Carpet maker Victoria is struggling against tough economic headwinds in both the UK and Australia and saw shares fall on Tuesday morning despite posting growth in both revenues and profits.
Turnover for the year ending March 31st was £77.13m up 9.4% on the prior year.
Before exceptional items, pre-tax profits were up 14.7% at £2.21m. After exceptionals, pre-tax profits were £1.55m, down 19.6% on 2010/2011.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The exceptionals amounted to £0.66m spent on restructuring the Irish business and a formal sales process earlier in 2012.
Despite offering a total dividend of 10.5p per share, up 16.7% on 2011, Victoria shares were down 4.4% at 10:44.
The Chairman, Katherine Innes Ker said: "As the new financial year progresses, the benefits of ..investment in ..new products, together with cost reductions and targeted improvements in working capital, should see stronger sales and profit growth in the second half of 2013."
BS
-
Nationwide: House prices unexpectedly dropped in AugustHouse prices fell by 0.1% in August in a surprise drop, according to Nationwide, as “affordability remains stretched”
-
Premium Bonds winners announced – did you scoop the September jackpot?NS&I has announced the winners for September’s Premium Bonds prize draw, with two lucky savers becoming overnight millionaires. Did you win this month?
