Victoria Carpets, the Kidderminster-based carpet manufacturer, says that revenues have recovered strongly following the ending of lockdowns.
The company reported revenues of £163,621 million, marginally up on last year (£163,566 million).
Geoff Wilding, Executive Chairman of Victoria PLC, said: “Victoria continued to grow both organically and by acquisition in 2020, despite the significant impact of Covid-19 on the business from late-February, which turned what would have been a very good year into a good year.”
The company said that 2020 was the seventh consecutive record year for Victoria. It achieved like-for-like organic revenue growth of four per cent across the Group, despite double-digit revenue declines in March due to Covid-19 restrictions.
Victoria is the largest manufacturer of carpet in the UK and the second largest in Australia, as well as the largest manufacturer of underlay in both countries.
Geoff added: “Revenues, underlying earnings, and operating margins, all continued to grow despite the challenging market conditions.
“Importantly, the Group’s operational managers have executed flawlessly on their recovery plan following the ending of the various lockdowns and I am delighted to confirm that current revenues are running ahead of our pre-Covid-19 budget for FY2021.
“Apart from organic growth and margin expansion from operational synergies, both of which we expect to continue over the next 12 months, there remains an enormous market opportunity for Victoria to expand both in the UK and internationally by acquisition. Events of the last few months have caused some company owners to reassess their priorities and some material acquisitions may become possible over the next few months at very attractive prices. Whilst cautious, given the current economic environment, we remain focused on increasing both earnings and free cash flow per share.”