Victoria PLC Update (5029H)
20 Junho 2013 - 8:31AM
UK Regulatory
TIDMVCP
RNS Number : 5029H
Victoria PLC
20 June 2013
20 June 2013
Victoria PLC
('Victoria,' the 'Company,' or the 'Group')
Update
Victoria PLC ('Group', 'Victoria' or 'Company'), a manufacturer,
supplier and distributor of design-led carpets and other
floorcoverings, provides the following corporate update for the
year ended 30 March 2013, ahead of its full year results
announcement, which is anticipated to be in the last week of
July.
Tough trading conditions were highlighted at the time of the
interim results announcement in November last year and as
anticipated, trading has remained difficult in the second half in
both of our core markets in Australasia and the United Kingdom.
At the half year it was reported that stock levels were
considered to be too high, and in the second half period
significant reductions in stock levels were targeted and achieved.
The focus on stock reductions has, however, adversely impacted on
gross margins in the period. Whilst the audit is not yet finalised,
the Board now anticipates the Group pre-tax loss (pre-exceptional
items) for the year ended 30 March 2013 will be higher than market
forecasts by approximately GBP0.4m.
At the time of the interim results, the Company announced that
it was likely that exceptional items and provisions would be
incurred in the second half of the current year and that this would
materially impact the Group results. It is now anticipated that
exceptional items of circa GBP2.6m will be incurred in the year
ended 30 March 2013, of which GBP1.6m relates to the restructuring
of Australia's spinning mills and impairment of certain intangible
assets and investments.
Despite the significant exceptional costs in the period, the
Group has reduced its net debt levels from circa GBP8.3m at the
half year to circa GBP7.5m at year end, which is also below the
prior year end level of GBP7.7m.
The cost base was reviewed in the second half period and a
number of operational initiatives were identified that will result
in substantial cost savings. Whilst some of the initiatives have
already been implemented, the full benefits will flow into future
financial periods.
The Group has traded profitably in the first two months of the
new financial period and results are in line with market
expectations.
Overall, the Board believes that an appropriate strategy has
been adopted and that the actions taken will position the Company
well for the future.
Enquiries:
Victoria PLC
Geoff Wilding, Executive Chairman
Tel: +44 (0)1562 749300
Cantor Fitzgerald Europe (Nominated Adviser)
Tel: +44 (0)20 7894 7000
Rick Thompson/Tom Sheldon (Corporate Finance)
Richard Redmayne (Corporate Broking)
MHP
Nick Denton
Vicky Watkins
Tel: +44 (0)20 3128 8100
This information is provided by RNS
The company news service from the London Stock Exchange
END
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