Victoria plans expansion in the UK and abroad

Geoff Wilding, executive chairman of Victoria

The firm, which has a manufacturing site in Cleckheaton, West Yorkshire, said there is a huge opportunity to expand within the UK and overseas, through both acquisitions and organic growth.

The group said pre-tax profits rose 102 per cent to £18.8m in the year to April 1. Like-for-like sales rose 4.6 per cent,

Geoff Wilding, executive chairman of Victoria, said: "We've had a good underlying performance. We have a very broad customer base and we serve 3,000 customers."

The group said it has seen no impact from Brexit or the recent General Election and it is on the hunt for further acquisitions.

It made four earnings enhancing acquisitions over the year, bringing in new products and geographies. It said that all four acquisitions are now fully integrated and are trading well.

"We bought businesses in artificial grass, which is manufactured in the same way as carpets," said Mr Wilding.

"It's a small but fast growing area. Our businesses focus on leisure space, either for gardens or green areas outside offices.

"Unless you got down on your hands and knees you might not know it wasn't real grass."

The group has operations in the UK and Australia and is now looking to expand into Western Europe.

“There is a huge opportunity for Victoria to expand within the UK and overseas, via both acquisitions and organic growth," said Mr Wilding.

"However, we remain focused on increasing earnings per share and generating free cash flow and will not pursue growth for growth’s sake alone.

“2018 will be another positive year for Victoria as we have widened our market exposure, both geographically and by product range and our recent internal reorganisation will provide further revenue and margin growth."

Analyst Roger Tejwani at FinnCap said: "Management has a track record of exceeding expectations, and 2017 has continued this trend.

"We raise our 2018 and 2019 adjusted pre-tax profit and earnings per share forecasts by 5 per cent respectively, and see scope for further upgrades as the manufacturing and logistics restructuring plan gains momentum."