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Victoria: tough times but cash coming through and asset support
Posted 09/11/09
There were reassuring results from carpet maker Victoria, although times are clearly very tough in the world of carpets.
While revenue declined by 7.8% in the first half from £32.71m and in constant currency terms, by 11.6%, the Group continued to be highly cash generative. Net debt reduced significantly by £1.96m to £9.47m, with net gearing 21.4% at the half-year compared to 26.0% at the year end. Operating profit £522m resulted in operating cash inflow of £3.5m.
Group operating profit fell by 68.2% from £1.64 million to £0.52 million and pre-tax profit was down by 84.3% from £1.28 million to £0.20 million.
The Group’s Australian and UK operations were both profitable but the Irish operation recorded a trading loss.
The interim dividend was reduced to 2.60p per share.
Net assets at 3rd October were £34.7m of which Property, Plant & equipment represented £27.1m. The current market capitalisation is only £14.3m at the share price of 206p so seemingly some decent value!
This entry was posted 2 years, 3 months ago and was filed under Victoria.
