Flooring firm slips into the red – but hails first half performance
Victoria, the Kidderminster-based carpets and floorings firm, has slipped into the red for the six months to October 3 – but the company says trading is still “significantly ahead of expectations”.
In interim results released this morning (Novembe 30), Victoria posted a loss before tax of £2.9m – down from a profit of £5.5m in 2019.
Despite this, revenues remained steady at £305.5n – down from £312.3m last year.
The firm says it has experienced record performance in the aftermath of the first national lockdown earlier this year.
Geoff Wilding, executive chairman of Victoria, said: “The underlying resilience of Victoria was proven during the challenging conditions of FY21. The strength of the Group’s operational management, the skill and flexibility of our workforce, our robust customer loyalty, and the strength of our balance sheet, came together under the most difficult trading conditions in living memory to deliver an outstanding result for its shareholders.
“The strong demand we are currently experiencing for our products is expected to continue due to consumers prioritising spending on their home environment, supported by some of the highest household savings rates on record. As a result, meaningful organic growth is expected to continue into the New Year.
“We were also delighted to be able to recently announce the £175 million preferred equity investment by Koch Equity Development, which brings the capital, resources, and deep industrial expertise of one of the largest privately held companies in the United States to back Victoria’s next phase of shareholder value creation.”