REG - Victoria PLC - Notice of Results, Confirmation of Trading Outlook

VictoriaAnnouncement

15/11/2024 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20241115:nRSO3520Ma&default-theme=true

RNS Number : 3520M  Victoria PLC  15 November 2024

 

 

Victoria PLC

('Victoria' or the 'Company')

 

Interim Results Announcement

Confirmation of Trading Outlook

 

Victoria PLC, (LSE: VCP) the international designers, manufacturers, and
distributors of innovative flooring, confirms that it will be publishing its
interim financial results for the six-month period ended 1 October 2024 on
Tuesday, 26 November. These will be consistent with the numbers announced in
the trading update of 15 October.

 

Outlook

Consistent with the positive leading indicator data noted in the previous
trading update, the Board believes demand will be returning to the flooring
market - albeit off a very low base of 20-25% below 2019 levels due to broad
macro-economic factors. Consequently, the Board continues to expect H2 trading
to be stronger as a result of management actions alongside a small improvement
in demand, with full-year earnings expected to be in line with consensus
expectations. 1 

 

Liquidity

Company liquidity remains robust with cash on hand and undrawn credit lines
continuing to provide more than £200 million of available liquidity.

 

Refinancing

The Board is actively assessing the various options it has available to
refinance Victoria's debt and the preferred shares. However, with the earliest
of the Company's Senior Secured Notes not falling due until August 2026, the
very low cost of the current debt, the expected continued decline in market
interest rates, and the anticipated improvement in the Group's earnings, the
Board intends to secure an optimal solution that is in the long-term interest
of stakeholders.

 

 

For more information contact:

 

 Victoria PLC                                                                   www.victoriaplc.com/investors-welcome

                                                                              (http://www.victoriaplc.com/investors-welcome)
 Geoff Wilding, Executive Chairman

                                                                              Via Walbrook PR
 Philippe Hamers, Group Chief Executive

 Brian Morgan, Chief Financial Officer

 Singer Capital Markets (Nominated Adviser and Joint Broker)                    +44 (0)20 7496 3095

 Rick Thompson, Phil Davies, James Fischer

 Berenberg (Joint Broker)                                                       +44 (0)20 3207 7800

 Ben Wright, Richard Bootle

 Walbrook PR (Media & Investor Relations)      +44 (0)20 7933 8780 or victoria@walbrookpr.com

                                             (mailto:victoria@walbrookpr.com)
 Paul McManus, Louis Ashe-Jepson,

                                             +44 (0)7980 541 893 / +44 (0)7747 515 393 /
 Alice Woodings

                                             +44 (0)7407 804 654

 Edelman Smithfield (Refi Project)

 Alex Simmons                                  +44 (0)7970 174 353

 

 

About Victoria PLC (www.victoriaplc.com (http://www.victoriaplc.com) )

 

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 Company, which is headquartered in Worcester, 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, Germany, Turkey, the USA, and Australia and employs
approximately 6,300 people across more than 30 sites. Victoria is Europe's
largest carpet manufacturer and the second largest in Australia, as well as
the largest manufacturer of underlay in both regions.

 

The Company'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.

 

 1  The latest Group-compiled view of analysts' expectations for FY25 gives a
range of £1,179m-£1,180m for revenue, with a consensus of £1,180m, and a
range of £120m-£123m for underlying EBITDA, with a consensus of £121.4m

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  NORQKPBDKBDKBDD