Victoria H1 profit shrinks

9th Nov 2009 08:15

Carpet and floor coverings maker Victoria posted a decline in half year profit but remains confident it will continue to weather the economic conditions. Pre-tax profit fell to £0.20m for the six months ended 3 October 2009 from £1.28m before. Revenue fell to £30.17m from £32.71m previously."The board remains confident that the group will continue to weather the economic conditions well, and despite ongoing uncertain times, we hope to see an improved performance in the seasonally stronger second half of this financial year," said chairman Alexander Anton.The group has been strongly cash generative, enabling net debt to be significantly reduced by £1.96m to £9.47m. Net gearing is 21.4% at the half-year point. An interim dividend payment of 2.60p has been offered, compared with 4p last time.