Another profits warning from Victoria
Less than six weeks after assuming management control, Geoff Wilding, executive chairman is forced to warn shareholders on a lack of profits.
Six weeks after the group warned that it would only break-even for the first half of the year, the carpet maker says it will not make a profit for the full year to 4 April.
On 1 October the group said UK sales were 'significantly ahead of the corresponding period last year,' but now 'current trading, in both Australia and the UK remains weak and significantly behind budget,' it says.
'Following their appointment at the general meeting on 3 October, the new board of directors has undertaken a detailed review of the current trading and short term prospects of Victoria. This review is continuing. However, it is already apparent that the company is likely to break even at best for the full year ending 4 April 2013, at a pre-tax level before exceptional costs. Current trading, in both Australia and the UK remains weak and significantly behind budget.
'The directors wish to assure shareholders that they are doing everything they can to remedy the situation and a further update will be provided to the market in the company's half year statement at the end of this month.'
The results had been due this week. In the first half of 2010/2011 Victoria made a pre-tax profit of £1.26m.