AGM Statement
Victoria PLC announced that it successfully refinanced its 2026 senior debt last month on favorable terms. The company's trading conditions align with the FY2025 results announcement made in July. Management is focused on self-help initiatives that are expected to deliver £70 million in annual EBITDA improvements compared to FY2025. The company aims to generate cash to reduce debt and improve its credit rating. The board remains confident in the medium-term recovery of volume and pricing across its end-markets.
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Victoria PLC (LSE: VCP), the international designer, manufacturer and distributor of innovative flooring, provides an update to shareholders ahead of its Annual General Meeting ('AGM') to be held today at the offices of Brown Rudnick LLP, 8 Clifford Street, London, W1S 2LQ at 12.00 pm BST.
The Board was pleased to complete the refinancing of the Company's 2026 senior debt maturities last month on attractive terms. Trading conditions continue to be in line with those highlighted at the time of the FY2025 results announcement in July, and the Board remains confident in the medium-term recovery of both volume and pricing across its end-markets. Management's immediate focus remains on delivering self-help initiatives outlined at the recent full year results (which once complete are expected to deliver £70m annual EBITDA improvements vs FY2025), generating cash to deleverage, and rebuilding the Company's credit rating.
Executive Chairman Geoff Wilding commented: "The refinancing was an important step following a challenging macro-environment over the previous two years, and provides the flexibility to drive significant operating improvements across the business to take full advantage of the next cycle as it emerges."
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