Business
Audited results for the year ended 30 March 2024
Audited results for the year ended 30 March 2024.
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 30 March 2024\n \nRevenue and earnings in line with market expectations\n \nCautious outlook for FY2025, but strong operational fundamentals in place as demand normalises\n \nVictoria PLC (LSE: VCP) the international designers, manufacturers and distributors of innovative flooring, announces its audited results for the year ended 30 March 2024. Whilst macro-economic factors continue to impact consumer spend on flooring, the Group nevertheless outperformed the wider flooring market in several of its key geographies.\n \nFY2024 Financial and Operational highlights\n\n\n\n\n \n\n\nYear ended\n30 March 2024\n\n\nYear ended\n1 April 2023\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\nUnderlying revenue\n\n\n£1,256.5m\n\n\n£1,461.4m\n\n\n\n\nUnderlying EBITDA1\n\n\n£160.7m\n\n\n£196.0m\n\n\n\n\nUnderlying EBITDA (Pre IFRS-16)\n\n\n£129.6m\n\n\n£171.3m\n\n\n\n\nUnderlying operating profit1\n\n\n£73.6m\n\n\n£118.8m\n\n\n\n\nStatutory operating loss\n\n\n(£51.8m)\n\n\n(£24.1m)\n\n\n\n\nUnderlying profit before tax1\n\n\n£27.1m\n\n\n£76.9m\n\n\n\n\nStatutory net loss after tax\n\n\n(£108.0m)\n\n\n(£91.8m)\n\n\n\n\nUnderlying free cash flow2\n\n\n£28.2m\n\n\n£71.3m\n\n\n\n\nNet debt3\n\n\n£632.9m\n\n\n£658.3m\n\n\n\n\nNet debt / EBITDA4\n\n\n4.4x\n\n\n3.4x\n\n\n\n\nEarnings / (loss) per share:\n\n\n\n\n\n\n\n\n\n\n- Basic\n\n\n(93.85p)\n\n\n(79.35p)\n\n\n\n\n- Diluted adjusted1\n\n\n19.12p\n\n\n39.06p\n\n\n\n\n \n· Execution of the integration projects has continued at pace with the resulting productivity gains and cost savings protecting the Group's underlying EBITDA margin, which fell by less than 100bps despite revenue falling by nearly 14%.\n \n· Completion of the UK & Europe broadloom carpet integration resulted in a margin improvement of 370bps leading to underlying EBITDA for the division to increase by 23.8% to £82.8 million despite lower volumes - underlining the success of Victoria's Balta integration project.\n \n· Management remains focussed on completing the integration projects which are expected to deliver a structural improvement in the Company's operating margins of 250-350 bps.\n \n· Production capacity has ...