CEO transition
Summary by AI BETAClose X
Victoria PLC
('Victoria' or the 'Company')
CEO transition
Victoria PLC, (LSE: VCP) the international designer, manufacturer, and distributor of innovative flooring, advises that, after nearly nine years in the role, and following the successful completion of the Group's refinancing of its 2026 debt maturities, together with a new £130 million super senior credit facility, Philippe Hamers has proposed to the Plc Board that he retires from his position as Group CEO around the middle of next year.
To ensure a smooth and orderly transition, the Board will begin considering options for the future management of the Group as Philippe continues to drive the performance of the business.
Management's immediate focus remains on delivering self-help initiatives outlined at the recent full year results (which, when completed, are expected to deliver £70m annual EBITDA improvements vs FY2025), generating cash to deleverage, and rebuilding the Company's credit rating.
Further updates will be provided in due course.
Geoff Wilding, Chairman, commented:
"Philippe's leadership has seen Victoria transformed from a collection of high-quality flooring companies into an integrated flooring Group that is Europe's largest. He has been particularly responsible for the Group's winning strategy in the UK. As the Board considers its options for a successor, the objectives will be to maintain the focus on execution, and ensure the Company delivers value for shareholders."
Philippe Hamers, CEO, commented:
"Victoria has built a robust operational leadership team who are committed to delivering our self-help initiatives over the coming months. I am confident these initiatives will position the Group to out-perform across the next cycle."
For more information contact:
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Victoria PLC Geoff Wilding, Executive Chairman Philippe Hamers, Chief Executive Officer Alec Pratt, Chief Financial Officer |
www.victoriaplc.com/investors-welcome Via Walbrook PR |
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Singer Capital Markets (Nominated Adviser & Joint Broker) Rick Thompson, Phil Davies, James Fischer |
+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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Walbrook PR (Joint Investor Relations) Paul McManus, Joe Walker |
+44 (0)20 7933 8780 or victoria@walbrookpr.com +44 (0)7980 541 893 / +44 (0)7407 804 654 |
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Edelman Smithfield (Joint Investor Relations) Alex Simmons |
+44 (0)7970 174 252 or |
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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, rugs, 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 5,350 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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