3rd Sep 2019 12:08
(Alliance News) - Victoria PLC said Tuesday it is "pleased" with its progress and is confident of meeting market expectations for financial 2020.
The flooring designer, manufacturer and distributor said it has "continued to trade well" in the current financial year, ending March. Victoria said its margins and earnings are "well ahead" of the equivalent period last year.
In its most recently ended financial year, Victoria recorded a pretax loss of GBP3.7 million, swinging from a profit of GBP13.4 million the year before, despite revenue rising 35% to GBP574.4 million from GBP424.8 million.
"Of particular note, Victoria is pleased to advise that, with the major reorganisation projects to improve efficiencies and increase manufacturing capacity completed earlier this calendar year, exceptional costs have been minimal and the anticipated benefits from the projects are more than meeting the board's expectations," Victoria said.
The company continued: "Following the successful issuance of senior secured notes in July, Victoria is, in addition to achieving organic growth, continuing to pursue further value-creating acquisitions in Europe. There is no shortage of acquisition opportunities but, mindful of financial leverage levels, the board is proceeding cautiously."
Shares in Victoria were 6.0% higher in London on Tuesday at 509.00 pence each.
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