'Unprecedented' revenue growth leads to record first-half for Victoria
By Josh White
Date: Tuesday 23 Nov 2021
(Sharecast News) - Flooring company Victoria reported "unprecedented" 30% growth in like-for-like organic revenue in its interim results on Tuesday, leading to all-time record operating results.
The AIM-traded firm said revenue for the six months ended 2 October came in at £489m, up from £305.5m year-on-year, as its underlying EBITDA rose to £84.5m from £53.4m.
Its operating profit surged to £27.7m from £10.7m in the first half of last year, while diluted adjusted earnings per share totalled 24.32p, up from 8.09p.
Victoria reported a continued like-for-like expansion of its operating margins, with a 130 basis point organic uplift offset by the mix-effect of its acquisition of lower margin businesses.
Inflationary pressures and supply chain constraints were said to have been successfully mitigated in the period, with "proactive management" of raw materials and energy costs.
Four value-enhancing acquisitions were completed in the period in Italy, the Netherlands and the United States, with the board reporting "meaningful" earnings and cash flow enhancement along with material operational synergy opportunities.
Despite those significant investments, Victoria said its leverage was maintained at a consistent level with the prior year end, in-line with its financial policy.
Looking ahead, the board said the company's outlook remained "very positive", along with a "healthy pipeline" of acquisition opportunities.
"Victoria capitalised on its operational competitive advantages and balance sheet strength during the first half of the 2022 financial year, to again deliver all-time record trading results and further value-enhancing acquisitions in a continuation of its mission to create wealth for shareholders," said executive chairman Geoff Wilding in his short statement.
At 1157 GMT, shares in Victoria were down 2.63% at 1,037p.
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