Norcros has invested in strengthening its core UK/Ireland operations, acquired a business in Europe and exited capital-intensive non-core businesses. The proposed disposal of its South African division would complete this process to leave a focused, brand-led European bathroom products portfolio. FY26 results saw Europe, supplemented by the acquisition of FIBO in H2) account for around three quarters of group revenue and over 90% of group EBIT in FY26. South African operations also managed to nudge revenue ahead, although lower volumes in competitive markets resulted in some margin erosion. Norcros has both a strong balance sheet and cash generation for executing the next phase of development. The proposed disposal of South African operations offers potential further value realisation, as does m&a. Our fair value estimate for Norcros is retained at 400p / share - almost 50% above current levels.