Record three months for Victoria
Carpets and flooring group Victoria achieved record revenue and operating profits for the final three months of 2020.
The Kidderminster-headquartered business said turnover was more than 10 per cent higher than in 2019 with almost 75 per cent of its earnings from outside the UK.
This was despite the UK lockdown in November, which is normally the best trading month of the year, and on-going Covid-related challenges in some of its other markets.
Executive chairman Geoff Wilding said: “Demand for flooring product is strong from consumers’ renewed focus on investing in their homes but we are outperforming the market generally and believe this to be both sustainable and on-going due to the benefits of our unique service proposition. This is a direct result of the substantial investment we made in our logistics platform during 2019.
“Undoubtedly, the UK November lockdown had some impact on our performance – we would have done even better without it – and the current lockdown may similarly impact the final quarter of 2020-2021. However, Victoria has clearly shown its operational resilience by achieving record revenues and earnings in the December quarter and the board believes it is well placed to meet this headwind.”
All of the Group's factories remained open throughout the quarter, with full production schedules, and the group's logistics centres maintained deliveries to customers to satisfy demand.
Victoria intends to continue operating from all of its sites during the current quarter.
Victoria has also announced a new managing director for strategic investments and corporate development in Roberto Moreno.
The board believes there is an opportunity to greatly increase distribution across North America where Mr Moreno is based.
