(Alliance News) - Victoria PLC said Tuesday its interim profit and revenue both grew despite tough market conditions, leaving the flooring firm confident for the full year.
For the six months ended September 28, pretax profit widened 20% to GBP5.5 million from GBP4.6 million the year prior. This was after revenue rose 16% to GBP315.9 million from GBP273.4 million the year before.
"Victoria has delivered both revenue growth and margin growth in the first half of our 2020 financial year, in challenging market conditions," Executive Chair Geoff Wilding said.
Victoria does not pay a dividend.
"Alongside these organic-led gains, we also made a small acquisition in Spain, which, following completion of its integration in the first quarter of next year, is expected to contribute meaningful earnings to Victoria due to operational synergies that will result from the integration," Wilding added.
"We were also pleased to successfully complete our bond issue in July, as this provides the group with secure, long-term financing to support our continued organic and acquisition-based growth," Wilding continued.
For the full year, Victoria expects results to be in line with market expectations.
Shares in Victoria were 3.6% lower at 405.00 pence in London on Tuesday.
By Ahren Lester; ahrenlester@alliancenews.com
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Victoria (VCP)