8th Jan 2025 11:11
(Alliance News) - Victoria PLC on Wednesday reaffirmed its full-year earnings guidance while highlighting significant cost-saving measures and announcing a board change.
The Worcester, England-based designer, manufacturer, and distributor of innovative flooring products said it removed GBP12 million from its fixed cost base during the first-half of financial 2025 and expects to generate an additional GBP20 million in annual savings through various initiatives, including reorganizations and operational upgrades across its divisions.
These efforts are anticipated to deliver GBP32 million in cost benefits for financial 2026 and cumulative savings exceeding GBP80 million by the end of financial 2027.
Victoria expects stronger trading in the second-half of the year, supported by management actions and modest improvements in demand, despite continued subdued consumer spending.
The company remains confident that full-year earnings for fiscal 2025 will align with consensus market expectations of GBP1.2 million in revenue and GBP31 million in operating profit.
"We are encouraged by the progress of initiatives to improve productivity and take market share, which continue to positively impact profitability," the company said. It also noted that an uptick in housing transactions, a key driver of flooring demand, supports its outlook for medium-term revenue recovery and improved financial performance over the next two years.
Shares in Victoria PLC were down 9.3% at 102.26 each in London on Wednesday morning.
By Eva Castanedo, Alliance News reporter
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