Business
Q3 Trading Update & Senior Executive Hire
Q3 Trading Update & Senior Executive Hire.
About this update from Victoria Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 4460L\n Victoria PLC\n 13 January 2021\n \n \n \n \n \n \n \n \n For Immediate Release\n \n \n \n \n \n \n \n 13 January 2021\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 Record Performance for Q3 Trading\n And\n North America opportunity\n \n \n December Quarter (Q3) Trading\n The Board of Victoria PLC (LSE:VCP), the international designers, manufacturers and distributors of innovative floorcovering, is pleased to advise that the strong performance Victoria announced for the first half-year to 3 October 2020 has continued, with the Group achieving all-time record revenues and operating profits for the third quarter to the end of December.\n \n Despite the UK lockdown in November, which is normally the best trading month of the year, and on-going Covid-related challenges in some of our other markets, the Group's revenues were more than 10% up on the prior year. This performance was due to three principal drivers:\n \n \n · Firstly, Victoria's business is now highly diversified geographically - generating nearly 75% of earnings and cash from outside the UK. The Group sells its products to thousands of flooring retailers across Europe, North America, the UK, Australasia, and the Middle East.\n \n \n · Secondly, all of the Group's factories remained open throughout the quarter, with full production schedules, and the Group's logistics centres maintained deliveries to our customers to satisfy demand, whilst providing a Covid-safe environment for our staff. \n \n \n \n The Company intends to continue operating from all of its sites during the current quarter.\n \n \n · Finally, our strategic investment in logistics and distribution in the UK, completed in late-2019, has provided Victoria with a sustainable competitive advantage. The objective of this investment was to improve our customer experience - enabling retailers we supply to hold lower inventory levels (reducing their working capital and warehousing costs), w...