AGM Statement

Victoria PLC
19 July 2001










        Issued by Citigate Dewe Rogerson, Birmingham

        Date: Thursday 19th July 2001                    Immediate Release



                                 Victoria PLC

                            Annual General Meeting





        At today's Annual General Meeting (19th July 2001), Bob Gilbert,
        Chairman told shareholders:


        Current Trading

        'Having completed the first quarter of the new financial year, I am
        able to report to you on the current state of trading.


        In Australia, there has been no recovery from the weakening economic
        conditions we have experienced since the Olympics last September. As
        was expected, sales are below the levels seen last year in the run up
        to the introduction of GST.


        There remains at this time a lack of visibility and the poor state of
        the Australian economy is currently restricting our ability to fully
        exploit the significant investments we made at our Castlemaine
        Spinning Mill late in the year 2000.


        In the UK, whilst we hear positive reports of consumer spending, these
        do not appear to relate to sales of carpeting, and we have found the
        market to be fairly weak over the first quarter. Despite this, we have
        maintained the level of turnover achieved in the first quarter of last
        year. Westwood Yarns has performed as expected during the quarter, and
        the new heat setting plant came into operation in the last week of the
        quarter. In all, the UK is performing in line with expectations.'


        Prospects

        'We have still not seen any upturn in trade in Australia, and this
        remains a concern. In the UK, we are now entering the quieter Summer
        period, and will not have much more feel for the full year outlook
        until we reach the Autumn. The five new UK product launches are
        proceeding well and should contribute positively to the result in the
        second half year.


        I remain optimistic that we will be able to maintain last year's
        performance.'

        Enquiries:

        Alan Bullock, Group Managing Director    Fiona Tooley

        Victoria P.L.C                           Citigate Dewe Rogerson

        Tel: [phone]                        Tel: [phone]