Home / Knowledge / News / Textiles / H1FY16 pretax earnings more than double at Victoria PLC
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

Must ReadView All

Apparel/Garments | On 24th Apr 2017

ColDesi launches latest direct to garment printer

ColDesi, a pioneer in the direct to garment printer business, has...

Textiles | On 24th Apr 2017

US’ textile manufacturers applaud Buy American order

US' National Council of Textile Organisations has favoured President...

Courtesy: NASA/JPL-Caltech

Textiles | On 24th Apr 2017

NASA designing advanced woven metal fabrics for space

Scientists at NASA are designing advanced woven metal fabrics for a...

Interviews View All

Jim Desai
Blaiva Fabricaa

Fashion industry likely to remain labour-intensive in coming years

Md Hanifur Rahman
Aman Group

The level of understanding the job role and organisational requirements...

Janak Dhamanwala & Sunil Dhamanwala
Jansun

Moving towards sustainability is also a social change

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
April 2017

April 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search