Market conditions continue to affect flooring manufacturer

Kidderminster flooring designer, manufacturer and distributor Victoria has continued to see macro-economic factors affect consumer spending as the firm’s revealed this morning (June 19) that its annual revenue has dropped to £1.25bn.

The company had predicted this drop, expecting revenue to be in line with market expectations for the year ending 30 March. It also forecasted an Underlying EBITDA of around £160m, which turned out to be accurate.

The results also revealed that, despite speculation about the acquisition of Hanover Flooring, Victoria’s auditor Grant Thornton confirmed in their FY2024 Audit Report that there was no financial misconduct, all payments were received, and Victoria suffered no loss.

Victoria employs 7,300 staff across more than 30 global sites.

Geoff Wilding, the executive chairman, said: “Whilst we remain cautious about near-term trading conditions and cannot predict precisely when demand will normalise, we are continually moving closer to that point.

“As interest rates fall, housing transactions and deferred residential renovation, improvement and repair purchases will rebound, driving flooring demand.

“We expect the market outperformance and productivity improvements secured over the last 24 months to then be rapidly reflected in Victoria’s earnings and cash flow. Until this occurs, we remain focussed on minimising controllable costs and driving market share gains.”