Acquisition synergies kicking in at Victoria
WORCESTERSHIRE floorcoverings manufacturer Victoria has told the London Stock Exchange that it is trading ahead of market expectations.
The Kidderminster plc issued a trading update this morning for the financial year ended 28 March 2015, ahead of its preliminary results announcement in July.
The firm said that its profit before tax and exceptional items is likely to be ahead of current market expectations.
“The group’s performance has benefited especially from operational synergies that have resulted from the recent group acquisitions, which have started to benefit gross profit margins and overheads in the last quarter of the financial year,” it said.
“The first few weeks of the new financial year have also started well, and the board expect to see a continuation of the benefits from operational synergies throughout the year.”
Victoria also announced that it has agreed a new multi-currency revolving facility with its existing bankers, Barclays and HSBC, which has replaced existing facilities and, it says, provides substantial headroom for future growth.
