Victoria Plc - comment

Victoria Plc released their full H1 24/25 numbers, with investors focusing firmly on the outlook.  There was no mention of negotiations with bondholders with management comments distinctly positive for the remainder of the year and beyond.   Further fixed costs have been extracted from the business, improving Victoria’s operational leverage.  The pre-release statement in October included a comment specifically on H2 performance, which was expected to align with consensus.  There is no specific mention of H2 in this release, just a broader positive outlook.  

We are examining the numbers in greater detail, focusing on the operational leverage point.  We are not convinced about the level of variable versus fixed costs and the overall operational leverage.  Call at 10 am may yield some answers.