- Flooring company Victoria said it expected to post a rise in annual profit despite its strategy of prioritising market share putting pressure on margins.

The company said that for the year through March it expected to post an underlying pre-tax profit around 35-39% higher than the previous year's £40.8m.

Operating earnings were likely to come in at £95m-£97 million, up from £64.7m on-year.

'The group has continued to grow overall like-for-like revenues and gain meaningful market share by winning new retailers,' the company said.

'This growth has, as expected, come at a short-term cost with the introduction of lower margin, volume products,' it added.

'The group has also temporarily absorbed, rather than passed on, substantial increases in underlay raw material prices in recent months.'

Victoria said moves it was making to increase margins would 'materially enhance' earnings in the coming 2020 financial year.

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