Last checked at 11 Apr 2017 07:00
11 April 2017
For Immediate Release
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,' the 'Company,' or the 'Group')
Positive Full Year Trading Update
Trading Ahead of Market Expectations
Victoria PLC, (LSE: VCP) the international designers, manufacturers and distributors of innovative flooring, provides the following positive trading update. The Board is pleased to announce that the Group's underlying profits before tax will be comfortably ahead of current consensus market expectations for the financial year ending 1 April 2017.
The Group's performance has benefited from operational synergies following the integration of recent acquisitions in the UK and Australia, which have continued to positively impact gross profit margins and overheads throughout the current financial year. Further improvements are expected in the coming financial year as the Group benefits from the further expertise and input of Philippe Hamers, the new Group Chief Executive, who started with Victoria on 20 March 2017.
Outlook
Victoria remains focused on its strategy to create wealth for shareholders. Ongoing operational improvements are expected to continue to deliver very good organic earnings growth over the coming 12 months. Additionally, Victoria has invested a significant amount of time and energy during the past year identifying further suitable acquisition opportunities within Victoria's existing markets and, importantly, Europe. The Group's banks continue to be very supportive and there remains considerable headroom in existing facilities. The Board is confident it will deliver another year of significant, earnings-accretive acquisition growth in addition to underlying organic growth.
For more information contact:
Victoria PLC +44 (0) 1562 749 300
Geoff Wilding, Chairman
Michael Scott, Group Finance Director
Cantor Fitzgerald Europe +44 (0) 20 7894 7000
(Nominated Adviser & Broker)
Rick Thompson, Phil Davies, Michael Reynolds (Corporate Finance)
Mark Westcott, Caspar Shand-Kydd (Sales)
finnCap +44 (0) 20 7220 0500
(Joint Broker)
Matt Goode, Carl Holmes (Corporate Finance)
Tim Redfern (Corporate Broking)
Buchanan Communications +44 (0) 20 7466 5000
Charles Ryland, Victoria Hayns, Jane Glover