Updates

Victoria

December 2021

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Victoria has released a strong H1 22 , with revenue showing 60% growth to £489m (with astonishing LFL of 30%) and EBITDA growing by 61% to £84.5m. Raw material inflationary pressures and energy cost increases have been offset through price rises and consequently EBITDA margins were 17.3%, up by 1.3% (down on the 22% seen in H2 21). Net debt increased to £518m.The astonishing LFLs, against a backdrop of companies like DFS and AO, which have begun reporting a slowdown in sales of sofas and white goods, might make it look like Victoria will suffer the same fate, although Chairman Geoff Wilding says there has been no slowdown. In any case, a few days after the interims, it announced the accretive acquisition of the rugs, carpets and ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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Victoria PLC is a leading designer, manufacturer and distributor of innovative flooring products. The Group has operations in the UK, Europe and Australia, employing approximately 2,600 people across more than 20 sites.