25th Nov 2015 09:31
LONDON (Alliance News) - Victoria PLC on Wednesday said it swung to a profit in the first half of its financial year, boosted by strong consumer demand in both the UK and Australia and lower exceptional costs.
The carpets and flooring manufacturer said it made a pretax profit of GBP3.3 million in the 27 weeks ended October 3, having suffered a pretax loss of GBP5.6 million in the same period the year before, as revenue more than doubled to GBP105.6 million from GBP39.9 million, driven by acquisitions the group has made feeding through. This includes contributions from Abingdon and two months from Quest Carpet Manufacturers, along with three weeks from Interfloor.
Victoria said the UK and Australian flooring markets continue to experience very good demand from consumers, which helped to boost its results, as exceptional costs fell to GBP2.2 million from GBP8.1 million.
"Our strong positive cash-flow and tight control over costs, together with supportive bankers and shareholders, ensures that the group is well positioned for further growth as we continue to identify and explore acquisition opportunities. I am confident acquisitions will continue to be earnings enhancing and a useful tool to both strengthen the group and create wealth for our shareholders," Chairman Geoff Wilding said in a statement.
Shares in Victoria were trading down 0.2% at 1,290.50 pence Wednesday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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