Victoria PLC (LSE:VCP) provided shareholders with an update ahead of its Annual General Meeting, reporting the completion of operational changes in Spain and Turkey alongside progress on refinancing its 2028 bonds and preferred equity.
The flooring manufacturer said productivity upgrades have been completed at its V4 ceramics line in Spain. Victoria has also finished relocating Balta’s rug weaving equipment from Belgium to Turkey.
According to the company, these measures are expected to increase efficiency, output and EBITDA during the remainder of the year and contribute to performance in FY28.
Victoria said its U.K. business remains robust and has no credit exposure to Headlam plc, which has indicated plans to appoint administrators. Management said developments at Headlam could create market opportunities for Victoria.
Elsewhere, the company reported volatile trading conditions across its other markets. Rising energy, diesel and other input costs have led the group to introduce additional measures intended to mitigate their effect on margins and cash generation.
Victoria also reported progress with the proposed refinancing of its 2028 bonds and preferred equity. Completion remains targeted for the fourth quarter, with documentation expected to be available in mid-September.
Executive Chairman Geoff Wilding said the group has made an encouraging start to the year driven by increased management focus and actions.
More about Victoria PLC
Victoria PLC is an international flooring designer, manufacturer and distributor headquartered in Worcester, U.K. Its products include carpet, underlay, ceramic tiles, luxury vinyl tile, artificial grass and flooring accessories.
The AIM-listed company has operations across Europe, the U.S. and Australia and employs approximately 5,000 people across more than 30 sites.
Victoria’s stated strategy includes acquisitions and organic growth, with a focus on increasing earnings and cash flow per share.
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