Victoria FY profit down by a quarter

15th Jun 2010 08:00

Carpets & floorcoverings firm Victoria rolled out a 25% drop in full year pre-tax profit as the global downturn reined in consumer spending.Pre-tax profit fell to £1.09m for the year ended 3 April 2010 from £1.46m the same period a year earlier. Group revenue was up a touch at £62.97m from £62.2m before. Around 63.5% of revenue came from overseas operations."The past year has been an extremely challenging one, as once again we have had to contend with unprecedented turmoil in world financial markets and a global recession that has continued to sap consumer confidence," Victoria said in a company statement.However the group remains confident about future opportunities. "The group is fortunate at this time to have a very strong presence in the Australasian market which is commodity driven and at this stage looks likely to see strong economic growth over the next decade." "The combination of well invested operations around the group, a strong balance sheet, low borrowings and strong cash flow means that the group is well positioned to create and exploit future opportunities," it added.A final dividend 5.4p has been proposed, keeping a dividend of 8.0p for the year.