Business
FY Trading Update: Results To Meet Expectations
FY Trading Update: Results To Meet Expectations.
About this update from Victoria Plc
[{"type":"text","content":"\n \nRNS Number : 1157Y Victoria PLC 07 May 2019 \n\n\n\n\nFor Immediate Release \n\n\n7 May 2019\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 \nVictoria PLC\n('Victoria', the 'Company', or the 'Group')\nFull Year Trading Update\nResults To Meet Market Expectations\nVictoria PLC (LSE: VCP) the international designers, manufacturers and distributors of innovative floorcoverings is pleased to provide the following trading update.\n \nThe Board is pleased to confirm that current trading is consistent with our previous trading update of 18 February 2019, and that the Group's performance for the financial year ended 30 March 2019 is expected to meet consensus market expectations.\n \nOutlook\n \nThe strategy adopted last financial year to drive top line growth, is continuing to deliver in the current calendar year, with like-for-like revenue gains across the Group continuing to be +3%. Management remain confident that this growth is sustainable for the foreseeable future.\n \nImportantly, the various management actions to continue to grow operating margins, which were set out in some detail in the February market announcement, have been completed as scheduled and are having the positive impact expected. As a consequence, it is expected that the Group's margin increase of over 100bps in the 2019 financial year will be compounded by a further circa 100bps increase in the 2020 financial year.\n \nManagement expect to generate substantial positive cash flow in the 2020 financial year. The Group has, historically, consistently converted 85-95% of operating profits into cash (before tax). Last year, with the focus on integration and productivity gains, the Group invested heavily in capex and reorganisational costs with new ceramic tile production lines installed in Ceramiche Serra and Keraben, the operational integ...