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Victoria reports fast re-start with optimism
Website Editor • June 25, 2020
Leading flooring manufacturer Victoria plc reports that business is already back to 85% of pre-Covid levels and is "considerably more optimistic" about the recovery.
In a trading update to shareholders today, the Victoria board said "trading has exceeded management expectations following the re-start of operations."
The ambitious Plc has also indicated opportuntiies for further acquisitions leading to additional consolidation in the flooring sector.
In the UK, business is back to 70% of pre-Covid levels and "further recovery is expected as orders begin to flow to Victoria from UK retailers, who were the last to start trading as they were only allowed to re-open last week."
Victoria owns 30 leading flooring brands and operates from 20 sites across Europe and in Australia. It has benefited from the earlier return to retailing in some of the non-UK territories.
The lockdown redecorating trend has been a major factor in this performance says Victoria. "93% of Victoria’s revenues are derived from consumers redecorating their homes, not construction or commercial projects, and consumer demand for home decorating products appears to be strong across the world," says the company report.
"This is not altogether surprising, given the extended period consumers have spent in their home over the last four months, which is likely to have encouraged the impulse to redecorate."
Victoria has been an acquisitive buyer of competitors and its statement indicated that frther consolidation of the sector may be impending.
"As we look ahead to the short to medium term, the effort we have made over recent years to build relationships with the owners of other flooring companies will give rise to some materially value-creating opportunities. The events of the last few months have given rise to new or increased imperatives with some business owners," says Victoria.
"Our financial position and reputation for straightforward dealings mean that the owners of other flooring businesses view Victoria as a reliable transaction partner and we expect to see some very interesting and attractive opportunities in the months ahead."
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