Tough environment fails to step on Victoria’s results
OPERATING profits at carpet manufacturer Victoria, which has a subsidiary in Yorkshire and provided products for the recent Royal wedding, have climbed 35% despite the UK witnessing the “toughest environment seen for years”.
In its preliminary results for the year ended April 2, 2011, the plc reports a rise in operating profit from £1.78m to £2.42m while pre-tax profit has increased from £1.09m to £1.92m.
Revenues have risen 12%, from £62.97m to £70.5m, while basic earnings per share have gone from 9.04p to 17.41p.
Victoria, which runs its Westwood Yarns operation from Holmfirth, West Yorkshire, has also reduced its net debt, down to £6.21m from £7.14m.
In its results, the Kidderminster-headquartered company said its Australian market had proved resilient and delivered a strong performance.
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It added that its UK operations had witnessed its toughest environment for years but the period had finished robustly after a weak start.
Some of its new range of products were supplied to Westminster Abbey for the Royal wedding with significant additional products to be rolled out across the John Lewis network, it said.
Chairman Nikki Beckett said: “Victoria is determined to become the leading quality flooring supplier in both Australia and the UK and we have firm plans in place to ensure that we achieve this goal.
“I am pleased to present a positive set of results, which has seen the group increase its sales and operating profit in a year that has been characterised by continuing challenging market conditions.
“Victoria has a clear plan which is being well executed. Currently, we are focused on both our short term trading and delivering against our longer term objectives.”
