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Victoria Carpets director optimistic despite pre-tax loss
A NEW director at Kidderminster’s Victoria Carpets says he is confident the business will get “back on its feet” after posting disappointing half-year results.
Group revenue at the Worcester Road-based company slumped to £35.99 million during the 26-week period to September 29, 2012, from £39.02 million in the same period in 2011.
Victoria also recorded a pre-tax loss of £1.53 million compared with a £1.27 million profit this time last year. Net debt at the half year rose from £7.75 million in April, 2012, to £8.35 million.
The results came after bosses admitted the best the firm could hope for this financial year was to break even. Non-executive director Alexander Anton said, however, he was confident Victoria was now on the right track.
“We are up against it in terms of the economic situation but very encouraged by the hard work the staff are showing,” he added. “We are pleasantly surprised to find there is so much enthusiasm for getting the business back on its feet.
“Our strategy is about being smarter. The business was growing the top line and hoping the bottom line would follow but year after year that was not working.
“We are looking at every aspect of the business, whether its a better way of making carpet or taking out unnecessary costs.
“For example, we have chosen not to publish our half-year results in a glossy magazine because that was costing a ridiculous amount of money. It is early days to make predictions. We do not think we will see any impact in this year’s results but hope to see some in 2013/14.
“We hope this will be good news for Kidderminster and thank everyone at Worcester Road for working with us.”
Mr Anton was voted on to Victoria’s board along with Andrew Harrison at an emergency general meeting in October, when Geoff Wilding replaced Katherine Innes Ker as chairman.
The new board will hold a general meeting with shareholders on Monday, December 17.