TIDMVCP
RNS Number : 2316A
Victoria PLC
10 September 2018
For Immediate Release 10 September 2018
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' or the 'Group')
AGM Trading Update
Continued Good Progress
Victoria PLC (LSE: VCP) the international designers,
manufacturers and distributors of innovative floorcoverings, is
pleased to announce ahead of its AGM later today that it continued
to trade well in the five months to the end of August, with
like-for-like Group revenue up by more than 3% compared to the
equivalent period last year.
Of particular note, Victoria is pleased to advise that its
previously announced strategy to use competitive product
positioning to drive volume and market share growth in the UK -
where the Group has made no acquisitions since October 2016 - is
delivering as planned, with like-for-like revenue growth for the
period also in excess of 3%.
Furthermore, Victoria has developed a number of new product
ranges across the Group to be launched during the second half of
the financial year, for which there has already been positive
feedback from early marketing.
The Group is pleased to confirm that the recent acquisition of
Ceramica Saloni has performed as anticipated and is exactly the
business we expected. Operational management are now fully engaged
in integrating the business with Keraben Grupo, and projects to
realise synergies have been initiated.
In addition to organic growth, the Group continues to work on
further acquisitions, in particular in Europe - with no shortage of
high quality opportunities - to continue to deliver longer-term
growth in shareholder value.
In line with the Group's strategy to build a business that is
increasingly resilient to different market conditions, it continues
to diversify both geographically and by product category. Nearly
70% of the Group's earnings are now generated from outside of the
UK and are spread across several categories of flooring including
carpets, ceramics, underlay, and LVT.
In summary, the Board is pleased with the Group's progress to
date and remains confident of meeting market expectations for the
full year ending 30 March 2019.
The Group will provide a full update on trading for the 26 weeks
ended 30 September 2018 when it announces its Interim Results in
November 2018.
Victoria's Annual General Meeting at 2.00pm today, is being held
at the office of Brown Rudnick LLP, 8 Clifford Street, London, W1S
2LQ.
- Ends -
For more information contact:
Victoria PLC
Geoff Wilding, Executive Chairman
Philippe Hamers, Group Chief Executive
Michael Scott, Group Finance Director +44 (0) 1562 749 300
Cantor Fitzgerald Europe (Nominated Adviser
and Joint Broker)
Rick Thompson, Phil Davies, Will Goode
(Corporate Finance)
Caspar Shand Kydd, Andrew Keith (Equity
Sales) +44 (0) 20 7894 7000
Berenberg (Joint Broker)
Ben Wright, Mark Whitmore, Laure Fine (Corporate
Broking)
+44 (0) 203 207 7800
Buchanan Communications (Financial PR)
Charles Ryland, Maddie Seacombe, 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, Belgium, the
Netherlands and Australia and employs approximately 3,000 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's strategy is designed to create value for its
shareholders and is focused on consistently increasing earnings per
share via acquisitions and sustainable organic growth.
The Group's trading subsidiaries, as set out segmentally,
include:
UK & Europe: A. & A. Carpets Ltd, Abingdon Flooring Ltd, Alliance
Distribution Ltd, Avalon B.V, Ceramica Saloni, S.A.U,
Ceramiche Serra S.p.A., Distinctive Flooring Ltd,
Ezi Floor Ltd, Grass Inc. B.V, Interfloor Ltd, Keraben
Grupo S.A., Millennium Weavers N.V, Sanicova, S.L.U,
Victoria Carpets Ltd, View Logistics Ltd, Westex
(Carpets) Ltd,
Australia: Primary Flooring Pty Ltd, Quest Flooring Pty Ltd,
The Victoria Carpet Co. Pty Ltd
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END
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