Victoria Carpets in profits increase

Kidderminster carpets maker Victoria today revealed it has seen its profits more than double in the last six months despite battling tough economic conditions.

Bosses of the firm, which employs more than 200 in the town, said they had high hopes for the future as global sales rose 17 per cent in the first half of the year to £39 million.

Pre-tax profits more than doubled to £1.27 million.

The closure of Victoria's loss-making Irish business earlier this year cost the company £450,000 but it will continue to sell Navan and Munster brand carpets in Ireland, running the operation from Kidderminster.

Despite no signs of economic recover in the UK, however, Victoria said it was outperforming the rest of the competition in its home market and was back in profit – £160,000 compared to a loss of £530,000 a year ago.

Sales in the UK were up almost 11 per cent, to £13.8 million, despite an increasing slowdown in the market as the year wore on.

Chief executive Alan Bullock said today that the rise in VAT and public sector cuts had all added to the fragile mood on the high street.