30th Jul 2015 08:57
LONDON (Alliance News) - Victoria PLC Thursday reported a pretax loss in its recently-ended financial year, even though revenue grew, as it booked costs associated with the termination of a contract, but said it sees good opportunities to continue to grow earnings.
The carpets and floor coverings manufacturer said it made a pretax loss of GBP3 million in the year ended March 28, having made a pretax profit of GBP2.3 million the year before, even though revenue rose to GBP128.3 million from GBP71.4 million.
Profit took a hit from GBP9.9 million in costs relating to exceptional items, Victoria said, and would have led to a GBP7 million pretax profit had it not booked those costs. The exceptional costs included a GBP7.6 million charge relating to the termination of a contract-for-difference with Camden Holdings Ltd.
"Our focus is on maximising the group's return on capital employed. Operational management - all of whom are shareholders - are committed to carefully managing working capital to optimise free cash-flow while growing earnings, through providing enhanced products and services to customers. We believe this combined approach should ensure Victoria experiences above-average sector performance in the years ahead," Chairman Geoff Wilding said in a statement.
"There are good opportunities to continue to grow earnings in the UK and abroad via further carefully scrutinised, high quality acquisitions and organically via a committed sales focus and operational synergies. This is what we intend to deliver for shareholders in 2016," he added.
Shares in Victoria were trading down 0.6% at 1,074.00 pence Thursday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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