AGM Statement

Victoria PLC
16 July 2002






Issued by Citigate Dewe Rogerson, Birmingham

Date: Tuesday 16th July 2002

                                                              Immediate Release



                                  Victoria PLC

                             Annual General Meeting




At the Annual General Meeting held today (16th July 2002), Bob Gilbert, Chairman
told shareholders:


Current Trading

'Having completed the first quarter of the new financial year, I am pleased to
report that it has started satisfactorily and the Group's performance is in line
with our expectations.


'Despite the UK market remaining subdued, our sales for the first three months
of the new financial year are 2.5% up on the same period. The new product ranges
introduced in March and April have met with an excellent reception from
retailers and with further new product introductions planned for launch in the
next few months we are confident that our UK business will continue to grow.


'Export sales from our UK operation remain difficult with still no real signs of
recovery in the hospitality and leisure markets in which we operate.


'Trade in Australia has continued to be very buoyant throughout the first three
months. However, it remains to be seen whether the recent small interest rate
increases and a reduction in first-time home buyers grants slows demand, but at
this time we remain very busy in both our carpet and yarn making divisions in
Australia.


Investment

'Construction work is well underway at our Kidderminster operation to
accommodate the new state of the art £2 million tufted backing line which is
anticipated to be fully operational in the first quarter of the calendar year
2003.










continued...

                                      -2-






'This latest environmentally friendly technology is one of the first
installations of its kind in Europe and will provide significant operational
efficiencies in our manufacturing capabilities. More importantly, we will be
able to offer our customers tufted carpets, in multi-width up to five-metres
wide which are lighter in weight, making installation easier.


'This substantial investment for the future enhances our service offering and
will keep Victoria at the forefront as one of the UK's leading manufacturers of
quality carpets.


Prospects

'Following this satisfactory start to the year and despite the challenges of the
export markets, the Board anticipate seeing a return to growth and an
improvement in profitability in the current year and I look forward to updating
shareholders at the interim stage in November.'










Enquiries:

Bob Gilbert, Non-Executive Chairman

or

Alan Bullock, Group Managing Director

Victoria PLC

Tel: [phone]


Fiona Tooley

Citigate Dewe Rogerson

Tel: [phone]



                      This information is provided by RNS
            The company news service from the London Stock Exchange