Victorian Plumbing hails milestone year
Online bathroom retailer Victorian Plumbing has grown its full year revenue by 29% to £268.8 million after the company saw a strong increase in its number of active customers and orders.
Adjusted EBITDA also rose, climbing by 53% to £40.1 million with an adjusted EBITDA margin of 15%.
However, the company’s pre-tax profit reduced by 17% to £19.7 million in the year to 30 September after £9.4 million of exceptional costs relating to the company’s IPO in June and share-based payments of £7.7 million were accounted for.
Mark Radcliffe, founder and chief executive of Victorian Plumbing Group, said: “This has been a milestone year for Victorian Plumbing as we accelerated our growth, supported by the continued dedication and agility of colleagues around the business, and successfully completed our listing on the London Stock Exchange.
“Our distinctive brand and extensive choice of quality bathroom products have been key drivers in attracting consumers to our platform, whilst the strength of our supply chain and our investment in inventory means that the majority of our products have remained immediately available.”
During the period, total orders climbed by 17% to 906,000 as the number of active customers increased by 13% to 638,000.
Giving an update on more current trading Victorian Plumbing said purchases, demand and revenue in the first two months of the new financial year have been broadly the same as last year and 41% ahead of two years ago.
Radcliffe added: “Although the short-term outlook is difficult to predict as the world normalises from the events of the last two years, it is inevitable that consumer buying behaviour will continue to move online. The board remains confident in the medium to long-term growth prospects for Victorian Plumbing.”