Primary Recommendations

Victoria - Bond refinance in the wings

February 2025

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 is the leading soft flooring manufacturer by volume in the UK, with a market share of >12%. It is also number two in Australia with >15% and has a c3% share of the European ceramic tile market (c8% of the mid-upper market). Like all flooring companies, the group has been having a torrid time. Since the boom years of 2022 - when it seemed like everyone was upgrading their living spaces and buying carpets, rugs and tiles, which helped the shares peak at 1200p - the flooring market has been contracting. By mid-2023, the shares were already down to 400p as consumers began to cut back on non essential spending, and Victoria issued weaker-than-expected operating guidance. Victoria has also had to contend with energy price ...

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Market Comment - February '25

Argentex - Argentex Global Platform on the runway

Victoria (January 2024)

Victoria - Stockpile of ceramic tiles built (January 2023)

Victoria (November 2022)

Victoria - Eps of 46.3p forecast for next year (August 2022)

Victoria (May 2022)

Victoria (December 2021)

Victoria - Forecasts lifted 12% (November 2021)

Victoria (August 2021)

Victoria (July 2021)

Victoria (June 2021)

Victoria (April 2021)

Victoria - Reports best ever Q3 (February 2021)

Victoria - Tremendous acquisition opportunities (December 2020)

Victoria (June 2019)

Victoria (January 2018)

Victoria (December 2017)

Victoria (September 2017)

Victoria (March 2017)

Victoria - 5-way share split (October 2016)

Victoria (August 2016)

Victoria (May 2016)

Victoria - Eps forecasts upgraded to 80.1p and 105.5p (April 2016)

Victoria - To double sales within 18 months to US$1bn (March 2016)

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.