Losses widen for carpets group
Carpets and floor coverings group Victoria saw pre-tax losses widen despite record revenue in the year to April 1.
The company, which includes Victoria Carpets in Kidderminster, enjoyed a tenth successive year of sales growth.
Victoria, which now has its group headquarters in Worcester, posted a loss of £110.6 million from £12.4m a year earlier.
The group saw increased costs but said it is in a position to "deliver outsized returns for our shareholders for a very long time".
At an underlying level pre-tax profits increased from £73.8m to £76.9m.
Executive chairman Geoff Wilding, executive chairman, said the group expected 2023-2024 to be a year of two halves, with stronger second half earnings as the productivity gains from completion of the major integration projects were experienced.
He added that completion of the projects was also expected to result in Victoria's free cash flow increasing sharply from the second half.
"After making and integrating two-dozen acquisitions over the last ten years we have now achieved a scale that we anticipate will result in higher productivity, more efficient logistics, wider distribution, and lower input costs than almost all our competitors.
"Coupling this scale advantage with the underlying sectoral tailwinds will, the board believes, deliver outsized returns for our shareholders for a very long time," he said.
