Norcros: Equity Development
A year-end update from confirmed modest LFL revenue growth in both divisions (including a slightly better H2 outturn) as well as a firmer group operating margin. Net debt was in line with the prior year, representing c.1x EBITDA. There should be no headwinds from current global tariff machinations, and ongoing business collaboration and active portfolio management should be recurring themes going into FY26.
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