Victoria PLC, a U.K.-based flooring products maker, announced on Tuesday that it anticipates reporting record revenue and underlying earnings for fiscal 2023. This positive outlook comes as the company nears completion of major integration projects.
Strong Financial Performance
For the year ended April 1, Victoria PLC projects underlying revenue of £1.46 billion, up from £1.02 billion in the same period last year. Furthermore, the company expects underlying earnings before interest, taxes, depreciation and amortization to reach £196.0 million, compared to £162.8 million previously. Additionally, Victoria PLC foresees underlying free cash flow improving to £71.3 million, a significant increase from £34.2 million.
Future Growth Prospects
Chairman Geoff Wilding expressed optimism about the future, stating that FY 2024 is expected to be a year of two halves. He explained that the company foresees stronger earnings in the second half of the year as the benefits of the reorganization take effect. Looking even further ahead to FY 2025, Wilding mentioned the anticipated full benefit of successful acquisitions’ integration. This integration is expected to lead to increased margins and drive additional growth in earnings and free cash flow.
Auditors Require Additional Time
Victoria PLC noted that the reporting of its accounts will be delayed due to a request from its auditors for extra time to complete their final procedures.