Interim Management Statement (8250W)
06 Fevereiro 2012 - 5:00AM
UK Regulatory
TIDMVCP
RNS Number : 8250W
Victoria PLC
06 February 2012
"International designers and manufacturers of innovative quality
floorcoverings"
Issued by Citigate Dewe Rogerson
Date: Monday 6 February 2012 Immediate Release
VICTORIA PLC
INTERIM MANAGEMENT STATEMENT
Victoria PLC ('Group', 'Victoria' or 'Company') publishes its
Interim Management Statement covering the 13-week period from 2
October to 31 December 2011 and a trading update covering the
period from 1 January 2012 to the date of this announcement, as
required by the UK Listing Authority Disclosure and Transparency
Rules.
Trading
Total Group revenue in the period 2 October to 31 December 2011
was up by 3.5% compared to the same period last year, but
marginally below (-0.7%) in constant currency terms.
Victoria's UK business has continued to see growth in its sales
through the John Lewis Partnership, the insurance replacement
market and the contract market, which have more than off-set any
weakness seen in general retail sales. Pleasingly, Victoria's sales
in the UK were up strongly in the period by 11.2% and, when
combined with our sales to Ireland, which are now reported upon as
part of the UK operation, still showed a gain of 4.1% in constant
currency terms.
The Group's Australian operation saw sales down by 3.9% in local
currency terms as concerns about Australia's dependence on the
mining sector and wider international factors such as the European
Debt crisis impacted consumer sentiment in Australasia.
2012 trading to date in both the UK and Australia have been in
line with management expectations. Sales in the UK were ahead of
January last year, whereas sales in Australia were slightly down in
what is a generally quiet summer holiday period. This reflects
favourably against others in the sector who recently reported
relatively poor trading and the Board feels that this is further
evidence that its strategy is feeding through and starting to
deliver value to its shareholders.
The Group's planned move in the UK into the luxury vinyl
flooring market this year is on target and proceeding well.
Currently, we are in the process of launching the ranges to our
customers with a series of "road-shows" and we are pleased to
report that feedback from our customers has been very encouraging.
We look forward to updating shareholders further on progress in
this new area of our business later in the year.
Recent Events
Towards the end of last year, the Directors became aware that a
consortium was attempting to take control of the Company and,
consequently, an announcement was issued to the market and posted
to all shareholders on 21 December 2011.
On 17 January 2012, the Company announced that it had received a
requisition pursuant to Section 303 of the Companies Act 2006
requiring the Company to convene a General Meeting, no later than 6
March 2012, for the purpose of proposing ordinary resolutions (the
"Resolutions") to the effect that all of the Company's Independent
Non-Executive Directors, being Nikki Beckett (Chairman) and Peter
Jensen (Senior Independent Non-Executive Director), should be
removed as Directors of the Company and that in their place should
be appointed Alexander Anton, a former Director and Chairman of the
Company, Geoff Wilding, Lady Katherine Innes Ker and Sir Bryan
Nicholson.
This minority shareholder group is trying to take control of the
Company without telling the Board or the majority of shareholders
of their reasons for demanding change or their strategy for the
business. Furthermore, they are offering no financial consideration
in exchange for control of the Company.
Shareholders are urged NOT to undertake to support the
Requisitioners' Resolutions.
On Friday 13 January 2012, the Company announced it had
instigated a formal sales process. The Board unanimously believes
that this process will achieve the objective of realising value for
shareholders, whilst safeguarding the interests of all
stakeholders.
Although there can be no certainty that any offer will be made
for the Company or its operating businesses, or even proposed, the
Company has currently set a deadline of the end of February 2012
for the announcement of any firm offer for the Company or its
operating businesses.
The Board believes that it will be in a position to give all
shareholders a real choice by the time of the General Meeting.
The Directors are most grateful to all those shareholders and
other stakeholders who have expressed their support to them and the
business whilst these matters are resolved.
The Board, together with the operational management teams across
the business, remain very focused on building Victoria's 'brand'
reputation and its objective of delivering a strong business
performance in an economic climate that is still far from easy, and
we look forward to updating on our progress at the year-end.
Enquiries to:
Victoria PLC Citigate Dewe Arden Partners
Rogerson
Office: +44 (0) Mobile: +44 Office: +44 (0) 121
1562 749300 (0) 7785 703523 423 8900
Alan Bullock, Group Office: +44 Steve Douglas, Corporate
Managing Director (0) 121 362 Finance Director
4035
Or Fiona Tooley
Ian Davies, Group
Finance Director
www.victoriaplc.com
LSE; Premium Listing
Ticker: VCP.L
Shareholders are advised by the Board NOT to take any action and
urged NOT to undertake to support the Requisitioners' Resolutions.
Shareholders should wait until:
(a) they have received and read the circular from the Company
containing the Notice convening the General Meeting and at which
the Resolutions to change the Board will be voted upon, and
(b) the Board reports on the progress of the formal sale
process, announced on 13 January 2012, by the end of February
2012.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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