Victoria reports hike in sales

KIDDERMINSTER carpet manufacturer Victoria has seen an increase in sales and, following a strategic review, may consider acquisition opportunities.

Victoria saw underlying sales increase by 7.2% in the three months to June 30, a performance it describes as “robust” given the “extremely tough” trading conditions.

However, total group revenue was down 7% compared to the corresponding period last year.

In a trading statement covering the period, Victoria said any weakness seen in residential sales was compensated by a good performance in both the contract and export markets.

Sales to the John Lewis Partnership and insurance replacement market were also ahead of the comparable period.

The group’s entry into the luxury vinyl tile market in the UK started to roll out into the residential market with an April launch and whilst it is still very early days the board says it has been very encouraged by the “excellent reaction from the market and the group’s customers”.

The new product portfolio is now also being rolled out into the contract market and, after some early wins, the board says it is very encouraged with progress.

Victoria said it expects the full year’s result will be in line with expectations and more heavily weighted to the second-half than normal.

The firm has had a turbulent time ‘off the pitch’ of late. Three non-executive directors resigned in recent days following a row over potential bonus payments.

Alexander Anton, Geoff Wilding and Sir Bryan Nicholson resigned after rejecting a revised incentive scheme.

Nicholson, a former head of the CBI, only joined the board in March when its make-up was revised following a successful – if protracted – takeover of the company by a consortium led by Anton.

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