Carpet group Victoria cheers investors with above expectations update
WORCESTERSHIRE carpet manufacturer Victoria has cheered investors with an announcement that full year pre-tax profit levels are likely to be above expectations.
The announcement will make pleasant reading for backers of the Kidderminster firm, which has undergone more than its fair share of upheaval during the past few years underpinned by a bloody boardroom battle that threatened the wrench the business apart.
In a trading update, the company said: “The board are pleased to announce that the group’s profits before tax and exceptional items are likely to be ahead of market expectations for the full year to March 29, 2014, as a result of continued improvements in like-for-like group profitability and including the impact of the acquisition of the Globesign group.”
It said it was also pleased that the acquisition was progressing to plan and the business was on target to meet the benefits outlined at the time of the deal last November.
“As comparators to the information disclosed in the Admission document dated November 26, 2013, Globesign’s turnover for their 12 months to March 1, 2014 was £18.7m, and their estimated profit before tax, based on unaudited management accounts for that period was £4.5m,” said Victoria in its statement.
However, Victoria said these were just extracts of the Globesign’s group performance for the 13 months to March 29, of which its share would only apply from December 13, 2013 onwards.