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Victoria forecasts modest rise in adjusted earnings
StockMarketWire.com
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Flooring manufacturer Victoria said it expected to post a modest rise in annual adjusted earnings on the back of a boost in sales.
Adjusted earnings before interest, tax, depreciation and amortisation for the year to 3 April was seen rising to 'in excess of' £120 million, compared to £118.1 million year-on-year.
Revenue was expected to increase to in excess of £640 million, up from £621.5 million.
Victoria said the rise in sales came despite the impact of lockdowns in April and May, which stripped it of £50 million in revenue compared to the previous year.
'The board is pleased to announce that, in spite of the on-going Covid-19 related challenges in our markets, the group has achieved record results for the 2021 financial year, reflecting the resilience of the commercial and operational performance of the business,' Victoria said.
The company said the trading outlook for the current financial year was 'very encouraging' in terms of both revenue and margins.
'However, it clearly remains difficult to forecast accurately given the ongoing impact of, and uncertainty caused by, government actions in response to Covid-19 and therefore we will continue to keep re-instatement of formal earnings guidance under review and will comment further as soon as we feel it is prudent to do so,' it added.
Story provided by StockMarketWire.com
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