Norcros is a market leading group of brands specialising in design led, sustainable bathroom products across the UK, Ireland, Scandinavia, South Africa, and select export markets. It is the number one bathroom products business in the UK and Ireland.

13 May 2026

Increased focus on driving UK/European potential

In a strategic update, Norcros is proposing to exit trading in South Africa by exploring options to sell its operations there: this would increase focus on UK/European market development in its core bathroom products segments.

The South African operations comprise a significant bathroom retailer (Tile Africa, 50%+ sales), trade-oriented House of Plumbing (c.25%) and a leading tile adhesive business (TAL, c.20%) - under a strong, autonomous leadership team.

Post a disposal, we believe Norcros is in a strong position to accelerate expansionary ambitions subject to the right M&A opportunities arising. Furthermore, the company’s track record is strong in this regard.

Over the coming 12-24 months we would expect to see a re-rating changing Norcros’ valuation, but for now our estimates and Fair Value of 397p / share remain unchanged.

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