TIDMVCP
RNS Number : 4915S
Victoria PLC
22 November 2011
Victoria PLC
"International designers and manufacturers of innovative quality
floorcoverings"
Issued by Citigate Dewe Rogerson Ltd, Birmingham
Date: Tuesday, 22 November 2011
Embargoed: 7.00am
Half-Yearly Results
for the 26 weeks ended 1 October 2011
"The Group delivers a strong operational performance
whilst making good progress against its strategic objective of
becoming the leading quality flooring supplier in both Australasia
and the United Kingdom"
Key financials:
-- Group Revenue increased to GBP39.02 million +17.1%
-- Robust Profit performance with Operating profit at GBP1.40 million +80.0%
-- Profit before Tax up to GBP1.27 million after Irish restructuring costs +126.9%
-- Basic adjusted earnings per share of 17.66 pence* +241.6%
-- Half Year Dividend of 3.50 pence +16.7%
Key commercials:
-- Against challenging economic and tough market conditions:
o Australian business delivers improved results
o UK business out-performs the market and returns to profit
o Our market share has grown in synthetic products, as wool's
competitive position has weakened through significant raw material
price increases
-- Group to leverage Victoria's excellent 'Brand' reputation and
customer associations by adding Luxury Vinyl flooring to its
product offering through a new division, VICTORIA(TM) LUXURY
FLOORING - opening up new opportunities in the UK and European
markets
"The Board's objective remains focused on building Victoria's
'Brand' reputation and improving the quality of its earnings. To do
this, we plan to continue to invest in our business for the future
and, during the remainder of this current financial year, we will
be making significant investment in both new carpet ranges and in
the luxury vinyl tile market.
"We feel confident that alongside our traditional business,
these new product initiatives, allied to anticipated growth in new
market areas, will help the Group continue to gain market share and
place Victoria in a commanding position to exploit any
opportunities presented by the market."
* Refer to note 5 of this Announcement
Enquiries:
Victoria PLC Citigate Dewe Rogerson Arden Partners
Alan Bullock Fiona Tooley, Director Steve Douglas
Group Managing Director Keith Gabriel, Senior Corporate Finance
Today: +44 (0)207 638 9571 Account Manager Director
until 12.00noon Today: +44 (0)207 638 +44 (0)121 423
Mobile: +44 (0)7785 325701 9571 8900
Thereafter Office: +44 (0)1562 Mobile: +44 (0)7785 703523 +44 (0)207 614
749300 (FMT) 5900
Thereafter: +44 (0)121
362 4035
Ian Davies
Group Finance Director
Today: +44 (0)207 638 9571
until 12.00noon
Mobile: +44 (0)777 0638791
Thereafter Office: +44 (0)1562
749300
VICTORIA PLC
Half-Yearly Results
for the 26 weeks ended 1 October 2011
CHAIRMAN'S STATEMENT
OVERVIEW
I am pleased to report that in the first half of our financial
year, Victoria has delivered a strong operational performance
whilst making good progress against our strategic objective of
becoming the leading quality flooring supplier in both Australasia
and the United Kingdom.
Against a backdrop of on-going and extremely challenging
economic and market conditions, the Group has delivered a solid and
satisfying increase in both revenue and profitability across all of
its operations.
FINANCIAL SUMMARY
Group revenue increased by 17.1% in the first half from
GBP33.31m to GBP39.02m and, in constant currency terms, this was
ahead of the corresponding period last year by 9.8%.
All parts of the Group delivered a robust profit performance,
with operating profit improving significantly by 80.0% from
GBP0.78m to GBP1.40m. Profit before tax increased by 126.9% from
GBP0.56m to GBP1.27m after accounting for non-recurring costs of
GBP0.45m in respect of the closure of the Group's Irish trading
entity.
HALF YEAR DIVIDEND
The Board is pleased to declare a 16.7% uplift in the Half-year
dividend from 3.0p per share to 3.5p per share. This will be
payable on 15 December 2011 to all shareholders on the register as
at 2 December 2011, with the ex-dividend date being 30 November
2011.
OPERATING REVIEW
AUSTRALIA
Our Australian business has again delivered improved results
despite the difficult economic and soft market conditions that have
prevailed in its key markets of Australia and New Zealand.
Both territories have been adversely affected by the increases
in wool fibre costs, reduced housing and real estate activity.
These factors, coupled with an increasing volume of synthetic
carpet imports and a higher level of consumer cautiousness in
spending, have created an intensely competitive trading
environment.
In this context, therefore, it is pleasing to report that
revenue for the first half increased by 9.2% from A$35.42m to
A$38.68m and profit before tax rose 12.3% to A$2.93m from A$2.61m
in the corresponding period last year. Gross margins were slightly
down due to market conditions but this was more than off-set by
higher volumes, tight cost control and the positive impact of a
strong Australian Dollar.
Modest capital expenditure of A$0.74m was undertaken during the
period and mainly related to the commissioning of an in-line latex
compounding system. This project was successfully completed in July
2011 and is already providing attractive cost savings as well as
quality improvements.
Inventory levels at the end of the period under review were up
by A$1.55m (6.6%) over the first half last year, reflecting a
changing mix within the business as imported materials with longer
lead-times form a higher proportion of stocks. The range of carpet
tiles and broadloom products was also expanded to support our
recent and successful entry into the commercial contract
sector.
The growth of synthetic carpet sales in both the Australian and
New Zealand markets has continued, no doubt assisted by the
dramatic increases seen in wool fibre costs which over the last
year alone have risen by 75%. Wool's competitive position in
relation to synthetic fibre has deteriorated significantly and
recently, in a declining market, this has resulted in wool-spinning
mill closures by two of our major competitors in the market. The
challenges of maintaining satisfactory loadings at our own spinning
mills is one we have successfully managed to date, albeit with an
increasing degree of difficulty.
UNITED KINGDOM
To date, the economy in the UK has shown no signs whatsoever of
recovery and, if anything, actually weakened further during August
and September. Consumer confidence is extremely fragile as
Government cut-backs in the public sector, higher unemployment and
a general squeeze in household budgets, dampens discretionary
spend.
Despite these extremely challenging conditions, I am pleased to
report that our UK operation has undoubtedly out-performed the
market and delivered a credible performance.
UK revenue was up by 10.8% from GBP12.47m to GBP 13.82m, with
strong growth seen in our business with both The John Lewis
Partnership and the insurance replacement market. Sales of
synthetic carpet under our EASICARE(TM) brand have also continued
to grow, as these products gain market share from traditional wool
products where significant price increases have again led to a
deterioration in wool's competitive position.
Tight cost control and our ability to pass on higher raw
material prices enabled our UK operation to return to profit from
the operating loss last half-year of GBP0.48m to an operating
profit of GBP0.21m during the period under review.
Profit before tax was GBP0.16m, compared to a loss before tax of
GBP0.53m in the first half last year.
As part of our strategic planning process, the Group has looked
carefully at how it might better leverage Victoria's excellent
'Brand' reputation and customer associations.
Part of this process identified that the Luxury Vinyl Tile (LVT)
market is a growing and profitable sector of the flooring market in
both the UK and in Continental Europe. The Board sees this area of
the flooring market as offering an exciting opportunity for our
business.
Consequently, a new division has been established to develop and
market this style of flooring in the UK. The modest but
strategically important acquisition of C&H Distribution in
September 2011 for GBP0.4m has given us immediate traction in this
sector. In early 2012, the Group plans to roll-out an extensive
programme of luxury vinyl flooring under the VICTORIA(TM) LUXURY
FLOORING banner. Experienced personnel from within the LVT market
have already been successfully recruited, bringing both technical,
sales and marketing expertise to the Group. This move will allow us
to develop this new Victoria offering whilst the existing Victoria
management remain fully focused on our core carpet business.
With regard to the 'redundant property' that we identified in
our portfolio sometime ago, I am pleased to report that, after over
five years of endeavour to seek a 'change of use' for the Group's
sports field in Kidderminster, planning consent will be granted,
subject to certain further conditions being satisfied. The Board is
now looking at how it may best dispose of this site whilst seeking
to maximise shareholder value.
IRELAND
During the first quarter and in accordance with plans previously
advised to shareholders, the Group has completed on-time and within
budget the closure of its trading entity in Ireland. Our business
and brands in Ireland of Munster and Navan Carpets are now being
actively marketed and traded under a distribution model and are
reported upon as part of our UK operation.
CANADA
Revenue in the period in our associate Canadian company, Colin
Campbell, was up by 14.4% from C$3.88m to C$4.44m, with operating
profit advancing 191.7% from C$0.12m to C$0.35m.
Whilst the Canadian market in general remains soft, we have
exploited the contract residential market well and delivered
flooring to some very prestigious projects in the Vancouver area
during the first half.
OUTLOOK
Looking at our businesses going forward into the second-half
year: In Australia, the global financial volatility, together with
falling equity and property values, continue to fuel consumer
cautiousness and it is likely that consumers' focus will remain on
non-discretionary spending for the time being and the demand for
carpet will continue to be subdued. Whilst, in the UK, consumer
confidence continues to be extremely weak and the short-term
outlook lacks any clear visibility as to when overall conditions
might improve.
However, the Board's objective remains focused on building
Victoria's 'Brand' reputation and improving the quality of its
earnings. To do this, we plan to continue to invest in our business
for the future and, during the remainder of this current financial
year, we will be making significant investment in both new carpet
ranges and in the luxury vinyl tile market.
We feel confident that alongside our traditional business, these
new product initiatives, allied to anticipated growth in new market
areas, will help the Group continue to gain market share and place
Victoria in a commanding position to exploit any opportunities
presented by the market.
Nikki Beckett
Chairman
Condensed Consolidated Income Statement
For the 26 weeks ended 1 October 2011 (unaudited)
26 Weeks 26 Weeks 52 weeks
ended ended ended
1 Oct 2011 2 Oct 2010 2 April 2011
Notes GBP000 GBP000 GBP000
---------------------------------------------- ------ ------------ ------------ --------------
Continuing operations
Revenue 3 39,016 33,312 70,503
Cost of sales (28,221) (23,613) (50,611)
Gross profit 10,795 9,699 19,892
Distribution costs (6,926) (6,966) (13,615)
Administrative expenses (2,239) (2,125) (4,337)
Other operating income 218 168 478
Restructuring costs (451) ---- ----
Operating profit 3 1,397 776 2,418
Share of results of associated company 95 24 (22)
Finance costs (219) (239) (472)
Profit before tax 3 1,273 561 1,924
Taxation 4 (471) (202) (715)
Profit for the period 802 359 1,209
Attributable to:
Equity holders of the parent 802 359 1,209
Earnings per share
- pence basic 5 11.55 5.17 17.41
diluted 5 10.45 4.50 15.76
Condensed Consolidated Statement of Comprehensive Income
For the 26 weeks ended 1 October 2011 (unaudited)
26 Weeks 26 Weeks 52 weeks
ended ended ended
1 Oct 2011 2 Oct 2010 2 April 2011
GBP000 GBP000 GBP000
Exchange differences on translation of
foreign operations (952) 401 1,733
Deferred tax on share option scheme ---- ---- 18
------------------------------------------------------ ------------ ------------ --------------
Other comprehensive (loss)/ income for
the period (952) 401 1,751
Profit for the period 802 359 1,209
------------------------------------------------------ ------------ ------------ --------------
Total comprehensive (loss)/ income for
the period (150) 760 2,960
------------------------------------------------------ ------------ ------------ --------------
Attributable to
Equity holders of the parent (150) 760 2,960
------------------------------------------------------ ------------ ------------ --------------
Condensed Consolidated Balance Sheet
As at 1 October 2011 (unaudited)
As at As at As at
1 Oct 2011 2 Oct 2010 2 April 2011
GBP000 GBP000 GBP000
---------------------------------- ------------ ------------ --------------
Non-current assets
Goodwill ---- 65 ----
Intangible assets 778 404 389
Property, plant and equipment 25,368 26,598 26,537
Investment property 180 180 180
Investment in associated company 559 512 487
Deferred tax asset 823 1,429 853
----------------------------------
Total non-current assets 27,708 29,188 28,446
---------------------------------- ------------ ------------ --------------
Current assets
Inventories 26,066 23,863 22,902
Trade and other receivables 12,562 12,187 11,821
Cash at bank and in hand 769 1,032 1,626
----------------------------------
Total current assets 39,397 37,082 36,349
----------------------------------
Total assets 67,105 66,270 64,795
---------------------------------- ------------ ------------ --------------
Current liabilities
Trade and other payables 14,865 12,693 12,442
Current tax liabilities 426 966 613
Financial liabilities 7,851 7,177 6,360
----------------------------------
Total current liabilities 23,142 20,836 19,415
---------------------------------- ------------ ------------ --------------
Non-current liabilities
Trade and other payables 2,387 2,755 2,611
Other financial liabilities 931 2,439 1,497
Deferred tax liabilities 1,395 2,600 1,510
Total non-current liabilities 4,713 7,794 5,618
---------------------------------- ------------ ------------ --------------
Total liabilities 27,855 28,630 25,033
---------------------------------- ------------ ------------ --------------
Net assets 39,250 37,640 39,762
================================== ============ ============ ==============
Equity
Issued share capital 1,736 1,736 1,736
Share premium 829 829 829
Retained earnings 36,500 35,075 37,067
Share-based payment reserve 185 ---- 130
--------------
Total equity 39,250 37,640 39,762
================================== ============ ============ ==============
Condensed Consolidated Statement of Changes in Equity
For the 26 weeks ended 1 October 2011 (unaudited)
Share-
based
Share Share Retained payment Total
capital premium earnings reserve equity
GBP000 GBP000 GBP000 GBP000 GBP000
-------------------------------- -------- -------- --------- -------- -------
At 4 April 2010 1,736 829 34,690 ---- 37,255
Total comprehensive income for
the period ---- ---- 760 ---- 760
Dividends paid ---- ---- (375) ---- (375)
At 2 October 2010 1,736 829 35,075 ---- 37,640
-------------------------------- -------- -------- --------- -------- -------
At 4 April 2010 1,736 829 34,690 ---- 37,255
Total comprehensive income for
the period ---- ---- 2,960 ---- 2,960
Dividends paid ---- ---- (583) ---- (583)
Transfer from accruals ---- ---- ---- 73 73
Share-based payment charge ---- ---- ---- 57 57
At 2 April 2011 1,736 829 37,067 130 39,762
-------------------------------- -------- -------- --------- -------- -------
At 3 April 2011 1,736 829 37,067 130 39,762
Total comprehensive loss for
the period ---- ---- (150) ---- (150)
Dividends paid ---- ---- (417) ---- (417)
Share-based payment charge ---- ---- ---- 55 55
At 1 October 2011 1,736 829 36,500 185 39,250
-------------------------------- -------- -------- --------- -------- -------
Condensed Consolidated Statement of Cash Flows
For the 26 weeks ended 1 October 2011 (unaudited)
26 Weeks 26 Weeks 52 weeks
ended ended ended
1 Oct 2011 2 Oct 2010 2 April 2011
Notes GBP000 GBP000 GBP000
------------------------------------------- ------ ------------ ------------ --------------
Net cash (outflow)/ inflow from operating
activities 7a (185) (714) 2,505
Investing activities
Purchases of property, plant and
equipment (898) (294) (948)
Acquisition of intangible assets (400) ---- ----
Proceeds of disposals of property,
plant and
equipment 103 1 62
Net cash used in investing activities (1,195) (293) (886)
------------ ------------ --------------
Financing activities
Decrease in long term loans (312) (307) (971)
Receipts from financing of assets 195 ---- 202
Payment of finance leases/HP liabilities (440) (325) (725)
Dividends paid (417) (375) (583)
Net cash used in financing activities (974) (1,007) (2,077)
------------ ------------ --------------
Net decrease in cash and cash equivalents (2,354) (2,014) (458)
Cash and cash equivalents at beginning
of period (3,866) (3,474) (3,474)
Effect of foreign exchange rate changes (47) 20 66
------------ ------------ --------------
Cash and cash equivalents at end
of period 7b (6,267) (5,468) (3,866)
============ ============ ==============
Notes to the Condensed Half-Year Financial Statements
For the 26 weeks ended 1 October 2011 (unaudited)
1 General information
These condensed consolidated financial statements for the 26
weeks ended 1 October 2011 have not been audited or reviewed by the
Auditor. They were approved by the Board of Directors on 22
November 2011.
The information for the 52 weeks ended 2 April 2011 does not
constitute statutory accounts as defined in Section 434 of the
Companies Act 2006. A copy of the statutory accounts for that year
has been delivered to the Registrar of Companies. The Auditor's
report on those accounts was unqualified and did not include a
reference to any matter to which the Auditor drew attention by way
of emphasis without qualifying the report and did not contain
statements under Section 498(2) or 498(3) of the Companies Act
2006.
2 Basis of preparation and accounting policies
These condensed consolidated financial statements should be read
in conjunction with the Group's financial statements for the 52
weeks ended 2 April 2011, which were prepared in accordance with
IFRSs as adopted by the European Union.
The accounting policies and basis of consolidation of these
condensed financial statements are consistent with those applied
and set out on pages 47 to 53 of the Group's audited financial
statements for the 52 weeks ended 2 April 2011, except for the
following accounting standards and interpretations which became
effective for the Group in the current reporting period.
IFRS 7 (amended) 'Financial Instrument: Disclosures'
IAS 24 (amended) 'Related Party Disclosures'
IAS32 (amended) 'Classification of Rights Issues'
IFRIC 14 (amended) 'Prepayments of a Minimum Funding
Requirement'
IFRIC 19 'Extinguishing Financial Liabilities with Equity
Instruments'
None of these revised and amended standards and interpretations
have had a material impact on the Group's net cash flows, financial
position, total comprehensive income or earnings per share.
Having reviewed the Group's projections, and taking account of
reasonable possible changes in trading performance, the Directors
believe they have reasonable grounds for stating that the Group has
adequate resources to continue in operational existence for the
foreseeable future.
The Directors are of the view that the Group is well placed to
manage its business risks despite the current challenging economic
and market conditions. Accordingly, the Directors continue to adopt
the going concern basis in preparing the financial statements of
the Group.
3 Segmental information
In line with previous announcements, the Irish business was
restructured in the first quarter of this financial year, and the
trade and assets transferred into the UK operation from July 2011.
Following this change, the UK and Ireland results are now reported
as one segment.
The Group is organised into two operating divisions, the UK
& Ireland and Australia. Our share of the Canadian associate
result is also presented separately.
Geographical segment information for revenue, operating profit
and a reconciliation to entity net profit is presented below.
For the 26 weeks ended 1 October For the 26 weeks ended 2
2011 October 2010
Profit/
Profit Operating (loss)
Operating Finance before profit/ Finance before
Revenue profit costs tax* Revenue (loss) costs tax*
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
----------------------- -------- ---------- -------- -------- -------- ---------- -------- --------
UK and Ireland 13,817 210 (54) 156 12,466 (484) (50) (534)
Australia 25,199 2,026 (116) 1,910 20,846 1,669 (135) 1,534
----------------------- ---------- -------- ---------- --------
39,016 2,236 (170) 2,066 33,312 1,185 (185) 1,000
Restructuring costs ---- (451) ---- (451) ---- ---- ---- ----
Central costs ---- (388) (49) (437) ---- (409) (54) (463)
Share of results
of associate ---- ---- ---- 95 ---- ---- ---- 24
Total continuing 39,016 1,397 (219) 1,273 33,312 776 (239) 561
operations
----------------------- -------- ---------- -------- -------- -------- ---------- -------- --------
Tax (471) (202)
----------------------- -------- ---------- -------- -------- -------- ---------- -------- --------
Profit after tax
from
continuing activities 802 359
----------------------- -------- ---------- -------- -------- -------- ---------- -------- --------
* The share of results of the associated company is shown net of
tax as required by IAS1.
Intersegment sales between the Group's subsidiaries were
immaterial in the current and comparative periods.
4 Tax
26 Weeks 26 Weeks
ended ended
1 Oct 2011 2 Oct 2010
GBP000 GBP000
----------------------------------- ------------ ------------
Current tax
- Current year overseas 586 403
----------------------------------- ------------ ------------
586 403
----------------------------------- ------------ ------------
Deferred Tax
- Current year movement (115) (160)
- Effect of rate change in the UK ---- (41)
----------------------------------- ------------ ------------
(115) (201)
Total 471 202
----------------------------------- ------------ ------------
The overall corporation tax rate is 37.0% (2010: 36.0%),
representing the best estimate of the weighted average annual
corporation tax rate expected for the full financial year. The
underlying full year effective corporation tax rate after adjusting
for non-recurring restructuring costs in connection with the Irish
business is estimated at 31.2%.
5 Earnings per share
The calculation of earnings per ordinary equity share in the
parent entity is based on the following earnings and number of
shares:
26 Weeks 26 Weeks 26 Weeks 26 Weeks
ended ended ended ended
1 Oct 2011 1 Oct 2011 2 Oct 2010 2 Oct 2010
------------------------------------------ ----------- ----------- ----------- -----------
Basic Adjusted Basic Adjusted
2011 2011 2010 2010
GBP'000 GBP'000 GBP'000 GBP'000
------------------------------------------ ----------- ----------- ----------- -----------
Profit attributable to ordinary equity
holders of the parent entity 802 802 359 359
Adjustment for restructuring costs
(net of tax) ---- 424 ---- ----
Earnings for the purpose of basic,
adjusted and diluted
earnings per share 802 1,226 359 359
------------------------------------------ ----------- ----------- ----------- -----------
Weighted average number of ordinary
shares ('000) for the
purposes of basic and adjusted earnings
per share 6,944 6,944
Effect of dilutive potential ordinary
shares:
Long-Term Incentive Plan ('000) 728 1,034
Weighted average number of ordinary
shares ('000) for the
purposes of diluted earnings per share 7,672 7,978
------------------------------------------ ----------- ----------- ----------- -----------
The Group's earnings per share are
as follows:
Basic adjusted (pence) 17.66 5.17
Diluted adjusted (pence) 15.98 4.50
Basic (pence) 11.55 5.17
Diluted (pence) 10.45 4.50
6 Dividends
26 weeks 26 weeks
ended ended
1 Oct 2011 2 Oct 2010
GBP000 GBP000
------------------------------------------------------------ ----------- -----------
Amounts recognised as distributions to equity holders
in the period:
Final dividend for the year ended 2 April 2011 paid during
the year 6.0p per share (2010: 5.4p) 417 375
------------------------------------------------------------ ----------- -----------
Interim dividend declared for the year to 31 March 2012
3.5p per share (2010: 3.0p) 243 208
------------------------------------------------------------ ----------- -----------
7 Notes to the cash flow statement
a) Reconciliation of operating profit to net cash (outflow)/ inflow from operating activities
26 weeks 26 weeks 52 weeks
ended ended ended
1 Oct 2011 2 Oct 2010 2 April
2011
GBP000 GBP000 GBP000
--------------------------------------------- ------------ ------------ ---------
Operating profit from continuing operations 1,397 776 2,418
Adjustments for:
- Depreciation charges 1,457 1,407 2,865
- Amortisation of intangible assets 6 12 32
- Goodwill impairment ---- ---- 65
- Share-based payment charge 55 ---- 57
- (Profit)/ loss on disposal of property,
plant and equipment (20) (1) 13
- Exchange rate difference on consolidation 10 52 126
--------------------------------------------- ------------ ------------ ---------
Operating cash flows before movements in
working capital 2,905 2,246 5,576
Increase in working capital (2,080) (2,257) (1,673)
--------------------------------------------- ------------ ------------ ---------
Cash generated from/(used in) operations 825 (11) 3,903
Interest paid (237) (253) (505)
Income taxes paid (773) (450) (893)
--------------------------------------------- ------------ ------------ ---------
Net cash (outflow)/ inflow from operating
activities (185) (714) 2,505
--------------------------------------------- ------------ ------------ ---------
b) Analysis of net debt
At Other At
2 April non-cash Exchange 1 October
2011 Cash flow changes movement 2011
GBP000 GBP000 GBP000 GBP000 GBP000
---------------------------------- --------- ---------- ---------- ---------- -----------
Cash 1,626 (801) ---- (56) 769
Bank overdrafts (5,492) (1,553) ---- 9 (7,036)
---------------------------------- --------- ---------- ---------- ---------- -----------
Cash and cash equivalents (3,866) (2,354) ---- (47) (6,267)
Secured commercial bills
- Payable more than one year (970) 312 ---- 34 (624)
Finance leases and hire purchase
agreements
- Payable less than one year (850) 440 (409) 5 (814)
- Payable more than one year (527) (195) 409 5 (308)
Net debt (6,213) (1,797) ---- (3) (8,013)
---------------------------------- --------- ---------- ---------- ---------- -----------
8 Rates of exchange
The results of overseas subsidiaries and associated undertakings
have been translated into Sterling at the average exchange rates
prevailing during the periods. The balance sheets are translated at
the exchange rates prevailing at the period ends:
26 Weeks 26 Weeks 52 weeks
ended ended ended
1 Oct 2011 2 Oct 2010 2 April 2011
------------------------------- ------------ ------------ --------------
Australia (A$) - average rate 1.5349 1.6992 1.6460
Australia (A$) - period end 1.6029 1.6298 1.5465
Ireland (EUR) - average rate 1.1362 1.1753 1.1688
Ireland (EUR) - period end 1.1611 1.1502 1.1333
Canada (C$) - average rate 1.5822 1.5860 1.5831
Canada (C$) - period end 1.6233 1.6184 1.5461
9 Related party transactions
During the period, the Group had transactions with its
associate, comprising sales of goods to the value of GBP261k (2010:
GBP127k). At 1 October 2011, the Group was owed GBP286k (2010:
GBP240k). All goods and services were provided at market rates.
10 Risks and uncertainties
The Board continuously assesses and monitors the key risks of
the business. The key risks that could affect the Group's medium
term performance and the factors which mitigate these risks have
not changed from those set out on page 21 of the Group's 2011
Annual Report, a copy of which is available on the Group's website
- www.victoriaplc.com. The Chairman's Statement includes
consideration of uncertainties affecting the Group in the remaining
six months of the year.
11 Information rights
Under Section 146 of the Companies Act 2006, registered
shareholders of fully listed companies are able to nominate the
underlying beneficial owners of their shares to receive information
rights from 1 October 2007. Companies are required to fulfil these
requests from 1 January 2008.
Please note that beneficial owners of shares nominated by the
registered holders of those shares are required to direct all
communications to the registered holder of their shares rather than
to the Company's registrar, Capita Registrars, or the Company
directly.
12 Statement of directors' responsibilities
The directors confirm that to the best of their knowledge the
condensed set of financial statements has been prepared in
accordance with IAS 34, "Interim financial reporting" as adopted by
the European Union, gives a true and fair view of the assets,
liabilities, financial position and profit of the Group and
includes a fair review of the information required by Disclosure
and Transparency Rules 4.2.7R, 4.2.8R and 4.2.9R of the United
Kingdom's Financial Services Authority.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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