Victoria PLC - Chairman's AGM Statement
19 Julho 1999 - 11:59AM
UK Regulatory
RNS No 6268d
VICTORIA PLC
19 July 1999
Victoria PLC
Annual General Meeting
'Strong first quarter performance from Victoria'
At today's Annual General Meeting, Bob Gilbert, Chairman
told shareholders:
"Sales in the UK began at a subdued level and now have begun
to show signs of an upturn. We are hopeful that lower
interest rates, and the more active housing market will
reflect in stronger sales in the autumn. In the meantime, an
outstanding reception to our newly launched 'Tudor Twist'
range and the continued success of our other new products is
pleasing.
"In Australia, the strong performance has continued through
the first quarter of this new financial year.
"However, exports from the UK remain depressed, but we are
optimistic that business in our main European markets will
pick up towards the end of 1999. As we have said, we have
the right customer base and products and now just need
Sterling to return to a more realistic level.
"Overall, despite the generally tough market conditions
already widely commented on, we have ended the first quarter
ahead of budget and we look forward with renewed confidence
that this performance will continue.
"With regard to the property disposal, we have made positive
progress on the sale of our Green Street site in
Kidderminster. As you will recall, we sold the property for
#3 million to Morbaine Limited, subject to planning consent.
I am pleased to be able to report that the Local Authority
approved the planning application on 22nd June,1999 and,
whilst, this could still be affected by a possible 'call-
in', we are hopeful that we will bring the sale of the Green
Street property to shareholders for approval later in the
year, once all the other conditions have finally been
cleared."
Enquiries:
Bob Gilbert, Chairman
Alan Bullock,
Group Managing Director
Victoria PLC Fiona Tooley,Director
Tel: 01562-823400 Citigate Dewe Rogerson Limited
Tel: 0121-631-2299
END
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