Business
Audited Results for the year ended 1 April 2023
Audited Results for the year ended 1 April 2023.
About this update from Victoria Plc
[{"type":"text","content":"\n\nVictoria PLC\n('Victoria', the 'Company', or the 'Group')\n \nAudited Results\nfor the year ended 1 April 2023\n \nRecord underlying revenue and EBITDA\n \nConfident FY2024 outlook with a sharp increase in earnings and free cash flow expected due to completion of major integration projects\n \nVictoria PLC (LSE: VCP) the international designers, manufacturers and distributors of innovative floorcoverings, announces its audited results for the year ended 1 April 2023, which are unchanged from the key preliminary unaudited data announced on 15 August and show the Company's tenth consecutive year of revenue and underlying profit growth.\n \nFY2023 Financial and Operational highlights\n\n\n\n\n \n\n\nYear ended\n1 April 2023\n\n\nYear ended\n2 April 2022\n\n\n% Change\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\n\n\nUnderlying revenue\n\n\n£1,461.4m\n\n\n£1,019.8m\n\n\n+43.3%\n\n\n\n\nUnderlying EBITDA1\n\n\n£196.0m\n\n\n£162.8m\n\n\n +20.4%\n\n\n\n\nUnderlying operating profit1\n\n\n£118.8m\n\n\n£107.9m\n\n\n+10.1%\n\n\n\n\nOperating (loss) / profit\n\n\n(£24.1m)\n\n\n£53.6m\n\n\n-145.0%\n\n\n\n\nUnderlying profit before tax1\n\n\n£76.9m\n\n\n£73.8m\n\n\n+4.2%\n\n\n\n\nNet loss after tax\n\n\n(£91.8m)\n\n\n(£12.4m)\n\n\n\n\n\n\n\nUnderlying free cash flow2\n\n\n£71.3m\n\n\n£34.2m\n\n\n108.3%\n\n\n\n\nNet debt3\n\n\n£658.3m\n\n\n£406.6m\n\n\n\n\n\n\n\nNet debt / EBITDA4\n\n\n3.44x\n\n\n2.66x\n\n\n\n\n\n\n\nEarnings / (loss) per share:\n\n\n \n\n\n\n\n\n\n\n\n\n\n- Basic\n\n\n(79.35p)\n\n\n(10.61p)\n\n\n\n\n\n\n\n- Diluted adjusted1\n\n\n39.06p\n\n\n40.21p\n\n\n-2.9%\n\n\n\n\n \n· For the first time in the Company's history, the total volume of flooring sold in FY2023 exceed 200 million square metres (more than 29,500 football fields), generating record revenues of £1.46 billion.\n \n· Solid like-for-like organic revenue growth of 2.8%, despite challenging macro-economic conditions and following very strong like-for-like organic growth of +19.2% in the previous 12 months.\n \n· Underlying EBITDA grew by +20.4% over the prior year to £196.0 million.\n \n· Year-end net leverage was 3.44x, with the Group's senior debt consisting entirely of fixed rate, covenant-lite bonds falling due in August 2026 and Marc...