Victoria PLC (VCP) – Carpet boys find domestic success as 3 month underlying UK sales up 7.2%.
Victoria, the international manufacturer and distributor of carpets and floor coverings, has issued an encouraging Interim Management Statement covering the period from 1 April 2012. With the Group currently trading at under a half of tangible NAV, the shares look appealing!
The group’s UK business has remained robust with any weakness seen in the residential sector sales being offset by good performance in both the contract and export markets. In addition,, the group has seen sales to the John Lewis Partnership and Insurance replacement market ahead of the comparable period. Within the Australasian trading region, Victoria has seen the significant downturn experienced in Q1 2012 now level off. However, the impact of this has been realised, with revenues in Australia down 10.9% on the strong comparable period for 2011. Furthermore, Victoria have launched a new programme of Stainmaster EverSoft solution dyed…