VCP Victoria Plc

 

TIDMVCP 
 
RNS Number : 2863G 
Victoria PLC 
28 January 2010 
 

Issued by Citigate Dewe Rogerson Ltd, Birmingham 
Date: Thursday, 28 January 2010 
IMMEDIATE RELEASE 
Victoria PLC 
Interim Management Statement & New Board Structure 
 
 
"Statement reflects improved Autumn sales 
and strengthened Balance Sheet position" 
 
 
 
 
Interim Management Statement - Q3 2009 
Victoria PLC ('Group', 'Victoria' or 'Company') publishes its Interim Management 
Statement covering the period October - December 2009 and a trading update to 
the date of this announcement, as required by the UK Listing Authority 
Disclosure and Transparency Rules. 
 
 
Total Group revenue in the period October to December was up by 4.6% on a like 
for like basis, compared to the same period last year (2008). 
 
 
In constant currency terms, segmental analysis saw revenue in the United Kingdom 
marginally ahead by 0.7% and in Australia increase by 2.5%. Revenue, however, in 
the Republic of Ireland was down 42.1% reflecting the on-going extremely 
challenging economic and market conditions in that region. 
 
 
Sales in the UK, as anticipated, benefited from the new ranges introduced 
earlier in the year and from a slightly stronger seasonal market demand for the 
Group's residential products in the run up to Christmas. In Australia, the 
economy appears to have turned the corner and the company has started to see 
growth in sales and margin. 
 
 
The Group has continued to focus on cash generation; ensuring costs are under 
tight control and positioning the business to compete effectively. Additionally, 
tight management of working capital has enabled the Group to achieve a positive 
cash flow and to further reduce its borrowings in the period under review. 
 
 
Outlook 
With a strong balance sheet, the Board remains focused on optimising the full 
potential of each business and winning further market share whilst also 
identifying other opportunities to further strengthen the business, which in the 
future will enhance profitability and shareholder value. 
 
 
The Board believe strongly that the business is in good shape and well 
positioned to move quickly to exploit and benefit fully from improved conditions 
both at home and overseas when the economic environment improves and sustained 
confidence returns to the consumer. 
 
 
Whilst the outlook in Ireland continues to be somewhat uncertain, measures are 
being taken to mitigate the effects of the down-turn. A stabilisation in the UK 
market and a more positive outlook in Australia enable the Board to feel 
confident that the Group will meet market forecasts for the full year ending 3 
April 2010. 
New Board Structure 
One of the Board's primary roles is to set the strategic direction for the Group 
and, as previously stated, Victoria is committed to maintaining an appropriate 
balance between executive and non-executive directors. As part of its strategic 
planning and taking into account 'Best Practice Corporate Governance,' the Board 
has been in the process of increasing the Board complement of independent 
non-executive directors. 
 
 
Following a Board Meeting today, the Company announces the following changes to 
the PLC Board. 
 
 
  *  Appointment of New Non-executive Chairman 
 
Alexander Anton is to step down as Non-executive Chairman with immediate effect, 
although he will remain on the Main Board as a Non-executive Director until the 
end of the current financial year on 3 April 2010 when he will retire from the 
business. He joined the Board of Victoria PLC in 1995, having previously been 
involved with the Group's principal trading subsidiary, Victoria Carpets since 
1987. On behalf of all stakeholders, the Board thanks Alexander for his loyalty 
to the business and for the significant contribution he has made over many 
years. We wish him well in the future. 
 
 
Alexander is succeeded by Nikki Beckett as Non-executive Chairman. As an 
existing member of the Board since 2007, Nikki's comprehensive all-round 
understanding of business, in particular from an outsourcing and customer 
service knowledge perspective, has added value to the Board's focus and 
strategic planning. The Directors, on behalf of staff and stakeholders, 
congratulate Nikki on her appointment to Non-executive Chairman and look forward 
to continuing working as a team in the development of the business. 
 
 
Commenting on her appointment, Nikki Beckett said: 
"I am delighted to have been appointed to the Chair, particularly at this stage 
of the Group's development. This business has made significant progress in 
enhancing its product ranges and further strengthening its position in the 
marketplace. I very much look forward to helping support the Group throughout 
its next phase of growth." 
 
 
Alan Bullock, Group Managing Director added: 
"Nikki is a recognised and well respected business leader who has added a wealth 
of experience to the Company since she joined us. We are delighted that a person 
with her calibre has accepted the role as we believe she will be a great asset 
to the business going forward." 
 
 
  *  Recruitment of additional NEDS 
 
The Directors are well advanced in identifying suitable candidates who, in a 
non-executive capacity could add additional skills to complement the current 
mix.  It is the intention of the Board to announce the appointment of two 
further non-executive directors as soon as discussions with the candidates have 
been completed. 
 
 
The Directors look forward to updating shareholders on the appointments as soon 
as practicable. 
 
 
 
 
 
 
 
 
Note: 
In regard to Ms Beckett's appointment as Non-executive Chairman, there are no 
changes or other matters which require to be disclosed pursuant to paragraph 
9.6.13R of the Listing Rules since her appointment to the Board in 2007. 
 
 
 
 
+--------------------------------------------+----------------------------------------+ 
| Enquiries:                                 |                                        | 
+--------------------------------------------+----------------------------------------+ 
| Victoria PLC                               | Citigate Dewe Rogerson                 | 
+--------------------------------------------+----------------------------------------+ 
| Alan Bullock, Group Managing Director      | Fiona Tooley, Director                 | 
+--------------------------------------------+----------------------------------------+ 
| Mobile: +44 (0) 7785 325701                | Mobile: +44 (0) 7785 703523            | 
+--------------------------------------------+----------------------------------------+ 
| Ian Davies, Group Finance Director         | Keith Gabriel, Senior Account Manager  | 
+--------------------------------------------+----------------------------------------+ 
| Mobile: +44 (0) 7770 638791                | Mobile+ 44 (0) 7770 788624             | 
+--------------------------------------------+----------------------------------------+ 
| Office: +44 (0) 1562 749300                | Office: +44 (0) 121 362 4035           | 
+--------------------------------------------+----------------------------------------+ 
| www.victoriaplc.com                        |                                        | 
+--------------------------------------------+----------------------------------------+ 
 
 
Worcester Road, Kidderminster, Worcestershire DY10 1JR England 
Telephone:  +44 (0)1562 749300 Fax:  +44 (0)1562 749649 
Registered in England No. 282204 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 IMSKKFDPNBKDNDB 
 

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