Record year for Victoria
Carpets group Victoria set a new record for volume of floor coverings sold in its latest financial year.
It will top 200 million sq metres – more than 29,500 football fields – for the first time in the 128-year-old Kidderminster-based company's history.
Revenue for the year to April 1 will be more than £1.45 billion.
Despite challenging macro-economic conditions, Victoria PLC, is set to deliver its tenth consecutive year of revenue and underlying operating profit growth.
In April last year Victoria acquired the rugs and UK carpet divisions of Balta Group to become Europe's largest carpet and rug manufacturer.
The integration of Balta is proceeding successfully with the reorganisation programme on schedule.
It includes the relocation of Balta's carpet manufacturing from Belgium to the group's more modern and more productive UK factories in Wales and Yorkshire, with a net reduction of 295 employees.
The directors believe that Victoria is well-positioned to deliver further earnings and cash flow growth in 2023-2024
Executive chairman Geoff Wilding said: "We are laser-focussed on the reorganisation of Balta and the integration of other recent acquisitions. Completion of these projects is expected to deliver a significant uplift in productivity and cash flow, even during a period of economic uncertainty, which underpins our confidence in outlook for FY24 earnings growth and deleveraging."
