Norcros’ FY26 outcome is in-line with market forecasts despite challenging underlying conditions. Gains came from UK progress, FIBO acquisition and tight control of South African operations. Strong cash generation was a pleasing feature. Key financial metrics are revenues +10% at £393m, PBT of £40.4m slightly ahead of expectations, and net debt £8m better than anticipated at £67m. Underlying revenues were modestly ahead y-o-y in both UK/Ireland and South Africa as pricing/mix more than offset lower volumes. FIBO (acquired in Oct ‘25) has performed as expected, supported by a strong manufacturing base. At a Group level we expect benefits to come from greater connectivity across channels, product development, and distribution. Norcros shares at 285p have declined c. 20% since the end of February. This decline seems disproportionate given no direct impact to trading apparent from conflict in the Middle East. Our estimates and fair value of 397p/share are unchanged.