TIDMVCP
RNS Number : 3019A
Victoria PLC
01 June 2021
For Immediate Release 1 June 2021
The information communicated within this announcement is deemed
to constitute inside information as stipulated under the Market
Abuse Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
Victoria PLC
('Victoria', the 'Company', or the 'Group')
Current Trading
and
Notice of Preliminary Results
Victoria PLC (LSE: VCP) the international designers,
manufacturers and distributors of innovative flooring, announces
the following positive current trading update and notice of
results.
Strong Current Trading Continues
The Board confirms that trading continues to be very strong
across all of Victoria's geographies and product groups, with
double-digit percentage increases over 2019 (2020 comparatives are
meaningless due to the complete lockdowns covering this period last
year). Encouragingly, leading indicators, such as housing
transactions, savings rates, and consumer confidence, suggest that
the current high levels of consumer demand for Victoria's products
will be sustained for the foreseeable future.
The Company is pleased to advise shareholders that it has been
able to mitigate the inflation recently seen globally in certain
raw material prices (albeit we expect this inflation to be only
transitory) through a combination of selling price increases and
supplier negotiations.
Additionally, the Group is very pleased with the post-completion
performance of the recently announced acquisitions. Our management
team is now fully engaged integrating these businesses into our
existing operations, and we are confident that the acquired
businesses will have a meaningful positive impact on our earnings
and free cash flow this financial year.
Work continues on further acquisition opportunities and the
Board anticipates being able to report additional acquisition-led
growth in the short-term. Following the Koch Equity Development
preferred equity investment in November and the subsequent bond
issue in February and March of this year, the Company has a
significant amount of capital ready to deploy for acquisitions and
expects to do so, whilst maintaining the Group's stated financial
policy.
Notice of Results
Victoria will announce its preliminary results for year ended 3
April 2021 on Tuesday, 20 July 2021.
An analyst briefing will be held at 10.00am on the morning of
results. To register your attendance please contact Buchanan on
0207 466 5000 or at victoriaplc@buchanan.uk.com. The format of the
presentation, (either virtual or face to face), will be confirmed
nearer the time.
Chief Executive, Philippe Hamers, said
"In my 30 years in the industry, I have never known it to be
busier at this time of the year. Our continually enhanced service
proposition has proven to be the cornerstone of the Company's
growth trajectory. Victoria's production is running at full
capacity and some of our factories have orders taking all their
output through until autumn. We are out-sourcing some production to
ensure service standards are met and market share gains
sustained.
The value of our management team's depth of industry experience
and entrepreneurial initiative has proven invaluable as we have
been able to overcome the risk of potential raw material shortages
by leveraging our long-term relationships, size, and extensive
knowledge of supply chain options.
I am confident shareholders will be very pleased with the way
the business is performing this year."
The person responsible for arranging the release of this
announcement on behalf of the Company is Michael Scott, Group
Finance Director.
For more information contact:
Victoria PLC
Geoff Wilding, Executive Chairman
Philippe Hamers, Group Chief Executive
Michael Scott, Group Finance Director +44 (0) 1562 749 610
N+1 Singer (Nominated Adviser and Joint
Broker)
Rick Thompson, Phil Davies, Alex Bond +44 (0) 207 496 3095
Berenberg (Joint Broker)
Ben Wright, Mark Whitmore, Tejas Padalkar +44 (0) 203 207 7800
Peel Hunt (Joint Broker)
Adrian Trimmings, Andrew Clark +44 (0) 207 418 8900
Buchanan Communications (Financial PR)
Charles Ryland, Chris Lane, Tilly Abraham +44 (0) 20 7466 5000
About Victoria
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 Group, which is headquartered in Kidderminster,
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, the Netherlands, Belgium and Australia
and employs over 3,500 people across more
than 20 sites. Victoria is the UK's largest
carpet manufacturer and the second largest
in Australia, as well as the largest manufacturer
of underlay in both regions. The Group
is also a significant player in the European
ceramic tile and artificial grass markets.
The Group'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. (Further information
about Victoria can be found on its website,
www.victoriaplc.com.)
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END
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