Victoria (#VCP) – consumers continuing to invest in homes & commercial demand returning

Victoria (#VCP) – trading update, “double-digit percentage increases over 2019”

Victoria (#VCP) – emphasises positive FY & “very encouraging” trading outlook

Victoria (#VCP) – €500m senior secured notes due 2026 priced at 3.625% interest rate

Victoria (#VCP) – emphasises “continued strong operating performance”, proposed €350m notes offering

Victoria (#VCP) – Q3 revenue up more than 10% on prior year, North America executive hire

Victoria (#VCP) – Q2 revenue +28% on last year, notes increased investment by consumers in home decorating

Victoria (#VCP) – revenues “steadily increased and over the last three weeks were approximately 85% of management's pre-Covid-19 budget”

Victoria (#VCP) – intends to offer €170m of senior secured notes to repay outstanding senior bank debt

Victoria (#VCP) – H1 adj. EPS -7%, “expects the full year result to be in line with market expectations”

October performance update: start of 2019 shorted AIM shares

Early this year we showed the Shorted AIM shares at the start of 2019. How's the performance at the end of October? (those in bold remain from 2018)...

Victoria (#VCP) – “pleased” with growth & confident of meeting FY expectations

Victoria (#VCP) – acquisition of Ibero Ceramica for up to “less than 5x EBITDA for the 12 months prior to completion”

Victoria (#VCP) – confirms evaluating potential acquisition of Spanish ceramics manufacturer Ibero Porcelānico, though also “a number of opportunities”

Victoria plc – “Results To Meet Expectations”… Or Not?...

A “FY Trading Update: Results To Meet Expectations” announcement commencing “Victoria PLC (LSE: VCP) the international designers, manufacturers and distributors of innovative floorcoverings is pleased to provide the following trading update”. At the company’s prior year-end, the shares were well above 700p and it was “confident it will deliver another year of significant, earnings-accretive growth in the 2018/19 financial year”, with also “geographic and product diversification, coupled with the low operational gearing inherent in the business, reduces the group's overall operational risk”… The shares are now below 550p. Hmmm…

Victoria (#VCP) – FY expected to meet - previously reduced - expectations, argues strategy delivering

Victoria – argues positive, but how ‘temporary’ can raw material price increase absorption & lower margin product focus really be?

Floorcoverings company Victoria (VCP) has updated including “introduction of lower margin, volume products” and “temporarily absorbed, rather than passed on, substantial increases in underlay raw material prices”, though argues “the board looks forward to a successful 2020 financial year”. Hmmm…

Victoria (#VCP) – lower margins, argues short-term with recent actions taken

Table of shorted AIM shares - week to 30/11/2018

From the FCA's spreadsheet of short positions required to be disclosed to it, the following shows the shorted AIM shares with positions from 2017 and thus far in 2018 (by net short position %) - and if this position has increased (red), reduced (green) or remained unchanged (black) since last week...

Victoria - update on bond fiasco, remains a sell

It will be interesting to see how Geoff Wilding, Executive Chairman at Victoria plc (VCP), responds to what is his first real hiccup since he took the helm five years ago, growing the company exponentially with a string of acquisitions that have been welcomed by the market and seen himself and his shareholders richly rewarded...