Victoria sees full-year profit ahead of expectations for a fifth consecutive year
05 April 2018 - 10:45PM
ADVFN NewsWire
The carpets group also said it has invested a
significant amount of management focus during the past year
identifying additional suitable acquisition opportunities, pointing
out that shareholders should anticipate further acquisition-led
growth focused on Europe
Victoria said
ongoing operational improvements in logistics, procurement, and
production efficiencies are expected to continue to deliver further
organic earnings growth
() expects its revenue and
underlying pre-tax profit to be ahead of consensus market
expectations for the financial year ended 31 March 2018 and said
shareholders should anticipate further acquisition-led growth
focused on Europe.
The AIM-listed firm said its full-year performance has continued
to deliver like-for-like growth, gains in market share and
operational synergies, including the rationalisation of its UK
manufacturing facilities which has positively impacted gross profit
margin and reduced overheads since being implemented.
The carpets manufacturer said the trading performance of the two
ceramics business it acquired in late 2017 has also been
encouraging and consistent with expectations.
Victoria said in line with its strategy to diversify both
geographically and by product category, nearly 60% of the firm’s
earnings are now generated from outside the UK and are spread
across several product categories, reducing group’s overall
operational risk.
It noted that ongoing operational improvements in logistics,
procurement, and production efficiencies are expected to continue
to deliver further organic earnings growth over the coming 12
months.
Additionally, Victoria said it has invested a significant amount
of management focus during the past year identifying additional
suitable acquisition opportunities, pointing out that shareholders
should anticipate further acquisition-led growth focused on
Europe.
Geoff Wilding, Victoria's executive chairman, said: “"The Board
is encouraged by 2018 trading to date. Together with progress on
ongoing internal initiatives to deliver synergies and revenue
growth, and the very attractive acquisition prospects already
identified, the Board is confident it will deliver another year of
significant, earnings-accretive growth in the 2018/19 financial
year."
The group expects to announce its preliminary results for the
year ended 31 March 2018 in July.
In mid-morning trading, Victoria’s shares were up 3.1% to
765p.
Victoria (LSE:VCP)
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