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Victoria PLC (VCP)

  Print      Mail a friend       Annual reports

Wednesday 21 November, 2007

Victoria PLC

Interim Results

Victoria PLC
21 November 2007

Issued by Citigate Dewe Rogerson Ltd, Birmingham
Date: Wednesday, 21 November 2007

                                                               Embargoed: 7.00am

                                  Victoria PLC
Leading manufacturers of high quality carpets in the UK, Australia and Ireland

                                Interim Results
                        six months ended September 2007

                                       2007              2006

Revenue                              £28.76m           £27.03m            +6.4%

Operating Profit                      £1.58m            £1.29m           +23.2%

Profit before Tax                     £1.25m            £1.00m           +24.8%

Earnings per Share                    12.92p            10.69p           +20.9%

Solid operating cash generation

The Group's geographic spread and customer profile helped to off-set economic
and market conditions in UK and Ireland. Australia delivered a very solid
performance and increased market share

Changes to the composition of NED's combined with experienced management team to
drive and develop future strategy

'The continued growth we envisage from both existing product brands, recently
introduced product styles and other initiatives will, we believe, enable us to
take full advantage of our market leading position and successfully deal with
whatever market conditions prevail.

'The Group remains optimistic that it will deliver an overall performance ahead
of last year and in-line with both the Management's and market expectations.'

                                                           Bob Gilbert, Chairman

                            FULL STATEMENT ATTACHED

Alan Bullock, Group Managing Director     Fiona Tooley, Director
Ian Davies, Group Finance Director        Keith Gabriel, Senior Account Manager
Victoria PLC                              Citigate Dewe Rogerson
Tel:       +44 (0) 1562 749640            Tel:     +44 (0) 121 455 8370
Mobile:    +44 (0) 7785 325701 (AB)       Mobile:  +44 (0) 7785 703523 (FMT)

                                  Victoria PLC


Interim Results for the six months ended September 2007
I am pleased to be able to report that the Group has made a solid start to this
financial year, with the Group's geographical spread of business and customer
profile assisting us to off-set the challenging economic and market conditions
we have seen during the first half-year in both the UK and Ireland.

Financial Results Summary
Income Statement
Revenues from the Group's activities have grown by 6.4% in the half-year from
£27.0 million to £28.8 million. Operating profit has increased by 23.2% from
£1.29 million to £1.58 million. The Group has continued to demonstrate tight
operating and material cost control with a further improvement in operating
margin, on a like for like basis, from 4.8% to 5.5%

Net finance costs at £0.38 million (2006 £0.36 million) were broadly in-line
with the comparative period and remain well covered by operating profit. Profit
before tax was up 24.8% at £1.25 million compared to £1.00 million for the
corresponding period last year. Profit attributable to equity shareholders
increased 20.9% from £0.74 million to £0.90 million, with basic earnings per
share up from 10.69 pence to 12.92 pence.

Balance Sheet

The Group's net assets increased from £29.0 million at 31 March 2007 to £29.8
million at the end of the period. Inventory has increased by £1.42 million to
£17.2 million, in part reflecting increased levels of revenue, but also the
build up of product to support new ranges and the usually busy autumn period in
the UK and Ireland.

Cash Flows and Net Debt
Net cash inflow from operating activities was £1.99 million, an increase of
£0.44 million on the corresponding period last year. The net effect of the
increase in working capital, reflecting the growth in the business, was a cash
outflow of £0.37 million. Reported net debt has increased over the period by
£0.16 million from £9.69 million at 31 March 2007 to £9.85 million. The Group
continues to maintain a significant proportion of its borrowings in Australian
dollars and the effect of changes in exchange rates on overall foreign currency
borrowings, increased Group net debt by £0.19 million.

Trading in the first four months of the period in the UK saw sales reasonably
ahead of the corresponding period last year, followed by a marked fall-off in
August & September. This left revenues up 1.1% in the half-year at £12.4
million. Successive base interest rate increases and the sub-prime mortgage
crisis conspired to sap consumer confidence for spending on the High Street. As
a result, operating profit in the UK was down by 23.2% to £262k with profit
before tax down to £135k.

During the first half-year, Victoria Carpets has continued to invest in
additional plant and new product ranges thus positioning itself well for the
second half of the financial year which traditionally has been the stronger

In Ireland, revenues were down by 13.7% from £3.03 million to £2.61 million with
sales declining in both the contract and residential carpet sectors. The rather
'lumpy' nature of contract sales corresponded with a particularly strong
first-half last year and accounted for the majority of this decline. Residential
carpet sales were slightly down with the General Election and a slower economy
negatively affecting consumer confidence.

The resultant effect was to see operating profit down from £204k to £118k and
profits before tax down from £185k to £100k.

Again in Ireland there was a heavy spend on new ranges and point-of-sale display
units positioning the business well for the second half year.

In an otherwise buoyant Australian economy, only the commodity driven states of
Western Australia and Queensland enjoyed strong growth in the housing sector.
The major states of New South Wales and Victoria remained relatively flat with
consumer demand dampened by interest rate increases.

In this context, our Australian operation has delivered a very solid performance
and has increased its market share. Revenues in Australia grew strongly from
£11.7 million to £13.7 million, an increase of 17.1%.

Pleasingly, new product introductions made last year also enabled us to grow our
gross profit margin by 2.8%. Operating profit increased by £0.49 million, up by
53.2 % to £1.41 million and profit before tax increased by 61.1% from £0.79
million to £1.28 million.

Colin Campbell, our Canadian Associate Company, has continued to make excellent
progress with revenues up 13.6% to C$ 4.87 million. Profits before tax increased
6.5% to C$427k from C$401k in the corresponding period last year.

Directorate Changes
As shareholders will be aware, the Company recently announced changes to the
composition of its Non-executive Director team.

This is the last report that I will make to shareholders in my capacity as a
Director and Non-executive Chairman of Victoria. After eleven enjoyable years in
the Chair, I have decided to step down and retire. At the same time, my fellow
Non-executive Director, Keith Ackroyd will also retire.

I take this opportunity to welcome Mr Aram Shishmanian and Ms Nikki Beckett to
the Board as Non-executive Directors. They joined the Company in October and
will work alongside the Executive team and my successor, Alexander Anton, who
will take up the Chair on 3 December 2007.

The timing of these changes clearly allows for an orderly transition by the
Company's current Non-executives to the new team whilst also dovetailing well
with the Group's strategic planning programme for the future.

I believe that when I retire from the Board at the end of the month, I leave the
Group in good health and with an experienced management team which, when
combined with the additional skills of the newly appointed Non-executive
Directors, will be capable of taking the business forward over the next few

Current Trading Prospects
Our growth to date reflects a creditable performance for the Group, especially
as we continue to operate in a difficult period for UK retailers.

Whilst there continues to be a clear lack of visibility about the short to
medium term economic and market prospects in the UK and Ireland, we are
witnessing stronger market conditions in Australia and Canada.

The continued growth we envisage from both existing product brands, recently
introduced product styles and other initiatives will, we believe, enable us to
take full advantage of our market leading position and successfully deal with
whatever market conditions prevail.

The Group remains optimistic that it will deliver an overall performance ahead
of last year and in-line with both the Management's and market expectations.

Bob Gilbert
21 November 2007

                                  Victoria PLC

Consolidated Income Statement
For the half-year ended 29 September 2007 (unaudited)

                           Notes      Half-year        Half-year      Year ended
                                          ended            ended   31 March 2007
                                   29 September     30 September           £'000
                                           2007             2006
                                          £'000            £'000
Revenue                      3           28,757           27,026          55,426
Cost of sales                           (20,208)         (19,288)        (39,003)
Gross profit                              8,549            7,738          16,423
Distribution costs                       (5,662)          (5,459)        (10,641)
Administrative expenses                  (1,644)          (1,531)         (3,097)
Other operating income                      340              537             700
Exceptional items                             -                -               -
Operating profit             3            1,583            1,285           3,385
Share of results of
associated company                           45               78             104
Finance costs                              (379)            (362)           (727)
Profit before tax                         1,249            1,001           2,762
Taxation                     4             (352)            (259)           (754)
Profit for the period                       897              742           2,008
Attributable to:
Equity holders of the parent                897              742           2,008
Earnings per share
From continuing operations
Basic                        5            12.92p           10.69p          28.92p
Diluted                                   12.92p           10.69p          28.92p

Consolidated Statement of Recognised Income and Expense
For the half-year ended 29 September 2007 (unaudited)

                                    Half-year           Half-year           Year
                                        ended               ended          ended
                            29 September 2007   30 September 2006  31 March 2007
                                        £'000               £'000          £'000
Exchange differences
on translation of
foreign operations                        819                (402)           (33)
Net income/(loss)
recognised directly in
equity                                    819                (402)           (33)
Profit for the period                     897                 742          2,008
Total recognised
income and expense for
the period                              1,716                 340          1,975
Attributable to:
Equity holders of the parent            1,716                 340          1,975

                                  Victoria PLC

Consolidated Balance Sheet
As at 29 September 2007 (unaudited)

                          29 September 2007   30 September 2006  31 March 2007
                                      £'000               £'000          £'000
Non-current assets

Intangible assets                       486                 504            491

Property, plant and
equipment                            24,354              23,275         23,846

Investment property                     180                 180            180

Investment in
associated company                      565                 507            469

Deferred tax asset                    1,016                 646            983
Total non-current
assets                               26,601              25,112         25,969
Current assets

Inventories                          17,160              15,406         15,740

Trade and other
receivables                          10,132              11,182          9,603

Financial asset                          11                   -             10

Cash at bank and in
hand                                    823                 633            644
Total current assets                 28,126              27,221         25,997
Total assets                         54,727              52,333         51,966
Current liabilities

Trade and other
payables                              9,437               8,849          8,234

Current tax
liabilities                           1,051                 977            998

Financial liabilities                 6,426               7,264          5,261
Total current
liabilities                          16,914              17,090         14,493
Non-current liabilities

Trade and other
payables                              1,502                 976          1,209

Financial liabilities                 4,246               5,154          5,072

Deferred tax
liabilities                           2,234               1,764          2,209
Total non-current liabilities         7,982               7,894          8,490
Total liabilities                    24,896              24,984         22,983
Net assets                           29,831              27,349         28,983
Issued share capital                  1,736               1,736          1,736
Share premium                           829                 829            829
Retained earnings                    27,266              24,784         26,418
Total equity                         29,831              27,349         28,983

                                  Victoria PLC

Consolidated Cash Flow Statement
For the half-year ended 29 September 2007 (unaudited)

                           Notes       Half-year       Half-year         Year
                                           ended           ended        ended
                                    29 September    30 September     31 March
                                            2007            2006         2007
                                           £'000           £'000        £'000
Net cash inflow
from operating
activities                 6a              1,993           1,552        5,061
Investing activities

Dividends received
from associates                                -               -           32

Purchases of
property, plant and
equipment                                 (1,106)           (527)      (1,959)

Proceeds of
disposals of
property, plant and                           10              19           74
Net cash used in
activities                                (1,096)           (508)      (1,853)
Financing activities

in long-term loans                          (682)            663          347

Receipts from
financing of assets                           40             339          870

Payment of finance
liabilities                                 (397)           (564)        (963)

Dividends paid                              (868)           (799)        (799)
Net cash (used
in)/from investing
activities                                (1,907)           (361)        (545)
Net (decrease)/increase
in cash and cash                       
equivalents                               (1,010)            683        2,663

Cash and cash
equivalents at
beginning of period                       (3,693)         (6,363)      (6,363)

Effect of foreign
exchange rate
changes                                       21              13            7
Cash and cash
equivalents at end
of period                  6b             (4,682)         (5,667)      (3,693)

                                  Victoria PLC

Notes to the Interim Financial Statements
For the half-year ended 29 September 2007 (uanudited)

1 General Information
These condensed consolidated financial statements for the six months ended 29
September 2007 have not been audited or reviewed by the Auditors. They were
approved by the Board of Directors on 20 November 2007.

The information for the year ended 31 March 2007 does not constitute statutory
accounts as defined in section 240 of the Companies Act 1985. A copy of the
statutory accounts for that year has been delivered to the Registrar of
Companies. The Auditors' report on those accounts was unqualified.

2 Accounting Policies
These condensed consolidated financial statements should be read in conjunction
with the Group's financial statements for the year ended 31 March 2007, which
were prepared in accordance with IFRSs as adopted by the European Union.

The accounting policies and basis of consolidation of these condensed financial
statements are consistent with those applied and set out on pages 40 to 44 of
the Group's audited financial statements for the year ended 31 March 2007.

In the current financial year, the Group will adopt International Financial
Reporting Standard 7 'Financial Instruments: Disclosures' (IFRS 7) for the first
time. As IFRS 7 is a disclosure standard, there is no impact of that change in
accounting policy on the half-yearly financial statements. Full detail of the
change will be disclosed in our annual report for the year ending March 2008.

3 Business Segments
For management purposes, the Group is organised into four operating divisions
according to the geographical areas where they are managed. These divisions are
the basis on which the Group reports its primary segment information. The four
divisions are UK, Ireland, Australia and the Canadian Associate.

Segment information for revenue, operating profit and a reconciliation to entity
net profit is presented below.

                        Half-year ended 29 September 2007      Half-year ended 30 September 2006
                       Revenue Operating  Finance   Profit   Revenue    Operating  Finance  Profit
                         £'000    profit    costs   before     £'000       profit    costs  before
                                   £'000    £'000      tax                  £'000    £'000     tax
                                                     £'000                                   £'000
UK                      12,432       262     (127)     135    12,293          341     (158)    183
Ireland                  2,611       118      (18)     100     3,027          204      (19)    185
Australia               13,714     1,414     (138)   1,276    11,706          923     (131)    792
Canada                       -         -        -       45         -            -        -      78
Subtotal                28,757     1,794     (283)   1,556    27,026        1,468     (308)  1,238
Central costs                -      (211)     (96)    (307)        -         (183)     (54)   (237)
operations              28,757     1,583     (379)   1,249    27,026        1,285     (362)  1,001
---------------------------------------------------          ------------------------------
Tax                                                   (352)                                 (259)
---------------------                                 ------                                ------
Profit after
tax from
operations                                             897                                   742

Profit for the period                                
from discontinued
operations                                               -                                     -
---------------------                                 ------                                ------
Profit after
tax and
discontinued                                           897                                   742
---------------------                                 ------                                ------

4 Tax Charge
                                         Half-year                   Half-year
                                             ended                       ended
                                 29 September 2007           30 September 2006
                                             £'000                       £'000
Current tax:
UK corporation tax                             (52)                        (13)
Overseas taxation charge                       404                         272
                                               352                         259
Deferred tax:
Current year                                     -                           -
Total                                          352                         259

Corporation tax for the interim period is charged at 28.2% (2006: 28.1%),
representing the best estimate of the weighted average annual corporation tax
rate expected for the full financial year.

5 Earnings and Earnings per Share
The calculation of the basic and diluted earnings per share is based on the
following data:

Number of Shares                                   Half-year        Half-year
                                                       ended            ended
                                                29 September     30 September
                                                        2007             2006
Weighted average number of ordinary
shares for the purposes of basic earnings 
per share                                          6,943,556        6,943,556

Effect of dilutive potential ordinary shares:
Share options                                              -                -
Weighted average number of ordinary
shares for the purposes of diluted earnings 
per share                                          6,943,556        6,943,556

                                         Half-year ended        Half-year ended
                                        29 September 2007      30 September 2006
                                      Earnings          EPS   Earnings      EPS
                                        £'000         pence      £'000    pence
Profit for the period from continuing
operations                                897         12.92        742    10.69

Profit for the period from              
discontinued operations                     -             -          -        -
Profit for the period from continuing
and discontinued operations               897         12.92        742    10.69
Earnings per share
- basic continuing                                    12.92               10.69
- basic discontinued                                      -                   -
- basic                                               12.92               10.69
- diluted                                             12.92               10.69

The effect of dilutive shares on the earnings for the purposes of diluted
earnings per share is £nil (2006: £nil).

The denominators used for all basic, diluted and adjusted earnings per share are
as detailed in the 'number of shares' table above.

6 Notes to the Cash Flow Statement

a) Reconciliation of operating profit to net cash from operating activities

                                   Half-year      Half-year           Year
                                       ended          ended          ended
                                29 September   30 September       31 March
                                        2007           2006           2007
                                       £'000          £'000          £'000
Operating profit from
continuing operations                  1,583          1,285          3,385

Discontinued operations profit
before tax                                 -              -              -

Adjustments for:
- Depreciation of
  property, plant and
  equipment                             1,169          1,121         2,226

- Amortisation of
  intangible assets                        13             14            27

- (Profit)/loss on
  disposal of property,
  plant and equipment                      (2)            (5)            8

- Exchange rate
  difference on
  consolidation                           362           (197)          (18)

- Business reorganisation costs             -              -             -
Operating cash flows
before movements in             
working capital                          3,125          2,218        5,628

(Increase)/decrease in
working capital                           (370)           (59)         801
Cash generated from
operations                               2,755          2,159        6,429

Interest paid                             (379)          (390)        (792)

Income taxes
(paid)/received                           (383)          (217)        (576)
Net cash from
operating activities                     1,993          1,552        5,061

b) Analysis of net debt

                              At    Cash flow       Other   Exchange              At
                        31 March        £'000    non-cash   movement    29 September
                            2007                                                2007
                           £'000                 movement      £'000           £'000
Cash                         644          146           -         33             823
Overdrafts                (4,337)      (1,156)          -        (12)         (5,505)
Increase/(decrease) in cash
in period                 (3,693)      (1,010)          -         21          (4,682)

Secured commercial
  Payable more
  than one year           (2,883)         542           -       (157)         (2,498)

Finance leases
  Payable less
  than one year             (924)         397        (375)       (19)           (921)

  Payable more
  than one year           (1,985)         (40)        375        (29)         (1,678)

Bank loans
  Payable less than one    
  year                         -            -           -          -               -

  Payable more
  than one year             (204)         140           -         (6)            (70)

Decrease in
net debt in
period                         -        1,039           -          -               -
Total                      (9,689)         29           -       (189)         (9,849)

7 Exchange Rates
The results of overseas subsidiaries and associated undertakings have been
translated into sterling at the average exchange rates prevailing during the
periods. The balance sheets are translated at the exchange rates prevailing at
the period ends:

                              Half-year            Half-year              Year
                                  ended                ended             ended
                      29 September 2007    30 September 2006     31 March 2007
Australia - average
rate                             2.3845               2.4565            2.4687

Australia - period end           2.3023               2.5031            2.4279

Euro - average rate              1.4710               1.4577            1.4717

Euro - period end                1.4326               1.4746            1.4735

Canadian dollar -
average rate                     2.1296               2.0676            2.1540

Canadian dollar -
period end                       2.0246               2.0840            2.2627

8 Related Party Transactions
During the period, the Group had transactions with its associate comprising
sales of goods to the value of £197k (2006: £307k) and provision of services
worth £41k (2006: nil). At 29 September 2007 the Group was owed £243k (2006:
£317k). All goods and services were provided at market rates.

9 Risks and Uncertainties
The Board continuously assesses and monitors the key risks of the business. The
key risks that could affect the Group's medium term performance and the factors
which mitigate these risks have not changed from those set out on page 29 of the
Group's 2007 Annual Report, a copy of which is available on the Group's website
- The Chairman's Statement includes consideration of
uncertainties affecting the Group in the remaining six months of the year.

10 Information Rights
Under section 146 of the Companies Act 2006, registered shareholders of fully
listed companies are able to nominate the underlying beneficial owners of their
shares to receive information rights from 1 October 2007. Companies are required
to fulfil these requests from 1 January 2008.

Please note that beneficial owners of shares nominated by the registered holders
of those shares are required to direct all communications to the registered
holder of their shares rather than to the Company's registrar, Capita
Registrars, or the Company directly.

11 Statement of Directors' Responsibilities
The Directors confirm that to the best of their knowledge the condensed set of
financial statements has been prepared in accordance with IAS 34, 'Interim
financial reporting' as adopted by the European Union, and includes a fair
review of the information required by Disclosure and Transparency Rules 4.2.7
and 4.2.8 of the United Kingdom's Financial Services Authority.

                      This information is provided by RNS
            The company news service from the London Stock Exchange