LONDON: Victoria PLC (AIM: VCP), the international flooring group, today announced audited results for the year ended 29 March 2025, with revenue and earnings broadly in line with market expectations. The company also confirmed the refinancing of its Super Senior Revolving Credit Facility (SSRCF) and 2026 Senior Secured Notes, extending maturities to 2029.
FY2025 Financial Highlights
| Metric | FY2025 | FY2024 |
| Underlying Revenue | £1,115.2m | £1,226.4m |
| Underlying EBITDA | £113.7m | £159.0m |
| Statutory Net Loss | (£239.6m) | (£95.7m) |
| Net Debt | £897.9m | £840.0m |
| EPS (Basic) | (210.26p) | (83.15p) |
Performance was impacted by macroeconomic headwinds, with demand 15–25% below 2019 levels across key markets. However, management executed a series of cost-saving initiatives, delivering £32m in savings and targeting an additional £50m by FY2027.
- EBITDA margins improved from 8.8% in H1 to 11.6% in H2, with Q4 marking the strongest quarter since Q1 2024.
- Cost-saving projects span procurement (£10m), integration (£10m), and manufacturing efficiencies (£30m).
- The refinancing package—backed by over 90% of noteholders—provides liquidity, removes short-term maturities, and avoids equity dilution.
Victoria expects a return to H2-weighted seasonality and margin uplift in FY2026, driven by internal efficiencies and tentative signs of market stabilization in the UK and Southern Europe.
Executive Chairman Geoff Wilding commented: “Our near-term priority is to continue executing internal self-help initiatives that drive margin improvements, earnings and enhance cash generation and return on capital.”