Victoria sees FY pre-tax profit 'comfortably ahead' of consensus

Flooring manufacturer and distributor Victoria said on Tuesday that its underlying pre-tax profit for the year ending 1 April is anticipated to be "comfortably ahead" of current consensus market expectations as it benefits from acquisitions.

The group said its performance has been underpinned by operational synergies following the integration of recent acquisitions in the UK and Australia, which have continued to positively impact gross profit margins and overheads throughout the current financial year.

Further improvements are expected in the coming financial year as the group benefits from the expertise and input of new chief executive Philippe Hamers, who took on the role in March.

"Victoria remains focused on its strategy to create wealth for shareholders. Ongoing operational improvements are expected to continue to deliver very good organic earnings growth over the coming 12 months.

"Additionally, Victoria has invested a significant amount of time and energy during the past year identifying further suitable acquisition opportunities within Victoria's existing markets and, importantly, Europe."

The company said its banks continue to be supportive and there remains considerable headroom in existing facilities.

"The board is confident it will deliver another year of significant, earnings-accretive acquisition growth in addition to underlying organic growth."

At 1005 BST, the shares were up 4.3% to 474.40p.