AGM Statement
19 Julho 2001 - 11:45AM
UK Regulatory
RNS Number:1947H
Victoria PLC
19 July 2001
Issued by Citigate Dewe Rogerson, Birmingham
Date: Thursday 19th July 2001 Immediate Release
Victoria PLC
Annual General Meeting
At today's Annual General Meeting (19th July 2001), Bob Gilbert,
Chairman told shareholders:
Current Trading
"Having completed the first quarter of the new financial year, I am
able to report to you on the current state of trading.
In Australia, there has been no recovery from the weakening economic
conditions we have experienced since the Olympics last September. As
was expected, sales are below the levels seen last year in the run up
to the introduction of GST.
There remains at this time a lack of visibility and the poor state of
the Australian economy is currently restricting our ability to fully
exploit the significant investments we made at our Castlemaine
Spinning Mill late in the year 2000.
In the UK, whilst we hear positive reports of consumer spending, these
do not appear to relate to sales of carpeting, and we have found the
market to be fairly weak over the first quarter. Despite this, we have
maintained the level of turnover achieved in the first quarter of last
year. Westwood Yarns has performed as expected during the quarter, and
the new heat setting plant came into operation in the last week of the
quarter. In all, the UK is performing in line with expectations."
Prospects
"We have still not seen any upturn in trade in Australia, and this
remains a concern. In the UK, we are now entering the quieter Summer
period, and will not have much more feel for the full year outlook
until we reach the Autumn. The five new UK product launches are
proceeding well and should contribute positively to the result in the
second half year.
I remain optimistic that we will be able to maintain last year's
performance."
Enquiries:
Alan Bullock, Group Managing Director Fiona Tooley
Victoria P.L.C Citigate Dewe Rogerson
Tel: 01562 749300 Tel: 0121-455-8370
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