Growing Victoria plans more acquisitions
Carpets group Victoria saw pre-tax profits more than double in the first half of its financial year.
They were up 112 per cent to £8.4 million on revenue that rose by 45 per cent to £153.4m in the six months to October 1.
The Kidderminster-based designer, manufacturer and distributor of carpets and other floor coverings, which has made a number of acquisitions in recent years, said it was well positioned for further growth.
It bought Ezi Floor in September for £6.5m and deferred consideration of a further £6.5m.
Executive chairman Geoff Wilding said: "During the last six months we remained focused on executing our plan, with the acquisition of Ezi Floor extending the group's underlay offering and earnings.
"The board continues its effective cash management whilst at the same time being quick to identify and implement potential commercial and margin enhancing synergies across the group as we gain market share both in the UK and Australia.
"With no shortage of acquisition opportunities in the UK and Europe, the board is confident it can continue to grow Victoria and create more wealth for shareholders."
He said that the vote for Brexit had had no discernible impact on demand for its products in the UK with like-for-like revenues up 3.5 per cent.
Mr Wilding said Victoria has now made six acquisitions in four years.
"This steady pace enables us to ensure each acquired business is properly integrated into Victoria before we proceed with securing the next earnings enhancing deal," he added.
Mr Wilding also said there was no shortage of opportunities both in the UK and Europe, but it would take care to only proceed once it was confident the last acquisition had been properly integrated.
