Victoria PLC, the United Kingdom-based company that owns Cali and International Wholesale Tile flooring brands, reported revenue of approximately $755 million [£580 million] for the first half of 2024.

The company, facing an estimated 20-25% decrease in industry-wide demand compared to 2019 levels, has implemented a series of cost-saving initiatives to optimize operations and improve profitability as it awaits a market recovery.

"The flooring sector is experiencing the most severe and longest decline in demand in the last 30 years," said Victoria CEO Phillipe Harners in a statement. "During this period, we have focussed on optimizing productivity and reducing operational costs whilst maintaining the same potential production capacity. These actions will have a very material positive impact on earnings and cash flow as demand normalizes with the anticipated improvement in the macroeconomic environment and increase in housing transactions, a key driver of demand."

Victoria has operations in the United Kindom, Spain, Italy, Belgium, the Netherlands, Germany, Turkey, the USA, and Australia and employs approximately 6,300 people across more than 30 sites. Victoria is Europe's largest carpet manufacturer and the second largest in Australia, as well as the largest manufacturer of underlay in both regions. In addition to carpet and underlayment, the company distributes ceramic tiles, luxury vinyl tile, artificial grass and flooring accessories.