Business
Half-year Report
Victoria PLC reported a resilient performance for the six months ended 27 September 2025, with underlying revenue at £528.7 million, down from £568.8 million in the prior year, but underlying EBITDA increased to £53.5 million from £50.2 million, driven by strict cost discipline and margin expansion. The company successfully refinanced its debt, enhancing liquidity, and is implementing significant cost-saving initiatives, including a restructuring of its Rugs division and the commissioning of a new V4 production line in Spain. Despite a statutory operating loss of £44.7 million and a statutory net loss after tax of £139.4 million, primarily due to exceptional costs, the company is focused on deleveraging its balance sheet and rebuilding its credit rating. Disclaimer*
About this update from Victoria Plc
[{"type":"text","content":"\n\nVictoria PLC\n('Victoria' or the 'Company', or the 'Group')\n \nHalf-year Report\nfor the six months ended 27 September 2025\n \nStrong progress in cost savings, successful refinancing and positioning the business for recovery\n \nVictoria PLC (LSE: VCP), the international designers, manufacturers and distributors of innovative flooring, announces its half-year report for the six months ended 27 September 2025, which are in line with the trading update of 6 November.\n \nFINANCIAL AND OPERATIONAL HIGHLIGHTS\n\n\n\n\nContinuing operations1\n\n\n26 weeks ended\n27 September 2025\n\n\n26 weeks ended\n28 September 2024\n\n\n\n\n \n\n\n \n\n\n\n\n\n\n\nUnderlying revenue\n\n\n£528.7m\n\n\n£568.8m\n\n\n\n\nUnderlying EBITDA1\n\n\n£53.5m\n\n\n£50.2m\n\n\n\n\nUnderlying EBITDA (Pre IFRS-16)\n\n\n£36.1m\n\n\n£34.6m\n\n\n\n\nUnderlying operating profit1\n\n\n£11.4m\n\n\n£7.7m\n\n\n\n\nStatutory operating loss\n\n\n(£44.7m)\n\n\n(£140.8m)\n\n\n\n\nUnderlying loss before tax1\n\n\n(£15.4m)\n\n\n(£13.6m)\n\n\n\n\nStatutory net loss after tax\n\n\n(£139.4m)\n\n\n(£141.7m)\n\n\n\n\nUnderlying free cash flow2\n\n\n(£8.1m)\n\n\n(£13.8m)\n\n\n\n\nNet debt, including IFRS16 lease liabilities3\n\n\n£1,003.9m\n\n\n£857.1m\n\n\n\n\nNet debt / underlying EBITDA\n\n\n8.6x\n\n\n7.4x\n\n\n\n\nEarnings / (loss) per share\n\n\n\n\n\n\n\n\n\n\n- Basic\n\n\n(121.62p)\n\n\n(124.58p)\n\n\n\n\n- Diluted adjusted2\n\n\n(3.12p)\n\n\n(5.01p)\n\n\n\n\n \n1 Underlying performance is stated before exceptional and non-underlying items. In addition, underlying loss before tax and adjusted EPS are stated before non-underlying items within finance costs.\n2 Underlying free cash flow represents cash flow after interest, tax and replacement capital expenditure, but before investment in growth, financing activities and exceptional items.\n3 Net debt is the sum of the financial liabilities, shown before preferred equity, less cash.\n \nSummary\n· Against a backdrop of mixed macroeconomic conditions and softer consumer demand across key markets, the Group has delivered a resilient performance characterised by strict cost discipline and significant margin expansion.\n· Ongoing improvement in average selling prices mitigated lower volumes as demand across Victoria's markets continues to track 20-25%...