(Sharecast News) - Flooring manufacturer Victoria told investors at its annual general meeting on Tuesday that the group had continued to trade well over the current financial year, with like-for-like revenues, margins and earnings all coming in ahead of last year.
While the company said it would provide a full update for the first half of its trading year in November, the AIM-listed group said it was pleased with its progress to date and stated that it remains confident of meeting market expectations for the year ended 31 March 2020.
Victoria highlighted that, with major reorganisation projects to improve efficiencies and increase manufacturing capacity completed earlier in the calendar year, exceptional costs had been minimal during the first half, while the anticipated benefits from the projects were "more than meeting the board's expectations".
Elsewhere, following the successful issuance of senior secured notes in July, Victoria was, in addition to achieving organic growth, continuing to pursue further value-creating acquisitions in Europe.
"There is no shortage of acquisition opportunities but, mindful of financial leverage levels, the board is proceeding cautiously," said Victoria.
As of 0830 BST, Victoria shares were up 6.46% at 511p.
Victoria (VCP)28 Mar 2024 08:28
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