Victorian Plumbing grows group revenue by 11% to £344m
Victorian Plumbing has increased its group revenue by 11% to £344 million in the year to 30 September.
The bathroom retailer said the growth was mainly driven by a 13% increase in total orders, which was partly offset by a 5% reduction in average order value.
Subscribe to TRBTiles and flooring revenue growth was particularly strong with a 76% uplift to £31 million.
The group was also boosted by £7 million of revenue generated by its recently acquired haulage business, Sovereign Transport Services, and £3 million from its MFI furniture and homeware brand,
Victorian Plumbing is now expecting group adjusted pre-tax profit for the year to increase slightly to £22 million from £21.8 million a year earlier.
This comprises £26 million profit at Victorian Plumbing and a £4 million loss at MFI follwoing the group’s investment in establishing MFI in the UK homewares market.
Stephnie Judge, chief executive of Victorian Plumbing, said: “The strong momentum we delivered in the first half continued throughout the rest of the year, with the group achieving record revenue, maintaining double digit growth and further strengthening our position as the UK’s leading bathroom retailer.
“We were particularly pleased by strong growth in tiles and flooring, demonstrating the strength of our category expansion strategy. As we diversify into new revenue streams, MFI has delivered a successful first full year of trading, giving us growing confidence in the scale of the opportunity ahead. An expanding product range and strong customer engagement continue to support momentum in the proposition.
“Our investment in infrastructure continues to deliver tangible benefits, with our distribution centre driving operational efficiencies and providing a platform for future growth across the group.
“With continued momentum in the business, a market-leading position, strong balance sheet and highly cash generative business model, we remain confident in our ability to deliver sustainable long-term growth and create further value for shareholders.”
