AGM Statement
Summary by AI BETAClose X
Victoria PLC
('Victoria' or the 'Company')
AGM Statement
Victoria PLC (LSE: VCP), the international designer, manufacturer and distributor of innovative flooring, provides an update to shareholders ahead of its Annual General Meeting ('AGM') to be held today at the offices of Brown Rudnick LLP, 8 Clifford Street, London, W1S 2LQ at 1.00 p.m.
The Board remains focused on executing EBITDA improvement measures and cash generating initiatives. As such, productivity upgrades to the V4 ceramics line in Spain to increase the flexibility of production were completed during the summer. Additionally, all of Balta's rug weaving equipment has now been moved from Belgium to Turkey. Each project will increase efficiency and output over the remainder of the year, which will enable stronger performance in FY28 broadly in line with expectations.
The Board notes the recent announcement by one its largest competitors in the UK, Headlam plc, of its intention to appoint administrators. The Board will assess any opportunities that may consequently arise as a result. Our UK business continues to perform strongly, and whilst Headlam is also a customer of the Company's manufactured products, Victoria currently has no credit exposure to them.
Across our other geographies, the broader operating environment for the industry remains volatile. The Board is continuing to monitor energy, diesel and input prices, which have risen further since the full year results were announced on 24 July, and further actions are being taken to mitigate the impact of the increases.
Good progress continues to be made on the refinancing of the Company's 2028 bonds and preferred equity and this remains on track for completion in calendar Q4. Documentation is expected to be finalised and posted in mid-September, at which time the Board will provide an update on current trading.
Executive Chairman Geoff Wilding commented: " Whilst the market environment continues to be challenging, the Group has had an encouraging start to the year as a result of increased focus and management actions."
For more information contact:
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Victoria PLC Geoff Wilding, Executive Chairman Alec Pratt, Chief Financial Officer |
www.victoriaplc.com/investors-welcome Via Edelman Smithfield PR |
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Singer Capital Markets (Nominated Adviser and Joint Broker) Shaun Dobson, James Fischer
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+44 (0)20 7496 3095 |
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Berenberg (Joint Broker) Ben Wright, Harry Nicholas, Tom Ballard |
+44 (0)20 3207 7800
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Edelman Smithfield (Investor Relations) Alex Simmons |
+44 (0)7970 174 353 or alex.simmons@edelmansmithfield.com |
About Victoria PLC (www.victoriaplc.com)
Established in 1895 and listed since 1963 and on AIM since 2013 (VCP.L), Victoria PLC, is an international manufacturer and distributor of innovative flooring products. The Company, which is headquartered in Worcester, UK, designs, manufactures and distributes a range of carpet, flooring underlay, ceramic tiles, LVT (luxury vinyl tile), artificial grass and flooring accessories.
Victoria has operations in the UK, Spain, Italy, Belgium, the Netherlands, Germany, Turkey, the USA, and Australia and employs approximately 5,000 people across more than 30 sites. Victoria is Europe's largest carpet manufacturer and the second largest in Australia, as well as the largest manufacturer of underlay in both regions.
The Company's strategy is designed to create value for its shareholders and is focused on consistently increasing earnings and cash flow per share via acquisitions and sustainable organic growth.
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