Norcros (NXR) – CEO interview – 11 Nov 2022

Paul Scott interviews Nick Kelsall, CEO of bathroom fittings group, Norcros (NXR)

Resilient H1 results were published this week by Norcros. I ask Nick about various topical issues, such as inflation, sourcing from China, recession, acquisitions, bank borrowings, the low valuation on NXR shares despite many legacy issues now having been dealt with, or greatly reduced (e.g. pension deficit).

Please bear in mind that this is for general interest, it is NOT a recommendation or financial advice. You need to do your own research, and take advice as appropriate. I did not charge a fee, and I do not hold any shares personally.

I love to hear your feedback, on the interview, and the company, so all views are welcome in the comments below.


  • Excellent conversation as ever, thanks Paul! I thought the point you made about getting no credit for acquisitions was a good one. Good prompt on broker coverage, too.

    Looking at Grant Westfield this is clearly a substantial business that only joined the group part-way through the first half, so that is a boost for the current year. Worth a look at their website and they manufacture in the UK, too.

    The SP has barely moved from the lows hit in September, despite the tailwinds mentioned in the interview such as lower freight costs. NXR really does represent excellent value. By coincidence, the SP was 177p on 20 November 2018 and is 178p today. Yet sales are up by a third and profits have doubled since then.

  • Peter Candlish

    Love all the resources you put out there – please feel very valued!

    However, I am not sure you will replace Andrew Neil as tough interviewer! The Norcros boss did not suggest he had a plan B if his fantastic Chinese supply chain breaks. I continue to hold but this is a big risk.

    • Peter,
      Fair point, I’m no Andrew Neil! Although if I was, nobody would want to be interviewed, so I keep them civilised for that reason!!
      Thank you for the compliment re my content, much appreciated!
      Re China, I thought Nick gave very honest answers, and didn’t gloss over the fact that the West relies very heavily on China to make our consumer goods, including Norcros.
      Regards, Paul.

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