Profits rise at Johnson Tiles' parent group Norcros
JOHNSON Tiles' parent group Norcros has posted a rise in revenues and profits.
Sales increased to £106.3 million in the six months to September 30, up from £102.4 million the previous year.
Pre-tax profits rose 53.5 per cent to £6.6 million, up from £4.3 million.
Johnson Tiles employs around 400 people at its Harewood Street factory in Tunstall, while sister firm Norcros Adhesives employs around 35 on the same site.
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Norcros, based in Wilmslow, also owns Triton Showers in Nuneaton, and runs a number of operations in South Africa.
Its UK business increased revenues by 4.7 per cent to £61.1 million, up from £58.4 million, although underlying operating profit at £6 million was 9.5 per cent below last year.
Martin Towers, chairman, said the results were 'solid' and put the group in a good position to make further progress.
He said: "Revenue growth has been driven by continued investment in new products, strong customer relationships and excellent logistics capability. Significant operational progress has been made in the period, building on the improvements seen in the fourth quarter of last year.
"Market leading, well established brands, innovative products and improved operational performance puts the group in a strong position to make further progress provided conditions in our key markets do not deteriorate any further."
The interim results show surplus land at the Highgate Works in Tunstall has been conditionally sold to supermarket chain Morrisons for a net £2.6 million, but that the most of the proceeds are likely to be received by the company in the next financial year.
It comes after a revised planning application for a food store, petrol station, four retail outlets, five eateries and free car parking was submitted last month. Norcros said it expected the plans to go before Stoke-on-Trent City Council in January.