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Victoria (VCP) investor relations material
Victoria H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary25 Jul, 2025
Executive summary
FY 2025 saw subdued demand, with revenue just over £1.1 billion, in line with guidance, and a focus on cost savings to offset market weakness.
Demand remained 15–25% below 2019 levels across geographies, but £32 million in cost savings were delivered, with an additional £70 million targeted over the next 18 months.
H2 EBITDA rose over 25% versus H1 on flat revenues, with Q4 being the strongest period of the year.
Successful refinancing of 2026 bonds with new 2029 notes removed near-term refinancing risk, increased liquidity, and secured over 90% noteholder support.
Board confident in medium-term recovery as market conditions show tentative stabilization, especially in the UK and southern Europe.
Financial highlights
Revenue for FY 2025 was £1,115.2 million, down from £1,226.4 million year-over-year.
EBITDA for FY 2025 was £113.7 million; net debt increased by £57.9 million to £897.9 million.
Pre-tax loss for the year was £11.5 million, compared to a £31.1 million profit in the prior year.
Cash exceptional items were under £17 million; non-cash impairment charges totaled £186 million, mainly in Belgian rugs, Spanish ceramics, and US distribution.
Net free cash flow per share dropped to £0.40 from £0.95 year-over-year.
Outlook and guidance
Market conditions remain at trough levels but show tentative signs of stabilization, especially in the UK and southern Europe.
FY 2026 expected to benefit from £20 million in cost savings, with a further £50 million by end of FY 2027.
Management expects a return to mid-teens EBITDA margin post-savings, before any cyclical or volume recovery.
H2 FY 2026 margins expected to improve as cost savings flow through.
Q1 volumes remain behind FY 2025, but average selling prices are higher and trends are improving.
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H1 20261 Dec, 2025
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Frequently asked questions
Victoria Plc designs, manufactures, and distributes flooring products including carpets, tiles, underlays, and luxury vinyl flooring. The company serves residential and commercial markets across Europe, the United Kingdom, and Australia through a network of distributors and retailers. The company is headquartered in Kidderminster, United Kingdom, and its shares are listed on the LSE.
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