London · Delayed Price · Currency is GBP · Price in GBX Victoria Earnings Call Transcripts
Fiscal Year 2026
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Revenue and EBITDA declined in FY 2026 due to lower volumes and macro headwinds, but Q1 FY 2027 showed strong recovery with volume and revenue growth. Major refinancing reduced net debt and extended maturities, while operational improvements and asset sales are expected to drive further gains.
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Revenue fell 7% year-over-year due to lower volumes, but EBITDA rose to £53.5 million with improved margins. Major cost-saving and restructuring initiatives are underway, including the Balta move to Turkey and the V4 tile project, supporting future earnings growth.
Fiscal Year 2025
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FY 2025 saw subdued demand and flat revenues, but EBITDA improved in H2 due to cost savings. Successful refinancing extended debt maturities and increased liquidity, while £70 million in additional savings are targeted over 18 months. Market conditions are stabilizing, with margin recovery expected.
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Demand remained subdued but stable, with revenue down 9% and EBITDA margin at 8.8%. Cost-saving and asset sales, including the Graniser disposal, improved liquidity and reduced leverage, while management targets GBP 32 million in annualized savings by FY 2026.