Lower demand slows sales at Victoria
November 22, 2023
Major flooring group Victoria PLC reported a sales decline of 4% due to soft demand and said the future looked "more challenging."
According to its half year-report to shareholders for the six months ended 30 September 2023, total sales at Victoria were down 4.1% to £643.4m from £771.5m.
But margins improved by 10% to 14.9% following Victoria's overhaul of its UK operations and relocation of manufacturing which delivered “much-enhanced productivity, lower logistics costs and improved customer service”.
Geoff Wilding, Executive Chairman of Victoria PLC commented: “Our H1 performance was in line with management expectations with softer demand offset by higher margins beginning to come through from the reorganisation programme started 18 months ago.
"The remainder of the year continues to look more challenging with ongoing lower demand maintaining pressure on top line sales, alongside inflation edging up raw material input costs," he said.
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