Victoria Carpeting, which supplied the red carpet for William and Kate’s Royal Wedding, sees shares dip by 15%
- Victoria Carpeting said full-year profits are set to come in at £57 million this year
- That is up from £40.8 million last year but lower than the £67 million expected
- The firm was granted a Royal Warrant in 2013 and is also a supplier to John Lewis
Victoria Carpeting supplied the red carpet for the Royal Wedding of William and Kate
Shares in the carpet company that supplies the Royal households fell nearly 15 per cent after it warned profits will be lower than previously thought.
Victoria Carpeting, which supplied the red carpet for the Royal Wedding of Prince William and Kate Middleton in 2011, said full-year profits are set to come in at £57 million this year.
That is up from £40.8 million last year but far lower than the £67 million expected in the City. The announcement sent shares down 14.9 per cent, or 64.5p, to 367.5p.
The firm was granted a Royal Warrant in 2013 and is also a major supplier to John Lewis.
It has angered investors with a strategy which has seen it slash prices to grab a bigger slice of the market, putting pressure on profits.
Amid a growing shift among consumers to put hard flooring instead of carpeting in their homes, Victoria splashed out £86 million on ceramic and porcelain tile maker Ceramica Saloni last year.
Victoria said it also hopes to strike financing deals with its lenders, and will update shareholders in the coming months.
In a statement to the stock market yesterday, Victoria admitted that the changes would attract ‘understandable scrutiny’ from shareholders.