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Flooring retailer Victoria reported a 20% rise in first-half profit as sales jumped and restructuring costs fell.
Pre-tax profit for the six months through September rose to £5.5m, up from £4.6m on-year
Revenue rose 16% to £315.9m, though underlying profit fell 2% to £27.5m, reflecting increased interest costs from a recent bond issue and additional borrowings following the acquisition of Saloni in August 2018.
The company did not declare an interim dividend.
'Victoria has delivered both revenue growth and margin growth in the first half of our 2020 financial year, in challenging market conditions,' executive chairman Geoff Wilding said.'
'Alongside these organic-led gains, we also made a small acquisition in Spain, which, following completion of its integration in the first quarter of next year, is expected to contribute meaningful earnings to Victoria due to operational synergies that will result from the integration.'
'We were also pleased to successfully complete our bond issue in July, as this provides the group with secure, long-term financing to support our continued organic and acquisition-based growth.'
At 9:39am: (LON:VCP) Victoria PLC share price was -20p at 400p