Victoria Still Upbeat Despite Losses
Geoff Wilding, Victoria PLC’s Executive Chairman, said: “Victoria accomplished another record year in 2019, making it the sixth consecutive year of continuous revenue gains, free cash flow per share, and operating margins, despite continuing business challenges.
Over the course of the year, Victoria PLC, based in Kidderminster, also purchased Ceramica Saloni in Spain, increasing the Group’s presence in the European and international high-margin ceramic flooring industry.
“There holds a huge market opportunity for Victoria to grow both in the UK and abroad, through organically enhancing margins and income even further in our current company, as well as through acquisition, where we think that the possibilities we have identified will make a significant contribution to the Group. We continue to focus on both growing income and free cash flow per share.
The Worcestershire-based flooring manufacturer – Victoria PLC issued an upbeat statement against a £ 13.4 m profit last year, despite announcing a pre-tax loss of £ 3.7 m.
The results follow a ‘ significant ‘ reorganization of the footprint and logistics structure of UK and European manufacturing that represented £ 12.7 million in outstanding reorganization expenses.
In order to deliver the best-in-class facilities, there was another £ 20.9 million investment in development capex, allowing income and margin development in future years.
“Reorganizing a plant while still focusing on attaining organic growth at times feels like performing open-heart surgery while the patient was running a marathon but we are very happy with the end result.” shared Mr. Wilding.
The Group operates throughout the UK, Spain, Italy, the Netherlands, Belgium and Australia and employs about 3,000 individuals at more than 20 locations.
A broad variety of wool and synthetic broadloom carpets, ceramic tiles, flooring underlays, LVT (luxury vinyl tile) and hardwood flooring products, artificial grass, carpet tiles and flooring accessories are designed and manufactured by the group.