22nd Mar 2016 09:03
LONDON (Alliance News) - Floorcovering manufacturer Victoria PLC on Tuesday said pretax profit for the current financial year to end April will be "materially" ahead of current market expectations, on the back of strong contributions from recent acquisitions.
Victoria said the acquisitions have now been fully integrated and the associated operational synergies have resulting in improved gross profit margins for the current financial year, which the manufacturer said should continue to accrue into 2017.
Victoria added its expectations have also been boosted by a strong performance in the UK and Australia.
The manufacturer said it expects a material reduction in its net debt, "due to the continued focus on improved cash generation".
Victoria said it was still involved in discussions regarding the potential acquisition of European carpet manufacturer Lano Carpets, as announced March 8. It said a further announcement will be made in due course.
Shares in Victoria were up 6.8% at 1,495.00 pence on Tuesday.
By Hannah Boland; [email protected]; @Hannaheboland
Copyright 2016 Alliance News Limited. All Rights Reserved.
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