Shares of Victoria PLC (AIM:VCP), the flooring company, dropped 10% following the announcement that its auditors need additional time to finalise their procedures.
In the announcement, Victoria provided guidance which revealed it generated £1.46 billion in turnover for the 12 months ended 1 April 2023, up 43%, while underlying earnings (EBITDA) advanced by 20% to £196 million. The numbers marked the 10th consecutive year of top and bottom-line growth.
The last financial year was used to bed in acquisitions, investors were told.
Chairman Geoff Wilding added: "With all major integration projects in their final stages, we expect full-year 2024 to be a year of two halves, with stronger [second-half] earnings as the benefits of the reorganisation are experienced.
"Completion of the projects is also expected to result in Victoria's free cash flow increasing sharply from H2 FY2024, with management focussed on returning to our long-run average cash conversion of EBITDA to Net Free Cash Flow of 55%.
"Further ahead, FY2025 will see the full benefit of the successful acquisitions' integration with an expected uplift in margins driving an additional increase in earnings and free cash flow."
At 9.19 am, the stock was changing hands for 579p, down 64p.