Flooring manufacturer Victoria plc saw shares rise nearly 3 percent at market open, after confirming that revenue and profit are likely to be ahead of market expectations for the fifth year running.

The Group’s reported strong like-for-like growth, gains in market share alongisde operational synergies, including the previously announced rationalisation of the UK manufacturing facilities, which has positively impacted gross profit margin and reduced overheads since being implemented during the financial year.

It added that the trading performance of the two ceramics businesses acquired in late 2017 has also been “encouraging and consistent with expectations”.

Geoff Wilding, Executive Chairman, commented:

“We are now seeing the clear benefits of our strategy to develop a broadly based, resilient flooring business, where operational and manufacturing synergies lower costs, whilst also providing a robust platform for organic and acquisitive growth. This is in no small part due to the excellence of our wider senior management teams who continue to drive the business and create opportunities to grow market share while maintaining margins.

“The Board is encouraged by 2018 trading to date. Together with progress on ongoing internal initiatives to deliver synergies and revenue growth, and the very attractive acquisition prospects already identified, the Board is confident it will deliver another year of significant, earnings-accretive growth in the 2018/19 financial year”, he concluded.

Shares in Victoria plc (LON:VCP) are currently trading up 2.70 percent at 762.00 (0907GMT).