Royal red carpet maker Victoria has racked up a £19million loss as demand hits its lowest since 2008.
The company, which dates back to 1895 and holds a Royal Warrant, booked a £19.2million loss for the six months to the end of September, having made profits of £53.1million in the same period a year earlier.
It blamed high input costs and subdued demand as sales fell 16.6 per cent to £643.4million.
Losses: Victoria supplied carpet for the wedding of Prince William to Kate Middleton
‘Across the globe, demand for flooring has been at levels not seen since the 2008 financial crisis,’ it said, adding that war has hit exports to Israel.
Shares crashed 17.1 per cent, or 51.5p, to 250.5p, the lowest since mid-2020.
In September, auditors Grant Thornton said there were ‘risk factors of fraud’ as well as ‘potential irregularities’ regarding certain transactions at subsidiary Hanover Flooring.
Victoria said ‘the board immediately moved to comprehensively address’ issues.
Under its Victoria Carpets brand, it has worked for the Royals for years, supplying the carpet used for the wedding of Prince William to Kate Middleton in 2011.