IMS and AGM
24 Julho 2007 - 12:15PM
UK Regulatory
RNS Number:7797A
Victoria PLC
24 July 2007
Issued on behalf of Victoria PLC by Citigate Dewe Rogerson, Birmingham
Date: Tuesday 24 July 2007
Immediate Release
Victoria PLC
Interim Management Statement
and
Annual General Meeting
At the Victoria PLC Annual General Meeting held today (24 July 2007), Bob
Gilbert, Chairman gave the following Interim Management Statement to
shareholders:
"Our businesses have generally performed well in relatively flat marketplaces.
Overall, first quarter revenue has increased a modest 1% on the comparative
quarter last year. However, gross margins have improved across the Group
enabling the business to deliver solid growth in operating profit on a like-for
like-basis.
"Looking across the territories in which we operate:
United Kingdom
In a first quarter which saw consumer sentiment continuing to be affected by
recent interest rate increases, and lower disposable income, sales were up by
2.0% on the corresponding period last year. Margins were 2.1% ahead of last year
as cost continued to be tightly controlled.
Whilst the market still shows no signs of recovery, we believe that the new
product introductions being made will benefit us during the second half of the
year and beyond.
Ireland
Although again, we saw some margin improvement with the gross margin up by 1.1%,
Q1 sales in this region have been disappointing being 20.6% down on the
corresponding quarter last year.
Residential sales have been badly affected by the slow-down in the housing
market caused by the uncertainty associated with stamp duty in the run-up to the
General Election here whilst, Contract sales were also significantly down in the
quarter, despite the fact that we have a good forward specification order book.
We anticipate residential sales improving now the stamp duty issue has been
resolved and when we come out of the generally slower summer trading period. The
strong contract specification book should also see us making a good recovery in
the second half of the year.
Australia
Our Australian operation has had a very pleasing start to the new financial
year, making good progress on all fronts compared to last year with revenues up
11.5% and margins up significantly by 4.2%.
Sales were particularly strong to the Western Australian State which has an
increasingly burgeoning economy whilst the new Level Cut Loop products in
Solution Dyed Nylon which I highlighted in the Annual Accounts are now
benefiting both sales and margin.
Canada
Despite the fact that sales in Canada are only marginally up in the first
quarter compared to last year, we have secured some significant contract
residential orders for supply later this year which gives us a solid platform
for growth.
Summary
The Group has achieved operating profit growth in the first quarter broadly
in-line with management expectations.
Going forward, although it is difficult to predict the market environment,
particularly in the UK and Ireland the Group will continue to concentrate on
strengthening its product offering to build sales whilst focusing on improving
margins, controlling costs and generating cash.
The Board remains confident that Victoria has the structure, products and people
in place to continue to deliver an improved performance this financial year."
All Resolutions were duly passed by the shareholders.
Details of the proxy votes are provided on the Group's website
www.victoria.plc.uk or by request from the Company Secretary.
For further information, please contact:
Alan Bullock, Group Managing Director
Ian Davies, Group Finance Director Fiona Tooley, Director
Victoria PLC Citigate Dewe Rogerson
Telephone: +44 (0) 1562 749640 Telephone: +44 (0) 121 455 8370
Mobile: +44 (0) 7785 325701 (AB) Mobile: +44 (0) 7785 703523
www.victoria.plc.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
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