Victoria PLC (AIM:VCP) delivered a resilient H1 investor update, highlighting disciplined cost control, EBITDA improvement and ongoing actions to strengthen margins despite persistent macro pressure on consumer discretionary spending and flooring volumes that remain 20 to 25 percent below trend. Revenue declined approximately 7 percent, driven by lower volumes, while group EBITDA increased to £53.5 million and margins expanded to 10.1 percent, supported by SG&A efficiencies, pricing and mix benefits and proactive bottom slicing of lower margin ceramic and flooring lines. Management reiterated its growth strategy centered on operating discipline, deleveraging and cash generation, with net debt of just over £1 billion following more than £700 million of refinancing that pushed the next material maturity to 2028. The company flagged near term inefficiencies linked to Belgium rugs consolidation but confirmed that the relocation to Turkey, alongside the €31 million V4 ceramics manufacturing investment in Spain, will underpin material EBITDA uplift through FY 27. Divisional commentary referenced market share gains and premium brand momentum in UK carpets, progress in underlay and logistics through Alliance, expanding hard flooring ranges, targeted portfolio rationalisation in ceramics, stable performance in Australia and a margin led approach in North America. Updated guidance included reduced annual capex of £50 million to £55 million, £40 million of working capital improvements, additional property disposals and a pipeline of manufacturing, procurement and integration savings expected to contribute more than £50 million across FY 27 and FY 28. Management emphasised its investor focused priorities around order book quality, free cash flow, credit rating restoration and long term margin expansion, positioning the group to benefit as housing and renovation activity normalises.