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LONDON (Alliance News) - Victoria PLC on Tuesday reported its interim profit nearly halved due to higher administrative costs and exceptional charges, but revenue showed strong growth.
For the six months to September 29, the flooring retailer posted pretax profit of GBP4.6 million, down from GBP8.8 million a year prior.
Administrative expenses more than doubled to GBP49.8 million from GBP20.7 million, while exceptional items of GBP10.6 million and amortisation charges of GBP9.8 million also contributed to the profit fall.
On an adjusted basis, excluding the one-off items and charges, pretax profit increased 82% to GBP28.2 million from GBP15.5 million.
Meanwhile, revenue for the six-month period increased by 44% to GBP273.4 million from GBP189.5 million a year ago.
Back in August, Victoria acquired European tile maker Ceramica Saloni for GBP86.2 million.
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."
Looking ahead, Wilding added that he is confident for the second half as the group continues to focus on generating cash and driving earnings.
Victoria shares were trading up 3.6% at 491.50 pence each.
