AGM, IMS & Trading Update (5966L)
02 Agosto 2011 - 10:56AM
UK Regulatory
TIDMVCP
RNS Number : 5966L
Victoria PLC
02 August 2011
"International designers and manufacturers of innovative quality
floorcoverings
Date: Tuesday, 2 August 2011
Immediate Release
Annual General Meeting
Interim Management Statement & Trading Update
Victoria PLC('Group', 'Victoria' or 'Company'): At today's
Annual General Meeting (2 August 2011), Nikki Beckett, Chairman,
addressed shareholders and all Resolutions were duly passed,
details of the proxy votes will be provided on the Group's website
www.victoriaplc.com or on request from the Company Secretary.
The Company also issued the following Interim Management
Statement which covers the 13-week period from 3 April 2011 to 2
July 2011 (Q1) and a Trading Update to the date of this
announcement:
Trading Update
The Group revenue in Q1 increased by 13.0% compared to the same
period last year and on a constant currency basis the Group
achieved a 7.6% improvement in revenue.
Revenue in Australia was up by 4.3% in local currency terms,
with our Australian operation continuing to progress sales through
both marketing initiatives and product innovation against a market
background where there seems to be a continued cautiousness about
the global outlook, which appears to be eroding overall consumer
sentiment.
The United Kingdom delivered a strong performance in Q1 with
revenues up by 15.6% on the corresponding period last year. Whilst
in part this growth can be attributed to price increases aimed at
passing on rising raw material costs and from our growth in the
insurance replacement market which we entered in Q2 of the last
financial year, nonetheless Victoria Carpets has achieved a solid
performance in markets that remain extremely challenging and where
consumer confidence and macro-economics also remain fragile.
Revenue in the Republic of Ireland was down by 5.0% in local
currency terms. The integration of our Irish business into the UK
trading arm has now been completed and in future the Irish business
will form part of the UK results.
Summary & Outlook
Overall, the Group has made a positive start to the new
financial year and remains in line with management expectations.
Whilst undoubtedly the trading environment will continue to be very
tough, the Board is confident that, with a strong balance sheet and
robust business model, the Company will continue to both manage the
challenges of the current market conditions and to progress the
opportunities it has identified to expand Victoria's product
offering and markets over the next few years.
Enquiries:
Victoria PLC Citigate Dewe Rogerson
Alan Bullock, Group Managing Director Fiona Tooley, Director
Office: +44 (0) 1562 749300 or Mobile: +44 (0) 7785 703523
Mobile: +44 (0) 7785 325701
Ian Davies, Group Finance Director Office: +44 (0) 121 362 4035
Office: +44 (0) 1562 749300 or
Mobile: +44 (0) 7770 638791
This information is provided by RNS
The company news service from the London Stock Exchange
END
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