Business
Update on publication of Full Year Results
Update on publication of Full Year Results.
About this update from Victoria Plc
[{"type":"text","content":"\n\n \nVictoria PLC\n('Victoria' or the 'Company', or the 'Group')\n \n \nUpdate on publication of Full Year Results\n \n&\n \nKey Preliminary Unaudited Financial Data\nfor the year ended 1 April 2023\n \nRecord underlying revenue and EBITDA\n \nConfident FY2024 outlook with a sharp increase in earnings and free cash flow expected due to completion of major integration projects\n \nVictoria PLC (LSE: VCP), the international designers, manufacturers and distributors of innovative flooring, advises that its auditors have requested further time to complete their final audit procedures. To help keep investors informed Victoria has decided to announce key numbers from its preliminary unaudited results for the year ended 1 April 2023 (\"FY2023\"), the Company's tenth consecutive year of revenue and underlying profit growth.\n \nFor the first time in the Company's history, the total volume of flooring sold in FY2023 exceed 200 million square metres (more than 29,500 football fields), generating record revenues of £1.46 billion.\n \nIn FY2023 the Company focussed on the successful integration of acquisitions to optimise future earnings and free cash flow.\n \nCommenting on FY2024 Outlook and beyond, Geoff Wilding, Executive Chairman, said:\n\"With all major integration projects in their final stages, we expect FY2024 to be a year of two halves, with stronger H2 earnings as the benefits of the reorganisation are experienced. Completion of the projects is also expected to result in Victoria's free cash flow increasing sharply from H2 FY2024, with management focussed on returning to our long-run average cash conversion of EBITDA to Net Free Cash Flow of 55%*. Further ahead, FY2025 will see the full benefit of the successful acquisitions' integration with an expected uplift in margins driving an additional increase in earnings and free cash flow.\"\n \n*Cash generated after replacement capex, interest, and tax as a percentage of EBITDA.\n \nFY2023 Unaudited Financial and Operational highlights[1]\n\n\n\n\n \n\n\nYear ended\n1 April 2023\n\n\nYear ended\n2 April 2022\n\n\n% Change\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\n\n\nUnderlying Revenue\n\n\n£1,461.4m\n\n\n£1,019.8m\n\n\n+43.3%\n\n\n\n\nUnderlying EBITDA[2]\n\n\n£196.0m\n\n\n£162.8m\n\n\n &n...