6.1 Proceeds from sale of property, plant and equipment - 0.4 0.4 Purchase of investment property - - (0.9) Purchase of property, plant and equipment (3.2) (3.4) (7.0) Acquisition of subsidiary undertakings net of cash acquired (20.5) (0.3) (0.5) Disposal of subsidiary undertakings net of cash divested - 3.8 3.8 ----------------------------------------------------------------------- ----- ------------ ------------ ---------- Net cash (used in)/generated from investing activities (23.7) 0.5 1.9 ----------------------------------------------------------------------- ----- ------------ ------------ ---------- Cash flows from financing activities Net proceeds from issue of ordinary share capital - - 0.2 Drawdown/(repayment) of borrowings 14.0 (10.1) (12.1) Costs of raising debt finance - (0.7) (0.7) Dividends paid to equity shareholders (2.2) (2.0) (3.1) ----------------------------------------------------------------------- ----- ------------ ------------ ---------- Net cash generated from/(used in) financing activities 11.8 (12.8) (15.7) ----------------------------------------------------------------------- ----- ------------ ------------ ---------- Net (decrease)/increase in cash at bank and in hand and bank overdrafts (0.1) (3.2) 0.6 Cash at bank and in hand and bank overdrafts at beginning of the period 4.2 3.7 3.7 Exchange movements on cash and bank overdrafts (0.8) (0.1) (0.1) ----------------------------------------------------------------------- ----- ------------ ------------ ---------- Cash at bank and in hand and bank overdrafts at end of the period 3.3 0.4 4.2 ------------------------------------------------------------------------------ ------------ ------------ ---------- Non-GAAP measures Underlying operating cash flow 3 13.3 11.6 22.9 ----------------------------------------------------------------------- ----- ------------ ------------ ---------- Condensed consolidated statements of changes in equity Six months to 30 September 2015 (unaudited) Ordinary Retained share Share Treasury Translation earnings/ capital premium reserve reserve (losses) Total GBPm GBPm GBPm GBPm GBPm GBPm ------------------------------------------------- -------- ------- -------- ----------- --------- ----- At 31 March 2015 6.0 1.0 (0.1) (9.1) 54.9 52.7 Comprehensive income: Profit for the period - - - - 5.4 5.4 Actuarial gain on retirement benefit obligations - - - - 1.6 1.6 Other comprehensive expense: Foreign currency translation adjustments - - - (6.0) - (6.0) Total other comprehensive (expense)/ income - - - (6.0) 7.0 1.0 ------------------------------------------------- -------- ------- -------- ----------- --------- ----- Transactions with owners: Dividends paid - - - - (2.2) (2.2) Share option schemes and warrants 0.1 - (0.1) - 0.7 0.7 ------------------------------------------------- -------- ------- -------- ----------- --------- ----- At 30 September 2015 6.1 1.0 (0.2) (15.1) 60.4 52.2 ------------------------------------------------- -------- ------- -------- ----------- --------- ----- Six months to 30 September 2014 (unaudited) Ordinary Retained share Share Treasury Translation earnings/ capital premium reserve reserve (losses) Total GBPm GBPm GBPm GBPm GBPm GBPm ------------------------------------------------- -------- ------- -------- ----------- --------- ------ At 31 March 2014 5.8 0.9 - (8.5) 67.3 65.5 Comprehensive income: Profit for the period - - - - 4.8 4.8 Other comprehensive expense: Actuarial loss on retirement benefit obligations - - - - (14.8) (14.8) Foreign currency translation adjustments - - - (1.2) - (1.2) ------------------------------------------------- -------- ------- -------- ----------- --------- ------ Total other comprehensive expense - - - (1.2) (14.8) (16.0) ------------------------------------------------- -------- ------- -------- ----------- --------- ------ Transactions with owners: Dividends paid - - - - (2.0) (2.0) Share option schemes and warrants 0.1 - (0.1) - 0.6 0.6 ------------------------------------------------- -------- ------- -------- ----------- --------- ------ At 30 September 2014 5.9 0.9 (0.1) (9.7) 55.9 52.9 ------------------------------------------------- -------- ------- -------- ----------- --------- ------ Year ended 31 March 2015 (audited) Ordinary Retained share Share Treasury Translation earnings/ capital premium reserve reserve (losses) Total GBPm GBPm GBPm GBPm GBPm GBPm ------------------------------------------------- -------- ------- -------- ----------- --------- ------ At 31 March 2014 5.8 0.9 - (8.5) 67.3 65.5 Comprehensive income: Profit for the year - - - - 8.2 8.2 Other comprehensive expense: Actuarial loss on retirement benefit obligations - - - - (18.8) (18.8) Foreign currency translation adjustments - - - (0.6) - (0.6) ------------------------------------------------- -------- ------- -------- ----------- --------- ------ Total other comprehensive expense - - - (0.6) (18.8) (19.4) ------------------------------------------------- -------- ------- -------- ----------- --------- ------ Transactions with owners: Shares issued 0.2 0.1 (0.1) - - 0.2 Dividends paid - - - - (3.1) (3.1) (MORE TO FOLLOW) Dow Jones Newswires November 12, 2015 02:01 ET (07:01 GMT) Share option schemes and warrants - - - - 1.3 1.3 ------------------------------------------------- -------- ------- -------- ----------- --------- ------ At 31 March 2015 6.0 1.0 (0.1) (9.1) 54.9 52.7 ------------------------------------------------- -------- ------- -------- ----------- --------- ------ Notes to the accounts Six months to 30 September 2015 1. Accounting policies General information The Company is a public limited company which is listed on the London Stock Exchange and incorporated and domiciled in the UK. This condensed consolidated interim financial information was approved for issue on 12 November 2015. This condensed consolidated financial information does not comprise statutory accounts within the meaning of Section 434 of the Companies Act 2006. This condensed consolidated interim financial information has been neither audited nor reviewed. Basis of preparation This condensed consolidated interim financial information for the six months to 30 September 2015 has been prepared in accordance with the Disclosure and Transparency Rules of the Financial Conduct Authority and with IAS 34, 'Interim financial reporting', as adopted by the European Union. The Directors consider, after making appropriate enquiries at the time of approving the condensed consolidated interim financial information, that the Company and the Group have adequate resources to continue in operational existence and, accordingly, that it is appropriate to adopt the going concern basis in the preparation of the condensed consolidated interim financial information. The condensed consolidated interim financial information should be read in conjunction with the Annual Report and Accounts for the year ended 31 March 2015, which has been prepared in accordance with IFRS as adopted by the European Union. The Annual Report and Accounts was approved by the Board on 18 June 2015 and delivered to the Registrar of Companies. The report of the external auditor on the financial statements was unqualified. Accounting policies The principal accounting policies applied in the preparation of this condensed consolidated interim financial information are included in the financial report for the year ended 31 March 2015. These policies have been applied consistently to all periods presented. Taxes on income in the interim periods are accrued using the tax rate that would be applicable to the expected total annual profits or losses. New standards, amendments to standards and interpretations The following new standards, amendments to standards or interpretations are mandatory for the first time for the financial year beginning 1 April 2015. The Group has adopted the following new standards, amendments and interpretations now applicable. None of these standards and interpretations has had any material effect on the Group's results or net assets. Applicable for financial years Standard or interpretation Content beginning on or after -------------------------------------- ----------------- --------------------- Amendment to IAS 19 (revised) Employee benefits 1 April 2015 Annual improvements to IFRSs 2010-2012 Various 1 April 2015 Annual improvements to IFRSs 2011-2013 Various 1 April 2015 -------------------------------------- ----------------- --------------------- The following standards, amendments and interpretations are not yet effective and have not been adopted early by the Group: Applicable for financial years Standard or interpretation Content beginning on or after --------------------------------- ----------------------------------------------------- --------------------- Amendment to IFRS 10 Consolidated financial statements 1 April 2016 Amendment to IFRS 11 Joint arrangements 1 April 2016 Amendment to IFRS 12 Disclosure of interests in other entities 1 April 2016 IFRS 14 Regulatory deferral accounts 1 April 2016 Amendment to IAS 1 Presentation of financial statements 1 April 2016 Amendment to IAS 16 Property, plant and equipment 1 April 2016 Amendment to IAS 27 Separate financial statements 1 April 2016 Amendment to IAS 28 Investments in associates and joint ventures 1 April 2016 Amendment to IAS 38 Intangible assets 1 April 2016 Amendment to IAS 41 Agriculture 1 April 2016 Annual improvements to IFRSs 2014 Various 1 April 2016 IFRS 15 Revenue from contracts with customers 1 April 2018 IFRS 9 Financial instruments: classification and measurement 1 April 2018 --------------------------------- ----------------------------------------------------- --------------------- None of these standards or interpretations is expected to have a material impact on the Group. Risks and uncertainties The principal strategic level risks and uncertainties affecting the Group, together with the approach to their mitigation, remain as set out on pages 24 to 27 in the 2015 Annual Report, which is available on the Group's website (www.norcros.com). In summary the Group's principal risks and uncertainties are: -- key commercial relationships; -- accounting for customer rebates and other trade promotional spend; -- competition; -- reliance on production facilities; -- staff retention and recruitment; -- foreign currency exchange risk; -- interest rate risk; -- pension scheme management; -- energy price risk; -- additional capital requirements to fund ongoing operations; -- performance against banking covenants; -- changing consumer preferences; -- overseas operations; and -- acquisition risk. The Chairman's Statement in this condensed consolidated interim financial information includes comments on the outlook for the remaining six months of the financial year. Forward-looking statements This condensed consolidated interim financial information contains forward-looking statements. Although the Group believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to be correct. Due to the inherent uncertainties, including both economic and business risk factors underlying such forward-looking information, actual results may differ materially from those expressed or implied by these forward-looking statements. The Group undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Accounting estimates and judgments The preparation of condensed consolidated interim financial information requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amount of assets and liabilities, income and expense. Actual results may differ from these estimates. In preparing the condensed consolidated interim financial information, the significant judgments made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those applied to the consolidated financial statements for the year ended 31 March 2015. 2. Segmental reporting The Group operates in two main geographical areas: the UK and South Africa. All inter-segment transactions are made on an arm's length basis. The chief operating decision maker, which is considered to be the Board, assesses performance and allocates resources based on geography as each segment has similar economic characteristics, complementary products, distribution channels and regulatory environments. Continuing operations - 6 months to 30 September 2015 (unaudited) --------------------------------------------- South UK Africa Group Notes GBPm GBPm GBPm ---------------------------------- ----- ------------- -------------- -------------- Revenue 79.9 38.8 118.7 ---------------------------------- ----- ------------- -------------- -------------- Underlying operating profit 8.0 1.9 9.9 IAS 19R administrative expenses (0.8) - (0.8) Acquisition related costs 4 (2.6) - (2.6) Exceptional operating items 4 2.3 - 2.3 ---------------------------------- ----- ------------- -------------- -------------- (MORE TO FOLLOW) Dow Jones Newswires November 12, 2015 02:01 ET (07:01 GMT) Operating profit 6.9 1.9 8.8 ---------------------------------- ----- ------------- -------------- -------------- Finance costs (net) (1.8) ---------------------------------- ----- ------------- -------------- -------------- Profit before taxation 7.0 Taxation 6 (1.6) ---------------------------------- ----- ------------- -------------- -------------- Profit from continuing operations 5.4 ---------------------------------- ----- ------------- -------------- -------------- Net debt 10 (29.2) ---------------------------------- ----- ------------- -------------- -------------- Continuing operations - 6 months to 30 September 2014 (unaudited)* ---------------------------------------------- South UK Africa Group Notes GBPm GBPm GBPm ---------------------------------- ----- ------------- --------------- -------------- Revenue 72.8 35.8 108.6 ---------------------------------- ----- ------------- --------------- -------------- Underlying operating profit 6.4 1.0 7.4 IAS 19R administrative expenses (0.8) - (0.8) Acquisition related costs 4 (0.5) - (0.5) Exceptional operating items 4 0.3 - 0.3 ---------------------------------- ----- ------------- --------------- -------------- Operating profit 5.4 1.0 6.4 ---------------------------------- ----- ------------- --------------- -------------- Finance costs (net) (0.1) ---------------------------------- ----- ------------- --------------- -------------- Profit before taxation 6.3 Taxation 6 (1.6) ---------------------------------- ----- ------------- --------------- -------------- Profit from continuing operations 4.7 ---------------------------------- ----- ------------- --------------- -------------- Net debt 10 (20.0) ---------------------------------- ----- ------------- --------------- -------------- * The results have been restated to reflect the revised presentation of acquisition related costs. Continuing operations - Year ended 31 March 2015 (audited) --------------------------------------- South UK Africa Group Notes GBPm GBPm GBPm ------------------------------------------------ ------ ----------- ------------ ------------ Revenue 149.1 73.0 222.1 ------------------------------------------------ ------ ----------- ------------ ------------ Underlying operating profit 13.8 3.2 17.0 IAS 19R administrative expenses (1.7) - (1.7) Acquisition related costs 4 (2.2) - (2.2) Exceptional operating items 4 (2.3) (0.2) (2.5) ------------------------------------------------ ------ ----------- ------------ ------------ Operating profit 7.6 3.0 10.6 ------------------------------------------------ ------ ----------- ------------ ------------ Finance income (net) 0.4 ------------------------------------------------ ------ ----------- ------------ ------------ Profit before taxation 11.0 Taxation 6 (2.9) ------------------------------------------------ ------ ----------- ------------ ------------ Profit for the year from continuing operations 8.1 ------------------------------------------------ ------ ----------- ------------ ------------ Net debt 10 (14.2) ------------------------------------------------ ------ ----------- ------------ ------------ There are no differences from the last Annual Report in the basis of segmentation or in the basis of measurement of segment profit or loss. 3. Non-GAAP measures Condensed Consolidated Income Statement 6 months to 6 months to Year ended 30 September 30 September 31 March 2015 2014 2015 (unaudited) (unaudited) (audited) GBPm GBPm GBPm --------------------------------------------------------------- ------------ ------------ ---------- Profit before taxation from continuing operations 7.0 6.3 11.0 Adjusted for: IAS 19R administrative expenses 0.8 0.8 1.7 Acquisition related costs 2.6 0.5 2.2 Exceptional operating items (2.3) (0.3) 2.5 Amortisation of costs of raising debt finance 0.1 0.1 0.1 Amortisation of costs of raising debt finance - exceptional - 0.4 0.4 Net movement on fair value of derivative financial instruments 0.5 (1.6) (3.3) Discount on property lease provisions - - 0.1 IAS 19R finance cost 0.7 0.5 1.1 --------------------------------------------------------------- ------------ ------------ ---------- Underlying profit before taxation 9.4 6.7 15.8 Taxation attributable to underlying profit before taxation (2.1) (1.7) (2.8) --------------------------------------------------------------- ------------ ------------ ---------- Underlying earnings 7.3 5.0 13.0 --------------------------------------------------------------- ------------ ------------ ---------- The Directors believe that underlying profit before taxation and underlying earnings provide shareholders with additional useful information on the underlying performance of the Group. Underlying profit before taxation is defined as profit before taxation, IAS 19R administrative expenses, acquisition related costs, exceptional operating items, exceptional finance costs, amortisation of costs of raising finance, net movement on fair value of derivative financial instruments, discounting of property lease provisions and finance costs relating to pension schemes. 6 months to 6 months to Year ended 30 September 30 September 31 March 2015 2014 2015 (unaudited) (unaudited) (audited) GBPm GBPm GBPm -------------------------------------------- ------------ ------------ ---------- Operating profit from continuing operations 8.8 6.4 10.6 Adjusted for: Depreciation 2.9 3.0 6.0 IAS 19R administrative expenses 0.8 0.8 1.7 Acquisition related costs 2.6 0.5 2.2 Exceptional operating items (2.3) (0.3) 2.5 -------------------------------------------- ------------ ------------ ---------- Underlying EBITDA 12.8 10.4 23.0 -------------------------------------------- ------------ ------------ ---------- (MORE TO FOLLOW) Dow Jones Newswires November 12, 2015 02:01 ET (07:01 GMT) EBITDA is a measure commonly used by investors and financiers to assess business performance. Underlying EBITDA has been provided which reflects EBITDA as adjusted for IAS 19R administrative expenses, acquisition related costs and exceptional operating items. The Directors consider that these measures provide shareholders with additional useful information on the performance of the Group. Condensed Consolidated Statement of Cash Flow 6 months to 6 months to Year ended 30 September 30 September 31 March 2015 2014 2015 (unaudited) (unaudited) (audited) GBPm GBPm GBPm ----------------------------------------------------------------------------- ------------ ------------ ---------- Cash generated from continuing operations (note 10) 12.9 9.9 16.1 Adjusted for: Cash (inflows)/outflows from exceptional items and acquisition related costs (0.7) 0.7 4.7 Pension fund deficit recovery contributions 1.1 1.0 2.1 ----------------------------------------------------------------------------- ------------ ------------ ---------- Underlying operating cash flow 13.3 11.6 22.9 ----------------------------------------------------------------------------- ------------ ------------ ---------- Underlying operating cash flow is defined as cash generated from continuing operations before cash outflows from exceptional items and pension fund deficit recovery contributions. The Directors believe that underlying operating cash flow provides shareholders with additional useful information on the underlying cash generation of the Group. 4. Acquisition related costs and exceptional operating items An analysis of acquisition related costs and exceptional operating items is shown below. 6 months to 6 months to Year ended 30 September 30 September 31 March 2015 2014 2015 (unaudited) (unaudited) (audited) GBPm GBPm GBPm --------------------------------- ------------ ------------ ---------- Acquisition related costs Deferred remuneration(1) 1.2 0.3 1.1 Intangible asset amortisation(2) 0.3 0.2 0.3 Staff costs and advisory fees(3) 1.1 - 0.8 --------------------------------- ------------ ------------ ---------- 2.6 0.5 2.2 --------------------------------- ------------ ------------ ---------- 1 Consideration payable to the former shareholders of Vado and Croydex which is required to be treated as remuneration and, accordingly, is expensed to the income statement as incurred. 2 Non-cash amortisation charges in respect of intangible assets recognised following the acquisitions of Vado and Croydex. 3 Costs of maintaining an in-house acquisitions department and professional advisory fees incurred in connection with the Group's business combination activities. In the 6 months to 30 September 2015 this included GBP0.8m in connection with the acquisition of Croydex. 6 months to 6 months to Year ended 30 September 30 September 31 March 2015 2014 2015 (unaudited) (unaudited) (audited) GBPm GBPm GBPm ------------------------------------------ ------------ ------------ ---------- Exceptional operating items Legal claim(1) (1.9) 0.1 0.3 Pension scheme settlement gain(2) (0.4) - (1.7) Profit on disposal of surplus property(3) - (0.4) (0.4) Sheffield lease surrender(4) - - 2.5 Loss on disposal of property portfolio(5) - - 1.5 Restructuring costs(6) - - 0.3 (2.3) (0.3) 2.5 ------------------------------------------ ------------ ------------ ---------- 1 The legal claim relating to the land at the Highgate site in Tunstall, UK was settled in the period. Under the terms of the settlement with Wm Morrison Supermarkets plc the Group received a payment of GBP2.0m. Costs in connection with the claim of GBP0.1m were incurred in the period (2014: GBP0.1m). 2 The Group implemented a liability management exercise in the previous year in connection with its principal UK defined benefit pension scheme. This resulted in a further settlement gain of GBP0.4m being recognised in the period in addition to the GBP1.7m gain in the previous year. 3 A profit of GBP0.4m was generated in the previous year following the sale of a small parcel of land in Braintree, UK. 4 In the previous year the Group exited its onerous lease in connection with the Orgreave Drive, Sheffield property at a cost of GBP2.5m. 5 The Group's remaining surplus freehold property portfolio was sold to Clowes Developments (UK) Ltd in March 2015 for net proceeds of GBP6.1m, leading to a loss on disposal of GBP1.5m. 6 Restructuring costs related to redundancies and asset write-downs as a result of restructuring initiatives throughout the Group's business units. 5. Earnings per share Basic and diluted earnings per share Basic earnings per share (EPS) is calculated by dividing the profit attributable to shareholders by the weighted average number of ordinary shares in issue during the year, excluding those held in the Norcros Employee Benefit Trust. For diluted EPS, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all potential dilutive ordinary shares. As described in note 9, on 29 September 2015 the Company consolidated its existing ordinary shares of 1p each into new ordinary shares of 10p each. In order to effect fair comparison, the comparative figures for share numbers and earnings per share have been restated to reflect the impact of the share consolidation. The calculation of EPS is based on the following profits and numbers of shares: 6 months to 6 months to Year ended 30 September 30 September 31 March 2015 2014 2015 (unaudited) (unaudited) (audited) GBPm GBPm GBPm --------------------------------------------------- ------------ ------------ ---------- Profit for the period from continuing operations 5.4 4.7 8.1 Profit for the period from discontinued operations - 0.1 0.1 --------------------------------------------------- ------------ ------------ ---------- Profit for the period 5.4 4.8 8.2 --------------------------------------------------- ------------ ------------ ---------- 6 months to 6 months to Year ended 30 September 30 September 31 March 2015 2014 2015 (unaudited) (unaudited) (audited) Number Number Number (restated) (restated) ----------------------------------------------------------------- ------------ ------------ ----------- Weighted average number of shares for basic earnings per share 60,126,284 58,959,370 59,223,135 Share options and warrants 1,902,048 2,159,547 2,303,299 Weighted average number of shares for diluted earnings per share 62,028,332 61,118,917 61,526,434 ----------------------------------------------------------------- ------------ ------------ ----------- 6 months to 6 months to Year ended 30 September 30 September 31 March 2015 2014 2015 (unaudited) (audited) (unaudited) (restated) (restated) ----------------------------- ------------ ------------ ----------- Basic earnings per share: From continuing operations 9.0p 8.0p 13.6p From discontinued operations - 0.2p 0.2p ----------------------------- ------------ ------------ ----------- From profit for the period 9.0p 8.2p 13.8p (MORE TO FOLLOW) Dow Jones Newswires November 12, 2015 02:01 ET (07:01 GMT) ----------------------------- ------------ ------------ ----------- Diluted earnings per share: From continuing operations 8.7p 7.7p 13.1p From discontinued operations - 0.2p 0.2p ----------------------------- ------------ ------------ ----------- From profit for the period 8.7p 7.9p 13.3p ----------------------------- ------------ ------------ ----------- Basic and diluted underlying earnings per share Basic and diluted underlying earnings per share have also been provided which reflect underlying earnings from continuing operations divided by the weighted average number of shares set out above. 6 months to 6 months to Year ended 30 September 30 September 31 March 2015 2014 2015 (unaudited) (unaudited) (audited) GBPm GBPm GBPm -------------------------------------------- ------------ ------------ ---------- Underlying earnings for the period (note 3) 7.3 5.0 13.0 -------------------------------------------- ------------ ------------ ---------- 6 months to 6 months to Year ended 30 September 30 September 31 March 2015 2014 2015 (unaudited) (unaudited) (audited) -------------------------------------- ------------ ------------ ---------- Basic underlying earnings per share 12.2p 8.4p 21.9p Diluted underlying earnings per share 11.8p 8.1p 21.1p -------------------------------------- ------------ ------------ ---------- 6. Taxation Taxation comprises: 6 months to 6 months to Year ended 30 September 30 September 31 March 2015 2014 2015 (unaudited) (unaudited) (audited) GBPm GBPm GBPm -------------------------------------------------- ------------ ------------ ---------- Current UK taxation 0.5 0.5 0.4 Deferred Origination and reversal of temporary differences 1.1 1.1 2.5 -------------------------------------------------- ------------ ------------ ---------- Taxation 1.6 1.6 2.9 -------------------------------------------------- ------------ ------------ ---------- Current tax expense is recognised based on management's estimate of the weighted average annual income tax rate expected for the full financial year. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes relate to the same fiscal authority. Deferred tax is calculated in full on temporary differences under the liability method. The movement on the deferred tax account is as shown below: 6 months to 6 months to Year ended 30 September 30 September 31 March 2015 2014 2015 (unaudited) (unaudited) (audited) GBPm GBPm GBPm -------------------------------------------------------- ------------ ------------ ---------- Deferred tax asset at the beginning of the period 13.8 11.6 11.6 Charged to the income statement (1.1) (1.1) (2.5) (Charged)/credited to statement of comprehensive income (0.4) 3.7 4.7 Acquisitions (see note 13) (0.8) - - Exchange movement (0.3) (0.1) - -------------------------------------------------------- ------------ ------------ ---------- Deferred tax asset at the end of the period 11.2 14.1 13.8 -------------------------------------------------------- ------------ ------------ ---------- At At At 30 September 30 September 31 March 2015 2014 2015 (unaudited) (unaudited) (audited) GBPm GBPm GBPm ----------------------------------------------- ------------ ------------ --------- Accelerated capital allowances 2.6 2.9 2.7 Tax losses 2.5 3.8 3.3 Other timing differences (2.4) (0.7) (1.1) Deferred tax asset relating to pension deficit 8.5 8.1 8.9 ----------------------------------------------- ------------ ------------ --------- 11.2 14.1 13.8 ----------------------------------------------- ------------ ------------ --------- 7. Finance income and costs 6 months to 6 months to Year ended 30 September 30 September 31 March 2015 2014 2015 (unaudited) (unaudited) (audited) GBPm GBPm GBPm ----------------------------------------------------------- ------------ ------------ ---------- Finance costs Interest payable on bank borrowings 0.5 0.7 1.2 Amortisation of costs of raising debt finance 0.1 0.1 0.1 Movement on fair value of derivative financial instruments 0.5 - - Unwind of discount on property lease provisions - - 0.1 ----------------------------------------------------------- ------------ ------------ ---------- Finance costs 1.1 0.8 1.4 ----------------------------------------------------------- ------------ ------------ ---------- Exceptional finance costs(1) - 0.4 0.4 ----------------------------------------------------------- ------------ ------------ ---------- Total finance costs 1.1 1.2 1.8 ----------------------------------------------------------- ------------ ------------ ---------- Finance income Movement on fair value of derivative financial instruments - (1.6) (3.3) ----------------------------------------------------------- ------------ ------------ ---------- Total finance income - (1.6) (3.3) ----------------------------------------------------------- ------------ ------------ ---------- 1 Following the refinancing of the Group's banking facilities in July 2014, the unamortised costs relating to the previous facility were written off in full. 8. Borrowings At At At 30 September 30 September 31 March 2015 2014 2015 (unaudited) (unaudited) (audited) GBPm GBPm GBPm --------------------------------- ------------ ------------ --------- Non-current Bank borrowings (unsecured): - bank loans 33.0 21.0 19.0 - less: costs of raising finance (0.5) (0.6) (0.6) --------------------------------- ------------ ------------ --------- Total non-current 32.5 20.4 18.4 --------------------------------- ------------ ------------ --------- Current Bank borrowings (unsecured): - bank overdrafts 4.5 4.1 1.4 --------------------------------- ------------ ------------ --------- Total borrowings 37.0 24.5 19.8 --------------------------------- ------------ ------------ --------- The fair value of bank loans equals their carrying amount as they bear interest at floating rates. (MORE TO FOLLOW) Dow Jones Newswires November 12, 2015 02:01 ET (07:01 GMT) The repayment terms of borrowings are as follows: At At At 30 September 30 September 31 March 2015 2014 2015 (unaudited) (unaudited) (audited) GBPm GBPm GBPm ----------------------------------------------------- ------------ ------------ --------- Not later than one year 4.5 4.1 1.4 ----------------------------------------------------- ------------ ------------ --------- After more than one year: - between one and two years - - - - later than two years and not later than five years 33.0 21.0 19.0 - costs of raising finance (0.5) (0.6) (0.6) ----------------------------------------------------- ------------ ------------ --------- 32.5 20.4 18.4 ----------------------------------------------------- ------------ ------------ --------- Total borrowings 37.0 24.5 19.8 ----------------------------------------------------- ------------ ------------ --------- In July 2014 the Group agreed an unsecured GBP70m revolving credit facility with a GBP30m accordion facility with Lloyds Bank plc, Barclays Bank plc and HSBC Bank plc. The banking facility is in force for five years to July 2019. Net debt The Group's net debt is calculated as follows: At At At 30 September 30 September 31 March 2015 2014 2015 (unaudited) (unaudited) (audited) GBPm GBPm GBPm -------------------------- ------------ ------------ --------- Cash and cash equivalents (7.8) (4.5) (5.6) Total borrowings 37.0 24.5 19.8 -------------------------- ------------ ------------ --------- Net debt 29.2 20.0 14.2 -------------------------- ------------ ------------ --------- 9. Called up share capital At At At 30 September 30 September 31 March 2015 2014 2015 (unaudited) (unaudited) (audited) GBPm GBPm GBPm --------------------------------------- ------------ ------------ --------- Issued and fully paid 60,995,930 ordinary shares of 10p each 6.1 - - 594,917,377 ordinary shares of 1p each - 5.9 6.0 --------------------------------------- ------------ ------------ --------- Total 6.1 5.9 6.0 --------------------------------------- ------------ ------------ --------- Following the approval by shareholders of the consolidation of 1p ordinary shares into ordinary shares of 10p at the Annual General Meeting of the Company held on 22 July 2015, the Company duly completed the share capital consolidation with a record date of 29 September 2015. As a result of the consolidation, the ordinary shares of 1p each were amended to new ordinary shares of 10p each. The share consolidation had no impact on the value of the Company's issued and fully paid share capital. 10. Consolidated Cash Flow Statements (a) Cash generated from continuing operations 6 months to 6 months to Year ended 30 September 30 September 31 March 2015 2014 2015 (unaudited) (unaudited) (audited) GBPm GBPm GBPm ------------------------------------------------------------------------------ ------------ ------------ ---------- Profit before taxation 7.0 6.3 11.0 Adjustments for: - IAS 19R administrative expenses included in the above 0.8 0.8 1.7 - acquisition related costs included in the above 2.6 0.5 2.2 - exceptional operating items included in the above (2.3) (0.3) 2.5 - cash inflows/(outflows) from exceptional items and acquisition related costs 0.7 (0.7) (4.7) - depreciation 2.9 3.0 6.0 - pension fund deficit recovery plan contributions (1.1) (1.0) (2.1) - loss on disposal of property, plant and equipment - - 0.1 - total finance costs 1.1 1.2 1.8 - finance income - (1.6) (3.3) - IAS 19R finance cost 0.7 0.5 1.1 - share-based payments 0.7 0.6 1.3 ------------------------------------------------------------------------------ ------------ ------------ ---------- Operating cash flows before movements in working capital 13.1 9.3 17.6 Changes in working capital: - increase in inventories (4.4) (1.4) (2.0) - increase in trade and other receivables (1.0) (0.8) (1.4) - increase in payables 5.2 2.8 1.9 ------------------------------------------------------------------------------ ------------ ------------ ---------- Cash generated from continuing operations 12.9 9.9 16.1 ------------------------------------------------------------------------------ ------------ ------------ ---------- Cash flows from exceptional items includes expenditure charged to exceptional provisions relating to onerous lease costs, acquisition related costs (excluding deferred remuneration) and other business rationalisation and restructuring costs. (b) Cash generated from discontinued operations 6 months to 6 months to Year ended 30 September 30 September 31 March 2015 2014 2015 (unaudited) (unaudited) (audited) GBPm GBPm GBPm --------------------------------------------------------- ------------ ------------ ---------- Profit before taxation - - - Adjustments for: - depreciation - - - --------------------------------------------------------- ------------ ------------ ---------- Operating cash flows before movements in working capital - - - Changes in working capital: - decrease in inventories - 0.4 0.4 - increase in trade and other receivables - (0.1) (0.1) - decrease in payables - (0.2) (0.2) --------------------------------------------------------- ------------ ------------ ---------- Cash generated from discontinued operations - 0.1 0.1 --------------------------------------------------------- ------------ ------------ ---------- Cash generated from operations 12.9 10.0 16.2 --------------------------------------------------------- ------------ ------------ ---------- (MORE TO FOLLOW) Dow Jones Newswires November 12, 2015 02:01 ET (07:01 GMT) (c) Analysis of net debt Cash included within Cash and assets held-for-sale overdrafts Debt Total GBPm GBPm GBPm GBPm ------------------------- -------------------- ---------- ------ ------ At 1 April 2014 0.5 3.2 (30.6) (26.9) Cash flow (0.5) 1.1 12.1 12.7 Other non-cash movements - - 0.1 0.1 Exchange movement - (0.1) - (0.1) ------------------------- -------------------- ---------- ------ ------ At 31 March 2015 - 4.2 (18.4) (14.2) ------------------------- -------------------- ---------- ------ ------ At 1 April 2014 0.5 3.2 (30.6) (26.9) Cash flow (0.5) (2.7) 10.1 6.9 Other non-cash movements - - 0.1 0.1 Exchange movement - (0.1) - (0.1) ------------------------- -------------------- ---------- ------ ------ At 30 September 2014 - 0.4 (20.4) (20.0) ------------------------- -------------------- ---------- ------ ------ At 1 April 2015 - 4.2 (18.4) (14.2) Cash flow - (0.1) (14.0) (14.1) Other non-cash movements - - (0.1) (0.1) Exchange movement - (0.8) - (0.8) ------------------------- -------------------- ---------- ------ ------ At 30 September 2015 - 3.3 (32.5) (29.2) ------------------------- -------------------- ---------- ------ ------ 11. Dividends A final dividend in respect of the year ended 31 March 2015 of GBP2.2m (0.375p per 1p ordinary share) was paid on 29 July 2015. On 12 November 2015 the Board declared an interim dividend in respect of the year ended 31 March 2016 of GBP1.3m (2.2p per 10p ordinary share). This dividend will be paid on 7 January 2016 and is not reflected in this condensed consolidated interim financial information. 12. Retirement benefit obligations (a) Pension costs Norcros Security Plan The Norcros Security Plan (the "Plan"), the principal UK pension scheme of Norcros plc subsidiaries, is funded by a separate trust fund which operates under UK trust law and is a separate legal entity from the Company. The Plan is governed by a Trustee board which is required by law to act in the best interests of the Plan members and is responsible for setting policies together with the Company. It is predominantly a defined benefit scheme with a modest element of defined contribution benefits. The valuation used for IAS 19R disclosures has been produced by KPMG, a firm of qualified actuaries, to take account of the requirements of IAS 19R in order to assess the liabilities of the scheme at 30 September 2015. Scheme assets are stated at their market value at 30 September 2015. (b) IAS 19R, 'Retirement benefit obligations' The principal assumptions used to calculate the scheme liabilities of the Norcros Security Plan under IAS 19R are: At At At 30 September 30 September 31 March 2015 2014 2015 --------------------- ------------ ------------ -------- Discount rate 3.80% 3.90% 3.30% Inflation rate (RPI) 3.00% 3.05% 2.90% Inflation (CPI) 2.00% 2.05% 1.90% Salary increases 2.25% 3.30% 2.15% --------------------- ------------ ------------ -------- The amounts recognised in the Condensed Consolidated Balance Sheet are determined as follows: At At At 30 September 30 September 31 March 2015 2014 2015 (unaudited) (unaudited) (audited) GBPm GBPm GBPm ------------------------------------ ------------ ------------ --------- Total market value of scheme assets 367.8 385.0 397.0 Present value of scheme liabilities (410.2) (425.6) (441.3) ------------------------------------ ------------ ------------ --------- Pension deficit (42.4) (40.6) (44.3) ------------------------------------ ------------ ------------ --------- 13. Business combinations On 25 June 2015, the Group acquired 100% of the ordinary share capital of Croydex Group Limited ("Croydex"), a market leading, innovative designer, manufacturer and distributor of high quality bathroom furnishings and accessories. The acquisition of Croydex is an important next step in the Group's growth strategy to increase revenue to GBP420m by 2018 and follows on from the very successful integration of the Vado business, which Norcros acquired in March 2013. Adding the Croydex business to the Group's existing portfolio will increase the breadth of our product range in the bathroom segment and enable the Group to offer an even broader range of complementary bathroom products to our customers. Croydex will also benefit from the global distribution channels, sourcing skills and strong financial position of the enlarged Group. Croydex is incorporated in England and is based in Andover, Hampshire. The following table summarises the consideration paid for Croydex and the provisional fair value of the assets acquired and the liabilities assumed: GBPm ------------------------- ----- Consideration Cash 20.8 Deferred consideration 1.1 ------------------------- ----- 21.9 ------------------------ ----- GBPm --------------------------------------------------- --------- Recognised amounts of identifiable assets and liabilities Intangible assets 7.9 Property, plant and equipment 1.6 Inventories 2.8 Trade and other receivables 5.0 Cash 3.5 Trade and other payables (5.7) Current tax liabilities (0.2) Deferred tax liability (0.8) Total identifiable net assets 14.1 --------------------------------------------------- --------- Goodwill 7.8 Total 21.9 --------------------------------------------------- --------- Due to the proximity of the acquisition date to the date of this interim statement it has not been possible for the Group to finalise the fair values of Croydex's assets and liabilities. The provisional fair value adjustments reflect the preliminary assessment of the value of acquired intangible assets of GBP7.9m, the revaluation of the leasehold property of GBP0.9m, and a deferred tax liability of GBP1.0m mainly arising from the recognition of acquired intangible assets. A full review of the fair values of the identifiable assets and liabilities will take place over the coming months with the expectation that a revised position will be presented in the Group's Annual Report for the year ended 31 March 2016. In most business combinations there is an element of cost which cannot be allocated against the individual assets and liabilities acquired. This residual amount is recognised as goodwill and is supported by a number of factors which do not meet the criteria required for them to be treated as intangible assets. In this case the most significant elements relate to Croydex's unique product portfolio and its knowledgeable workforce. It is not expected at this stage that any of the goodwill will be deductible for tax purposes. The fair value of trade and other receivables is GBP5.0m, which includes trade receivables with a fair value of GBP4.6m. The gross contractual amount for trade receivables due is GBP4.8m, of which GBP0.2m is expected to be uncollectible. Costs relating to the transaction of GBP0.8m have been expensed to the Consolidated Income Statement and included within acquisition related costs. The deferred consideration of GBP1.1m is unconditional and will be paid in the year ended 31 March 2019. As part of the transaction, a long-term incentive scheme has been put in place for the Croydex Managing Director which is dependent on the financial performance of Croydex over the next three years. The maximum amount and current expectation is that GBP0.9m will be payable under this scheme which will be treated as deferred remuneration and included within acquisition related costs in the Consolidated Income Statement. The revenue included in the Condensed Consolidated Statement of Comprehensive Income since 25 June 2015 contributed by Croydex was GBP5.8m. Over the same period, Croydex contributed profit after tax of GBP0.6m. Had Croydex been consolidated from the beginning of the period, the Condensed Consolidated Statement of Income would have shown pro-forma revenue of GBP123.7m and pro-forma profit after tax of GBP5.6m. (MORE TO FOLLOW) Dow Jones Newswires November 12, 2015 02:01 ET (07:01 GMT)