AGM, IMS and Trading Update &
Issued by Citigate Dewe Rogerson Ltd, Birmingham
Date: Wednesday, 28 July 2010
Victoria PLC
International manufacturer & distributor of carpets & floorcoverings,
supplying the mid to high end residential, and contract markets in the UK and overseas
Annual General Meeting
Interim Management Statement
and Trading Update
&
Senior Independent Director Appointment
At the Annual General Meeting of Victoria PLC ("Victoria") held today (28 July 2010), Chairman,Nikki Beckett provided the following update to shareholders:
"As part of our Regulatory obligation and the Transparency Directive, Victoria is providing the following Interim Management Statement and Trading Update for the 13 week period 4 April 2010 to 3 July 2010:
Trading
Total Group revenue increased by 11.2% for the first quarter against the corresponding period in 2009. The increase was supported by favourable currency movements and on a constant currency basis; revenue was up by 4.7%.
Australian revenue increased by 9.8% on a like-for-like basis, with the Australian economy continuing to grow, but with market conditions for retailers remaining mixed.
In the UK, revenue increased by 1.1%, on a like-for-like basis, against a background of soft trading on the High Street for big ticket items.
In Ireland, with a continuation in very weak consumer confidence and severely reduced expenditure on government projects, revenue in this region declined by 28.8%, on a like-for-like basis. In May, the Group restructured this division aimed at stemming the loss this further downturn created.
Outlook
Revenue activity in the UK has remained weak and it is anticipated that the trading environment will continue to be difficult in the second quarter. In Australia, the trading environment is stronger, but consumer confidence is uncertain. The Irish market remains very weak and there is no clear indication of any substantial upturn.
Summary
Overall, the trading environment will continue to be challenging. However, the Group remains confident that it has a financially strong position, a solid and geographically diverse business model which is well positioned to support future growth when the markets in which it operates start to strengthen.
Appointment of an Independent Non-Executive Director
The Board of Victoria is pleased to announce that Peter Jensen has accepted the appointment to join the Main Board as Senior Independent Director (Non-executive) with effect from 1 September 2010.
Peter had a 20-year career with SmithKlineBeecham Plc working in a variety of senior management positions including the role of President of Worldwide Supply Operations and Chairman of Consumer Healthcare Europe, as well as several senior marketing roles. Peter headed the executive team that helped to create GlaxoSmithKline as Europe's leading consumer healthcare business.
In the last five years, Peter has held a number of Non-executive roles outside the healthcare industry and has previously held Non-executive directorships with Genetix Group Plc; Celsis International Plc; Domino Printing Sciences Plc and Glenmorangie Plc.
Nikki Beckett, Chairman of Victoria commented that:
"We are delighted that Peter has agreed to join the Board as Senior Independent Director. His breadth of corporate experience, both in Executive and Non-executive roles, will be invaluable to the Board and we are confident that he can contribute significantly to the next development phase and growth for our business, both at home and overseas."
There are no further matters which are required to be disclosed under Rule 9.6.13R of The Listing Rules.
Annual General Meeting
At today's Annual General Meeting, all resolutions were duly passed by the shareholders and details of the proxy votes are provided on the Group's website www.victoriaplc.com or by request from the Company Secretary.
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Enquiries: |
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Victoria PLC |
Citigate Dewe Rogerson |
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Alan Bullock, Group Managing Director |
Fiona Tooley |
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Ian Davies, Group Finance Director |
Mobile: +44 (0) 7785 703523 |
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Tel: +44 (0) 1562 749300 |
Keith Gabriel |
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Mobile+ 44(0) 7770 788624 |
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Tel: +44 (0) 121 362 4035 |
Worcester Road, Kidderminster, Worcestershire DY10 1JR England
Telephone: 01562 749300 Fax: 01562 749649
Registered in England No. 282204
This information is provided by RNS
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