Business
Comment on the Second UK Lockdown & Recent Trading
Comment on the Second UK Lockdown & Recent Trading.
About this update from Victoria Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 0181E\n Victoria PLC\n 03 November 2020\n \n \n \n \n \n \n \n \n For Immediate Release\n \n \n \n \n \n \n \n 03 November 2020\n \n \n \n \n \n \n The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.\n \n \n Victoria PLC\n \n \n ('Victoria', the 'Company', or the 'Group')\n \n \n \n \n Comment on the Second UK Lockdown\n And\n Recent Trading\n \n The Board of Victoria PLC (LSE: VCP) the international designers, manufacturers and distributors of innovative flooring, notes the announcement regarding the imminent one-month lockdown in England. Based on the Company's experience of the UK-wide lockdown earlier this year, the Board believes that, in the long run, this second lockdown will make little material difference to Victoria.\n \n Victoria has used the last six months to adapt its factories to enable production to be maintained whilst providing a Covid-safe environment. Health monitoring, social distancing, staggered shifts, PPE, education, and other practises have been adopted throughout the Group to enable full production schedules through another lockdown. All the Group's factories will remain open and continue to accept and deliver orders. Victoria's experienced management team intends to continue production throughout the next month, which is expected to minimise the impact of the lockdown on Victoria's UK business.\n \n The Board believes the Group's liquidity position is strong and we expect to continue to grow at the expense of weaker competitors - particularly those with UK-centric businesses, that do not have Victoria's advantage of generating a very significant majority of earnings and cash from outside the UK. Therefore, whilst the Group may not be as cash generative had the second lockdown not happened (with net debt therefore reducing slightly less), the Board expects improved profitability as we capitalise on the decline of weaker competitors.\n \n Recent Trading\n \n Trading in recent months exceeded the Board's expectations, with sales for the 3 months to 3 October 2020 recovering above both management's pre-Covi...