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H1FY16 pretax earnings more than double at Victoria PLC
27
Nov '15
For the 27 weeks period ended October 3, 2015, pretax earnings at Victoria PLC, a manufacturer, supplier and distributor of design-led carpets and flooring more than doubled year over year.

In a press release, the company said its first half fiscal 2016 pretax earnings, excluding exceptional items more than doubled to £5.89 million from £2.57 million in the comparable period of fiscal 2015.

First half revenues in fiscal 2016 also soared to £105.61 million as against £39.93 million in the first half of the previous fiscal.

EBITDA too surged to £9.02 million in the reporting period compared to £4.17 million in the prior fiscal's corresponding period.

Victoria explained that these results are not directly comparable with the same period last fiscal as they reflect the inaugural full first half contribution from both Abingdon Flooring and Whitestone.

It also includes two months' contribution from Quest Carpets, acquired on August 7, 2015, and around three weeks of Interfloor, acquired on September 11, 2015.

Bank debt over the first half of fiscal 2016 increased from £36.28 million to £81.11 million, principally as result of the acquisition of Quest and Interfloor.

“However it is important shareholders appreciate that while net debt has increased, so have the Group's earnings,” Victoria observed.

The company further added that both markets in which Victoria trades, the UK and Australia continue to perform well.

According to the carpet maker, the Australian flooring market is experiencing very good demand from consumers.

The continued weakness in the Australian dollar against Sterling has impacted the paper translation of earnings but has had no impact on revenues or margins within the Australian trading businesses.

“Furthermore we borrowed in Australian dollars to fund the purchase of Quest and so earnings are being applied to reduce that debt; a step that is not affected at all by AUD/GBP exchange rates,” it noted.

“UK, which represents about 75 per cent of business, is also trading well and with rising wages and low inflation, households are more positive about their finances than they have been for the past nine years,” Victoria stated. (AR)

Fibre2Fashion News Desk – India

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