Record sales for Victoria but pre-tax profits slip
Pre-tax profits fell for Kidderminster-based carpets group Victoria in the year to the end of March despite a 29 per cent growth in sales to a new record high.
Revenue was up from £330.4 million in 2016-2017 to £424.8m, but the profit before tax figure slipped by 29 per cent from £18.8m to £13.4m
2018 was the fifth consecutive record year for Victoria in terms of turnover for the group.
Significant progress was made during the year in the ongoing re-organisation of manufacturing and logistics, which is expected to drive organic improvements and efficiencies;
Executive chairman Geoff Wilding said: “Victoria saw another record year in 2018 and the group continues to go from strength to strength. In addition to focusing on increasing our top line, this was the fifth consecutive year of growth in underlying earnings per share, free cash flow, and operating margins.
“The group continues to focus on growing in scale through acquisitions, with the completion of both Ceramiche Serra and Keraben Grupo during the year. There remains an enormous market opportunity for Victoria to expand in the UK and internationally, by organically growing margins and enhancing earnings within our existing business, as well as by acquisition, where we believe opportunities will make a meaningful contribution to the group.
“Following a very good start to the year, the board looks forward to 2019 with confidence and to another successful year of continued growth and delivering real returns for its shareholders.”
