Floorcoverings group Victoria expects performance for the financial year ending 28 March 2020 to be ‘broadly in line with market expectations’ despite the ongoing impact of coronavirus.
Victoria said that the issues surrounding Covid-19 have the capacity to impact companies’ earnings by interrupting supply chains, workforce sustainability, and demand.
“Together with the general loss of consumer confidence following the emergence of the virus, in some countries potential customers cannot buy flooring – even if they wish to do so – due to the closure of all non-essential retail businesses,” the group said.
Adding: “Looking ahead, given the uncertainty around both the duration and severity of government actions in the different countries in which we manufacture and distribute flooring, it is not possible at this point to provide meaningful earnings guidance for FY2021.”
Victoria reaffirmed that it is ‘well positioned’ to ‘weather this storm’, stating: “All that can be done, is being done.”
“We have a strong balance sheet, motivated and talented operational management, fully-developed contingency plans covering scenarios of varying severity and duration, and geographic diversity of end markets and manufacturing facilities.”