TIDMVCP
RNS Number : 4758N
Victoria PLC
01 June 2022
For Immediate Release 1 June 2022
Victoria PLC
('Victoria' or the 'Group')
Victoria Announces CFO Transition
Victoria PLC (LSE: VCP), the international designer,
manufacturer and distributor of innovative flooring, today
announces the upcoming departure of Mike Scott, after more than six
years as Victoria's Chief Financial Officer. Mike has decided to
retire from Victoria later this year for personal and family
reasons. He will be succeeded by Brian Morgan, who has been
selected by Victoria's Board following an extensive search.
Transition
Mike will continue in his role until Brian starts on 22 August
2022 and will then remain as a non-executive director until the
following AGM to assist with the transition. Thereafter he will
continue to be available as needed to assist Victoria as it
continues to create wealth for shareholders.
Geoff Wilding, Chairman, commented:
"During Mike's time at Victoria, the Group has grown from a
small UK-centric carpet manufacturer with revenues of c. GBP250
million in 2016 to a global flooring group with current annual
revenues of c. GBP1.5 billion. In line with this growth, Mike has
led the Group through several successful capital raising processes,
most recently the EUR750 million senior bond issue in March 2021,
the (undrawn) GBP150 million revolving credit facility, and the
GBP150 million follow-on preferred equity issue in January this
year. Mike has also built a strong, integrated finance team that
includes c. 20 senior finance professionals across eight countries.
As you would expect from Mike, he leaves us in a thoughtful way,
with a transparent and long-planned timeline, a robust succession
plan, and a strong finance team. The Board would like to thank Mike
for his contribution.
On behalf of the Board and all at Victoria, we are delighted to
welcome Brian as our new CFO. Brian's considerable experience and
knowledge will be extremely beneficial for Victoria's continued
growth and we look forward to updating shareholders on our
progress. "
Mike Scott, Chief Financial Officer, said:
"It's been a privilege to be a part of Victoria's journey and
part of the management team. I'm a 100% believer in Victoria's
future and will be remaining a long-term shareholder. I have been
working to ensure a smooth transition to my successor, Brian, who
is uniquely qualified to take on this role and will continue to
drive Victoria's growth story with Geoff, Philippe and the rest of
the team."
Brian Morgan
Brian is joining Victoria from FTSE250 group, Synthomer plc,
where he has been Director of Group Finance since 2017.
Brian has spent his entire career operating across
multi-national companies like Victoria and has a proven ability to
adapt to vastly different business cultures, having managed teams
across the globe. His global remit has given him a deep
understanding of cross-jurisdictional accounting.
Victoria's Board was attracted to the fact that, in addition to
his responsibility for accounting, financial reporting, budgeting,
treasury, and tax, Brian has a strong M&A background having
previously been part of the Corporate Finance team at a Big-Four
firm and more recently leading the Synthomer finance team through
five acquisitions, including two transformational deals of c. $1
billion each. He also led the business' issuance of EUR520 million
senior bonds in June 2020.
Apart from possession of the requisite CFO skills, the Board
focussed on finding someone with experience of high-growth and
entrepreneurial environments, who would be a good cultural fit and
know how to continue to develop Victoria's strong governance and
control mechanisms further.
Brian adds to the strong bench of management talent carefully
built at Victoria over the last nine years.
Disclosures in accordance with the AIM Rules
Brian Morgan , aged 49, is, or has been, a director of the
following companies during the past five years:
-- Synthomer Trading Limited
-- Synthomer Jersey Limited.
Mr Morgan owns no shares in Victoria.
There are no further disclosures required in accordance with AIM
Rule 17 and Schedule Two paragraph (g) of the AIM Rules for
Companies.
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
Singer Capital Markets (Nominated Adviser
and Joint Broker)
Rick Thompson, Phil Davies, Alex Bond +44 (0) 207 496 3095
Berenberg (Joint Broker)
Ben Wright, Richard Bootle
Peel Hunt (Joint Broker) +44 (0) 203 207 7800
Adrian Trimmings, Andrew Clark
+44 (0) 207 418 8900
Buchanan Communications (Financial PR)
Charles Ryland, Chris Lane, Jack Devoy +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, Belgium, Germany, the Netherlands,
Turkey, the United States and Australia
and employs approximately 7,500 people
across 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 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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