Victoria Plc - comment

Victoria Plc issued a trading update for the year ending March 2025, confirming revenue to be at least £1.11bn and that EBITDA margins will broadly align with market expectations. The Company usually publishes its full results in June/July, but a date has not been confirmed. Victoria issued similar guidance in early January, but trading is not investors' main concern. It provided limited guidance on its refinancing options, stating only that discussions are well advanced and continue to progress positively. 

We remain concerned about Victoria’s US business. The Company is correct in stating that it is less than 20% of the Group’s activities, but Victoria can not afford any business segment to underperform. Victoria notes that the US flooring industry does not have the domestic production capacity to meet demand, so imports will continue to be required.