TIDMVCP
RNS Number : 9544K
Victoria PLC
03 September 2019
For Immediate Release 3 September 2019
The information communicated within this announcement is deemed
to constitute inside information as stipulated under the Market
Abuse Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
Victoria PLC
('Victoria' or the 'Group')
AGM Trading Update
Revenue and Earnings Growth
Victoria PLC (LSE: VCP) the international designers,
manufacturers and distributors of innovative flooring, is pleased
to announce ahead of its AGM later today that it has continued to
trade well this financial year, with Group like-for-like revenue
growth, and margins and earnings well ahead of the equivalent
period last year.
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.
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.
In summary, the Board is pleased with the Group's progress to
date and remains confident of meeting market expectations for the
full year ending 31 March 2020.
The Group will provide a full update on trading for the 26 weeks
ended 30 September 2019 when it announces its Interim Results in
November 2019.
Victoria's Annual General Meeting at 2.00pm today, is being held
at the office of Brown Rudnick LLP, 8 Clifford Street, London, W1S
2LQ.
The person responsible for arranging the release of this
announcement on behalf of the Company is Michael Scott, Group
Finance Director.
- Ends -
For more information contact:
Victoria PLC
Geoff Wilding, Executive Chairman
Philippe Hamers, Group Chief Executive
Michael Scott, Group Finance Director +44 (0) 1562 749 300
Cantor Fitzgerald Europe (Nominated Adviser
and Joint Broker)
Rick Thompson, Phil Davies, Will Goode
(Corporate Finance)
Caspar Shand Kydd, Andrew Keith (Equity
Sales) +44 (0) 20 7894 7000
Berenberg (Joint Broker)
Ben Wright, Mark Whitmore, (Corporate Broking) +44 (0) 203 207 7800
Buchanan Communications (Financial PR)
Charles Ryland, Vicky Hayns, Tilly Abraham +44 (0) 20 7466 5000
About Victoria
Established in 1895 and listed since 1963 and on AIM since 2013
(VCP.L), Victoria PLC, is an international manufacturer and
distributor of innovative flooring products. The Group, which is
headquartered in Kidderminster, UK, designs, manufactures and
distributes a range of carpet, flooring underlay, ceramic tiles,
LVT (luxury vinyl tile), artificial grass and flooring accessories.
Victoria has operations in the UK, Spain, Italy, Belgium, the
Netherlands and Australia and employs approximately 3,000 people
across more than 21 sites. Victoria is the UK's largest carpet
manufacturer and the second largest in Australia, as well as the
largest manufacturer of underlay in both regions.
The Group's strategy is designed to create value for its
shareholders and is focused on consistently increasing earnings per
share via acquisitions and sustainable organic growth.
The Group's trading subsidiaries, as set out segmentally,
include:
UK & Europe: A. & A. Carpets Ltd, Abingdon Flooring Ltd, Alliance
Distribution Ltd, Avalon B.V, Ceramica Saloni, S.A.U,
Ceramiche Serra S.p.A., Distinctive Flooring Ltd,
Ezi Floor Ltd, Grass Inc. B.V, Ibero Ceramica, Interfloor
Ltd, Keraben Grupo S.A., Millennium Weavers N.V,
Sanicova, S.L.U, Victoria Carpets Ltd, View Logistics
Ltd, Westex (Carpets) Ltd,
Australia: Primary Flooring Pty Ltd, Quest Flooring Pty Ltd,
The Victoria Carpet Co. Pty Ltd
This information is provided by RNS, the news service of the
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END
MSCLTMATMBJMBML
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September 03, 2019 02:00 ET (06:00 GMT)
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