Carpet and flooring company Victoria has plunged to a half-year loss as a result of a bitter boardroom battle last year.
The listed company posted a pre-tax loss of £5.7 million for the six months to September 27, 2014, after being hit by exceptional items of £8.1 million.
The majority of this, £7.55 million, related to the Contract for Differences between Kidderminster-based Victoria and Camden Holdings which was terminated in July.
Camden Holdings is a company owned by The Camden Trust of which Geoff Wilding, Victoria's executive chairman, is the settlor and a discretionary beneficiary.
As a result of the termination of the contract, just over seven million new shares were issued to Camden Holdings which represented 50 per cent of the issued share capital and voting rights of the company.
The value of the contract on termination was £9 million, of which £1.6 million was accounted for in the financial period ended 29 March 2014.
Group revenue for the half year rose from £34.5 million to £40.5 million and post-period activity was boosted by the acquisition of Abingdon Flooring.
In a statement to the stock exchange today, Mr Wilding said: "Although Victoria has grown significantly in the last 12 months, the group's revenues still represents only a tiny fraction of the markets in which it trades.
"There is both potential for sales to increase in line with the market and the opportunity to grow market share.
"Payment of a special dividend in July 2014 brought the total dividends received by shareholders in the last 12 months to £3.
"Camden Holdings subsequently terminated its Contract for Differences with 100 per cent of the proceeds reinvested into the company by way of a share subscription.
"We are increasingly encouraged by market conditions. Although consumer confidence in the markets in which Victoria operates (Australia and the UK) is not high, there are signs that it is improving."
Victoria underwent its biggest change in a generation in October 2013 when the entire board was replaced at an extraordinary meeting forced by a consortium headed by Alexander Anton - the great-grandson of founder George Anton - and which also contained Mr Wilding.
The firm was the subject of a protracted battle which split the Anton family, with cousin Rupert a strong voice against the consortium.