Victoria Group has seen its Italian ceramic tile operation reach the €100m turnover mark for the first time.
Victoria bought Ceramiche Serra in December 2017 for up to €56.5m, added another production line and to keep up with demand paid £9.9m for a nearby factory in February 2020.
At the time of the 2017 deal sales were €28m.
‘Growth has accelerated over the last 12 months with new significant customers and new markets – mainly in Eastern Europe and North America – being secured (nearly 100% of output is exported globally). As a result, on Friday 26 March, the business reached a remarkable milestone – invoicing €100m of sales for the year since 30 March 2020,’ says the group.
‘Organic growth has again filled capacity and some production is once more being outsourced. Consequently, Victoria is now actively seeking to efficiently add further capacity to enable this production to be insourced to improve margins further as we are confident of additional growth in 2021/22.’
