UK Bathroom Group Norcros Posts £393M Revenue, Buys Fibo and Exits South Africa

TL;DR: UK bathroom group Norcros just posted its 2026 full-year results: £393.4 million in revenue, with net profit up 131%. They spent £11.5 million to acquire Norwegian wall panel brand Fibo, and they’re now looking to exit their South African operations. The strategy is straightforward: shed low-margin businesses and double down on the mid-premium European market.

The Numbers

Norcros calls itself “the UK and Ireland’s leading bathroom products group” — and the numbers back that up.

For the fiscal year ended April 5, 2026 (a 53-week year), revenue came in at £393.4 million, up 10.6% from the previous year. Operating profit hit £48 million, a 7.9% increase. The standout figure: net profit jumped 131.3% to £22.2 million.

Europe is the growth engine. The European business generated £291.6 million in revenue — about 74% of the total — with an operating margin of 15.2%. South Africa tells a different story: £101.8 million in revenue, but only a 3.5% margin.

Norcros Group – the UK and Ireland’s leading bathroom products group, with a portfolio of over ten brands including VADO, MERLYN, and Triton.

Two Strategic Plays: Buy One, Sell One

Norcros made two major moves this year.

First, they bought Fibo. In October 2025, Norcros acquired Fibo — a Norwegian premium decorative waterproof wall panel brand — for £11.5 million in cash. Fibo’s modern production facility generates 70% of its revenue from continental Europe and 30% from the UK. In its first full year under Norcros, Fibo contributed £32.7 million in revenue and £3.3 million in operating profit.

Fibo Urban – White Silk (Hexagonal) decorative waterproof wall panel. The Norwegian brand was acquired by Norcros in October 2025.

Second, they’re selling their South African operations. Norcros has already shut down the Johnson Tiles South Africa plant. Now they’re looking to offload the rest — the entire Norcros SA operation, which includes TAL (tile adhesives), Tile Africa (retail), and House of Plumbing (regional distribution). Combined, these businesses generated £99.4 million in revenue and £6.7 million in operating profit in the year ended April 2025.

Why sell? The company wants to focus on mid-premium bathroom markets in the UK and Europe, building a lighter, cash-generating portfolio. The sale process is expected to take 12 to 18 months.

What’s Next

On the product side, Norcros is strengthening collaboration between its two UK brands, VADO and MERLYN. The plan is to roll out integrated bathroom solutions — easy to install, low-carbon — with benefits expected from the second half of 2027.

They’re also investing more in in-house design. Recent product launches include:
Triton: water-saving, energy-efficient shower technology
Abode: energy-saving, lead-free kitchen faucets
Croydex: creative mirrored cabinets

The Bigger Picture

Norcros is doing what many mid-sized manufacturers are doing right now: cutting low-margin businesses, acquiring higher-margin categories, and consolidating around their strongest markets. The Fibo acquisition gives them a foothold in decorative wall panels — a growing segment in European renovations. Selling off South Africa gets them out of a market where inflation and pricing pressure are squeezing margins.

The UK and European renovation market isn’t exactly booming — new housing construction remains soft — but repair and remodel channels, retail, and e-commerce are holding steady. Norcros is betting that’s where the real opportunity lies.