Victoria PLC (AIM: VCP) – results illustrate year of change, focus on the cash!
The acquisitive carpet manufacturer announced interim results for the 27 weeks ending 3rd October 2015 ahead of estimates, although the materiality of adjustments means little can be gauged from these. We have commented previously about the growing debt load and it was nice to see some new equity raised to support the last acquisition. We sense the next 12 months could bring yet more acquisitions!
It has indeed been a transformational last few years with 5 acquisitions and a trebling of sales.
First half revenues increased 164.5% to £105.61m, EBITDA increased 116% to £9.02m and pre-tax earnings (before plenty of exceptional costs) rose 129% to £5.89m (2014:£2.57m). The reported profit for the period was only £188k, after £2.2m of exceptional items, £1.3m of finance costs and £1.7m loss on discontinued operations.
Looking…
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