Norcros sees a sudden plunge in shower sales

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The group, the UK market leader in domestic showers, said Triton sales have plunged 14.8% over the past three months while sales of ceramic tiles have dived by 8.1%.

Just last month the company reported growth at Triton in the previous year of 4.5%, while at Johnson it was 5.8%.

The news from Norcros comes ahead of a statement from Wolseley, the Bathstore and Plumb Center giant, which is set to announce further job losses and falling sales tomorrow.

Norcros has taken a hammering on the stock market since it managed to get its float away almost exactly 12 months ago just before the credit crunch. The stock opened today at 14½p, nearly 85% off from their peak.

The £120 million float made millions for its bosses and its private-equity backer Bridgepoint.

Analysts are expecting Norcros profits to dive nearly 25% to £10 million this year with the poor UK outlook offset by growing operations in South Africa.

The company which is trying to save cash by laying off 50 staff in the Midlands said today it had raised £3.7 million and booked a £1 million profit on the sale of interests in India.