Victorian Plumbing hails strong first half performance
Online bathroom retailer Victorian Plumbing has posted an uplift in half year sales and profit.
In the six months to 31 March, revenue increased by 10% to £146.8 million while adjusted EBIDTA rose by 48% to £9.9 million.
During the period, total orders grew by 6% year-on-year to 482,000 as the retailer made market share gains. Average order value was also up, rising by 3% to £305.
Due to more favourable market conditions, the retailer’s marketing spend as a percentage of revenue reduced from 30% to 28%.
Victorian Plumbing has recently signed a 20-year lease for a 544,000 square foot purpose-built UK distribution centre in Lancashire,
which is on track to open in the second half of next year.
Mark Radcliffe, founder and chief executive of Victorian Plumbing Group, said: “Momentum from our strong delivery in the latter part of FY22 has built into the first half of this financial year.
“We have further increased our market share, building on our position as the UK’s No. 1 bathroom retailer, through our strategy and unique business model, which have remained constant since IPO.
“We are proud of our investment in a wide range of products, knowing customer choice is ever more important when considered against cost-of-living pressures.”
Looking ahead, the company said it remains confident that it will deliver expectations for the full year.
Radcliffe added: “Our new UK distribution centre will represent another key milestone and, together with on-going investment in
technology, this will enable further growth in the core bathroom category as well as strategic expansion in adjacent categories.”
