Business
Full Year Trading Update-Record Results
Full Year Trading Update-Record Results.
About this update from Victoria Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 0585V\n Victoria PLC\n 12 April 2021\n \n \n \n 12 April 2021\n \n For Immediate Release\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 ('Victoria,' the 'Company,' or the 'Group')\n \n Full Year Trading Update\n \n Record Results\n \n Victoria PLC, (LSE: VCP) the international designers, manufacturers and distributors of innovative flooring, provides the following trading update for the financial year ended 3 April 2021 (\"FY21\").\n \n The Board is pleased to announce that, in spite of the on-going COVID-19 related challenges in our markets, the Group has achieved record results for FY21, reflecting the resilience of the commercial and operational performance of the business. The Group expects, subject to finalisation of the accounts and audit, FY21 revenues to be in excess of £640 million (FY20: £621.5m) - despite the impact of the April-May 2020 lockdowns, which saw over £50 million of revenue reduction in those two months compared to the prior year - and underlying EBITDA to be in excess of £120 million (2020: £118.1m). \n \n Operational Performance\n \n This was a year in which we completed no major acquisitions and therefore the record trading results were driven by organic performance. Victoria has invested heavily over the past five years in building the pre-eminent management team in the European flooring industry. Their collective deep operational experience, entrepreneurial initiative, sense of ownership (almost all managers are shareholders), and, most importantly, their ability to execute have delivered significant value for shareholders over an extremely challenging 12 months.\n \n To briefly recap on some key operational achievements:\n \n \n · Minimised negative operating cash flow to just £6 million in Q1, during total lockdown in all our main markets - protecting the business and therefore shareholders by maintaining strong liquidity and avoiding any requirement for a value-destroying discounted equity issuance.\n \n \n · Capitalised on strong consumer demand...