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Victoria sales down, but outperforming market
June 20, 2024
Major flooring congolmerate Victoria plc has posted final year figures showing a 14% decline in sales, but says it's outperforming the 20% drop seen across the UK flooring market generally.
Victoria had already told the markets that its annual sales figures for the year ended 30 March 2024 will be below 2023 levels and has been working to maximise efficiencies and cost management across the Group, including a 16% reduction in workforce.
According to its audited results for the year, total underlying sales fell 14% to £1.2bn from £1.4bn in 2023. Underlying EBITDA stood at £160.7m, down from £196m, while pre-tax profit resulted at £27.1m, down from £76.9m year-on-year.
Within its soft flooring division, Victoria said that sales were down 11.5% to £636.2m. “Independent market research suggests UK volumes were down circa 20%, which makes up the largest portion of the division, indicating that Victoria has continued to outperform the market – a factor the Board believes augurs well for earnings as demand recovers,” the group said.
The Group said its UK & Europe broadloom carpet integration which brought Balta into the business had been a success with significant margin imporvement and a growth in EBITDA for that division to increase by 23.8%.
Geoff Wilding, Executive Chairman, said he was cautious about near-term trading conditions but added: "As interest rates fall, housing transactions and deferred residential renovation, improvement and repair purchases will rebound, driving flooring demand."
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