Victoria Carpets sold more than 29,500 football fields of flooring this year

By Nicky Godding

15 August 2023

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Victoria Carpets

Kidderminster-based Victoria Carpets which designs, manufactures and distributes carpets and flooring, has revealed record revenues of £1.46 billion.

The company revealed its topline results this morning, but also said that its auditors had requested further time to complete final audit procedures.

For the first time in the company's history, the total volume of flooring sold in fiscal year 2023 exceeded 200 million square metres (more than 29,500 football fields), generating record revenues of £1.46 billion.

This year, the company said it had been concentrating on successfully integrating its acquisitions to optimise future earnings and free cash flow.

Geoff Wilding, Executive Chairman, said: "With all major integration projects in their final stages, we expect FY2024 to be a year of two halves, with stronger H2 earnings as the benefits of the reorganisation are experienced. Completion of the projects is also expected to result in Victoria's free cash flow increasing sharply from H2 FY2024, with management focussed on returning to our long-run average cash conversion of EBITDA to Net Free Cash Flow of 55 per cent. Further ahead, FY2025 will see the full benefit of the successful acquisitions' integration with an expected uplift in margins driving an additional increase in earnings and free cash flow."

By Nicky Godding

Nicky Godding is editor of The Business Magazine. Before her journalism career, she worked mainly in public relations moving into writing when she was invited to launch Retail Watch, a publication covering retail and real estate across Europe.

After some years of constant travelling, she tucked away her passport and concentrated on business writing, co-founding a successful regional business magazine. She has interviewed some of the UK’s most successful entrepreneurs who have built multi-million-pound businesses and reported on many science and technology firsts.

She reports on the region’s thriving business economy from start-ups, family businesses and multi-million-pound corporations, to the professionals that support their growth and the institutions that educate the next generation of business leaders.