Victoria on the floor as it dives into the red after board coup
The new chairman of Victoria yesterday outlined the struggles facing the company that made the red carpet at last year's Royal Wedding, as it posted a half-year loss of £700,000.
That was reversed from a pre-tax profit of £1.7m last year and comes one month after Geoff Wilding led a boardroom coup that saw chairwoman Katherine Innes Ker kicked off the board.
Mr Wilding warned: "Victoria is facing some real challenges. The group is experiencing strong economic headwinds in each of its major markets, has a cost structure that is too high for its current level of business, limited competitive advantages, excessive debt levels in the UK, surplus production capacity in a sector with abundant surplus production capacity, and a considerable oversupply of stock in the UK."
Victoria's revenues declined by 7.8 per cent in the first half to £35.99m. The historic Midland carpets firm cuts its interim dividend from 3.5p to 2p.
Mr Wilding said: "Since our appointment on 3 October, we have begun to… address the key issues facing the business."
He warned the firm would only break even (before exceptional items) for the full year.
- 1 What happens to your body when you give up sugar?
- 2 Drugs Live cannabis trial: Hash is less harmful than any other drug, expert claims
- 3 Turkish Airlines flight TK 726 crash-lands on Nepal runway in dense fog
- 4 Have sex with your iPad thanks to the new sex toy no-one asked for
- 5 The majority of sex workers enjoy their job - why should we find that surprising?
Out-of-touch MPs ‘don’t get it’, says ex-Civil Service chief
George Clooney and Amal fail to get special treatment at New York restaurant
Cindy Crawford 'un-PhotoShopped' viral Marie Claire image was doctored, photographer claims
'A girl is more responsible for rape than a boy': The statement that shocked the world... except India
The 'sex selfie stick' lets you FaceTime the inside of a vagina
Nearly 100,000 of Britain's poorest children go hungry after parents' benefits are cut
Durham Free School: 'Creationism taught at' free school facing closure
Ukip would cut billions from Scottish budget to fund English tax cuts
End of the licence fee: BBC to back radical overhaul of how it is funded
Ukraine crisis: Top Chinese diplomat backs Putin and says West should 'abandon zero-sum mentality'
Boris Nemtsov shot dead: Outspoken Putin critic who had expressed fears for his life is killed near the Kremlin
iJobs Money & Business
£8 per hour: Recruitment Genius: This Pension Specialist was established early...
£30 - 35k + Bonus & Benefits: Guru Careers: We are seeking an Executive Assist...
£25000 - £30000 per annum + benefits: Ashdown Group: A global leader operating...
Voluntary post, reasonable expenses reimbursed: Reach Volunteering: Would you ...