REG - Victoria PLC - AGM statement – Trading in Line with Expectations

VictoriaAnnouncement

09/09/2022 07:00

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RNS Number : 8120Y  Victoria PLC  09 September 2022

 For Immediate Release  9 September 2022

 

Victoria PLC

('Victoria', the 'Company', or the 'Group')

 

AGM statement - Trading in line with expectations

 

 

Victoria PLC (LSE: VCP) the international designers, manufacturers and
distributors of innovative flooring, is pleased to make the following trading
statement ahead of its AGM to be held later today:

 

Revenue, earnings, and cash flow are all in line with consensus market
expectations. Through a combination of continual improvements to customer
service, product engineering, hedging of critical input costs, carefully
negotiated supply agreements, and - where necessary - price increases, the
management team continues to successfully navigate the current challenging
macroeconomic environment. The strategic value of the geographic diversity
that the Group has built over the last nine years is also benefitting the
Group's trading as outperformance in some markets supports softer conditions
elsewhere.

 

The Company has been steadily repurchasing its own shares over the last month.
These share purchases should not be seen as the start of a formal and regular
programme to return capital to shareholders, but the Board believes current
share price levels are materially below the intrinsic value of the Group, and
these opportunistic purchases serve Victoria's mission to create wealth for
shareholders. Importantly, despite these purchases, the Group's cash position
and liquidity continues to increase.

 

Geoff Wilding, Executive Chairman of Victoria PLC commented:

"The Board remains mindful of the macroeconomic headwinds across the globe
and, whilst we benefit from the inherent resilience of the business, numerous
actions are being taken to mitigate their impact. Alongside this, operational
management continue to be laser-focused on integration of recent acquisitions
and execution of detailed synergy plans that will drive higher productivity,
lower costs, and better customer service."

 

 

The Group will provide a full update on trading for the 26 weeks ended 1
October 2022 when it announces its Interim Results in November.

 

Victoria's Annual General Meeting at 1.00pm today, is being held at the office
of Brown Rudnick LLP, 8 Clifford Street, London, W1S 2LQ.

 

 

For more information contact:

 

 Victoria PLC                                                   +44 (0) 1562 749 610

 Geoff Wilding, Executive Chairman

 Philippe Hamers, Group Chief Executive

 Brian Morgan, Chief Financial Officer

 Singer Capital Markets (Nominated Adviser and Joint Broker)    +44 (0) 207 496 3095

 Rick Thompson, Phil Davies, Alex Bond

 Berenberg (Joint Broker)                                       +44 (0) 203 207 7800

 Ben Wright, Richard Bootle

                                                                +44 (0) 207 418 8900

 Peel Hunt (Joint Broker)

 Adrian Trimmings, Andrew Clark                                 +44 (0) 20 7466 5000

 Buchanan Communications (Financial PR)

 Charles Ryland, Chris Lane, Jack Devoy

 

 About Victoria

 Established in 1895 and listed since 1963 and on AIM since 2013 (VCP.L),
 Victoria PLC, is an international manufacturer and distributor of innovative
 flooring products. The Group, which is headquartered in Kidderminster, UK,
 designs, manufactures and distributes a range of carpet, flooring underlay,
 ceramic tiles, LVT (luxury vinyl tile), artificial grass and flooring
 accessories.

 Victoria has operations in the UK, Spain, Italy, Belgium, the Netherlands,
 Turkey, the USA, and Australia and employs approximately 6,500 people across
 30 sites. Victoria is the UK's largest carpet manufacturer and the second
 largest in Australia, as well as the largest manufacturer of underlay in both
 regions.

 The Group's strategy is designed to create value for its shareholders and is
 focused on consistently increasing earnings and cash flow per share via
 acquisitions and sustainable organic growth. (Further information about
 Victoria can be found on its website, www.victoriaplc.com
 (http://www.victoriaplc.com) .)

 

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