Victoria PLC
13 July 2000
Annual General Meeting
At today's (13 July 2000) Annual General Meeting, Bob Gilbert, Chairman told
shareholders:
'As has perhaps become the norm in recent years, the first three months of
our year reflect the now usual slowness of the UK market. However, not
withstanding this, I am pleased to report that Victoria's sales are well up
on the comparable period in 1999.
The consolidation of our carpet manufacturing business at Worcester Road,
Kidderminster has proceeded as planned and all aspects of our production are
now operating well from these newly upgraded facilities. The benefits of more
efficient production plant, hands-on management and our strong product
portfolio will see us well placed to continue with our growth pattern in the
UK.
In Australia, we have enjoyed an excellent first quarter, although as
commented in my Year End Report, we were anticipating a strong surge in
trading prior to the introduction of a 10% (GST) Good and Services Tax in
July 2000. This has certainly happened and we must now wait to see if there
is a corresponding fall-off in demand post GST. There is also still some
uncertainty of how the Sydney Olympics will affect trade in September.
Overall, I am, therefore, pleased to be able to report that the Group has
made an encouraging start to the new year and that we are optimistic of
sustaining the improved performance throughout the year.'
Enquiries:
Bob Gilbert, Chairman
Alan Bullock, Group Managing Director Stephen Harrison
Victoria P.L.C. Citigate Dewe Rogerson
Tel: 01562 749300 Tel: 0121 631 2299
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