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VICTORIA PLC REPORTS RECORD SALES IN 2020

Floorcoverings manufacturer and distributor Victoria PLC has reported a strong performance over the past year, with the Group achieving all-time record revenues and operating profits for the third quarter to the end of December 2020.

Despite the UK lockdown in November and on-going COVID-19-related challenges, the Group's revenues were more than 10% up on the previous year.

The group attributed the performance to three principal drivers:

Firstly, Victoria's business is now highly diversified geographically - generating nearly 75% of earnings and cash from outside the UK. The Group sells its products to thousands of flooring retailers across Europe, North America, the UK, Australasia, and the Middle East.

Secondly, all of the Group's factories remained open throughout the quarter, with full production schedules, and the Group's logistics centres maintained deliveries to customers to satisfy demand, whilst providing a COVID-safe environment for all staff. The Company intends to continue operating from all of its sites during the current quarter.

Finally, its strategic investment in logistics and distribution in the UK, completed in late-2019, has provided Victoria with a sustainable competitive advantage. The objective of this investment was to improve the customer experience - enabling retailers to hold lower inventory levels (reducing their working capital and warehousing costs), whilst still being confident that product would be received when required for installation.

Commenting on the record performance, Executive Chairman Geoff Wilding said: “Demand for flooring product is strong from consumers' renewed focus on investing in their homes but we are outperforming the market generally and believe this to be both sustainable and ongoing due to the benefits of our unique service proposition. This is a direct result of the substantial investment we made in our logistics platform during 2019.

“Undoubtedly, the UK November lockdown had some impact on our performance - we would have done even better without it - and the current lockdown may similarly impact the final quarter of FY 21. However, Victoria has clearly shown its operational resilience by achieving record revenues and earnings in the December quarter and the Board believes it is well placed to meet this headwind.”

www.victoriaplc.com

 

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