Victoria plc (VCP.L), on Wednesday, issued a trading update for the year ending 30 March 2024, together with an update on the recent repurchase programme of an initial €25 million of its 2026 Senior Secured Notes and its intention to invest up to £25 million repurchasing its ordinary shares of 5 pence each, deploying some of the Group's non-operating cash flow from the sale of non-core and surplus assets.
The company stated that while there has been a general improvement in the medium-term macro-economic outlook, and key leading indicators for flooring demand are showing positive signs, current and near-term trading conditions continue to remain consistent with previous updates to shareholders. The wider market demand is experiencing a decline of about 20%.
Across Europe, where 39% of Group revenue is generated, consumer demand remains soft. In the UK (31%) and Australia (8%), subdued but stable conditions prevail, in contrast to the US (22%), where there has been a recent improvement in demand. Meanwhile, the company's earnings experience pressure from labour inflation and additional current year expenditure, which is a result of accelerating reorganization and integration projects.
Consequently, the Board expects FY24 revenue, whilst less than in FY2023, will be broadly in line with market expectations. Underlying EBITDA will also, as anticipated, be below that reported in FY23 and the Board now expects that to be about £160 million.
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