Victorian Plumbing makes good progress as it prepares to launch “reinvented” MFI homewares business
Victorian Plumbing has said it made good first half progress with revenue up 6% to £152.7 million in the six months to 31 March.
The bathroom retailer said the performance was boosted by growth of 9% in its second quarter following completion of its warehouse transformation last December.
Total orders climbed by 10% to 542,000 as the retailer continued to make market share gains despite a subdued trading environment.
Meanwhile, adjusted EBITDA increased by 15% to £15.2 million in the period.
Never Miss a Retail Update!Mark Radcliffe, founder and chief executive of Victorian Plumbing, said: “Having invested significantly in preparing the business for future growth last year, I am pleased with the group’s strategic progress in the first half.
“We are fully operational in our new purpose built warehouse and have continued to improve our customer proposition, while expanding product range into other rooms within the home and taking significant market share gains in a subdued trading backdrop.”
Victorian Plumbing has also announced that it is planning to enter the homewares market through a “re-invented” MFI ecommerce business in the UK. The retailer acquired the brand and domain name in May last year as part of its acquisition of Victoria Plum.
Radcliffe added: “I am very excited about the upcoming re-invention of MFI, allowing us to tap in to more of the £20 billion UK homewares market.
“Our dedicated and ambitious team, decades of e-commerce knowledge and best-in-class proprietary software, together with the recognisable MFI brand, will help to deliver our strategic ambition over the medium-term.”
