Victoria PLC Notice of Results, Confirmation of Trading Outlook

RNS Number : 3520M

Victoria PLC

15 November 2024

 

 

 

Victoria PLC

('Victoria' or the 'Company')

 

Interim Results Announcement

Confirmation of Trading Outlook

 

Victoria PLC, (LSE: VCP) the international designers, manufacturers, and distributors of innovative flooring, confirms that it will be publishing its interim financial results for the six-month period ended 1 October 2024 on Tuesday, 26 November. These will be consistent with the numbers announced in the trading update of 15 October.

 

Outlook

Consistent with the positive leading indicator data noted in the previous trading update, the Board believes demand will be returning to the flooring market - albeit off a very low base of 20-25% below 2019 levels due to broad macro-economic factors. Consequently, the Board continues to expect H2 trading to be stronger as a result of management actions alongside a small improvement in demand, with full-year earnings expected to be in line with consensus expectations.[1]

 

Liquidity

Company liquidity remains robust with cash on hand and undrawn credit lines continuing to provide more than £200 million of available liquidity.

 

Refinancing

The Board is actively assessing the various options it has available to refinance Victoria's debt and the preferred shares. However, with the earliest of the Company's Senior Secured Notes not falling due until August 2026, the very low cost of the current debt, the expected continued decline in market interest rates, and the anticipated improvement in the Group's earnings, the Board intends to secure an optimal solution that is in the long-term interest of stakeholders.

 

 

For more information contact:

 

Victoria PLC Geoff Wilding, Executive Chairman Philippe Hamers, Group Chief Executive Brian Morgan, Chief Financial Officer		www.victoriaplc.com/investors-welcome Via Walbrook PR
Singer Capital Markets (Nominated Adviser and Joint Broker) Rick Thompson, Phil Davies, James Fischer		[phone]
Berenberg (Joint Broker) Ben Wright, Richard Bootle		[phone]
Walbrook PR (Media & Investor Relations) Paul McManus, Louis Ashe-Jepson, Alice Woodings	[phone] or [e-mail] [phone] / [phone] / [phone]
Edelman Smithfield (Refi Project) Alex Simmons	[phone]

 

 

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 6,300 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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[1] The latest Group-compiled view of analysts' expectations for FY25 gives a range of £1,179m-£1,180m for revenue, with a consensus of £1,180m, and a range of £120m-£123m for underlying EBITDA, with a consensus of £121.4m

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