Floorings group Victoria sees revenue rise by almost £100m
Revenue at Kidderminster-based flooring group Victoria has jumped by almost £100 million during the first half of its financial year.
The listed company turned over £273.4 million during the 26 weeks to September 29 2018, up from £189.5 million for the same period in 2017.
The group, which retains its head office in the town but no longer manufactures carpets there, saw underlying pre-tax profits rise from £15.5 million to £28.2 million.
The results also revealed an increase in one-off exceptional costs following the acquisition of Ceramica Saloni and other activities.
Executive chairman Geoff Wilding said: "Victoria continued to make strong operational progress during the period. We again delivered against our strategy designed to grow market share, improve cash generation, and increase earnings per share, via both acquisition and organically, and we continue to focus on synergies and integration to ensure operational excellence within the group.
"Our progress was made against a backdrop of a challenging market and our strategy of achieving product and market diversification over the last few years has enabled us to adapt well to various market conditions and tailor our offering accordingly."
He added that the ability to adapt "remains a key strength" for the company.
"In the UK, for example, we have been able to materially grow market share by introducing new value-orientated products and brands alongside existing, predominantly mid-upper priced, products, safe in the knowledge that, although our margin growth is a little slower this year – albeit expected to be some 200 basis points higher than FY2018 – growth will be continued next year driving returns for our shareholders," Mr Wilding said.
"With the group's focus on generating cash, driving earnings, and continued operational integration, I look forward to the second half of the year with confidence and to updating our shareholders on our progress in due course."
Victoria was established in 1895, listed in 1963 and has traded on AIM since 2013. It designs, makes and distributes a range of carpet, flooring underlay, ceramic tiles, LVT (luxury vinyl tile), artificial grass and flooring accessories.
It now has operations in Spain, Italy, Belgium, the Netherlands and Australia as well as the UK and employs about 3,000 people across more than 20 sites.