Revenue and profits up at Victoria Carpets
Victoria PLC, the Kidderminster-headquartered international designers and manufacturers of carpets and floor coverings has seen revenue soar over the last six months.
Revealing its interim results for the six months ended 1 October 2022 this morning, it reported revenues up to £776.1 million, up more than 58 per cent on the previous half year, and underlying EBITA of more than £100 million, up from £84.5 million.
Underlying operating profits are £61.1 million, up more than four per cent on the previous half year.
The figures, which show 7.7 per cent like-for-like organic revenue growth, plus acquisitions, led to Victoria achieving a record operating performance.
Completion of the acquisition of the rugs and UK carpet divisions of Balta has made Victoria Europe's largest manufacturer of soft flooring.
Geoff Wilding, Executive Chairman of Victoria PLC, said: "Integration of recent acquisitions is proceeding apace and on schedule. Consequently, the Board believes cash flow, after exceptional costs relating to the integration projects, will be in excess of £100 million in H2.
In the near term it is likely that disposable incomes in some markets will come under further pressure, from higher interest rates and inflation and the resulting weakening consumer demand may make additional price increases to offset higher input costs more difficult for the Company to implement. Nevertheless, whilst acknowledging these challenges, I am pleased to say that the Board continues to be confident that synergy gains and proactive management actions will enable Victoria's financial performance for FY2023 to be in line with market consensus expectations and the outlook for the business remains positive."