Expected profits at Kidderminster's Victoria Carpets take a turn for the better (From Kidderminster Shuttle)
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Expected profits at Kidderminster's Victoria Carpets take a turn for the better
A CARPET firm based in Kidderminster has announced its profits for the last financial year are likely to be better than expected.
Worcester Road-based Victoria Carpets has said in a statement profits before tax and exceptional items will be ahead of market expectations for the year to March 29,2014. The numbers have been boosted by the firm's takeover of the Globesign in December last year.
The statement said: "Globesign's turnover for their 12 months to March 1, 2014, was £18.7 million and their estimated profit before tax, based on unaudited management accounts for that period was £4.5 million.
"However, these are extracts of the Globesign group's performance for the 13 months to March 29, 2014, of which the Victoria group's share will be from December 13, 2013, only."
Victoria Carpets executive chairman Geoff Wilding, who has been at the helm since the end of 2012, had previously described the group's performance during the 2013/14 financial year as "satisfactory" when, last November, he announced the firm was back in the black.
Mr Wilding has been steering the group through a recover after chiefs reported a £3.5 million loss for the 2012/13 financial year, blaming the firm's previous board.
Earlier this year, bosses announced they had made a "long-term commitment" to Kidderminster after selling its Worcester Road manufacturing facility for £5.8 million and leasing it back over a 20-year term at an initial rent of £495,000.
Non-executive director Alexander Anton told The Shuttle last month the move was "good news for jobs and good news for the firm".
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