VICTORIA PLC (VCP) — Interim results for the six months ended 27 September 2025

Investor webinar replay

Replay transcript excerpt

Good afternoon, and welcome to the VICTORIA PLC Interim Results Investor Presentation. Simply type in your questions and press send. The company may not be in a position to answer every question we received during the meeting itself. However, the company can review all questions submitted today and publish responses when it is appropriate to do so. Before we begin, I would like to submit the following poll. And I would now like to hand you over to Executive Chairman, Jeff Wilding. Good afternoon to you. Good afternoon. And thank you to everybody for joining the h one earnings call for VICTORIA. The macro environment continues to be challenging for consumer discretionary spending, and so we've continued to focus on internal initiatives to improve margins and lower operating costs, and we'll discuss these later on the call. However, we'll begin with Alec Pratt, the group CFO, taking us through the numbers for h one. Great. Thanks, Jeff. So before we start, I'll just come with a few highlights. So key things have been ongoing pressure on volumes. So revenue for the half was down about 7%. We'll provide a bit more detail on the breakout of that later in the presentation. We're very pleased to improve EBITDA by just over £3,000,000 to 53,500,000, and so healthy margin increase there, you know, despite that volume reduction. We will provide more detail of that, and, actually, we believe there's a much stronger performance than that headline that the number suggests. On net debts, just over £1,000,000,000 of net debt. A lot of work is going to extending the maturity profile of our debts over the period. So, again, we'll run through that in a bit more detail. So if we quickly flick over to the executive summary, I think it's worth reminding ourselves, you where we are in the...