Carpet firm in £3.5m rise on profits

The Kidderminster carpet firm Victoria is bucking gloomy market trading trends after reporting a welcome increase in its profits over the past year.

The company revealed that revenue in the 12 months to March 29 increased by 11.3 per cent to £61.7 million, with profit before tax surging more than 25 per cent to £3.5 million.

Carpet sales in the UK were up nearly seven per cent at just under £25 million.

The company, which employs around 260 people in Kidderminster, is looking to reward employees for the part they have played in the success by introducing a share saver scheme later in the year.

Alan Bullock, group managing director, said the scheme would enable them to save money over a three year period by buying shares at an agreed price.

He said: "If that price goes up they would stand to gain quite significantly.

"These results are good news for Kidderminster, and for our shareholders and employees. The market is increasingly tough, but with our strong products, strong management and excellent employees we should continue to do well."

The proposed final dividend is 14p a share, an increase of 12 per cent.