Victoria PLC AGM statement -- Trading in Line with Expectations (8120Y)
09 Setembro 2022 - 3:00AM
UK Regulatory
TIDMVCP
RNS Number : 8120Y
Victoria PLC
09 September 2022
For Immediate Release 9 September 2022
Victoria PLC
('Victoria', the 'Company', or the 'Group')
AGM statement - Trading in line with expectations
Victoria PLC (LSE: VCP) the international designers,
manufacturers and distributors of innovative flooring, is pleased
to make the following trading statement ahead of its AGM to be held
later today:
Revenue, earnings, and cash flow are all in line with consensus
market expectations. Through a combination of continual
improvements to customer service, product engineering, hedging of
critical input costs, carefully negotiated supply agreements, and -
where necessary - price increases, the management team continues to
successfully navigate the current challenging macroeconomic
environment. The strategic value of the geographic diversity that
the Group has built over the last nine years is also benefitting
the Group's trading as outperformance in some markets supports
softer conditions elsewhere.
The Company has been steadily repurchasing its own shares over
the last month. These share purchases should not be seen as the
start of a formal and regular programme to return capital to
shareholders, but the Board believes current share price levels are
materially below the intrinsic value of the Group, and these
opportunistic purchases serve Victoria's mission to create wealth
for shareholders. Importantly, despite these purchases, the Group's
cash position and liquidity continues to increase.
Geoff Wilding, Executive Chairman of Victoria PLC commented:
"The Board remains mindful of the macroeconomic headwinds across
the globe and, whilst we benefit from the inherent resilience of
the business, numerous actions are being taken to mitigate their
impact. Alongside this, operational management continue to be
laser-focused on integration of recent acquisitions and execution
of detailed synergy plans that will drive higher productivity,
lower costs, and better customer service."
The Group will provide a full update on trading for the 26 weeks
ended 1 October 2022 when it announces its Interim Results in
November.
Victoria's Annual General Meeting at 1.00pm today, is being held
at the office of Brown Rudnick LLP, 8 Clifford Street, London, W1S
2LQ.
For more information contact:
Victoria PLC
Geoff Wilding, Executive Chairman
Philippe Hamers, Group Chief Executive
Brian Morgan, Chief Financial Officer +44 (0) 1562 749 610
Singer Capital Markets (Nominated Adviser
and Joint Broker)
Rick Thompson, Phil Davies, Alex Bond +44 (0) 207 496 3095
Berenberg (Joint Broker)
Ben Wright, Richard Bootle
Peel Hunt (Joint Broker)
Adrian Trimmings, Andrew Clark
+44 (0) 203 207 7800
Buchanan Communications (Financial PR) +44 (0) 207 418 8900
Charles Ryland, Chris Lane, Jack Devoy +44 (0) 20 7466 5000
About Victoria
Established in 1895 and listed since 1963
and on AIM since 2013 (VCP.L), Victoria
PLC, is an international manufacturer and
distributor of innovative flooring products.
The Group, which is headquartered in Kidderminster,
UK, designs, manufactures and distributes
a range of carpet, flooring underlay, ceramic
tiles, LVT (luxury vinyl tile), artificial
grass and flooring accessories.
Victoria has operations in the UK, Spain,
Italy, Belgium, the Netherlands, Turkey,
the USA, and Australia and employs approximately
6,500 people across 30 sites. Victoria
is the UK's largest carpet manufacturer
and the second largest in Australia, as
well as the largest manufacturer of underlay
in both regions.
The Group's strategy is designed to create
value for its shareholders and is focused
on consistently increasing earnings and
cash flow per share via acquisitions and
sustainable organic growth. (Further information
about Victoria can be found on its website,
www.victoriaplc.com.)
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END
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