Victoria’s half year trading update points to improving revenue trends (1Q -11%, 2Q -2%) and continued strong progress delivering targeted cost savings. As such 1H sales are anticipated to be c.7% lower YoY but with EBITDA up 6% to £53m, a 10% margin (+250bps underlying). The board continues to expect YoY year-on-year revenue growth to improve in 2H albeit flags some potential risks with softer US consumer confidence, political uncertainty in France, FX headwinds and uncertainty around the upcoming UK budget. We will review our numbers in due course but expect mid-single digit downgrades to FY26 sales & EBITDA.
