A well known flooring giant has seen its share price plummet in recent weeks, reaching levels not seen in nearly a decade.
As of last Friday, the company, VIctoria's shares closed down 3.8% at 85 pence, marking a staggering loss of nearly 80% in market value over the past year. Victoria's market capitalization has now fallen below £100 million, dropping to £96.9 million.
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The Worcester-based manufacturer, known for its wide range of flooring products, from carpets to ceramic tiles, typically releases its half-year report in late November. Last month, the company provided preliminary figures for the six months ending October 1, 2024. CEO Philippe Hamers reported that the flooring industry is facing its most significant downturn in 30 years, contributing to Victoria's financial struggles.
Additionally, the company's £500 million in corporate bonds, due for repayment or refinancing in under two years, have been trading at a discount on the Frankfurt Stock Exchange, although at a less severe rate than the previous year. The combination of declining stock value and the looming bond obligations presents a challenging financial outlook for Victoria as it grapples with ongoing industry-wide declines.
Source: www.thefurnishingreport.com