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| Date | 9 Sept 2022 |
| Time | 07:00:03 |
| Category | AGMs and other meetings |
| ID | 8120Y |
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For Immediate Release
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9 September 2022 |
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Victoria PLC
('Victoria', the 'Company', or the 'Group')
AGM statement - Trading in line with expectations
Victoria PLC (LSE: VCP) the international designers, manufacturers and distributors of innovative flooring, is pleased to make the following trading statement ahead of its AGM to be held later today:
Revenue, earnings, and cash flow are all in line with consensus market expectations. Through a combination of continual improvements to customer service, product engineering, hedging of critical input costs, carefully negotiated supply agreements, and - where necessary - price increases, the management team continues to successfully navigate the current challenging macroeconomic environment. The strategic value of the geographic diversity that the Group has built over the last nine years is also benefitting the Group's trading as outperformance in some markets supports softer conditions elsewhere.
The Company has been steadily repurchasing its own shares over the last month. These share purchases should not be seen as the start of a formal and regular programme to return capital to shareholders, but the Board believes current share price levels are materially below the intrinsic value of the Group, and these opportunistic purchases serve Victoria's mission to create wealth for shareholders. Importantly, despite these purchases, the Group's cash position and liquidity continues to increase.
Geoff Wilding, Executive Chairman of Victoria PLC commented:
"The Board remains mindful of the macroeconomic headwinds across the globe and, whilst we benefit from the inherent resilience of the business, numerous actions are being taken to mitigate their impact. Alongside this, operational management continue to be laser-focused on integration of recent acquisitions and execution of detailed synergy plans that will drive higher productivity, lower costs, and better customer service."
The Group will provide a full update on trading for the 26 weeks ended 1 October 2022 when it announces its Interim Results in November.
Victoria's Annual General Meeting at 1.00pm today, is being held at the office of Brown Rudnick LLP, 8 Clifford Street, London, W1S 2LQ.
For more information contact:
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Victoria PLC Geoff Wilding, Executive Chairman Philippe Hamers, Group Chief Executive Brian Morgan, Chief Financial Officer |
+44 (0) 1562 749 610 |
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Singer Capital Markets (Nominated Adviser and Joint Broker) Rick Thompson, Phil Davies, Alex Bond
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+44 (0) 207 496 3095 |
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Berenberg (Joint Broker) Ben Wright, Richard Bootle
Peel Hunt (Joint Broker) Adrian Trimmings, Andrew Clark
Buchanan Communications (Financial PR) Charles Ryland, Chris Lane, Jack Devoy |
+44 (0) 203 207 7800
+44 (0) 207 418 8900
+44 (0) 20 7466 5000 |
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About Victoria Established in 1895 and listed since 1963 and on AIM since 2013 (VCP.L), Victoria PLC, is an international manufacturer and distributor of innovative flooring products. The Group, which is headquartered in Kidderminster, UK, designs, manufactures and distributes a range of carpet, flooring underlay, ceramic tiles, LVT (luxury vinyl tile), artificial grass and flooring accessories.
Victoria has operations in the UK, Spain, Italy, Belgium, the Netherlands, Turkey, the USA, and Australia and employs approximately 6,500 people across 30 sites. Victoria is the UK's largest carpet manufacturer and the second largest in Australia, as well as the largest manufacturer of underlay in both regions.
The Group's strategy is designed to create value for its shareholders and is focused on consistently increasing earnings and cash flow per share via acquisitions and sustainable organic growth. (Further information about Victoria can be found on its website, www.victoriaplc.com.)
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