Norcros - Overseas challenges reduce estimates

Some pressure on local South African profitability and transitory effects of disrupted China supply lead us to reduce our Norcros earnings estimates by 5-8% following a trading update. Management remains firmly in credit for achieving outperformance versus local markets and we expect this to be a recurring feature. The company's share price has retraced to pre UK general election levels now and its P/Es remain in single digits on our revised estimates.

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