Victoria reports record revenue ahead of delayed results

15th Aug 2023 10:25

(Sharecast News) - Flooring specialist Victoria announced on Tuesday that its auditors had sought additional time for the completion of their final audit procedures, as it revealed some key numbers from its preliminary full-year results.

The AIM-traded firm reported a 10th consecutive year of both revenue and underlying profit growth, on the back of an unprecedented volume of flooring sales.

It said that, for the first time in its history, it sold more than 200 million square metres of flooring, resulting in record-breaking revenues of £1.46bn.

Victoria said its strategy for the 2023 financial year was heavily geared towards enhancing its operational efficiency, as it emphasised the successful integration of its latest acquisitions. "With all major integration projects in their final stages, we expect the 2024 financial year to be a year of two halves, with stronger second-half earnings as the benefits of the reorganisation are experienced," said executive chairman Geoff Wilding.

"Completion of the projects is also expected to result in Victoria's free cash flow increasing sharply from the second half of 2024, with management focussed on returning to our long-run average cash conversion of EBITDA to net free cash flow of 55%.

"Further ahead, 2025 will see the full benefit of the successful acquisitions' integration with an expected uplift in margins driving an additional increase in earnings and free cash flow."

At 1206 BST, shares in Victoria were down 7.62% at 594p.

Reporting by Josh White for Sharecast.com.