Wilding praises managers for ‘extraordinary outcome’
Geoff Wilding, Victoria executive chairman has praised the efforts of the group’s management after it recorded a record year in the face of lockdowns and surges in demand.
‘I want to pay credit to all Victoria's management team, who, when it really mattered, delivered an extraordinary outcome for shareholders in a challenging operational environment. The result of their efforts is that the group is in an enviable operational and financial position to take advantage of opportunities to continue to create wealth for shareholders. The brilliant performance of our operational managers gave us the opportunity to strengthen the business during FY2021, improving its market position, sustainably improving productivity and margins, and taking advantage of some unique acquisition opportunities from motivated sellers,’ he says.
The group saw sales rise by 6.6% to £662.3m in the year to 3 April, while an operating loss of £8.5m became a profit of £45.9m.
The UK and Europe soft flooring division saw underlying EBITDA rise 18.7% to £49m, with sales 0.6% lower at £280.4m, despite the first quarter lockdown which saw sales drop by 80%.
‘The foreseeable outlook for the existing business is encouraging. Demand remains strong and traditional leading indicators suggest this demand will be sustained,’ says Wilding.