13th Jan 2021 10:38
(Alliance News) - Victoria PLC on Wednesday said it enjoyed its best-ever quarter, despite a nationwide lockdown in England souring its traditionally most lucrative month of trading.
Victoria shares were 5.4% higher at 716.88 pence each in London on Wednesday morning.
The Worcestershire-headquartered flooring firm also bolstered its team with a senior hire.
Victoria's revenue in the three months ended December was up 10% annually.
This was despite a lockdown in England in November, "which is normally the best trading month of the year", Victoria said. It was however able to keep factories open during the period.
"Undoubtedly, the UK November lockdown had some impact on our performance - we would have done even better without it - and the current lockdown may similarly impact the final quarter of financial 2021. However, Victoria has clearly shown its operational resilience by achieving record revenues and earnings in the December quarter and the board believes it is well-placed to meet this headwind," Executive Chair Geoff Wilding said.
Victoria said it is "highly diversified geographically", generating nearly three-quarters of it earnings outside the UK.
The company added: "The group sells its products to thousands of flooring retailers across Europe, North America, the UK, Australasia, and the Middle East."
The company said it has named Roberto Moreno as a managing director, charged with strategic investments & corporate developments.
Victoria said: "The board believes there is an opportunity to greatly increase our distribution capabilities across North America.
"Roberto is currently living in New York, where he was previously the chief investment officer for EL Rothschild and the managing member of investment company Pine Management. Prior to this, Roberto was a managing director at Sandton Capital Partners. In these roles he was responsible for originating and executing investments, and management oversight of portfolio companies in Europe and North America."
By Eric Cunha; [email protected]
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