Victoria FY10 Profit Falls 25% To GBP1.1M, Maintains Dividend

15th Jun 2010 07:31

LONDON (Dow Jones)--Victoria PLC (VCP.LN), a manufacturer and distributor of carpets and floor coverings, supplying the mid to high end residential, and contract markets in the U.K. and overseas, Tuesday reported a 25% fall in fiscal 2010 pretax profit and said it is maintaining the dividend but plans to return to a progressive dividend policy as business performance and market conditions approve. MAIN FACTS: -Revenue for the year ended April 3 GBP63 million, with 63.5% coming from overseas operations, (2009: GBP62.2 million) -Operating profit GBP1.8 million (2009: GBP2.2 million) -Pretax profit GBP1.1 million (2009: GBP1.5 million) -Diluted EPS 7.87 pence (2009: 5.22 pence) -Adjusted EPS 9.04 pence -Final dividend 5.40 pence per share making 8 pence for the year (2009: 8 pence). -Operating cash flow increased by GBP4.96 million to GBP7.59 million -Borrowings reduced to GBP7.14 million from GBP11.43 million -Successful product introductions, better plant utilization and the strength of Australian Dollar contribute to a strong H2 performance in Australasia -Expects trading in the U.K. and Ireland to remain difficult with government spending cuts, unemployment and reduced take home pay, coupled with a weak housing market, likely to continue to affect consumers' discretionary spending on larger ticket items such as carpets. -Growth in the U.K. and Ireland in the short-term likely to come from product innovation and some new market initiatives -Shares on Monday closed at 217.5 pence, valuing the company at GBP15.1 million. -By Tapan Panchal, Dow Jones Newswires. Tel +44(0)207-842 9448, [email protected] (END) Dow Jones Newswires June 15, 2010 02:31 ET (06:31 GMT)