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Equity Bottom-Up

<p>Norcros&rsquo;s H118 pre close update flagged group revenue and EBIT in line with management&rsquo;s full year growth expectations. The period end net debt figure &ndash; after some exceptional costs &ndash; was also where we expected it to be. Both divisions are achieving good revenue growth without much help from their respective markets and profitability should follow. The rating is yet to give credit for the achievement of this self-generated progress.</p>

Norcros&rsquo;s H118 pre close update flagged group revenue and EBIT in line with management&rsquo;s full year growth expectations. The period end net debt figure &ndash; after some exceptional costs &ndash; was also where we expected it to be. Both divisions are achieving good revenue growth without much help from their respective markets and profitability should follow. The rating is yet to give credit for the achievement of this self-generated progress.

Norcros PLC

Divisional progress