International floorcoverings firm Victoria PLC has shrugged off Brexit fears as UK like-for-like half year sales grow by 3.5%.
According to its latest interim results for the 26 weeks ended 1 October 2016, Victoria saw overall sales reach £153.4m, up by 45%, whilst pre-tax profits more than doubled to £8.4m, up by 115% on the same period last year.
Victoria recorded an underlying EBITDA of £20.2m, up by 60%, as well as reducing its net debt by 16% to £67.7m.
During the period, Victoria completed the acquisition of Ezi Floor on 30 September 2016 for initial cash consideration of £6.5m and deferred consideration of £6.5m.
The group said that the UK, which is about 75% of its business, continued to trade well, with Brexit having had no ‘discernible impact on demand for product’ and that the weaker Sterling had benefited the business by making its main rivals ‘product materially more expensive’.
A statement by chairman, Geoff Wilding, said: “The first half of this financial year was another successful trading period of continued growth and performance for Victoria. Despite the prognostications of the doom-sayers, Brexit has had no discernible impact on demand for our products in the UK with like-for-like revenues up 3.5%. We remain confident in achieving all of our objectives for the financial year.”
Victoria PLC has been established since 1895 and is currently based in Kidderminster, Worcestershire.