29th Nov 2022 10:28
(Alliance News) - Victoria PLC on Tuesday said it is confident to achieve financial year 2023 performance in line with market expectations.
Victoria is a Worcestershire, England-based flooring manufacturer.
For the six months that ended on October 1, Victoria said pretax profit multiplied to GBP53.1 million from just GBP2.9 million the year before. This was on a 59% rise in revenue to GBP776.1 million from GBP489.0 million.
Victoria explained that 7.7% like-for-like organic revenue growth, plus acquisitions, led to it achieving a record operating performance of GBP82.0 million, up significantly from GBP27.7 million the year before.
"Proactive management of raw materials and energy successfully mitigated both inflationary pressures and supply chain constraints," Victoria added.
Underlying earnings before interest, tax, depreciation and amortisation amounted to GBP100.1 million, up 19% from GBP84.5 million.
Executive Chair Geoff Wilding said: "Whilst acknowledging these challenges, I am pleased to say that the board continues to be confident that synergy gains and proactive management actions will enable Victoria's financial performance for [financial] 2023 to be in line with market consensus expectations and the outlook for the business remains positive."
Victoria said it expects the integration of its most recent acquisitions will lead to significant growth in profit over the next several years.
Last month, Victoria bought Florida-based flooring distributor International Wholesale Tile LLC for USD28.5 million.
Net debt at period end stood at GBP651.4 million, up from GBP519.3 million a year before.
Shares were down 0.2% at 450.08 pence each on Tuesday in London.
By Xindi Wei; [email protected]
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