Victoria Plc - comment

Ahead of publishing its half-year results for the period ending September 2025, Victoria has released a trading statement reaffirming its previous guidance.

Key takeaways indicate that the company continues to strengthen its cost base, with margin improvement driven by its completed “self-help initiatives,” which are expected to deliver savings exceeding the £20 million target. However, revenue remains under pressure. For the first half, revenue declined by approximately 7%, though management highlighted an improving trend, with Q1 down 11% and Q2 down only 2%.

Revenue is expected to continue declining into the second half, reflecting softening consumer confidence in the United States, continued foreign exchange headwinds, and heightened uncertainty in both France and the United Kingdom due to political developments and budgetary concerns.

The statement did not provide any update on the unsuccessful attempt to address the 2028 Senior Secured Notes. Given the backdrop of a weakening topline, these refinancing discussions are unlikely to become any easier.