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
|
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Singer Capital Markets (Nominated Adviser and Joint
Broker)
Rick Thompson, Phil Davies, James
Fischer
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+44 (0)20
7496 3095
|
|
Berenberg (Joint Broker)
Ben Wright, Richard
Bootle
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+44 (0)20
3207 7800
|
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Walbrook PR (Media & Investor Relations)
Paul McManus, Louis
Ashe-Jepson,
Alice Woodings
|
+44 (0)20
7933 8780 or victoria@walbrookpr.com
+44
(0)7980 541 893 / +44 (0)7747 515 393 /
+44
(0)7407 804 654
|
|
Edelman Smithfield (Refi Project)
Alex
Simmons
|
+44
(0)7970 174 353
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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, 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.