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Carpet maker Victoria scripts smart financial turnaround
01
Sep '14
Victoria PLC, a UK-based manufacturer, supplier and distributor of design-led carpets and other floor coverings reported a smart recovery in its financials in fiscal year ended March 29, 2014.

For fiscal year ended March 29, 2014, operating profit before exceptional items posted a smart turnaround to touch £2.58 million from an operating loss of £0.50 million in fiscal year 2013.

In fiscal 2014, revenues at Victoria PLC totalled £71.39 million against £70.91 million in fiscal 2013.

Profit before tax and exceptional items rose to £2.05 million in fiscal 2014 from loss of £0.96 million in its last fiscal year.

Fiscal 2014 profit before tax surged to £2.28 million from fiscal 2013 loss of £3.34 million.

Chairman Geoff Wilding attributed the significant improvement in Victoria’s financial position to its relentless day-to-day focus on costs, margins and sales growth.

The biggest reduction came in its net debt which fell massively to £1.48 million in fiscal 2014 from £7.51 million in fiscal 2013.

Earnings per share too entered positive territory in fiscal 2014 at 24.52 pence from loss per share of 39.56 pence in the previous fiscal year.

Geoff Wilding added, “We are encouraged by the outlook for our business, with the UK and Australian market showing signs of increased consumer confidence.”

Fibre2fashion News Desk - India

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