Business
Preliminary Results for the y
Preliminary Results for the y.
About this update from Victoria Plc
[{"type":"text","content":"\n RNS Number : 6002N Victoria PLC 15 June 2010 \n \n\n \nIssued by Citigate Dewe Rogerson Ltd, Birmingham\nDate: Tuesday, 15 June 2010\nEmbargoed: 7.00am\nVICTORIA PLC\nInternational manufacturer & distributor of carpets & floorcoverings,\nsupplying the mid to high end residential, and contract markets in the UK and overseas\n \nPreliminary Results for the year ended 3 April 2010\n\"Victoria has remained focussed on profitability, strong cash generation and debt reduction\"\n \nFinancial highlights:\n· Group revenue £62.97m with 63.5% coming from overseas operations\n· Operating profit £1.78m (2009: £2.23m)\n· Profit before tax £1.09m (2009: £1.46m)\n· Basic adjusted earnings* per share 9.04p (2009: 15.01p)\n· Final dividend 5.4p, making a maintained dividend of 8.0p for the year\n· Strong balance sheet; Borrowings significantly reduced from £11.43m to £7.14m\n*see Note 2\n \nKey points:\n· Successful product introductions, better plant utilisation and the strength of Australian Dollar contribute to a strong H2 performance in Australasia\n· UK operation expands its channels to market including signing a three-year agreement to supply floorcoverings to the insurance replacement market\n· The Group has continued with its investment in products and programmes, building for the future\n \n\"The past year has been an extremely challenging one, as once again we have had to contend with unprecedented turmoil in world financial markets and a global recession that has continued to sap consumer confidence.\"\n \n\"Looking ahead, any growth in the UK and Ireland in the short-term is likely to come from product innovation and some of the new market initiatives we are developing. Conversely, the Group is fortunate at this time to have a very strong presence in the Australasian market which is commodity driven and at this stage looks likely to see strong economic growth over the next decade.\"\n \n\"The combination of well invested operations around the Group, a strong balance sheet, low borrowings and strong cash flow means tha...