Victorian Plumbing posts uplift in sales and profit
Victorian Plumbing has reported an uplift in full year sales and profit after focusing on its growth plans.
The year to 30 September saw the bathroom retailer increase its revenue by 6% year-on-year to £285.1 million as it grew its adjusted pre-tax profit by 29% to £20.3 million.
Meanwhile, adjusted EBITDA rose by 22% to £23.8 million.
Victorian Plumbing said profitability was driven by reduced shipping costs, favourable foreign exchange movements, and a product mix shift towards its own brand ranges.
Mark Radcliffe, founder and chief executive of Victorian Plumbing, said: “We have further strengthened our position in the market and maintained our position as the number one UK bathroom retailer.
“This has been a year of continued delivery of our growth plans. Our clearly defined strategy and unique business model have resulted in increased order volumes and resilient average order values, with customers continuing to appreciate the choice of great value products that we offer across our ranges.”
The company has also announced that it has made a positive start to its new financial year as it looks ahead to the opening of its new distribution centre in 2024.
Radcliffe said: “As a highly cash generative business with a strong balance sheet, we continue to invest in the business – across people, technology and infrastructure.
“Our new purpose-built 544,000 square feet distribution centre, once operational, will enable further growth in the core bathroom category, as well as unlocking further strategic category expansion.
“We are confident that Victorian Plumbing’s profitable growth strategy will continue to deliver long-term value to all stakeholders.”
