Victoria (VCP)

Sector:

Household Goods

Index:

FTSE AIM 50

264.50p
   
  • Change Today:
      27.00p
  • 52 Week High: 722.00
  • 52 Week Low: 222.00
  • Currency: UK Pounds
  • Shares Issued: 114.05m
  • Volume: 612,948
  • Market Cap: £301.66m
  • RiskGrade: 228

Victoria ends year in line with market expectations

By Josh White

Date: Tuesday 25 Apr 2023

LONDON (ShareCast) - (Sharecast News) - Flooring firm Victoria confirmed in a trading update on Tuesday that its full-year revenues and underlying EBITDA were in line with market expectations.
The AIM-traded company said that indicated successful progress in the integration of earnings-enhancing acquisitions, adding that it had a confident outlook for 2024.

It said that despite challenging macroeconomic conditions, Victoria was set to achieve its 10th consecutive year of revenue and underlying operating profit growth for the 12 months ended 1 April.

For the first time in its history, it said total volume sold would exceed 200 million square metres - more than 29,500 football fields - with revenues of more than £1.45bn.

The company said it also continued to experience growth in underlying operating cash flow.

Victoria said the acquisition of Balta Group's UK carpet divisions and rugs in April last year allowed it to establish itself as Europe's largest carpet and rug manufacturer.

The integration of Balta was proceeding successfully, with the reorganisation programme on schedule, and the board expecting completion this year.

It added that it expected to realise synergy gains of at least €15m per annum, or 2% in margin for the division, on completion.

The reorganisation programme consisted of three key projects, with the first being Balta's carpet manufacturing relocating from Belgium to the UK, leading to a net reduction of 295 employees.

Victoria said the move would enable Balta to sell the same historical quantity, but with lower production and transport costs, along with improved customer service from shorter delivery times.

Secondly, the Balta rug manufacturing operation would be consolidated onto Victoria's large site at Sint-Baafs Vijve in Belgium, with the closure of the nearby factory at Avelgem, together with the relocation of some production to Usak in Turkey.

Finally, non-core assets acquired with the Balta transaction would be sold, with the proceeds being used alongside the group's operational cash generation to further reduce group leverage.

"We are laser-focussed on the reorganisation of Balta and the integration of other recent acquisitions," said executive chairman Geoff Wilding.

"Completion of these projects is expected to deliver a significant uplift in productivity and cash flow, even during a period of economic uncertainty, which underpins our confidence in outlook for 2024 earnings growth and deleveraging."

Victoria said it expected to announce its preliminary results for the year ended 1 April in July.

At 1152 BST, shares in Victoria were up 3.26% at 490.5p.

Reporting by Josh White for Sharecast.com.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

Victoria Market Data

Currency UK Pounds
Share Price 264.50p
Change Today 27.00p
% Change 11.37 %
52 Week High 722.00
52 Week Low 222.00
Volume 612,948
Shares Issued 114.05m
Market Cap £301.66m
RiskGrade 228

Victoria Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
28.97% below the market average28.97% below the market average28.97% below the market average28.97% below the market average28.97% below the market average
83.33% below the sector average83.33% below the sector average83.33% below the sector average83.33% below the sector average83.33% below the sector average
Price Trend
81.03% below the market average81.03% below the market average81.03% below the market average81.03% below the market average81.03% below the market average
92% below the sector average92% below the sector average92% below the sector average92% below the sector average92% below the sector average
Income Not Available
Growth
30.40% above the market average30.40% above the market average30.40% above the market average30.40% above the market average30.40% above the market average
23.08% above the sector average23.08% above the sector average23.08% above the sector average23.08% above the sector average23.08% above the sector average

What The Brokers Say

Strong Buy 1
Buy 2
Neutral 0
Sell 0
Strong Sell 0
Total 3
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Victoria Dividends

No dividends found

Trades for 28-Mar-2024

Time Volume / Share Price
16:35 13,057 @ 264.50p
16:35 1 @ 264.50p
16:35 160 @ 264.50p
16:35 287 @ 264.50p
16:35 355 @ 264.50p

Victoria Key Personnel

CEO Philippe Hamers
CFO Brian Morgan

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