AGM, IMS & Trading Update

RNS Number : 5966L

Victoria PLC

02 August 2011

 



 "International designers and manufacturers of innovative quality floorcoverings

Date: Tuesday, 2 August 2011

Immediate Release

Annual General Meeting

Interim Management Statement & Trading Update

Victoria PLC('Group', 'Victoria' or 'Company'): At today's Annual General Meeting (2 August 2011), Nikki Beckett, Chairman, addressed shareholders and all Resolutions were duly passed, details of the proxy votes will be provided on the Group's website www.victoriaplc.com or on request from the Company Secretary.

The Company also issued the following Interim Management Statement which covers the 13-week period from 3 April 2011 to 2 July 2011 (Q1) and a Trading Update to the date of this announcement:

Trading Update

The Group revenue in Q1 increased by 13.0% compared to the same period last year and on a constant currency basis the Group achieved a 7.6% improvement in revenue.

Revenue in Australia was up by 4.3% in local currency terms, with our Australian operation continuing to progress sales through both marketing initiatives and product innovation against a market background where there seems to be a continued cautiousness about the global outlook, which appears to be eroding overall consumer sentiment.

The United Kingdom delivered a strong performance in Q1 with revenues up by 15.6% on the corresponding period last year. Whilst in part this growth can be attributed to price increases aimed at passing on rising raw material costs and from our growth in the insurance replacement market which we entered in Q2 of the last financial year, nonetheless Victoria Carpets has achieved a solid performance in markets that remain extremely challenging and where consumer confidence and macro-economics also remain fragile.

Revenue in the Republic of Ireland was down by 5.0% in local currency terms. The integration of our Irish business into the UK trading arm has now been completed and in future the Irish business will form part of the UK results.

Summary & Outlook

Overall, the Group has made a positive start to the new financial year and remains in line with management expectations. Whilst undoubtedly the trading environment will continue to be very tough, the Board is confident that, with a strong balance sheet and robust business model, the Company will continue to both manage the challenges of the current market conditions and to progress the opportunities it has identified to expand Victoria's product offering and markets over the next few years.

Enquiries:
Victoria PLC	Citigate Dewe Rogerson
Alan Bullock, Group Managing Director	Fiona Tooley, Director
Office:  [phone] or Mobile: [phone]	Mobile: [phone]
Ian Davies, Group Finance Director	Office: [phone]
Office: [phone] or Mobile: [phone]

 

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