Flooring manufacturer Victoria PLC has said that current trading is ‘in line with expectations’.
In its latest trading update, the group said revenue, earnings, and cash flow are all in line with consensus market expectations.
“Through a combination of continual improvements to customer service, product engineering, hedging of critical input costs, carefully negotiated supply agreements, and – where necessary – price increases, the management team continues to successfully navigate the current challenging macroeconomic environment,” Victoria said.
The group has been steadily repurchasing its own shares over the last month. These share purchases should not be seen as the start of a formal and regular programme to return capital to shareholders, but the Board believes current share price levels are materially below the intrinsic value of the Group, and these opportunistic purchases serve Victoria’s mission to create wealth for shareholders.
Geoff Wilding, Executive Chairman of Victoria PLC commented: “The Board remains mindful of the macroeconomic headwinds across the globe and, whilst we benefit from the inherent resilience of the business, numerous actions are being taken to mitigate their impact. Alongside this, operational management continue to be laser-focused on integration of recent acquisitions and execution of detailed synergy plans that will drive higher productivity, lower costs, and better customer service.”