9th Sep 2022 08:31
Victoria PLC - Worcestershire, England-based flooring manufacturer - Says it is trading in line with expectations, with revenue, earnings and cash flow all in line with market forecasts. Says it continues to successfully navigate the "current challenging macroeconomic environment" with service improvement, input cost hedging and price increases "where necessary".
Executive Chair Geoff Wilding says: "The board remains mindful of the macroeconomic headwinds across the globe and, whilst we benefit from the inherent resilience of the business, numerous actions are being taken to mitigate their impact. Alongside this, operational management continues to be laser-focused on integration of recent acquisitions and execution of detailed synergy plans that will drive higher productivity, lower costs, and better customer service."
Says it has been repurchasing shares over the past month, as their price is materially below what the company considers the stock's "intrinsic value". Despite the share purchases, cash position continues to rise.
For the financial year that ended April 2, Victoria's pretax loss widened to GBP12.4 million from GBP7.5 million the year before, while revenue jumped to GBP1.02 billion from GBP662.3 million.
Current stock price: 447.00 pence, down 0.5%
12-month change: down 57%
By Xindi Wei; [email protected]
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