Full Year Trading Update

RNS Number : 8229S

Victoria PLC

22 March 2016

 

22 March 2016

Victoria PLC

('Victoria,' the 'Company,' or the 'Group')

Full Year Trading Update

Trading Materially Ahead of Market Expectations

Victoria PLC, (LSE: VCP) the international designers, manufacturers and distributors of innovative floor coverings, is pleased to provide a positive trading update on the financial year ending 2 April 2016. The Board is pleased to announce that the Group's profits before tax and exceptional items will be materially ahead of current consensus market expectations for the financial year ending 2 April 2016.

The Group's recent acquisitions have now been fully integrated and the associated operational synergies have resulted in improved gross profit margins, which the Board anticipates will continue to accrue into 2017.  In addition, the Group's businesses have seen a strong performance in the key UK and Australian markets.

Furthermore, due to the continued focus on improved cash generation there will be a material reduction in Group net debt and the net debt to EBITDA ratio since the interim results.

Finally, as highlighted in the announcement dated 8 March 2016, the discussions regarding the potential acquisition of Lano Carpets are ongoing and a further announcement will be made in due course, as appropriate.

For more information contact:

Victoria PLC                                                                                         [phone]

Geoff Wilding, Chairman

Michael Scott, Group Finance Director

Cantor Fitzgerald Europe                                                               [phone]

(Nominated Adviser & Broker)

Rick Thompson, Phil Davies,

David Foreman, Michael Reynolds (Corporate Finance)

Whitman Howard                                                                             [phone]

(Joint Broker)

Nick Lovering, Ranald McGregor-Smith                                  

Buchanan Communications                                          [phone]

Charles Ryland, Victoria Watkins, Jane Glover

 

END

 

 

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