The Business Magazine - B2B Business News - Site Logo
The Business Magazine January 2024
Read now

Roll out the red carpet for Kidderminster flooring company after record results

12 April 2021
The Business Magazine article image for: Roll out the red carpet for Kidderminster flooring company after record results

Victoria PLC, the Kidderminster-headquartered international designers, manufacturer and distributors of flooring, has achieved record results for FY21.

The Group expects, subject to finalisation of the accounts and audit, FY21 revenues to be in excess of £640 million, up from £621.5 million last year - despite the impact of the April-May 2020 lockdowns, which saw more than £50 million of revenue reduction in those two months compared to the prior year - and underlying EBITDA to be in excess of £120 million (2020: £118.1m).

The record trading results were driven by organic performance. Victoria has invested heavily over the past five years in building a strong management team in the European flooring industry. Their collective deep operational experience and sense of ownership (almost all managers are shareholders), have delivered significant value for shareholders over an extremely challenging 12 months.

Victoria has invested a significant amount of management focus during the past year identifying additional suitable acquisition opportunities and, more recently, the Company has reorganised its financing arrangements to provide it with a significant amount of capital for acquisitions, as well as extending its debt financing maturities and reducing interest rates.

The various, and constantly changing, Covid-19 related travel restrictions that have been in place in the UK and across Europe during the first three months of the year have impacted the pace of due diligence. However, recent easing of restrictions in key geographies have reduced or eliminated this constraint and the Board anticipates being able to report further acquisition-led growth in the near future.

The Group said it continues to experience strong, ongoing consumer demand across its key markets. Furthermore, housing transactions, a key 12-18 month leading indicator of flooring sales, are at very high levels - not only in the UK, but across its markets (more than 70 per cent of the Group's earnings are now generated from outside the UK), which suggests demand will be maintained for some period.

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.

Related topics

Related articles

Upcoming events

view more

Leadership Roundtable: Developing strategies for financial returns over the next decade

Herrington Carmichael, Farnborough Aerospace Centre, GU14 6XR

More info

Solent Deals Awards 2024

Hilton Southampton
Utilita Bowl
More info

South Coast Property Awards 2024

Hilton Southampton
Utilita Bowl
More info

Thames Valley Tech & Innovation Awards 2024

Reading FC Conference & Events
Select Car Leasing Stadium, Reading
More info

Thames Valley Property Awards 2024

Ascot Pavilion
Ascot Racecourse
More info

South Coast Tech & Innovation Awards 2024

Hilton Southampton
Utilita Bowl
More info

Related articles