Victoria lays down record half year profits as acquisitions kick in

KIDDERMINSTER carpet and flooring manufacturer Victoria has seen its profit before tax surge by 129.2% in the half year period to October 3.

And its revenue has also increased significantly – leaping forward by 164.5% on a year on year basis.

The firm recorded a profit before tax and exceptional items of £5.89m (H1 2014: £2.57m) on revenue of £105.61m (H1 2014: £39.93m).

Victoria said the significant increase in revenues reflected first time contributions of acquisitions completed in Autumn 2014 and during 2015.
 
It said it remains strongly cash generative from operating activities and continues to focus on generating cash, whilst looking for acquisition opportunities to further improve the product offering in the UK and Australia.
 
Chairman Geoff Wilding said: “I am pleased to report that the group continued to perform well during the period, growing both organically and through acquisition. 

“The UK and Australian flooring markets continue to experience very good demand from consumers and we are already seeing a growth in earnings and further operational synergies from the two acquisitions made since the start of the year.
 
“Our strong positive cash-flow and tight control over costs, together with supportive bankers and shareholders, ensures that the group is well positioned for further growth as we continue to identify and explore acquisition opportunities.

“I am confident acquisitions will continue to be earnings enhancing and a useful tool to both strengthen the group and create wealth for our shareholders.
 
“Therefore I am pleased to say the board faces the balance of the financial year with positive sentiment.”