- Flooring retailer Victoria posted a deeper annual loss after it wrote down the value of its assets by £50m to reflect the impact of the Covid-19 crisis.

Pre-tax losses for the year through 28 March amounted to £64.0m, compared to losses of £3.7m on-year.

Underlying profit, which excluded the writedown, fell 12% to £50.7m, even as revenue rose 9.7% to £621.5m.

In the current financial year, Victoria said trading had continued to be strong since June, with order flow increasing in the UK.

'Based on feedback from our retailers, it is the board's view that whilst some of the revenue growth may be due to pent up demand, much of the increase comes from a renewed focus by consumers on renovating their homes following the lockdown,' Victoria said.

'This influence may last for an extended period.'

Monthly revenue in the three months through June had increased from £20.2m in April, to £36.4m in May, then to £61.4m in June.

At 9:36am: [LON:VCP] Victoria PLC share price was +7.5p at 265p

Story provided by