Full year results confirmed Victory's continued progress towards profitability. In the 12 months to March the Richard Branson-established cosmetics and clothing supplier reported a £6.6m pre-tax loss - 67.5% better than last year - as group sales surged 29% to £41.3m. Even more promising was the fact that at the interim stage pre-tax losses stood at £6.8m (although the second half admittedly contained the Christmas period). The turnaround in Victory's fortunes was sparked by last year's decision to abandon wholesale clothing and concentrate instead on cosmetics and clothing licensing. Cosmetics now account for around three quarters of Victory's sales and, in typical Branson-style, 'treatment rooms' and retail outlets have been introduced into several of Virgin stable-mate, Virgin Active's, fitness centres. With like-for-likes in all departments between 12% and 36% ahead of last year after just 16 weeks, profitability is expected by year-end.

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